公平披露规定和成本逆向选择【外文翻译】

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1、原文：RegulationFairDisclosureandtheCostofAdverseSelectionABSTRACTRegulationFairDisclosure(FD),imposedbytheSecuritiesandExchangeCommissioninOctober2000,wasdesignedtoprohibitdisclosureofmaterialprivateinformationtoselectedmarketparticipants.Theinformationaladvantagesuchselectparticipantsgainisunclear.

2、Ifmultiple“insiders”receiveidenticalinformation,privateinformationisimmediatelyincorporatedinpriceandeachinsiderhaszeroexpectedprofit.If,ontheotherhand,RegulationFDhascurtailedtheflowofinformationfromfirms,privateinformationbecomeslonger-livedandmorevaluable.Hence,marketmakerswilldemandincreasedco

3、mpensationbywideningtheadverseselectioncomponentofthebid-askspread.Weidentifythecostcomponentsofthebid-askspreadforasampleofNASDAQstockssurroundingtheimplementationofRegulationFD.Controllingforotherfactorsaffectingthespread,wefindthatadverseselectioncostsincreaseapproximately36%afterRegulationFD.W

4、einterpretourfindingasRegulationFDfailingtoachieveoneofitsdesiredobjectives.1.IntroductionWeestimatetheprobabilityofinformedtradingandthecostofadverseselectionintheperiodsurroundingtheimplementationofRegulationFairDisclosure(FD)byexaminingthecostcomponentsofmarketmakerbid-askspreadsintheNASDAQmark

5、et.1WefocusonNASDAQstockstoavoidtheconfoundingeffectsofdecimalizationforNewYorkStockExchange(NYSE)stocks,whichoccurredinproximitytotheeffectivedateofRegulationFD.IncontrasttopriorresearchinvestigatingthisissueforNYSE-listedsecurities(Eleswarapu,Thompson,andVenkataraman[2004]),ourevidenceindicates,

6、aftercontrollingforotherfactorsaffectingthemarketmaker’sspread,RegulationFDhasledtoanincreaseinadverseselectioncosts.TheSecuritiesandExchangeCommission’s(SEC)SelectiveDisclosureandInsiderTradingRegulationbecameeffectiveonOctober23,2000.2InasectionpopularlyreferredtoasRegulationFairDisclosure(Regul

7、ationFD),theSECexpresseditsintentiontocreatealevelplayingfieldforallinvestorsinaccessingprice-sensitiveinformation.RegulationFDprohibitsthedisclosureofmaterialnonpublicinformationtoselectivegroupsorindividualssuc