45 Emory L. J. 591 (1996)
Transaction Exemptions in the Securities Act of 1933: An Economic Analysis; Bradford, C. Steven

handle is hein.journals/emlj45 and id is 601 raw text is: TRANSACTION EXEMPTIONS IN THE SECURITIES ACT
OF 1933: AN ECONOMIC ANALYSIS
C. Steven Bradford *
TABLE OF CONTENTS

I. INTRODUCTION .......................................
II. THE REGISTRATION REQUIREMENT OF THE SECURITIES
A CT  OF  1933  ....................................
A.   The Economics of Registration .................
B.   The Costs and Benefits of Registration ..........
1.  The Benefits of Registration ...............
a.  Increased  Returns  ...................
b.  Reduced  Risk  .......................
c.  The Available Evidence ...............
2.  The Costs of Registration .................
a. Direct Expenses of Preparing, Filing, and
Distributing the Required Disclosure ....
b.  Underwriting Fees and Sales Commissions
c.  The Cost of  Delay  ...................
d. Costs of the Regulatory System .........
e.  Other  Costs  .........................
III. TRANSACTION EXEMPTIONS FROM THE REGISTRATION
REQUIREMENT  ...................................
A.   Small Offering Exemptions ....................
1. An Overview of the Small Offering Exemptions
2.  The   Economics of  the   Small  Offering
Exemptions  .............................
a.  The Basic  Theory  ....................
b. A Complication-Intermediate Disclosure
Exemptions  .........................
B.   Sophisticated Offeree Exemptions ...............

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* Professor of Law, University of Nebraska College of Law. B.S. 1978, Utah State University;
M.P.P. 1982, Harvard University; J.D. 1982, Harvard Law School. This Article was funded in part
by a Ross McCollum Summer Research Grant. My thanks to Steve Wiliborn for reviewing an earlier
draft of this Article, to the participants in a colloquium at the University of Nebraska College of Law
for their valuable comments on the arguments in this Article, and to Mary Fischer and Robert Schini
for their research assistance.

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