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

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 ............... 593 596 596 598 599 599 600 601 602 603 604 605 606 608 609 611 611 614 614 618 622 * 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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