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90 Tul. L. Rev. 1143 (2015-2016)

handle is hein.journals/tulr90 and id is 1205 raw text is: Disclosure 2.0: Can Technology Solve Overload, Complexity, and Other Information Failures? Erik E Gerding* 1. INTRODUCTION ...................................................................... 1144 II. THE MODERN CRITIQUE OF MANDATORY DISCLOSURE: OVERLOAD, COMPLEXITY, AND INFORMATION FAILURES ..... 1149 A. Overload and Complexity ............................................... 1149 1. Inform ation Overload .............................................. 1150 2. Schwarcz on Complexity ...................................1151 3. H u on Com plexity ................................................... 1153 B. Types of Complexity ........................................................ 1155 C Informaton Failures in the Financial Crisis .................... 1159 1. Information Destruction: Tracing and G ranularity ............................................................... 1159 2. Incentive Problem s .................................................. 1160 3. The Perils of Periodic Disclosure ............................ 1162 4. The Failures of Risk Models ................................... 1162 5. Rem aining Puzzles .................................................. 1164 D. Regulatory Rollback? ...................................................... 1164 III. TECHNOLOGICAL FIxEs ............................................................. 1167 A . Existing nitiatives ............................................................ 1168 1. X B R L ....................................................................... 1168 2. Loan-Level Tagging in Asset-Backed Securities .................................................................. 1170 3. Real-Tim e Disclosure .............................................. 1172 B. Borrowing from Consumer Finance ............................... 1173 1. Web-Based Disclosure and Rethinking Layout ...... 1173 2. Interactive Disclosure: Calculators ........................ 1174 C The F uture ........................................................................ 1175 1. Investment Portfolio Information ............................ 1175 2. Open-Source Risk Models? .................................... 1175 D. Technological Enhancements: AnAppraisal ................. 1176 * © 2016 Erik E Gerding. Professor of Law and Associate Dean for Academic Affairs, University of Colorado Law School. I thank Jim Cox, Don Langevoort, Adam Levitin, and Steven Schwarcz for comments. All errors are my own. 1143

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