Den børsretlige oplysningsforpligtelse: En retsøkonomisk analyse af i hvilket omfang gældende ret i Danmark kan karakteriseres som en Kaldor-Hicks efficient retstilstand.

Casper Jensen

Studenteropgave: Kandidatafhandlinger

Abstrakt

The topic of this paper has been the principal component of corporate law: the Mandatory Disclosure Requirement. According to article 6.1 of the Market Abuse Directive, member states shall ensure that issuers of financial instruments inform the public as soon as possible of inside information which directly concerns the said issuers. This is important because the market will not be able to fulfill its function, namely to price securities correctly, if it lacks sufficient information. The exact meaning of the expression as soon as possible has given rise to heated debate amongst legal scholars all across Europe. Some scholars believe that the expression only refers to inside information concerning matters or events that have already occurred, while others believe that the expression also includes matters or events that are likely to occur in the future. I this paper, I conclude that Denmark have implemented article 6.1 of the Market Abuse Directive such that Danish issuers are under no obligation to disclose inside information concerning matters or events that are yet to occur. As a consequence, Danish issuers will have no obligation to respond or comment on market rumors unless the information contained in the rumors have become a reality. The primary purpose of this paper has been to reveal whether or not the aforementioned disclosure requirement, paragraph 27.1 of the Danish Securities Act, constitute a Kaldor-Hicks efficient provision. According to the Efficient Capital Market Hypothesis, paragraph 27.1 of the Danish Securities Act constitutes an inefficient provision. This is because the Efficient Capital Market Hypothesis suggests that more information is always better than less! The economic analysis in this paper suggests, however, that it is incorrect to imply that more information will always be better than less. This is primarily due to the risk of information overload. All in all, the economic analysis concludes that it is more than likely that paragraph 27.1 of the Danish Securities Act constitutes a Kaldor-Hicks efficient provision.

UddannelserCand.merc.jur Erhvervsøkonomi og Jura, (Kandidatuddannelse) Afsluttende afhandling
SprogDansk
Udgivelsesdato2008
Antal sider82