IPO Disclosures Are Ripe for Reform
Current financial disclosure rules let would-be public companies shape a rosy narrative about their prospects and obscure information that investors should know.
Rules meant to protect investors have turned out to be no match for bankers pitching today’s businesses to the public markets.
In theory, disclosures required of would-be public companies should provide investors with the critical information needed to determine whether they want to buy in, and at what price. Less obviously but equally important, disclosures should bolster good management practices by establishing sound performance metrics. However, existing disclosure regulations ...
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