Comparison of New Zealand and United States securities markets through the looking glass of the Efficienct Market Hypothesis aspects of their systems of disclosure according to the Efficient Market Hypothesis /

by 1974- Gargiulo, Carla Natalia

In the United States the Efficient Market Hypothesis has dictated academic debate on securities law, particularly in the consideration of the regulatory system of mandatory disclosure under the Securities Exchange Act 1934.1 In New Zealand the Efficient Market Hypothesis has rarely been cited by the legal fraternity, the courts or by politicians. However, capital market ideas are entrenched in the Efficient Market Hypothesis,2 and because New Zealand has been at the forefront of deregulation since the early 1980s it has a regulatory system of mandatory disclosure which reflects, at least in part, the principles of the Efficient Market Hypothesis