The Political Economy of the Securities Act of 1933
本文指出1933年证券法虽被视为“充分披露”法规，但其禁止特定时期或媒体披露的条款实际上强化了承销商的零售限制，减少了投资银行间的竞争，保护了批发与零售投资银行免受一体化公司的竞争。
The Securities Act of 1933 is typically described as a “full disclosure” statute, yet many of its detailed provisions forbid disclosure about pending offerings during specified periods or using specified media. These features provided governmental enforcement of retail selling restrictions that are widely used by managing underwriters but that became difficult to enforce contractually during the late 1920s. The net effect was to reduce competition among investment banks. In particular, the act protected separate wholesale and retail investment banks from competition by integrated firms.