Regulatory opacity allows hedge funds to time share sales profitably

Evidence

Because the SEC does not require detailed disclosures about buybacks and because hedge funds have close relationships to senior executives, it is fair to assume that the selling of shares by hedge funds is timed for maximum profit extraction. — Andrew deWaard, Derivative Media, 145

Categorization

• QUESTION: Worth chasing: exactly which 1992 SEC deregulation (Rule 14a? Rule 13d?) created the disclosure gap on buybacks used for timed selling.