@misc{Chyla_Łukasz_The_2018,
 author={Chyla, Łukasz},
 copyright={Copyright by Wydawnictwo Uniwersytetu Wrocławskiego Sp. z o.o.},
 address={Wrocław},
 howpublished={online},
 year={2018},
 publisher={Wydawnictwo Uniwersytetu Wrocławskiego},
 language={eng},
 abstract={The economic analysis of law suggests that one of the main obstacles to the strengthening of European Capital Markets are, on the one hand, the entry barriers for capital companies seeking financial support, and on the other, lack of proper information protection for investors, which discourages them from placing money on the financial markets. The current regulation is flawed for at least several reasons. First, there are many differentiating regimes within European Union. Second, the current regulation imposes too many requirements and information obligations on listed companies, which significantly increases transaction costs and makes searching for funding on the capital markets unprofitable for many players. As a result, some of them target other alternative methods of obtaining funds from investors such as FinTechs, Blockchain, Tokens, which in turn weakens the investors protection. As a consequence, the capital outflow from capital markets makes them even less competitive. Third, most of retail investors are practically unable to digest the significant amount of detailed information presented by publicly-listed companies due to the current prospectus obligations, which, in consequence, discourages them from further investments on the capital market. The main goal of the paper is to evaluate numerous issues related to current regulation on European capital markets in terms of information requirements that create “barriers to entry” for public companies and, at the same time, fail to establish a proper information order and transparency obligations — therefore discouraging retail investors from investing in the capital markets. Another goal of the paper is to present the perspectives of the upcoming Prospectus Regulation within European Capital Markets which aims to harmonize the transparency obligations and thus, to unlock effective and cheap funding in the capital market, and as a consequencestimulate the Europe’s economic growth.},
 title={The New Prospectus Regulation and the information effi ciency of capital markets in the European Union},
 doi={https://doi.org/10.19195/1733-5779.25.5},
 keywords={prospectus obligations, Prospectus Regulation, information efficiency of the capital markets},
}