Prof. Hill's Paper on Disclosure, Topic of New York Times 'Dealbook' Article

The New York Times' "Dealbook" section published an article by Steven Davidoff on a paper by Davidoff and Professor Claire Hill, entitled "Limits of Disclosure." The article discusses the disclosure for some of the most "toxic" securities, arguing that it revealed enough to put the sophisticated investors who bought it on notice of the securities' low quality. Thus, solutions focusing on improved disclosure miss the mark.