Behavioral Economics and Securities Laws: The Theoretical Underpinnings of our Regulatory System and Their Application to Investor Sophistication
type: CreativeWork
description: This thesis aims at giving an outlook of Canadian securities regulation through the lense of behavioral economics. The author develops it in two times: first, he poses the theoretical underpinnings of the Canadian regulatory system, mostly based on a presumption of investor rationality and the theoretical challenges that have been raised against this presumption. Secondly, he applies these competing theoretical frames to a set of securities rules, i.e. prospectus-exempt distributions and distributions of securitized products. He concludes by presenting an example of behavioral-oriented rules, and discussing why adapting the Canadian rulebook to these theoretical changes might be relevant.
abstract: This thesis aims at giving an outlook of Canadian securities regulation through the lense of behavioral economics. The author develops it in two times: first, he poses the theoretical underpinnings of the Canadian regulatory system, mostly based on a presumption of investor rationality and the theoretical challenges that have been raised against this presumption. Secondly, he applies these competing theoretical frames to a set of securities rules, i.e. prospectus-exempt distributions and distributions of securitized products. He concludes by presenting an example of behavioral-oriented rules, and discussing why adapting the Canadian rulebook to these theoretical changes might be relevant.
author: Gendron, Etienne
keywords: Behavioral economics, Behavioral finance, Canadian securities laws, Financial regulation, Investor sophistication, Securities
date published: 2018-11
date modified: 2026-07-27T21:28:02Z
provider: University of Toronto
publisher: Networked Digital Library of Theses and Dissertations
type: WebPage
source organization: University of Toronto

PropertyValue
property ID: Handle
value: http://hdl.handle.net/1807/91758