Sycom GM RSS feed generatorThu, 19 Jan 2012 12:11:30 GMThttp://niri.org/default.aspxCopyright 2009en-usWed, 08 Feb 2012 09:41:49 GMT1http://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/SEC-Pay-Ratio-Rules-Industry-Comment-Letter-Jan-2012.aspxThu, 19 Jan 2012 12:11:30 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Shareholder-Communications-Coalition-SEC-Proxy-Advisory-Services-Letter-Jan-2012-.aspxWed, 18 Jan 2012 08:34:26 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Reform-Issues.aspxReview NIRI's Financial Regulatory Reform Issues advocacy agenda in full.Thu, 23 Jun 2011 11:54:21 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Reform-Issues/NIRI-Financial-Regulatory-Reform-Issues-June-2011.aspxNIRI's financial regulatory reform agenda as adopted by the NIRI Board of Directors in June 2011.Thu, 23 Jun 2011 11:45:15 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/NIRI-Investor-Education-SEC-Comment-Letter-June-2011.aspxWed, 01 Jun 2011 15:09:36 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/NIRI-Comment-Letter-re-SEC-Proxy-Concept-Release-Oct-2010.aspxTue, 19 Oct 2010 08:42:47 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Multi-Industry-Association-Corporate-Governance-Senate-Letter-April-2010.aspxMon, 19 Apr 2010 08:42:38 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Proxy-Advisory-Services.aspxWed, 01 Jun 2011 14:57:20 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/NIRI-Dark-Pool-Transparency-Comment-Letter-210.aspxNIRI comments on the SEC's proposal to amend the regulatory requirements of the Securities Exchange Act of 1934 that apply to non-public trading interest in National Market System stocks, including so-called "dark pools" of liquidity.Mon, 15 Feb 2010 20:56:52 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Ownership-Transparency.aspxNIRI is a proponent of a more timely, comprehensive public company ownership disclosure system.Sun, 30 Aug 2009 17:39:08 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Ownership-Transparency/NIRI-Dark-Pool-Transparency-Comment-Letter-210.aspxNIRI comments on the SEC's proposal to amend the regulatory requirements of the Securities Exchange Act of 1934 that apply to non-public trading interest in National Market System stocks, including so-called "dark pools" of liquidity.Mon, 15 Feb 2010 20:56:52 GMThttp://www.fdpublicaffairsamericas.com/invites/hotspot/pdfs/FD-SEC-and-Proxy-Reform.pdfFD whitepaper regarding the need to modernize the U.S. proxy voting and communications system.Sun, 30 Aug 2009 18:10:13 GMThttp://www.shareholdercoalition.com/The Shareholder Communications Coalition is an advocacy organization dedicated to improving the ability of individual investors to vote their shares and communicate with the publicly traded companies in which they invest. A central tenet is to enable companies and all of their owners to know who owns the company.Sun, 30 Aug 2009 18:10:32 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Proxy-Access.aspxIn this section you will find NIRI's comment letter and other resources on proxy access reforms.Tue, 06 Oct 2009 12:50:48 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Proxy-Access/NIRIs-SEC-Proxy-Access-Reform-Comment-Letter.aspxNIRI's August 2009 SEC proxy access reform proposal comment letter.Thu, 13 Aug 2009 16:01:59 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Proxy-Access/Title-NIRI-Advocacy-Survey-Proxy-Access--Results-.aspxResults from a short NIRI member survey on proxy access proposals.Thu, 13 Aug 2009 16:06:55 GMThttp://www.sec.gov/rules/proposed/2009/33-9046.pdfSEC proposed proxy access rule dated June 10, 2009.Sun, 30 Aug 2009 16:53:23 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/NIRI-SEC-Notice-and-Access-Amendment-Comment-Letter-1109.aspxFri, 20 Nov 2009 14:08:27 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Short-Selling.aspxIn this section you will find NIRI's comment letters and other resources on Short Selling reforms.Tue, 06 Oct 2009 12:51:25 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Short-Selling/NIRI-Comment-Letter-to-SEC-on-Short-Sale-Reporting-Study-June-2011.aspxNIRI's comment letter regarding the SEC's study into short sale reporting practices.Thu, 23 Jun 2011 12:07:37 GMThttp://www.financialdetectives.org/?page_id=2From the investor perspective, this site provides a wealth of information on the "pro" side of short selling.Fri, 24 Jul 2009 16:38:26 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Short-Selling/Naked-Short-Selling-Market-Returns-academic-paper.aspxThe recent financial crisis has focused a great deal of attention on naked short sellers. However, little is known about the relation between naked short sellers and market returns. We examine market returns around naked short sale transactions to address three questions. First, are naked short sellers momentum traders who exacerbate price declines, as some claim? Second, do naked short sellers possess superior information that allows them to profit from subsequent price declines? Third, how do market participants react to information indicating increased naked short selling activity? We find that naked short sellers are contrarian investors who trade following recent positive abnormal returns. Our results provide no evidence that naked short sellers are informed traders who can accurately forecast negative returns. Instead, abnormal returns are positive in the days following increased naked short sale activity. Market participants do not view announcements that indicate increased naked short sale activity negatively, as abnormal returns are generally positive following such announcements. Overall, our results are not consistent with the recent portrayal of naked short sellers as abusive and manipulative but instead suggest that naked short sellers promote efficient markets by providing liquidity, risk-bearing, and selling stocks they view as overpriced. Fri, 28 Aug 2009 14:53:15 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Short-Selling/Short-Selling-and-the-Informational-Efficiency-of-Prices-academic-paper.aspxWe present direct empirical evidence that short sellers enhance the informational efficiency of prices. Using daily shorting flow data for a large panel of NYSE-listed stocks, we first show that greater shorting flow reduces deviations of transaction prices from a random walk. Second, at lower frequencies, we show that more shorting flow accelerates the incorporation of public information into prices. Third, greater shorting flow eliminates post-earnings announcement drift for negative earnings surprises. Fourth, we demonstrate that short sellers change their trading around large return events in a way that aids price discovery. These results are robust to various econometric methodologies and model specifications. Overall, our results highlight the important role that short sellers play in the price discovery process.Wed, 08 Jul 2009 11:57:00 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Short-Selling/NIRI-Survey-Respondents-Strongly-Support-SECs-Proposed-Short-Sale-Reforms-2009May4.aspxNIRI conducted a member survey from April 23, 2009 to May 1, 2009 to aggregate their opinions and experiences regarding short selling. Thu, 23 Jun 2011 11:41:41 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Short-Selling/NIRI-Advocacy-Survey-Short-Selling--Results.aspxResults from a short member survey on short selling reform proposals.Thu, 23 Jun 2011 12:01:18 GMThttp://www.sec.gov/rules/final/2009/34-60388.pdfSEC's final rule making permanent its temporary rule 204T, intended to reduce fails to deliver and address abusive "naked" short selling.Sun, 30 Aug 2009 16:24:48 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Short-Selling/NIRI-Comment-Letter-to-SEC-on-Regulation-of-Short-Selling.aspxRead NIRI's comment letter to the SEC on its suggested amendments to Regulation SHO.Thu, 23 Jun 2011 12:02:03 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Short-Selling/NIRI-Comment-Letter-to-IOSCO-on-Regulation-of-Short-Selling.aspxThu, 23 Jun 2011 12:02:42 GMThttp://www.sec.gov/news/press/2009/2009-172.htmPress release announcing the SEC's action to make permanent its temporary rule 204T, and to make short sale volume and transaction data available through the SRO Web sites.Sun, 30 Aug 2009 16:17:02 GMThttp://www.sec.gov/rules/proposed/2009/34-59748.pdfSun, 30 Aug 2009 16:50:46 GMThttp://www.sec.gov/spotlight/shortsales.htmSun, 30 Aug 2009 16:51:30 GMThttp://www.investopedia.com/university/shortselling/shortselling1.asp?viewed=1Fri, 28 Aug 2009 15:15:02 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/Short-Selling/Aggressive-Short-Selling-and-Price-Reversals-academic-paper.aspxWe present direct empirical evidence that short sellers enhance the informational efficiency of prices. Using daily shorting flow data for a large panel of NYSE-listed stocks, we first show that greater shorting flow reduces deviations of transaction prices from a random walk. Second, at lower frequencies, we show that more shorting flow accelerates the incorporation of public information into prices. Third, greater shorting flow eliminates post-earnings announcement drift for negative earnings surprises. Fourth, we demonstrate that short sellers change their trading around large return events in a way that aids price discovery. These results are robust to various econometric methodologies and model specifications. Overall, our results highlight the important role that short sellers play in the price discovery process. Wed, 08 Jul 2009 11:53:54 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/srnyse200692rule452niricomment.aspxThu, 23 Jun 2011 11:39:36 GMThttp://niri.org/Main-Menu-Category/advocate/Regulatory-Positions/ea080820cfm.aspxNIRI has long advocated for public companies to provide full, fair and consistent disclosure of financial information to increase transparency, engender informed investor expectations and, ultimately, reduce volatility and lower the cost of capital. NIRI encourages companies to define their own unique set of financial and non- financial metrics. NIRI supports the notion that undue volatility around a short-term focus is undesirable and that all audiences - investors, financial analysts, the media - should focus on the long-term value drivers of businesses. The purpose of this policy statement, adopted by the NIRI Board of Directors in July 2008, is to enunciate this view and share it with external audiences.Fri, 07 Oct 2011 10:54:42 GMT