Järkevän sijoittajan monet kasvot
Avainsanat:
arvopaperimarkkinaoikeus, järkevä sijoittaja, tiedonantovelvollisuusAbstrakti
The many faces of a reasonable investor
A reasonable investor is an international and central concept in the securities market regulation. It is considered as a standard for assessing, for example, the need to disclose insider information and provide information. It serves as a criterion for what information is essential. What is problematic is that a reasonable investor has not been defined exhaustively and unambiguously, even though it is a concept that cuts across the entire securities market. Generally, a reasonable investor is seen as an average investor. Research from various academic fields, however, shows that there are in fact different types of investor who have a wide range of investment strategies – each of which is reasonable in its own sense. The characteristics of a reasonable investor should be identified because the reasonable investor standard affects the disclosure obligations, according to which corporate information must be disclosed to the market. Differences between investors have been taken somewhat into account in the regulation of securities markets and in legal literature, but this process has not been systematic. In this article, the existence of different reasonable investor types is presented; in addition, an explanation is provided as to why the defining of these types should be based on the investment goals.
