Who benefited from the disclosure mandates of the 1964 Securities Acts Amendments?

► The 1964 Securities Acts Amendments extended disclosure mandates to OTC firms. ► Prior literature suggests that the market highly valued these disclosure mandates. ► We find the disclosure mandates had no impact on OTC firm value. ► This is because most OTC firms were already making financial disclosures. ► The NYSE appears to be the primary beneficiary of the 1964 legislation.