Agency, Disclosure and the Nature of Shareholdings National Investor Relations Institute e-Learning Forum

Chester S. Spatt, Mellon Bank Professor of Finance; currently serving as Chief Economist, SEC Business Readings

This speech was prepared for presentation at the e-learning forum of the National Investor Relations Insitute on December 12, 2006. The Securities and Exchange Commission disclaims responsibility for any private publication or statement of any SEC employee or Commissioner. This presentation expresses the author's views and does not necessarily reflect those of the Commission, the Commissioners, or other members of the staff.

Chester S.Spatt
Chief Economist and Director, Office of Economic Analysis
U. S. Securities and Exchange Commission
Washington, D.C.
December 12, 2006
http://www.sec.gov/news/speech/2006/spch121206css.htm