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In his interesting and provocative essay, "Back to Basics: Regulating How Corporations Speak to the Market,"' Ian Ayres criticizes our recent article dealing with the so-called "fraud-on-the-market" theory. We, in turn, have some criticisms of his criticism, which we present in this brief Essay. At the outset, however, we wish to emphasize that, despite the rather adversarial tone of Professor Ayres's article, he does not appear to disagree with either of the principal arguments we presented.
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