Triggered Disclosures: Escaping the Disclosure Dilemma

The article critiques corporate disclosure bloat in financial filings and prospectuses, arguing that disclosures have become bulkier yet less informative. The author proposes a "triggered disclosure" framework where disclosure requirements are tailored to company-specific business narratives (e.g., TAM claims, subscription metrics), coupled with value-based rather than earnings-based materiality standards and separation of disclosure rule-writers from those profiting from disclosure compliance.