id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-14239	Becker, Zachary	With Whom Is Your Issue?: Use of Investor Sophistication in Defining the Scope of Seller Liability Under § 12(a)(2) of the Securities Act of 1933: Zachary Becker	2025	33	.pdf	application/pdf	11270	491	41	An investor sophistication standard allows for the reconciliation of broad protection for retail investors who do not have sufficient knowledge or experience to otherwise make informed investment decisions and narrows protections for sophisticated investors when market efficiency strives to reduce transaction costs and rely on experienced investors to screen investment opportunities. Retail investors are more risk-averse than sophisticated institutional investors.39 This risk-aversion may be attributed to their comparatively infrequent engagement, which makes it more costly for retail investors to make well-informed investment decisions.	cache/cblr-14239.pdf	txt/cblr-14239.txt