DISCUSSION.

Professor Jones has observed that one of the most important contributions of the Institutional Investor Study was the collection and editing of a vast quantity of new data. Because of limitations of time and resources, the staff of the study was unable to analyze these data as thoroughly as they might have wished. It was the hope of many investigators, both within and outside the Securities and Exchange Commission, that these data, collected at great cost to the government and possibly at an even greater cost to the respondents, would eventually be made available for more complete analysis. So far, only one of the myriad of files developed by the study has been made public and then in such an aggregated form that many types of empirical investigations are precluded. The SEC appears to be devoting very little, if any, resources towards making these files available to "interested scholars." Professor Jones' presentation highlights one of the major weaknesses of the Study. The policy recommendations contained in it appear generally quite reasonable at least on the surface, but it is not always clear how these recommendations follow from the empirical analyses. Further, a discussion of the interrelationships of the different chapters is almost non-existent. This lack of integration of the Study undoubtedly stems from the pressures of deadlines and the resulting fragmentation of the efforts of the different members of the staff. These remarks are not meant as hostile criticism but rather as an indication of the limitations of the Study. [ABSTRACT FROM AUTHOR]