	shad favors shortening disclosure period securities and exchange commission chairman john shad said the sec favors shortening the current day period for disclosing takeover attempts but opposes putting restrictions on the use of so called junk bonds we favor shortening the disclosure period to two days shad told members of the house telecommunications and finance subcommittee when asked for his recommendation he said the sec s responsibility was to provide full disclosure for securities including junk bonds and not to make decisions based on merit he said junk bonds had some value because of their liquidity shad said he opposes proposals to require those attempting takeovers to file a statement on the impact the takeover would have on the communities involved we ve opposed it in the past it goes far beyond investor protection shad said he said he had no comment on a proposal by house speaker jim wright d texas to tax securities transactions reuter 
