The New Stock Market: Sense and Nonsense
Thursday, May 14th
Our Co-Director and Columbia Business School S. Sloan Colt Professor of Banking and Finance, Larry Glosten, will present “The New Stock Market: Sense and Nonsense” (with Merritt Fox and Gabriel Rauterberg). This paper provides an analytic framework for addressing issues raised by Flash Boys. Based on a detailed discussion of the extent to which markets are rigged, the paper provides some preliminary suggestions for regulatory reform.
The paper is available at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2580002
The JOBS Act and the Costs of Going Public
Thursday, April 16th
Kathleen Weiss Hanley will present her paper “The JOBS Act and the Costs of Going Public” ( Co-authored with Susan Chaplinsy and S. Katie Moon). This paper explores the costs and benefits associated with the simpler IPO process for Emerging Growth Companies (“EGC”). The paper shows that there appear to be few benefits to EGCs in terms of cost and little evidence for an increase in IPO volume, conditioning on other macro variables. The paper is available here.
Secondary Market Trading in the Municipal Securities Market
Thursday, February 12th
Erik Sirri, Professor of Finance at Babson College, will discuss his paper titled Report on Secondary Market Trading in the Municipal Securities Market, which analyzes secondary market trading practices in the municipal securities market, including basic patterns of trading, pricing differentials associated with trading patterns, and the impact of price transparency on pricing differentials.
The paper is available here. Slides from his presentation are available here .