Finance and Industrial Performance in a Dynamic Economy: Theory, Practice, and Policy (Columbia Studies in Business, Government, and Society)

Business & Money

Fox, Merritt B.

Management & Leadership

Columbia Univ. Pr.

The U.S. stock market has been transformed over the last twenty-five years. Once a market in which human beings traded at human speeds, it is now an electronic market pervaded by algorithmic trading, conducted at speeds nearing that of light. High-frequency traders participate in a large portion of all transactions, and a significant minority of all trade occurs on alternative trading systems known as “dark pools.” These developments have been widely criticized, but there is no consensus on the best regulatory response to these dramatic changes. The New Stock Market offers a comprehensive new look at how these markets work, how they fail, and how they should be regulated. Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg describe stock markets’ institutions and regulatory architecture. They draw on the informational paradigm of microstructure economics to highlight the crucial role of information asymmetries and adverse selection in explaining market behavior, while examining a wide variety of developments in market practices and participants. The result is a compelling account of the stock market’s regulatory framework, fundamental institutions, and economic dynamics, combined with an assessment of its various controversies. The New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.

The New Stock Market: Law, Economics, and Policy

Rauterberg, Gabriel

Glosten, Lawrence

Investing

Columbia University Press

This book reflects the foundational underpinnings of the New Special Study, a multi-year program being conducted under the aegis of Columbia Law School and Columbia Business School that seeks to critically evaluate the myriad issues germane to modern securities markets and the regulation of those markets. As part of the first stage of the New Special Study, thirteen of the world’s greatest experts in securities regulation and financial economics were asked to identify the most important questions concerning the securities markets going forward. Those experts were then to assess the extent to which adequate answers to these questions can already be found by researching the existing literature, and the extent to which new thinking or empirical research is needed. This book presents the results of those thirteen experts’ efforts. Across seven chapters, the experts identify important policy guides usable right now and provide thoughtful agendas for future research. An introductory chapter links the seven substantive chapters and frames the book in context of the larger New Special Study project.

Securities Market Issues for the 21st Century

Greene, Edward F.

Glosten, Lawrence R.

Patel, Menesh S.

Business

Independently published

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Books by Fox, Merritt B.