Securities Market Issues for the 21st Century

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.