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Staff Papers and Economic Analyses

Staff Papers and Economic Analyses

 
Working papers in the series were prepared in full or in part by SEC staff economists in the Division of Economic and Risk Analysis. They investigate a broad range of issues relevant to the Commission's mission and are disseminated to stimulate discussion and critical comment to the benefit of the public. DERA Working Papers are preliminary materials that have not been approved by the Commission and reflect only the views of the author(s).

White papers and economic analyses are prepared by SEC staff in the course of rulemaking and other Commission initiatives. Some of these materials are available elsewhere on the Commission website.
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Date Title Category
July 24, 2015 ​Public versus Private Provision of Governance: The Case of Proxy Access

​Tara Bhandari, Peter Iliev, and Jonathan Kalodimos


Working Papers
May 9, 2015 The Effects of Regulating Hidden Add-on Costs

K. Jeremy Ko and Jared Williams


Working Papers
April 24, 2015 Single-Name Corporate Credit Default Swaps: Background Data Analysis on Voluntary Clearing Activity

Burt Porter


White Papers
Feb. 25, 2015 Qualified Residential Mortgage: Background Data Analysis on Credit Risk Retention

Joshua White and Scott Bauguess


White Papers
Jan. 21, 2015 Too Fast or Too Slow? Determining the Optimal Speed of Financial Markets

Daniel Fricke and Austin Gerig


Working Papers
Jan. 21, 2015 High-Frequency Trading Synchronizes Prices in Financial Markets

Austin Gerig


Working Papers
Dec. 17, 2014 White Paper on Computing Tools for Promoting Sound Investment Decisions (Latest Revision)

K. Jeremy Ko


White Papers
Dec. 1, 2014 Liquidity Risk, Speculative Trade, and the Optimal Latency of Financial Markets

Daniel Fricke and Austin Gerig

See Latest Revision (1/21/15)


Working Papers
Dec. 1, 2014 Automated Liquidity Provision

Austin Gerig and David Michayluk


Working Papers
Dec. 1, 2014 Making the Most of Good Times: Shareholder Rights and Performance Revisited

Tara Bhandari


Working Papers
Dec. 1, 2014 Differences of Opinion and Stock Prices: Evidence from Spin-Offs and Mergers

Tara Bhandari


Working Papers
Dec. 1, 2014 Going Public Abroad

Cecilia Caglio, Kathleen Weiss Hanley and Jennifer Marietta-Westberg

DERA Working Paper 2013-01

Working Papers
Dec. 1, 2014 Do Takeover Laws Matter? Evidence from Five Decades of Hostile Takeovers

Matthew D. Cain, Stephen B. McKeon and Steven Davidoff Solomon


Working Papers
Oct. 17, 2014 Inventory risk management by dealers in the single-name credit default swap market (PDF)

Economic Analyses
Oct. 17, 2014 Analysis of post-trade transparency under the CFTC regime (PDF)

Economic Analyses
May 30, 2014 White Paper on Computing Tools for Promoting Sound Investment Decisions (Original Version)

K. Jeremy Ko

See Latest Revision (12/17/14)


White Papers
April 28, 2014 Interconnectedness in the CDS Market

Giulio Girardi, Craig Lewis and Mila Getmansky


White Papers
April 28, 2014 Differences in the Information Environment Prior to SEOs under Relaxed Disclosure Regulation
Sarah B. Clinton, Joshua T. White and Tracie Woidtke
DERA Working Paper 2013-05

Working Papers
March 20, 2014 OTC Trading: Description of Non-ATS OTC Trading in National Market System Stocks

Laura Tuttle


White Papers
March 17, 2014 Demand and Supply of Safe Assets in the Economy (PDF)

Economic Analyses
March 17, 2014 Municipal Money Market Funds Exposure to Parents of Guarantors (PDF)

Economic Analyses
March 17, 2014 Liquidity Cost During Crisis Periods (PDF)

Economic Analyses
March 17, 2014 Government Money Market Fund Exposure to Non-Government Securities (PDF)

Economic Analyses
Jan. 24, 2014 The Economic Implications of Money Market Fund Capital Buffers
Craig M. Lewis
DERA Working Paper 2014-01

Working Papers
Nov. 25, 2013 Going Public Abroad

Cecilia Caglio, Kathleen Weiss Hanley and Jennifer Marietta-Westberg

See Latest Version (12/1/14)


Working Papers
Oct. 1, 2013 Alternative Trading Systems: Description of ATS Trading in National Market System Stocks

Laura Tuttle


White Papers
Sept. 30, 2013 The Effects of Regulating Hidden Add-on Costs

K. Jeremy Ko and Jared Williams

See Latest Version (5/9/15)

DERA Working Paper 2013-03

Working Papers
Aug. 1, 2013 Qualified Residential Mortgage: Background Data Analysis on Credit Risk Retention

Joshua White and Scott Bauguess
See Corrected Version (2/25/15)


White Papers
July 11, 2013 Appointments of Academic Directors
Joshua T. White, Tracie Woidtke, Harold A. Black and Robert L. Schweitzer
DERA Working Paper 2013-02

Working Papers
July 1, 2013 Capital Raising in the U.S.: An Analysis of Unregistered Offerings Using the Regulation D Exemption, 2009-2012

Vladimir Ivanov and Scott Bauguess


White Papers
July 1, 2013 Analyst Competition and Monitoring:Earnings Management in Neglected Firms
Laura Lindsey and Simona Mola
DERA Working Paper 2013-04

Working Papers
Nov. 30, 2012 Money Market Fund Study: Response to Questions Posed by Commissioners Aguilar, Paredes, and Gallagher (Experience through the Financial Crisis, Efficacy of 2010 Reforms, and Potential Economic Effects of Future Reforms)

Economic Analyses
Nov. 6, 2012 Economic Effects of Proposed Rule Changes by NYSE Arca, Inc. to List and Trade Shares of the JPM XF Physical Copper Trust (SR-NYSEArca-2012-28) and the iShares Copper Trust (SR-NYSEArca-2012-66) (PDF)

Economic Analyses
June 1, 2012 FINRA Proposal to Reduce Minimum Quotation Size in OTC Market Tiers (PDF)

Economic Analyses
March 15, 2012 Information Regarding Activities and Positions of Participants in the Single-Name Credit Default Swap Market (PDF)

Economic Analyses
Feb. 1, 2012 Capital Raising in the U.S.: The Significance of Unregistered Offerings Using the Regulation D Exemption

Vlad Ivanov and Scott Bauguess

See Latest Version (7/1/13)


White Papers
April 25, 2011 Impact of Recent Regulation SHO Rule Changes on Fails to Deliver (Updates with Additional Data the Analysis Dated November 4, 2009) (PDF)

Economic Analyses
Jan. 13, 2011 Security-Based Swap Block Trade Definition Analysis (PDF)

Economic Analyses
Nov. 24, 2009 Share Ownership and Holding Period Patterns in 13F data (PDF)

Economic Analyses
Nov. 4, 2009 Impact of Recent Regulation SHO Rule Changes on Fails to Deliver (Elimination of the Options Market Maker (OMM) Exception in Rule 203 of Regulation SHO, and Implementation of Interim Final Temporary Rule 204T and Permanent Rule 204) (PDF)

Economic Analyses
Oct. 2, 2009 Study of the Sarbanes-Oxley Act of 2002 Section 404 Internal Control over Financial Reporting Requirements

Economic Analyses
Jan. 14, 2009 Analysis of the July 2008 Emergency Order Requiring a Pre-borrow on Short Sales (PDF)

Economic Analyses
Dec. 17, 2008 Analysis of a Short Sale Price Test Using Intraday Quote and Trade Data (PDF)

Economic Analyses
Dec. 16, 2008 Analysis of Short Selling Activity during the First Weeks of September 2008 (PDF)

Economic Analyses
Nov. 26, 2008 Impact of Recent Regulation SHO Rule Changes on Fails to Deliver (Elimination of the Options Market Maker (OMM) Exception in Rule 203 of Regulation SHO and Implementation of Interim Final Temporary Rule 204T) (PDF)

Economic Analyses
June 9, 2008 Impact of Recent Regulation SHO Amendment on Fails to Deliver (Elimination of the Grandfather Exception in Rule 203 of Regulation SHO) (PDF)

Economic Analyses
March 3, 2008 Fails to Deliver Statistics in Threshold Securities (PDF)

Economic Analyses
Feb. 6, 2007 Economic Analysis of the Short Sale Price Restrictions under the Regulation SHO Pilot

Economic Analyses
  

Date

Date: July 24, 2015

Title: ​Public versus Private Provision of Governance: The Case of Proxy Access

Category: Working Papers

Date: May 9, 2015

Title: The Effects of Regulating Hidden Add-on Costs

Category: Working Papers

Date: Jan. 21, 2015

Title: Too Fast or Too Slow? Determining the Optimal Speed of Financial Markets

Category: Working Papers

Date: Jan. 21, 2015

Title: High-Frequency Trading Synchronizes Prices in Financial Markets

Category: Working Papers

Date: Dec. 1, 2014

Title: Automated Liquidity Provision

Category: Working Papers

Date: Dec. 1, 2014

Title: Making the Most of Good Times: Shareholder Rights and Performance Revisited

Category: Working Papers

Date: Dec. 1, 2014

Title: Going Public Abroad

Category: Working Papers

Date: Dec. 1, 2014

Title: Do Takeover Laws Matter? Evidence from Five Decades of Hostile Takeovers

Category: Working Papers

Date: Oct. 17, 2014

Title: Analysis of post-trade transparency under the CFTC regime (PDF)

Category: Economic Analyses

Date: April 28, 2014

Title: Interconnectedness in the CDS Market

Category: White Papers

Date: March 17, 2014

Title: Demand and Supply of Safe Assets in the Economy (PDF)

Category: Economic Analyses

Date: March 17, 2014

Title: Municipal Money Market Funds Exposure to Parents of Guarantors (PDF)

Category: Economic Analyses

Date: March 17, 2014

Title: Liquidity Cost During Crisis Periods (PDF)

Category: Economic Analyses

Date: March 17, 2014

Title: Government Money Market Fund Exposure to Non-Government Securities (PDF)

Category: Economic Analyses

Date: Jan. 24, 2014

Title: The Economic Implications of Money Market Fund Capital Buffers

Category: Working Papers

Date: Nov. 25, 2013

Title: Going Public Abroad

Category: Working Papers

Date: Sept. 30, 2013

Title: The Effects of Regulating Hidden Add-on Costs

Category: Working Papers

Date: July 11, 2013

Title: Appointments of Academic Directors

Category: Working Papers

Date: July 1, 2013

Title: Analyst Competition and Monitoring:Earnings Management in Neglected Firms

Category: Working Papers

Date: June 1, 2012

Title: FINRA Proposal to Reduce Minimum Quotation Size in OTC Market Tiers (PDF)

Category: Economic Analyses

Date: Jan. 13, 2011

Title: Security-Based Swap Block Trade Definition Analysis (PDF)

Category: Economic Analyses

Date: Nov. 24, 2009

Title: Share Ownership and Holding Period Patterns in 13F data (PDF)

Category: Economic Analyses

Date: Dec. 17, 2008

Title: Analysis of a Short Sale Price Test Using Intraday Quote and Trade Data (PDF)

Category: Economic Analyses

Date: March 3, 2008

Title: Fails to Deliver Statistics in Threshold Securities (PDF)

Category: Economic Analyses