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
Date: Title: Economic Analysis of the Short Sale Price Restrictions under the Regulation SHO Pilot Category: Economic Analyses
Date: Title: Fails to Deliver Statistics in Threshold Securities(PDF) Category: Economic Analyses
Date: Title: Impact of Recent Regulation SHO Amendment on Fails to Deliver (Elimination of the Grandfather Exception in Rule 203 of Regulation SHO)(PDF) Category: Economic Analyses
Date: Title: 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) Category: Economic Analyses
Date: Title: Analysis of Short Selling Activity during the First Weeks of September 2008(PDF) Category: Economic Analyses
Date: Title: Analysis of a Short Sale Price Test Using Intraday Quote and Trade Data(PDF) Category: Economic Analyses
Date: Title: Analysis of the July 2008 Emergency Order Requiring a Pre-borrow on Short Sales(PDF) Category: Economic Analyses
Date: Title: Study of the Sarbanes-Oxley Act of 2002 Section 404 Internal Control over Financial Reporting Requirements Category: Economic Analyses
Date: Title: 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) Category: Economic Analyses
Date: Title: Share Ownership and Holding Period Patterns in 13F data(PDF) Category: Economic Analyses
Date: Title: Security-Based Swap Block Trade Definition Analysis(PDF) Category: Economic Analyses
Date: Title: Impact of Recent Regulation SHO Rule Changes on Fails to Deliver (Updates with Additional Data the Analysis Dated November 4, 2009)(PDF) Category: Economic Analyses
Date: Title: 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)

Category: White Papers
Date: Title: Information Regarding Activities and Positions of Participants in the Single-Name Credit Default Swap Market(PDF) Category: Economic Analyses
Date: Title: FINRA Proposal to Reduce Minimum Quotation Size in OTC Market Tiers(PDF) Category: Economic Analyses
Date: Title: 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) Category: Economic Analyses
Date: Title: 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) Category: Economic Analyses
Date: Title: Analyst Competition and Monitoring:Earnings Management in Neglected Firms

Laura Lindsey and Simona Mola

DERA Working Paper 2013-04
Category: Working Papers
Date: Title: Capital Raising in the U.S.: An Analysis of Unregistered Offerings Using the Regulation D Exemption, 2009-2012

Vladimir Ivanov and Scott Bauguess

Category: White Papers
Date: Title: Appointments of Academic Directors

Joshua T. White, Tracie Woidtke, Harold A. Black and Robert L. Schweitzer

DERA Working Paper 2013-02
Category: Working Papers
Date: Title: Qualified Residential Mortgage: Background Data Analysis on Credit Risk Retention

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

Category: White Papers
Date: Title: 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
Category: Working Papers
Date: Title: Alternative Trading Systems: Description of ATS Trading in National Market System Stocks

Laura Tuttle

Category: White Papers
Date: Title: Going Public Abroad

Cecilia Caglio, Kathleen Weiss Hanley and Jennifer Marietta-Westberg

See Latest Version (12/1/14)

Category: Working Papers
Date: Title: The Economic Implications of Money Market Fund Capital Buffers
Craig M. Lewis
DERA Working Paper 2014-01
Category: Working Papers
Date: Title: Government Money Market Fund Exposure to Non-Government Securities(PDF) Category: Economic Analyses
Date: Title: Liquidity Cost During Crisis Periods(PDF) Category: Economic Analyses
Date: Title: Municipal Money Market Funds Exposure to Parents of Guarantors(PDF) Category: Economic Analyses
Date: Title: Demand and Supply of Safe Assets in the Economy(PDF) Category: Economic Analyses
Date: Title: OTC Trading: Description of Non-ATS OTC Trading in National Market System Stocks

Laura Tuttle

Category: White Papers
Date: Title: 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
Category: Working Papers
Date: Title: Interconnectedness in the CDS Market

Giulio Girardi, Craig Lewis and Mila Getmansky

Category: White Papers
Date: Title: White Paper on Computing Tools for Promoting Sound Investment Decisions (Original Version)

K. Jeremy Ko

See Latest Revision (12/17/14)

Category: White Papers
Date: Title: Analysis of post-trade transparency under the CFTC regime(PDF) Category: Economic Analyses
Date: Title: Inventory risk management by dealers in the single-name credit default swap market(PDF) Category: Economic Analyses
Date: Title: Do Takeover Laws Matter? Evidence from Five Decades of Hostile Takeovers

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

Category: Working Papers
Date: Title: Going Public Abroad

Cecilia Caglio, Kathleen Weiss Hanley and Jennifer Marietta-Westberg

DERA Working Paper 2013-01
Category: Working Papers
Date: Title: Differences of Opinion and Stock Prices: Evidence from Spin-Offs and Mergers

Tara Bhandari

Category: Working Papers
Date: Title: Making the Most of Good Times: Shareholder Rights and Performance Revisited

Tara Bhandari

Category: Working Papers
Date: Title: Automated Liquidity Provision

Austin Gerig and David Michayluk

Category: Working Papers
Date: Title: Liquidity Risk, Speculative Trade, and the Optimal Latency of Financial Markets

Daniel Fricke and Austin Gerig

See Latest Revision (1/21/15)

Abstract

Daniel Fricke and Austin Gerig

Category: Working Papers
Date: Title: White Paper on Computing Tools for Promoting Sound Investment Decisions (Latest Revision)

K. Jeremy Ko

Category: White Papers
Date: Title: High-Frequency Trading Synchronizes Prices in Financial Markets

Austin Gerig

Category: Working Papers
Date: Title: Too Fast or Too Slow? Determining the Optimal Speed of Financial Markets

Daniel Fricke and Austin Gerig

Category: Working Papers
Date: Title: Qualified Residential Mortgage: Background Data Analysis on Credit Risk Retention

Joshua White and Scott Bauguess

Category: White Papers
Date: Title: Single-Name Corporate Credit Default Swaps: Background Data Analysis on Voluntary Clearing Activity

Burt Porter

Category: White Papers
Date: Title: The Effects of Regulating Hidden Add-on Costs

K. Jeremy Ko and Jared Williams

Category: Working Papers
Date: Title: Public versus Private Provision of Governance: The Case of Proxy Access

​Tara Bhandari, Peter Iliev, and Jonathan Kalodimos

Category: Working Papers
Date: Title: Liquidity and Flows of U.S. Mutual Funds

Paul Hanouna, Jon Novak, Tim Riley, and Christof Stahel

Category: White Papers
Date: Title: Capital Raising in the U.S.: An Analysis of the Market for Unregistered Securities Offerings, 2009-2014

Scott Bauguess, Rachita Gullapalli, and Vladimir Ivanov

Category: White Papers
Date: Title: Use of Derivatives by Registered Investment Companies

Daniel Deli, Paul Hanouna, Christof W. Stahel, Yue Tang and William Yost

Category: White Papers
Date: Title: The Determinants of ETF Trading Pauses on August 24th, 2015

Austin Gerig and Keegan Murphy

Category: White Papers
Date: Title: Manipulation of Illiquid Asset Indexes​

K. Jeremy Ko, Igor Kozhanov, and Sean Wilkoff

Category: Working Papers
Date: Title: Mutual Funds Apart From the Crowd​
Nadia Vozlyublennaia and Youchang Wu
Category: Working Papers
Date: Title: Security Recommendations and the Liability of Broker-Dealers
Matthew L. Kozora
Category: Working Papers
Date: Title: Issuance Activity and Interconnectedness in the CMBS Market​

Diana Knyazeva, Charles Lin, and Jasmine Park

Category: White Papers
Date: Title: A Pilot Survey of Agent Securities Lending Activity

Viktoria Baklanova, Cecilia Caglio, Frank Keane, Burt Porter

Category: White Papers
Date: Title: Risk Adjustment and Haircut Schedules Category: Economic Analyses
Date: Title: Regulation A+: What Do We Know So Far?

Anzhela Knyazeva

Category: White Papers
Date: Title: Outcomes of Investing in OTC Stocks

Joshua T. White

Category: White Papers
Date: Title: ​Private Liquidity Funds: Characteristics and Risk Indicators

​Daniel Hiltgen

Category: White Papers
Date: Title: U.S. Securities-based Crowdfunding Under Title III of the JOBS Act ​

Vladimir Ivanov and Anzhela Knyazeva

Abstract

Review the report for offering activity in the Title III crowdfunding market initiated during May 16, 2016 - December 31, 2016.

Category: White Papers
Date: Title: “Limit Up-Limit Down” Pilot Plan and Associated Events

Claudia E. Moise and Paca Flaherty

Category: White Papers
Date: Title: Cash Management and Extreme Liquidity Demand of Mutual Funds

Giulio Girardi, Christof Stahel, and Youchang W

Category: Working Papers
Date: Title: Mutual Funds Apart From the Crowd​

Nadia Vozlyublennaia and Youchang Wu

Category: Working Papers
Date: Title: Access To Capital And Market Liquidity(PDF) Category: Economic Analyses

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