SEC.gov | 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
Date: Feb. 2007	Title: Economic Analysis of the Short Sale Price Restrictions under the Regulation SHO Pilot	Category: Studies and Reports
Date: March 2008	Title: Fails to Deliver Statistics in Threshold Securities(PDF)	Category: Studies and Reports
Date: June 2008	Title: Impact of Recent Regulation SHO Amendment on Fails to Deliver (Elimination of the Grandfather Exception in Rule 203 of Regulation SHO)(PDF)	Category: Studies and Reports
Date: Nov. 2008	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: Studies and Reports
Date: Dec. 2008	Title: Analysis of Short Selling Activity during the First Weeks of September 2008(PDF)	Category: Studies and Reports
Date: Dec. 2008	Title: Analysis of a Short Sale Price Test Using Intraday Quote and Trade Data(PDF)	Category: Studies and Reports
Date: Jan. 2009	Title: Analysis of the July 2008 Emergency Order Requiring a Pre-borrow on Short Sales(PDF)	Category: Studies and Reports
Date: Oct. 2009	Title: Study of the Sarbanes-Oxley Act of 2002 Section 404 Internal Control over Financial Reporting Requirements	Category: Studies and Reports
Date: Nov. 2009	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: Studies and Reports
Date: Nov. 2009	Title: Share Ownership and Holding Period Patterns in 13F data(PDF)	Category: Studies and Reports
Date: Jan. 2011	Title: Security-Based Swap Block Trade Definition Analysis(PDF)	Category: Studies and Reports
Date: April 2011	Title: Impact of Recent Regulation SHO Rule Changes on Fails to Deliver (Updates with Additional Data the Analysis Dated November 4, 2009)(PDF)	Category: Studies and Reports
Date: Feb. 2012	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: March 2012	Title: Information Regarding Activities and Positions of Participants in the Single-Name Credit Default Swap Market(PDF)	Category: Studies and Reports
Date: June 2012	Title: FINRA Proposal to Reduce Minimum Quotation Size in OTC Market Tiers(PDF)	Category: Studies and Reports
Date: Nov. 2012	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: Studies and Reports
Date: Nov. 2012	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: Studies and Reports
Date: July 2013	Title: Analyst Competition and Monitoring:Earnings Management in Neglected Firms Laura Lindsey and Simona Mola DERA Working Paper 2013-04	Category: Working Papers
Date: July 2013	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: July 2013	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: Aug. 2013	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: Sept. 2013	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: Oct. 2013	Title: Alternative Trading Systems: Description of ATS Trading in National Market System Stocks Laura Tuttle	Category: White Papers
Date: Nov. 2013	Title: Going Public Abroad Cecilia Caglio, Kathleen Weiss Hanley and Jennifer Marietta-Westberg See Latest Version (12/1/14)	Category: Working Papers
Date: Jan. 2014	Title: The Economic Implications of Money Market Fund Capital Buffers Craig M. Lewis DERA Working Paper 2014-01	Category: Working Papers
Date: March 2014	Title: Government Money Market Fund Exposure to Non-Government Securities(PDF)	Category: Studies and Reports
Date: March 2014	Title: Liquidity Cost During Crisis Periods(PDF)	Category: Studies and Reports
Date: March 2014	Title: Municipal Money Market Funds Exposure to Parents of Guarantors(PDF)	Category: Studies and Reports
Date: March 2014	Title: Demand and Supply of Safe Assets in the Economy(PDF)	Category: Studies and Reports
Date: March 2014	Title: OTC Trading: Description of Non-ATS OTC Trading in National Market System Stocks Laura Tuttle	Category: White Papers
Date: April 2014	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: April 2014	Title: Interconnectedness in the CDS Market Giulio Girardi, Craig Lewis and Mila Getmansky	Category: White Papers
Date: May 2014	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: Oct. 2014	Title: Analysis of post-trade transparency under the CFTC regime(PDF)	Category: Studies and Reports
Date: Oct. 2014	Title: Inventory risk management by dealers in the single-name credit default swap market(PDF)	Category: Studies and Reports
Date: Dec. 2014	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: Dec. 2014	Title: Going Public Abroad Cecilia Caglio, Kathleen Weiss Hanley and Jennifer Marietta-Westberg DERA Working Paper 2013-01	Category: Working Papers
Date: Dec. 2014	Title: Differences of Opinion and Stock Prices: Evidence from Spin-Offs and Mergers Tara Bhandari	Category: Working Papers
Date: Dec. 2014	Title: Making the Most of Good Times: Shareholder Rights and Performance Revisited Tara Bhandari	Category: Working Papers
Date: Dec. 2014	Title: Automated Liquidity Provision Austin Gerig and David Michayluk	Category: Working Papers
Date: Dec. 2014	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: Dec. 2014	Title: White Paper on Computing Tools for Promoting Sound Investment Decisions (Latest Revision) K. Jeremy Ko	Category: White Papers
Date: Jan. 2015	Title: High-Frequency Trading Synchronizes Prices in Financial Markets Austin Gerig	Category: Working Papers
Date: Jan. 2015	Title: Too Fast or Too Slow? Determining the Optimal Speed of Financial Markets Daniel Fricke and Austin Gerig	Category: Working Papers
Date: Feb. 2015	Title: Qualified Residential Mortgage: Background Data Analysis on Credit Risk Retention Joshua White and Scott Bauguess	Category: White Papers
Date: April 2015	Title: Single-Name Corporate Credit Default Swaps: Background Data Analysis on Voluntary Clearing Activity Burt Porter	Category: White Papers
Date: May 2015	Title: The Effects of Regulating Hidden Add-on Costs K. Jeremy Ko and Jared Williams	Category: Working Papers
Date: July 2015	Title: Public versus Private Provision of Governance: The Case of Proxy Access Tara Bhandari, Peter Iliev, and Jonathan Kalodimos	Category: Working Papers
Date: Sept. 2015	Title: Liquidity and Flows of U.S. Mutual Funds Paul Hanouna, Jon Novak, Tim Riley, and Christof Stahel	Category: White Papers
Date: Oct. 2015	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: Dec. 2015	Title: Use of Derivatives by Registered Investment Companies Daniel Deli, Paul Hanouna, Christof W. Stahel, Yue Tang and William Yost	Category: White Papers
Date: Feb. 2016	Title: The Determinants of ETF Trading Pauses on August 24th, 2015 Austin Gerig and Keegan Murphy	Category: White Papers
Date: Feb. 2016	Title: Manipulation of Illiquid Asset Indexes K. Jeremy Ko, Igor Kozhanov, and Sean Wilkoff	Category: Working Papers
Date: April 2016	Title: Mutual Funds Apart From the Crowd Nadia Vozlyublennaia and Youchang Wu See Latest Revision (6/23/17)	Category: Working Papers
Date: May 2016	Title: Security Recommendations and the Liability of Broker-Dealers Matthew L. Kozora	Category: Working Papers
Date: Aug. 2016	Title: Issuance Activity and Interconnectedness in the CMBS Market Diana Knyazeva, Charles Lin, and Jasmine Park	Category: White Papers
Date: Aug. 2016	Title: A Pilot Survey of Agent Securities Lending Activity Viktoria Baklanova, Cecilia Caglio, Frank Keane, Burt Porter	Category: White Papers
Date: Nov. 2016	Title: Risk Adjustment and Haircut Schedules	Category: Studies and Reports
Date: Dec. 2016	Title: Regulation A+: What Do We Know So Far? Anzhela Knyazeva	Category: White Papers
Date: Dec. 2016	Title: Outcomes of Investing in OTC Stocks Joshua T. White	Category: White Papers
Date: Jan. 2017	Title: Private Liquidity Funds: Characteristics and Risk Indicators Daniel Hiltgen	Category: White Papers
Date: Feb. 2017	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: March 2017	Title: “Limit Up-Limit Down” Pilot Plan and Associated Events Claudia E. Moise and Paca Flaherty	Category: White Papers
Date: May 2017	Title: Hedge Funds: Portfolio, Investor, and Financing Liquidity George O. Aragon, Tolga Ergun, Mila Getmansky, and Giulio Girardi	Category: White Papers
Date: May 2017	Title: Hedge Fund Liquidity Management George O. Aragon, Tolga Ergun, Mila Getmansky, and Giulio Girardi	Category: Working Papers
Date: June 2017	Title: Cash Management and Extreme Liquidity Demand of Mutual Funds Giulio Girardi, Christof Stahel, and Youchang W	Category: Working Papers
Date: June 2017	Title: Mutual Funds Apart From the Crowd Nadia Vozlyublennaia and Youchang Wu	Category: Working Papers
Date: Aug. 2017	Title: FINRA’s Pilot Program Amending Minimum Quotation Size Requirements for OTC Equity Securities(PDF)	Category: Studies and Reports
Date: Aug. 2017	Title: Access to Capital and Market Liquidity(PDF) Abstract This report to Congress includes an examination of initial public offerings and crowdfunding by small companies.	Category: Studies and Reports
Date: Oct. 2017	Title: Investor Confidence Note Oct2017(PDF)	Category: Economics Notes
Date: Nov. 2017	Title: Did Social Interactions Fuel or Suppress the US Housing Bubble? K. Jeremy Ko, Christo Pirinsky	Category: Working Papers
Date: Dec. 2017	Title: Bats Market Close: Off-Exchange Closing Volume and Price Discovery(PDF)	Category: Studies and Reports
Date: Dec. 2017	Title: DERA Memorandum regarding Cornerstone Analysis of Long-Lasting Straddle States(PDF)	Category: Studies and Reports
Date: Dec. 2017	Title: DERA Memorandum regarding Cornerstone August 24 LULD Analysis (PDF)	Category: Studies and Reports
Date: Dec. 2017	Title: “Limit Up-Limit Down” Pilot Plan and Extraordinary Transitory Volatility Paul Hughes, John Ritter, and Hao Zhang	Category: White Papers
Date: Dec. 2017	Title: The Effect of Amendment 10 of the “Limit Up-Limit Down” Pilot Plan Paul Hughes	Category: White Papers
Date: Jan. 2018	Title: DERA Memorandum regarding Cornerstone Analysis of the Option Penny Pilot Program(PDF)	Category: Studies and Reports
Date: Jan. 2018	Title: Tick Size Pilot Plan and Market Quality Edwin Hu, Paul Hughes, John Ritter, Patti Vegella, and Hao Zhang	Category: White Papers
Date: Feb. 2018	Title: Intentional Access Delays, Market Quality, and Price Discovery: Evidence from IEX Becoming an Exchange Edwin Hu	Category: Working Papers
Date: March 2018	Title: The Financial Illiteracy and Overconfidence of Margin Traders K. Jeremy Ko and Steven Rapkin	Category: White Papers
Date: July 2018	Title: Pre-trade Information in the Municipal Bond Market Louis Craig, Abby Kim, and Seung Won Woo	Category: White Papers
Date: Aug. 2018	Title: Capital Raising in the U.S.: An Analysis of the Market for Unregistered Securities Offerings Scott Bauguess, Rachita Gullapalli, and Vladimir Ivanov	Category: White Papers
Date: Nov. 2018	Title: Does the Tick Size Affect Stock Prices? Evidence from the Tick Size Pilot Announcement of the Test Groups and the Control Group Salil Pachare and Ilia Rainer	Category: White Papers
Date: March 2019	Title: Tick Size Pilot Plan Threshold Analysis Edwin Hu, Paul Hughes, John Ritter, Patti Vegella, and Hao Zhang	Category: White Papers

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