In this event, participants will review the Bhagat-Obreja paper and consider the role of uncertainty in major business decisions.

Online registration for this event is closed. Walk-in registrations will be accepted.

Most of the controversy surrounding Sarbanes-Oxley has focused on its direct, tangible costs, especially the cost of creating, installing, and auditing internal controls under section 404. But there are many intangible ways in which this legislation could be even...

The Shadow Financial Regulatory Committee (SFRC) is a group of publicly recognized independent experts on the financial services industry—including banking, insurance, and securities—who meet regularly to study and critique regulatory policies affecting this sector of the economy. At the two closed sessions before the luncheon, committee members will discuss, among...

The Shadow Financial Regulatory Committee (SFRC) is a group of publicly recognized independent experts on the financial services industry, including banking, insurance, and securities, who meet regularly to study and critique regulatory policies affecting this sector of the economy. At the two closed sessions before the luncheon, committee members discussed,...

The Shadow Financial Regulatory Committee (SFRC) is a group of publicly recognized independent experts on the financial services industry, including banking, insurance, and securities, who meet regularly to study and critique regulatory policies affecting this sector of the economy. At the two closed sessions before...

At an AEI conference last June, Professor Kenneth M. Lehn and his colleagues presented a ground-breaking paper that compared the effect of market stress—when the markets receive new positive or negative information—on the bid-ask spreads in the NYSE, NASDAQ, and the electronic communications networks (ECNs). The June paper indicated that...

The central question in securities-market structure is whether investors are better served by human-mediated markets, such as the specialist system of the New York Stock Exchange, or by electronic markets, such as NASDAQ and the Electronic Communication Networks. The Securities and Exchange Commission's recent Regulation NMS, although it purports to...