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Evidence on the Use of Disclosure Documents in Private Securities Offerings to Accredited Investors
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Adopting the SEC's Proposed Climate-Change Disclosure Rules Would Be Unwise
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Response to Senator Steve Daines
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Abandon the Concept of Accredited Investors in Private Securities Offerings
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Abandon the Concept of Accredited Investors in Private Securities Offerings
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Rethinking Decimalization
The Impact of Increased Tick Sizes on Trading Activity and Volatility -
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Improvements in SEC Economic Analysis since Business Roundtable
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Reframing Financial Regulation
Enhancing Stability and Protecting Consumers
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What Theory and the Empirical Evidence Tell Us about Proxy Access
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The Financial Industry Regulatory Authority: Not Self-Regulation after All
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Opening the Gate to Money Market Fund Reform
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How to Fix Our Broken Proxy Advisory System
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Beyond Cyber-Doom: Assessing the Limits of Hypothetical Scenarios in the Framing of Cyber-Threats
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The Alternative of Private Regulation: The London Stock Exchange's Alternative Investment Market as a Model
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The Options Market Maker Exception to SEC Regulation SHO
Latest work in Securities Regulations
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Will SEC Regulation Best Interest Protect Investors?
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Adopting the SEC's Proposed Climate-Change Disclosure Rules Would Be Unwise
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Harmonizing Private Securities Offering Exemptions
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Response to the SEC's Proposed Regulation on the Best Interest for Retail Securities Broker-Dealers
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Reconsidering the SIPC
Testimony before the Senate Committee on Banking, Housing, and Urban Affairs -
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Letter to FINRA on the Rule Proposal to Implement the Comprehensive Automated Risk Data System
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Money Market Fund Reform; Amendments to Form PF
Latest work in Securities Regulations
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Make It Easy for Startups to Sell Stock
Fewer regulations would increase access to capital and promote innovation
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The Felony at the Golf Club
SEC “finder” rules make it harder for startups to raise money
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A Proposal for a Securities Offering Exemption That Eliminates Accredited Investor Distinctions
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The SEC's Cryptic Wish to Smother Cryptocurrencies With Regulation
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Analyze This
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How to Ensure Agencies Consider Rules' Economic Impact
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Corporate Governance by the Board, Not the Government
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Insider Trading Isn’t What You See in the Movies
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Previewing the President’s Announcement Changing the Fiduciary Standard
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FINRA's Holiday 'CARDS'
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Regulators Foist Do As We Say, Not Do As We Do On Wall Street
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The SEC's Budget Blues Are Something to Celebrate