Faculty Sites

Publications, Working Papers, and Case Studies


Statement of the Financial Economists Roundtable, April 2015: The Structure of Trading in Bond Markets,” with Larry Harris and Albert S. Kyle, Financial Analysts Journal, v. 71, n. 6, November/December 2015.

Securities Regulation Before and After the 2008 Financial Crisis,” with Jennifer E. Bethel, in Analyzing the Cumulative Impact of Financial Regulatory Reform, edited by Douglas Evanoff, Andrew Haldane, and George Kaufman, World Scientific, 2016.

“Report on Secondary Market Trading in the Municipal Securities Market,” for the Municipal Securities Rulemaking Board, July 2014.

Comment on “Tax-Subsidized Underpricing: Issuers and Underwriters in the Market for Build America Bonds by Richard C. Green, Dario Cestau, and Norman Schürhoff,” Journal of Monetary Economics, v. 60, n. 5, July 2013.

The Importance of Financial Policy Makers Making Informed Decisions,” with Jennifer E. Bethel, in Current Perspectives on Modern Equity Markets, Knight Capital Markets, 2010.

Regulatory Politics and Short Selling,” University of Pittsburgh Law Review, 2010, Vol. 71, No. 3, pp. 517-544.

Consolidation and Competition in U.S. Equity Markets,” with Robert L.D. Colby, Capital Markets Law Journal, 2010, Vol. 5, No. 2, pp. 169-196.

Transparency and Liquidity: A Controlled Experiment on Corporate Bonds” , with Edie Hotchkiss and Michael Goldstein, Review of Financial Studies, 2007, Vol. 20, No. 2, 235-273.

Investment Banks, Scope, and Unavoidable Conflicts of Interest,” Economic Review, Federal Reserve Bank of Atlanta, Fourth Quarter 2004, pp. 23-35.

Roundtable on Corporate Disclosure,” Journal of Applied Corporate Finance, 16(4), Fall 2004, pp. 36-62.

Order Preferencing and Market Quality on U.S. Equity Exchanges,” with Mark Peterson, Review of Financial Studies, 2003, vol. 16, No. 2, 385-415.

Evaluation of the Biases in Execution Cost Estimation Using Trade and Quote Data,” with Mark Peterson, Journal of Financial Markets, 2003, Vol. 6, No. 3, 259-280.

Order Submission Strategy and the Curious Case of Marketable Limit Orders,” with Mark Peterson, Journal of Financial and Quantitative Analysis, 2002, Vol. 37, No. 2, 221-241.

Stern Stewart Roundtable on Capital Structure and Stock Repurchases,” with Clifford Smith, Tim Opler, David Ikenberry, Richard Thevenet, Dennis Soter, Journal of Applied Corporate Finance, 2001, Vol 14, No. 1, 8-41.

The Future of Stock Exchanges,” AIMR Conference Proceedings on Best Execution and Portfolio Performance, December 2000, 81-90.

Costly Search and Mutual Fund Flows,” with Peter Tufano, Journal of Finance, 1998, Vol. 53, No. 5, 1589-1622.

Express Lane or Tollbooth in the Desert? The SEC’s Framework for Security Issuance,” with Jennifer E. Bethel, Journal of Applied Corporate Finance, Spring 1998.

The Reaction of Investors and Stock Prices to Insider Trading,” with Bradford Cornell, Journal of Finance, 1992, Vol 47, No. 3, 1031-1059.

Competition and Change in the Mutual Fund Industry,” with Peter Tufano, in Financial Services: Perspectives and Challenges for the 1990s, edited by S.L. Hayes III, HBS Press, 1993. (Republished in Gestion Collective Internationale, No. 10, Summer 1994)

The Economics of Pooling,” with Peter Tufano, in The Global Financial System: A Functional Perspective, Harvard Business School Press, 1995.

“Anheuser-Busch and Campbell Taggart,” in Case Problems in Finance, Fruhan, William E., et. al, Tenth Edition, Irwin, 1992.

Comment on Circuit Breakers, Systemic Risk, and Market Reforms,” in Brookings/Wharton Papers on Financial Services, Robert Litan and Anthony Santomero, Editors, Brookings Institution Press, June 1998.

Case Studies, with teaching notes

“Fischer Francis Trees & Watts,” HBS Case # N9 293-056.

“Jefferies and Company: ITG,” HBS Case # N9-292-091.

“AZX and the Arizona Stock Exchange,” HBS Case #N9-293-074.

“Fremont Financial Corporation (A),” HBS Case #N9-294-098.

“Fremont Financial Corporation (B),” HBS Case #N9-294-099.

“Fremont Financial Corporation (C),” HBS Case #N9-294-103.

“The Commonwealth of Massachusetts ‘UPlan’ and Babson College,” Babson College, April 1996.