In Exchange-Traded Funds and the New Dynamics of Investing, Ananth Madhavan examines
the quiet transformation of asset management through the rise of passive or index investing…

We examine the role of market makers in facilitating price discovery. We show that a specialist
may experiment with prices to induce more informative order flow. thereby expediting …

The internet has revolutionized the dissemination of information and disinformation that move
markets. Deliberate manipulation of prices is not new. Many time-honored nefarious ploys …

This paper demonstrates that market makers have the ability and incentive to facilitate price
discovery in securities markets. Market makers can expedite the process of intertemporal …

This paper examines the ability of a large numbers cartel to raise price-cost margins. The cartel
in question is a dairy cooperative, Associated Milk Producers, Inc. (AMPI), with more than …

It is commonly believed that fragmented security markets have a natural tendency to consolidate.
This article examines this belief, focusing on the effect of disclosing trading information …

Hedge funds expend considerable time and energy in developing investment strategies to
generate alpha. The implementation of these ideas, however, is also of critical importance. …

Closing prices are important benchmarks of value. Portfolio returns and mutual fund net asset
values are computed using closing prices, and some contracts and after-hours trading on …

When auto-parts maker Dana Corp. was near collapse, restructuring professionals entered
the scene and effected a comprehensive reorganization of Dana’s global business. They …

Presently there are nine states within the United States with m’tmdatory deposit legislation
applying to beverage containers with at least three more states (Florida, New Jersey and …