I worked on policy issues including M&A disclosures, margin requirements for security futures, human capital disclosures, executive hedging disclosures, the Transaction Fee Pilot, and the Volcker Rule. I also conducted original policy research summarized below:
Reducing Investor Protections around Private Markets (Accredited Investor Definition)
- Conducted research showing that private placement brokers have unusually high levels of sales practice complaints and misconduct. Furthermore, past investor harm is highly predictive of investor harm in the future—hence, supposedly sophisticated investors still have a hard time sorting good brokers from bad.
- Selected coverage: Bloomberg (Money Stuff)
- Featured: HLS Forum on Corporate Governance and Financial Regulation
- Conducted research showing that the largest fund managers lack clear proxy-voting guidelines on lobbying and political spending disclosure—yet overwhelmingly vote against these proposals.
- Selected coverage: Bloomberg
- Featured: HLS Forum on Corporate Governance and Financial Regulation
- Conducted research showing how the proposed rules would affect the resubmission of shareholder proposals, and the effect of including shareholder proposals on firm value (see Data Appendix).
- Received support from Chair Waters and Ranking Member Brown, and over 60 leading corporate governance scholars.
- Selected coverage: CNBC, Politico, Bloomberg (Money Stuff), Recode Decode (Podcast), The Economist, Capitalisn’t (Podcast)
- Featured: HLS Forum on Corporate Governance and Financial Regulation, Chicago Booth Stigler Center ProMarket Blog
Rules Governing Investment Advice (Regulation Best Interest)
- Conducted research showing that the proposed interpretation of the fiduciary standard was related to higher rates of conflicted advice.
- Received support from prominent legislators including Senators Warren, Booker, Speaker Pelosi, Chair Waters, and a dozen bipartisan securities law professors.
- House Passed Amendment 78 to H.R. 3351 over concerns from Chair Maxine Waters about lowering the fiduciary standard.
- Cited in Warren letter to DOL Secretary in anticipation of DOL’s proposed replacement for the Fiduciary Rule.
- Selected coverage: Washington Post, New York Times, Wall Street Journal, Bloomberg, Money Stuff
- Conducted research on the costs and benefits of rolling back auditor attestation requirements for smaller firms.
- Received support from dozens of law and accounting faculty.
- Selected coverage: Wall Street Journal
- Conducted research showing that the market reacts negatively to insider selling after stock buyback announcements in reponse to a letter from Senator Chris Van Hollen.
- Letter, Data Appendix
- Cited in legislation proposed by Senator Tammy Baldwin, and Petition to SEC
- Selected coverage: CNN, Washington Post, CNBC, Fox Business, The Atlantic, Bloomberg Businessweek
Intentional Access Delays, Market Quality, and Price Discovery: Evidence from IEX Becoming an Exchange
- Conducted research showing that slowing down trading reduced trading costs in some stocks. (SSRN)
- Covered in /The Wall Street Journal/ (1) (2), /Globe and Mail/, /Traders Magazine/, TabbFORUM, /Financial Times/, Fast Company (Video)
- Conducted research showing that existing fragmentation of the close has not negatively impacted closing price discovery. First SEC economic analysis to use regulatory audit trail and TRF data. Involved an unprecedented data fight between the exchanges.
- Led to NYSE cutting its top tier MOC fees by two-thirds.
- Approved unanimously by the Commission, despite lobbying from a former SEC Chair, Chief Economist, two leading financial economists, and a prominent attorney who later became a Cabinet Secretary.
- Selected coverage: Wall Street Journal
with Paul Hughes, John Ritter, Patti Vegella, and Hao Zhang
- We find evidence that market quality deteriorates after the Tick Size Pilot widens quoting increments to five cent increments.
- Cited by Former Commissioner and Acting Chair Michael Piwowar in House Testimony.