Self-regulatory organizations (SROs) can be found in education, healthcare, and other not-for-profit sectors as well as in the accounting, financial, and legal professions. DeMarzo et al. (2005) show theoretically that SROs can create monopoly market power for their affiliated agents, but that...

Self-regulatory organizations (SROs) can be found in education, healthcare, and other not-for-profit sectors as well as in the accounting, financial, and legal professions. DeMarzo et al. (2005) show theoretically that SROs can create monopoly market power for their affiliated agents, but that...

Self-regulatory organizations (SROs) can be found in education, healthcare, and other not-for-profit sectors as well as the accounting, financial, and legal professions. DeMarzo et al. (2005) show theoretically that SROs can create monopoly market power for their affiliated agents, but that...

This is a summarized and abridged version of some of the arguments made in the report “OpenTradeCloud: Regulating the Next Generation of the National Market System” [Summary Report], that is part of my doctorate research at Columbia Law School. It is still very rough and preliminary, and it...

The creation of a new Consumer Financial Protection Agency (“CFPA”) is a very bad idea and should be rejected. The proposal is not salvageable and cannot be improved in substance or in form. The foundational premise of the CFPA is that a failure of consumer protection, and specifically...

Regulatory investigations by Self-Regulatory organizations (SROs) are usually considered cheaper than investigations by a government. However, in practice, oversight by an SRO is mostly still supplemented by governmental oversight. The government may exert oversight over the SRO itself, a...

A self-regulatory organization (SRO) is a non-governmental organization owned and operated by its members, with the power to create and enforce industry regulations and standards for its members. A key question is whether oversight by an SRO can replace governmental oversight, or whether...

The post 2008 financial crisis reform package includes the bank resolution framework. Among other measures, it foresees that failing banks should be left under insolvency proceedings, unless they meet their salvage is in the public interest. The Bank Recovery and Resolution Directive defines the...

We present a model where each of two players chooses between remuneration based on either private or team effort. Although at least one of the players has the equilibrium strategy to choose private remuneration, we frequently observe both players to choose team remuneration in a series of...