This paper surveys some of the prevalent theories of stock market regulation (market failure and public choice.) The validity of generalizing U.S. regulatory experience to the markets of other nations depends on which, if any, of these popular theories holds. No convincing evidence exists to...

Price adjustment delays occur between in-the-money convertible preferred stock prices and common stock prices. Convertible preferred prices systematically deviate from the prices predicted from their conversion relations with common stocks. The price predictability stems from price changes in...