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Biographical note: James P. Hawley, Shyam J. Kamath, and Andrew T. Williams are professors of economics and business at Saint Mary's College of California. Hawley is Director of the Elfenworks Center for the Study of Fiduciary Capitalism. Kamath is Associate Dean and Director of Global,...
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In the two decades leading up to the 2008 financial crisis, numerous significant changes in federal law greatly reduced transactions costs in financial markets and made possible new types of trading in new types of financial instruments. The driving policy assumption behind these and similar...
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