Is something wrong with the structure of the U.S. stock market? Both industry participants and scholars have recently faulted the equity market for its lack of innovation. In particular, they have emphasized that stock exchanges may not have the right incentives to provide innovative solutions...

Improving economic welfare requires that society's scarce savings be allocated among proposed real investment projects in a way that appreciates the prospects of promising new innovations. Corporate and securities law help structure important elements of this process of allocation. This article...