Current rules on market manipulation ignore the existing and rapidly growing body of scholarship on how securities prices are formed in markets. These rules are primarily reactive, and depend on vague and difficult measures such as the “artificiality” of a resulting market price or the...

We are at the close of an era that has treated market efficiency with something bordering on religious wonder. When securities markets are understood as environments in which rational behaviour causes prices perfectly to reflect available information, regulators should hesitate to interfere...

Quantitative research (QR) has undeniably improved the quality of law- and rulemaking, but it can also present risks for these activities. On the one hand, replacing anecdotal assertions regarding behavior or the effects of rules in an area to be regulated with objective, statistical evidence...

Infrastructure matters. Markets are designed by market participants for the benefit of market participants and assessed measuring utility to market participants. The natural result is that market structure becomes a tool used by the most powerful market participants to extract rents from the...