We examine 120 Nasdaq and Over-the-Counter buy recommendations made by Internet sites from April 1999 to June 2001. The stock picks show substantial short- and long-run price and liquidity gains, although no new information is revealed about them. For example, liquidity one year after the pick...

We examine 120 Nasdaq and Over-the-Counter "buy" recommendations made by Internet sites from April 1999 to June 2001. The stock picks show substantial short- and long-run price and liquidity gains, although no new information is revealed about them. For example, liquidity one year after the pick...

The seeds for the 2007-09 financial collapse were sewn over many years and nurtured by ill-advised governmental housing policy, the presence of pervasive fraud both large and small and the widespread failure of personal integrity. A chronology of bad choices made by individuals and the...

Equity exchanges competing for orders are using new pricing strategies. Typically, liquidity suppliers are compensated and liquidity demanders are charged. This pricing structure is controversial because of its potential effects on investor order choice, market quality, trader welfare, and...

The frequency with which spoofing in U.S. futures markets has been alleged and prosecuted has increased steadily since the Dodd-Frank Act explicitly prohibited this type of conduct in 2010. This increase is expected to continue as market regulators focus on detecting and deterring spoofing...

Student loan is a pervasive problem in the United States. Historically, higher education has been a major driver of intergenerational mobility in the United States. The current student loan has increased substantially over the years, surpassing credit card and auto loans. Using panel data from...