Regulators of over-the-counter (OTC) markets face a unique enforcement challenge. OTC markets are particularly susceptible to investor fraud, but prior research indicates regulators prefer to focus their enforcement efforts on larger, exchange-listed firms. We shed light on the SEC’s tailored...

We examine whether social capital and trust provide a form of liquidity/trading resilience. Specifically, can social capital play a role in speeding the stock recovery process following activations of the market-wide circuit breaker (MWCB), which occurred at the beginning of the COVID-19...

Prior literature finds that media sentiment influences stock prices. We extend this literature by examining the effects of media sentiment on real economic outcomes. Specifically, we test whether negative media sentiment predicts a greater likelihood that a firm announcing an accounting...

After a long period of facilitating faster trading, exchanges are now trying to slow down trading with speed bumps. We study how this market-design innovation affects traders' reaction times, the market quality of stocks, and the operators of competing exchanges. Post speed bump, we find slower...

After a long period of facilitating faster trading, exchanges are now trying to slow down trading with speed bumps. We study how this market-design innovation affects traders' reaction times, the market quality of stocks, and the operators of competing exchanges. Post speed bump, we find slower...