Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Save to My Library
Look up keyword
Like this
5Activity
0 of .
Results for:
No results containing your search query
P. 1
Choking the Recovery: Why New Growth Companies Aren't Going Public And Unrecognized Risks Of Future Market Disruptions

Choking the Recovery: Why New Growth Companies Aren't Going Public And Unrecognized Risks Of Future Market Disruptions

Ratings: (0)|Views: 107 |Likes:
Published by TradersNarrative
Harold Bradly and Robert E. Litan - Kauffman Foundation
Harold Bradly and Robert E. Litan - Kauffman Foundation

More info:

Published by: TradersNarrative on Nov 09, 2010
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

03/04/2011

pdf

text

original

 
 
CHOKING THE RECOVERY:

 And Unrecognized Risks Of Future Market Disruptions
 
Harold Bradley and Robert E. Litan
 
 
 
AWhy Newnd Unreco
Ha
© 2010 by the
CHOKINGGrowth Conized Risk
rold Bradle
Nov
 
Ewing Marion
THE RECOpanies As Of Futur 
 y and Rob
mber 8, 201 
 
auffman Found
VERY:en’t GoingMarket Di
rt E. Litan
 
 
ation. All rights r 
Publicruptions
 
 
eserved.
 
Contents
Executive Summary
............................................................................................................... 1
I.
Introduction: New Scale Companies, U.S. Capital Markets and Outline of the Essay ........ 5
II.
The Revolution in US Securities Trading: A Short History, Benefits andNew Challenges ................................................................................................................. 9
III.
The SEC’s Market Structure Schizophrenia ..................................................................... 13
IV.
Growing Criticisms of the Electronic Trading Revolution .................................................. 17
V.
Algorithmic Trading and the Facts .................................................................................... 20
VI.
Some Not-So-Conventional Wisdom About The Electronics Revolution and HFTs .......... 22
VII.
Addressing The Main Danger: The Explosion in ETFs (and ETF Derivatives) ................. 28
VIII.
The CTA and Artificial Efforts to Promote Exchange Competition .................................... 57
IX.
Reinvigorating U.S. Equity Markets for New Companies 59
X.
Summary of Recommendations and Conclusion .............................................................. 60
Appendix 1
: IWM Component Stocks Requiring Four Trading Weeks Needed to CreateUnits Based on 10 Percent of Daily Trading Volume Using June 30, 2010, IWMShort Interest ............................................................................................................................ 63
Acknowledgement
 With gratitude to Bill Weeks, Ph.D and Brent Merfen in the Kauffman Investments Department for quantitativeresearch analysis backing the conclusions in this paper.

Activity (5)

You've already reviewed this. Edit your review.
1 hundred reads
Raghu Nayak liked this
Raghu Nayak liked this
fcamargoe liked this
alphathesis liked this

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->