Robert E. Litan Robert Litan is a Non-Resident Senior Fellow at the Brookings Institution, where he has previously been a Senior Fellow on staff, and Vice President and Director of Economic Studies. His current research focuses on federal regulation, entrepreneurship, and a broad range of economic policy subjects.
Litan is also a practicing attorney, as a partner with the law firm of Korein, Tillery, based in St. Louis and Chicago. He previously was a partner, Of counsel and associate with two Washington, D.C. law firms, and served during the first term of the Clinton Administration as Principal Deputy Assistant Attorney General in the Antitrust Division of the Justice Department, where he oversaw civil non-merger litigation and the Department’s positions on regulatory matters, primarily in telecommunications. Continue reading “Economist: Robert E. Litan”
Jim Willie | 21.02.01
Silver is up almost $3 from Singapore and soon Tokyo. I regard this entire Reddit Robin Hood movement as the Attack by the Lilliputians. Time to stampede over the JPMorgue zombies and take silver to $35/oz. Watch mining stocks to confirm the move of course, the Boyz can put it down with a paper barrage, but the Lilliputians might be in the tens of thousands and they smell blood. The GameStop was a trial run.
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James J. Angel specializes in the market structure and regulation of global financial markets. He teaches undergraduate, MBA, and executive courses, including Investments and Capital Markets at Georgetown University. ”Dr. Jim” has testified before Congress about issues relating to the design of financial markets. Dr. Jim began his professional career as a rate engineer at Pacific Gas and Electric. Along the way he has also worked at BARRA (later part of Morgan Stanley). He has also served as a Visiting Academic Fellow in residence at the National Association of Securities Dealers (NASD – now FINRA) and also as a visiting economist at the Shanghai Stock Exchange. He has also been chairman of the Nasdaq Economic Advisory Board, a member of the OTC Bulletin Board Advisory Committee, and has served on the board of directors of the Direct Edge Stock Exchanges (later part of BATS Global Markets). He graduated from the University of California-Berkeley, Ph.D.
Joshua Mitts, Ph.D is an Associate Professor of Law at Columbia Law School. Joshua Mitts, who joined the faculty in 2017, uses advanced data science for his research on corporate and securities law. His primary focus is on information disclosure in capital markets, consumer financial protection, and related topics in law and finance. Mitts employs empirical methods, including statistical analysis and machine learning, for his research on short-selling, informed trading on cybersecurity breaches, information leakage and hedge-fund activism, insider trading on corporate disclosure, and information transmission in financial markets.
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Peter J. Chepucavage has 40 years of experience in both the public and private sectors of the securities industry. He has worked for the National Association of Securities Dealers (NASD) and U.S. Securities and Exchange Commission (SEC), as well as a private law firm and a major international investment bank. He is familiar with all aspects of broker-dealer and hedge fund regulation, including broker dealer operations and stock loans.
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Robert J. Shapiro (born 1953) is the cofounder and chairman of Sonecon, LLC, a United States private consultancy for economic and security-related issues that has built a reputation on a range of policy matters, including climate change, intellectual property, securities fraud, healthcare reform, demographics, the resilience of the electric grid to cyberattacks, and blockchain technologies.
Beyond Dr. Shapiro’s responsibilities and leadership at Sonecon, he is also currently a Senior Fellow of the McDonough School of Business at Georgetown University, a board member of the Medici Venture Fund, and a member of the advisory boards of Gilead Sciences and Cote Capital.
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Alexis Brown Stoke, Associate Professor of Finance & Economics at Texas State University, earned her Bachelor of Arts in Economics, Political Science, and Managerial Studies, cum laude, from Rice University, and her Juris Doctorate from Harvard Law School, where she served as president and editor-in-chief of the Harvard Journal on Legislation.
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Strategic Delivery Failures in U.S. Equity Markets
Journal of Financial Markets, 1 February 2006
Sellers of U.S. equities who have not provided shares by the third day after the transaction are said to have “failed-to-deliver” shares. Using a unique data set of the entire cross-section of U.S. equities, we document the pervasiveness of delivery failures and evidence consistent with the hypothesis that market makers strategically fail to deliver shares when borrowing costs are high. We then show that many firms that allow others to fail to deliver to them are themselves responsible for fails-to-deliver in other stocks. Finally, we discuss the implications of these findings for short-sale constraints, short interest, liquidity, and options listings in the context of the recently adopted SEC Regulation SHO.
PDF (40 pages): Strategic Delivery Failures in U.S. Equity Markets
Future-Priced Convertible Securities & The Outlook For
“Death Spiral” Securities-Fraud Litigation
Zachary T. Knepper
bepress Legal Series, 29 August 2004
In recent years, many companies in the United States have issued so-called “Future-Priced Convertible Securities.” These companies tend to be small, thinly-traded, and (most importantly) desperate for cash, and look to the Future-Priced Convertible Security as a necessary means of financing to keep their businesses operating. FuturePriced Convertible Securities are thus credited by some with providing an important form of financing in the marketplace.1 Yet these securities are also a source of controversy. Many companies have wound up regretting issuing these instruments, after watching their stock values tumble and their market capitalizations dry-up subsequent to issuing these securities. Issuers have even started to sue.
PDF (71 pages): Future-Priced Convertible Securities & The Outlook For
“Death Spiral” Securities-Fraud Litigation