The automation of trading markets has given rise to a variety of regulatory concerns. We briefly review the regulatory approach used by the U.S. Securities and Exchange Commission in dealing with automation of equity markets and the growth of proprietary trade execution systems in these markets....

The growth in automated trading systems has been explosive, and regulatory initiatives and analysis with respect to this new form of financial market structure quickly followed. We analyze the use of the definition of an ÒexchangeÓ for the purpose of classification and regulation of automated...

We investigate two interrelated questions concerning the institution of bankruptcy. First, is there a link between legislative activity and business cycle fluctuations, and if so, what is its character? Legislative activity from 1790 through 1994 is documented and matched with business cycle...

The magnitude and determinants of country and currency risk premia are of considerable importance to investors and policymakers. Unique data on peso and dollar denominated debt issued by the Mexican government is used to identify and analyze the intertemporal prices of country and currency risk,...

This paper contains an overview of personal, or consumer, bankruptcy in the United States, concentrating on empirical issues in the study of this important legal institution. Business cycle effects are reviewed, in the context of both the passage of legislation and the effect of economic...

We ask two related questions relevant to current public policy debates concerning personal bankruptcy: What are the important influences in determining bankruptcy chapter choice, and do new incentives embedded in a major legal change have their anticipated impact? Chapter choice models,...

This paper examines the framing of social welfare programs in the opinion pages of two major elite newspapers that research shows are widely read by U.S. policymakers. In particular, it focuses on level of attention (salience) and level of support. The data consist of all editorials, op-ed...

Curbside recycling programs grew fivefold betweeen 1988 and 1995, yet recycling as practical activity is contested on both ecological and economic criteria. This paper develops arguments at the intersection of organizational and social movements analysis to develop understanding of how broader...

For most social scientists, business associations are presumed to lobby for particular benefits and, if successful, associations thereby impede overall growth. While this presumption is warranted in many cases, this paper documents a wide range of empirical cases where associations enhance...

In "descriptive representation," representatives are in some sense typical of the larger class of persons to which they belong. When substantive interest representation is the aim, descriptive representation may accomplish those goals better than other forms in three contexts: 1)communication...