Prevailing research posits that liquidity providers bypass long queue lines on exchanges by offering liquidity in dark venues with de minimis sub-penny price improvement, thus exploiting an exception to the penny quote rule. We show that (a) the SEC enforces the quote rule to prevent sub-penny...

We examine the common and growing misuse of Tobin's q as a proxy for firm value within the law and finance literatures. We trace the history of Tobin's q, beginning with its original role as a mean-reverting construct that macroeconomists used to model investment policy. We document how the...

Discrimination in lending can occur either in face-to-face decisions or in algorithmic scoring. We provide a workable interpretation of the courts' legitimate-business-necessity defense of statistical discrimination. We then estimate the extent of racial/ethnic discrimination in the largest...