SECURITIES INTERMEDIARIES

Rethinking the Regulation of Securities Intermediaries

New Special Study of the Securities Markets: Financial Intermediaries

The Role of Financial Intermediaries in Securities Issues: A Theoretical Analysis

We consider a model of securities issues where the quality of securities is private information to the issuer, and firms of higher quality are more reluctant to issue securities than low quality firms. We show that, when the issuer directly trades with investors, market breakdown may occur. This is caused by the issuer’s attempts to signal his type through the offering price. Things change if w...

Beyond Negotiability: A New Model for Transfer and Pledge of Interests in Securities Controlled by Intermediaries

How To Fix Wall Street: A Voucher Financing Proposal for Securities Intermediaries

III. SECURITIES MARKET INTERMEDIARIES ............................................. 283 A. Securities Analysts ....................................................................... 283 B. Auditors........................................................................................ 291 C. Proxy Advisory Services .............................................................. 294 D. Sharehold...