University of Notre Dame - Intro

Mendoza College of Business Deans Report 2009-11

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Center for the Study of Financial Regulation Paul Schultz Timely birth for a center The financial crisis of 2007-2008 brought issues of financial regulation to the forefront. But even before the crisis, rapid changes in trading tech- nology, the globalization of finance, the growth of trading in new deriva- tive securities, and the increasing rate of financial innovation made financial regulation an important issue. Mendoza's Center for the Study of Financial Regula- tion, created in 2009, encourages rigorous study of existing regulations and the potential economic impact of proposed rules. Paul H. Schultz, John W. and Maude Clark Professor of Finance, serves as director. His re- search interests include the collapse of Internet stock prices, arbitrage and the prices of dual-class shares, and the ability of mutual funds to pick stocks. Finance news even non-experts can use Dark pools, Dodd-Frank and real-time trading are just a few of the recent topics discussed in the Center for the Study of Financial Regulation's quarterly newsletter. The publication provides in-depth, research-based analysis of issues in financial regulation in a readable style that's accessible by non-experts. It circulates to about 700 regulators, practitioners and academics, plus members of the media. It has already drawn comment from commissioners of the Securities and Exchange Commission and Commodity Futures Trading Commission. The Center's quarterly newsletter can be found at Recent topics include: • A New Systemic Risk Regulator and Too Big to Fail • Should Short Sales be Regulated? • Terminating Analyst Coverage Is Like Breaking Up: It's Not You, It's Me • High-Frequency Trading: Evidence and Considerations 26 • The Bonding Hypothesis and SOX • Using Textual Analysis to Uncover Fraud • A 'Duck Test' for Bank Capital Requirements • The Credit Rating Conundrum Conferences address today's hottest issues What exactly happened during the Flash Crash of 2010, and was high-frequency trading to blame? Those were two of the questions explored by academic researchers, regulators and investment industry professionals earlier this year at a conference at Notre Dame that was organized by the Center. In its brief history, the Center has held three such conferences examining topics including the sub-prime mortgage market, short selling, the possible manipulation of hedge-fund earnings reports and CEO pay. Each conference featured keynote speakers as well as panel discussions, where notable researchers presented white papers on a variety of current financial issues.

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