Transcription of PECIAL POLICY REPORT 12
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PECIAL POLICY REPORT 12
FINANCIAL POLICY FORUM DERIVATIVES STUDY CENTER 1660 L Street, NW, Suite 1200 Washington, 20036 SPECIAL POLICY REPORT 12 The Economic Rationale for Financial Market Regulation Randall Dodd Derivatives Study Center Washington December 2002 Executive Summary: This chapter will develop a theoretical framework that will serve as a positive theory for the appropriate type and degree of regulation in financial markets.
2 hypothesis.4 One of the seminal authors of the theory, William Sharpe (1970), stated it as follows. Simply put, the thesis is this: in a well-functioning market, the prices of capital assets (securities) will reflect predictions based on all relevant and available information.
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