Chester S. Spatt

Carnegie Mellon University - David A. Tepper School of Business

Pamela R. and Kenneth B. Dunn Professor of Finance

5000 Forbes Avenue

Pittsburgh, PA 15213-3890

United States

  • Carnegie Mellon University - David A. Tepper School of Business

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SCHOLARLY PAPERS

25

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204

Scholarly Papers (25)

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1.

Equity Trading in the 21st Century

Marshall School of Business Working Paper No. FBE 09-10
Number of pages: 54 Posted: 11 May 2010 Last Revised: 08 Aug 2015
James Angel, Lawrence Harris and Chester S. Spatt
Georgetown University - Department of Finance, University of Southern California - Marshall School of Business - Finance and Business Economics Department and Carnegie Mellon University - David A. Tepper School of Business
Downloads 3,626 (2,477)
Citation 18

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Equity markets, transactions costs, dark pools, bid-ask spread

2.

Imperfect Competition in Financial Markets: Island vs NASDAQ

14th Annual Utah Winter Finance Conference Paper; AFA 2004 San Diego Meetings; EFA 2002 Berlin Meetings Presented Paper
Number of pages: 40 Posted: 23 Nov 2003
Bruno Biais, Christophe Bisiere and Chester S. Spatt
Centre for Economic Policy Research (CEPR), Universite de Toulouse - (IDEI - CRG) and Carnegie Mellon University - David A. Tepper School of Business
Downloads 1,290 (13,955)
Citation 8

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financial markets, liquidity supply, ECN, Island, NASDAQ

3.

Optimal Asset Location and Allocation with Taxable and Tax-Deferred Investing

Number of pages: 47 Posted: 02 Sep 2001
Robert M. Dammon, Harold H. Zhang and Chester S. Spatt
Carnegie Mellon University, University of Texas at Dallas - Naveen Jindal School of Management and Carnegie Mellon University - David A. Tepper School of Business
Downloads 1,044 (19,218)
Citation 49

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Taxable and tax-deferred investing, Asset location, Asset allocation

4.

Equilibrium Asset Pricing Under Heterogeneous Information

EFA 2004 Maastricht Meetings Paper No. 5083; 13th Annual Utah Winter Finance Conference; AFA 2003 Washington, DC Meetings
Number of pages: 36 Posted: 09 Jun 2004
Bruno Biais, Peter Bossaerts and Chester S. Spatt
Centre for Economic Policy Research (CEPR), University of Melbourne - Department of Finance and Carnegie Mellon University - David A. Tepper School of Business
Downloads 841 (26,467)
Citation 21

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5.

Taxes, Estate Planning and Financial Theory: New Insights and Perspectives

AFA 2005 Philadelphia Meetings Paper
Number of pages: 26 Posted: 12 Jan 2005
Robert M. Dammon, Chester S. Spatt and Harold H. Zhang
Carnegie Mellon University, Carnegie Mellon University - David A. Tepper School of Business and University of Texas at Dallas - Naveen Jindal School of Management
Downloads 482 (55,282)

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6.

Optimal Consumption and Investment with Capital Gains Taxes

Review of Financial Studies, Vol. 14, No. 3, pp. 583-616, Fall 2001
Number of pages: 34 Posted: 30 Sep 2001
Robert M. Dammon, Harold H. Zhang and Chester S. Spatt
Carnegie Mellon University, University of Texas at Dallas - Naveen Jindal School of Management and Carnegie Mellon University - David A. Tepper School of Business
Downloads 482 (55,282)
Citation 52

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Capital gains taxes; Optimal consumption and investment policies; Diversification and tax costs; Reset provision

7.

A Solution to the Palm - 3Com Spin-Off Puzzles

Columbia Business School Research Paper No. 12/52
Number of pages: 24 Posted: 05 Sep 2012 Last Revised: 04 Sep 2013
Martin Cherkes, Charles M. Jones and Chester S. Spatt
NYU, Columbia Business School and Carnegie Mellon University - David A. Tepper School of Business
Downloads 440 (61,953)

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8.

Diversification and Capital Gains Taxes with Multiple Risky Assets

Number of pages: 42 Posted: 02 Sep 2001
Robert M. Dammon, Harold H. Zhang and Chester S. Spatt
Carnegie Mellon University, University of Texas at Dallas - Naveen Jindal School of Management and Carnegie Mellon University - David A. Tepper School of Business
Downloads 377 (74,462)
Citation 13

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Optimal portfolio, Capital gains taxes, Multiple risky assets, Diversification

9.

Opacity, Credit Rating Shopping and Bias

Management Science 63, 4016-4036 (2017).
Number of pages: 51 Posted: 14 Mar 2012 Last Revised: 26 Jan 2018
Francesco Sangiorgi and Chester S. Spatt
Frankfurt School of Finance & Management gemeinnützige GmbH and Carnegie Mellon University - David A. Tepper School of Business
Downloads 353 (80,346)
Citation 5

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credit rating agencies; ratings shopping; selective disclosure; rational expectations; opacity; ratings bias

10.

Bid-Ask Spreads, Trading Networks and the Pricing of Securitizations

Review of Financial Studies, Forthcoming.
Number of pages: 64 Posted: 09 Sep 2014 Last Revised: 13 Jan 2017
Burton Hollifield, Artem Neklyudov and Chester S. Spatt
Carnegie Mellon University - David A. Tepper School of Business, University of Lausanne - School of Economics and Business Administration (HEC-Lausanne) and Carnegie Mellon University - David A. Tepper School of Business
Downloads 349 (81,373)
Citation 1

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Securitization; sophisticated investors; Rule 144A; network analysis; price discovery; OTC markets; bid-ask spreads; core dealers; peripheral dealers

11.

The Economics of Credit Rating Agencies

Foundations and Trends in Finance, 12, 1-116 (2017)
Number of pages: 100 Posted: 21 Oct 2017 Last Revised: 26 Jan 2018
Francesco Sangiorgi and Chester S. Spatt
Frankfurt School of Finance & Management gemeinnützige GmbH and Carnegie Mellon University - David A. Tepper School of Business
Downloads 246 (118,950)

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credit rating agencies, information production, information intermediation, conflict of interest, reputation, selection, competition, regulation, systemic risk

12.

Interim News and the Role of Proxy Voting Advice

Review of Financial Studies, Vol. 23, No. 12, 2010
Number of pages: 36 Posted: 27 Sep 2010 Last Revised: 30 Dec 2010
Cindy R. Alexander, Mark A. Chen, Duane J. Seppi and Chester S. Spatt
Securities and Exchange Commission (SEC), Georgia State University - Robinson College of Business, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - David A. Tepper School of Business
Downloads 176 (163,414)
Citation 13

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Corporate Governance, Shareholder Voting, Proxy Contests, Proxy Advice

13.

The Microstructure of Stock Markets

CEPR Discussion Paper No. 3288
Number of pages: 62 Posted: 30 Apr 2002
Bruno Biais, Lawrence R. Glosten and Chester S. Spatt
Centre for Economic Policy Research (CEPR), Columbia Business School - Finance and Economics and Carnegie Mellon University - David A. Tepper School of Business
Downloads 134 (205,351)
Citation 7
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Market microstructure, liquidity, bid-ask spread, market design, transactions costs

14.

Banks’ Internal Capital Markets and Deposit Rates

Downloads 129 (211,692)

Banks’ Internal Capital Markets and Deposit Rates

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming, Fisher College of Business Working Paper No. 2015-03-16, Charles A. Dice Center Working Paper No. 2015-16
Number of pages: 53 Posted: 20 Aug 2015 Last Revised: 29 Jul 2016
Itzhak Ben-David, Ajay A. Palvia and Chester S. Spatt
Ohio State University (OSU) - Department of Finance, Government of the United States of America - Office of the Comptroller of the Currency (OCC) and Carnegie Mellon University - David A. Tepper School of Business
Downloads 123 (220,368)

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Banks, deposit rates, market discipline, internal capital market, branches

Banks’ Internal Capital Markets and Deposit Rates

NBER Working Paper No. w21526
Number of pages: 53 Posted: 08 Sep 2015
Itzhak Ben-David, Ajay A. Palvia and Chester S. Spatt
Ohio State University (OSU) - Department of Finance, Government of the United States of America - Office of the Comptroller of the Currency (OCC) and Carnegie Mellon University - David A. Tepper School of Business
Downloads 6 (605,956)

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15.

Do Complex Economies Require Complex Financial Systems?

46th Annual AREUEA Conference Paper
Number of pages: 1 Posted: 01 Dec 2010
Douglas T. Breeden, Chester S. Spatt, Markus K. Brunnermeier and Albert S. Kyle
Duke University Fuqua School of Business, Carnegie Mellon University - David A. Tepper School of Business, Princeton University - Department of Economics and University of Maryland
Downloads 104 (247,813)

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16.

A Survey of the Microstructure of Fixed-Income Markets

Forthcoming, Journal of Financial and Quantitative Analysis
Number of pages: 67 Posted: 08 Jan 2019 Last Revised: 11 Feb 2019
Hendrik Bessembinder, Chester S. Spatt and Kumar Venkataraman
Arizona State University, Carnegie Mellon University - David A. Tepper School of Business and Southern Methodist University (SMU) - Finance Department
Downloads 103 (249,509)

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bond market; dealer networks; trading costs; market making; transparency

17.

The Role of Advisory Services in Proxy Voting

NBER Working Paper No. w15143
Number of pages: 54 Posted: 21 Jul 2009 Last Revised: 06 Aug 2009
Cindy R. Alexander, Mark A. Chen, Duane J. Seppi and Chester S. Spatt
Securities and Exchange Commission (SEC), Georgia State University - Robinson College of Business, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University - David A. Tepper School of Business
Downloads 99 (256,305)
Citation 16

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18.

Online Appendix to 'Opacity, Credit Rating Shopping and Bias'

Number of pages: 22 Posted: 08 May 2013 Last Revised: 30 Jun 2015
Francesco Sangiorgi and Chester S. Spatt
Frankfurt School of Finance & Management gemeinnützige GmbH and Carnegie Mellon University - David A. Tepper School of Business
Downloads 29 (453,338)

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19.

Statement of the Financial Economists Roundtable: Corporate Tax Reform

Journal of Applied Corporate Finance, Vol. 29, Issue 3, pp. 65-70, 2017
Number of pages: 8 Posted: 01 Nov 2017
Arnoud W. A. Boot, Dennis E. Logue and Chester S. Spatt
University of Amsterdam - Amsterdam Business School, The Brattle Group and Carnegie Mellon University - David A. Tepper School of Business
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20.

Security Market Manipulation

Annual Review of Financial Economics, Vol. 6, pp. 405-418, 2014
Posted: 25 Nov 2014
Chester S. Spatt
Carnegie Mellon University - David A. Tepper School of Business

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21.

Taxes and Investment Choice

Annual Review of Financial Economics, Vol. 4, pp. 411-429, 2012
Posted: 04 Nov 2012
Robert M. Dammon and Chester S. Spatt
Carnegie Mellon University and Carnegie Mellon University - David A. Tepper School of Business

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22.

Current Issues in Financial Regulation: Views from the Shadow Financial Regulatory Committee

Midwest Finance Association 2012 Annual Meetings Paper
Posted: 17 Jan 2012
George G. Kaufman, Edward J. Kane and Chester S. Spatt
Loyola University Chicago, Boston College - Department of Finance and Carnegie Mellon University - David A. Tepper School of Business

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23.

An Informal Perspective on the Economics and Regulation of Securities Markets

Annual Review of Financial Economics, Vol. 2, pp. 127-143, 2010
Posted: 12 Nov 2010
Chester S. Spatt
Carnegie Mellon University - David A. Tepper School of Business

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24.

The Optimal Trading and Pricing of Securities with Asymmetric Capital Gains Taxes and Transaction Costs

REVIEW OF FINANCIAL STUDIES, Vol. 9 No. 3
Posted: 23 Oct 1996
Robert M. Dammon and Chester S. Spatt
Carnegie Mellon University and Carnegie Mellon University - David A. Tepper School of Business

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25.

An Empirical Analysis of the Limit Order Book and the Order Flow in the Paris Bourse

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An Empirical Analysis of the Limit Order Book and the Order Flow in the Paris Bourse

J. OF FINANCE, Vol. 50 No. 5, December 1995
Posted: 29 Nov 1995
Bruno Biais, Pierre Hillion and Chester S. Spatt
Centre for Economic Policy Research (CEPR), INSEAD - Finance and Carnegie Mellon University - David A. Tepper School of Business

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An Empirical Analysis of the Limit Order Book and the Order Flow in the Paris Bourse

Posted: 17 Oct 1994
Bruno Biais, Pierre Hillion and Chester S. Spatt
Centre for Economic Policy Research (CEPR), INSEAD - Finance and Carnegie Mellon University - David A. Tepper School of Business

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