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

34

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392

Scholarly Papers (34)

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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 - McDonough School of Business, University of Southern California - Marshall School of Business - Finance and Business Economics Department and Carnegie Mellon University - David A. Tepper School of Business
Downloads 4,807 (4,321)
Citation 86

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

2.

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 and Carnegie Mellon University - David A. Tepper School of Business
Downloads 1,902 (19,183)
Citation 25

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

3.

Would Order-By-Order Auctions Be Competitive?

Journal of Finance, forthcoming
Number of pages: 68 Posted: 23 Dec 2022 Last Revised: 22 Aug 2024
Thomas Ernst, Chester S. Spatt and Jian Sun
University of Maryland - Robert H Smith School of Business, Carnegie Mellon University - David A. Tepper School of Business and Lee Kong Chian School of Business, Singapore Management University
Downloads 1,435 (29,470)

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Order By Order Competition, Auctions, Retail Trading, Routing, Brokers, PFOF

4.

Imperfect Competition in Financial Markets: Island vs NASDAQ

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 1,396 (30,691)
Citation 43

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financial markets, liquidity supply, ECN, Island, NASDAQ

5.

Payment for Order Flow And Option Internalization

Downloads 1,137 (35,531)

Payment for Order Flow And Option Internalization

Number of pages: 56 Posted: 04 Apr 2022 Last Revised: 04 Mar 2024
Thomas Ernst and Chester S. Spatt
University of Maryland - Robert H Smith School of Business and Carnegie Mellon University - David A. Tepper School of Business
Downloads 1,137 (40,851)

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Payment for Order Flow, PFOF, Broker, Routing, Options, Robinhood

6.

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 1,247 (36,190)
Citation 68

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

7.

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
W.P. Carey School of Business, Carnegie Mellon University - David A. Tepper School of Business and Southern Methodist University (SMU) - Finance Department
Downloads 1,066 (45,455)
Citation 11

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

8.

Creating Controversy in Proxy Voting Advice

Downloads 1,007 (48,016)
Citation 2

Creating Controversy in Proxy Voting Advice

European Corporate Governance Institute – Finance Working Paper No. 772/2021, Journal of Finance, forthcoming
Number of pages: 57 Posted: 13 May 2021 Last Revised: 10 Sep 2024
Andrey Malenko, Nadya Malenko and Chester S. Spatt
Boston College, Boston College, Carroll School of Management and Carnegie Mellon University - David A. Tepper School of Business
Downloads 1,007 (48,494)
Citation 2

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proxy advisor, voting, sale of information, information design, Bayesian persuasion, research reports, vote recommendations, one-size-fits-all, close votes

9.

Equilibrium Asset Pricing Under Heterogeneous Information

Number of pages: 36 Posted: 09 Jun 2004
Bruno Biais, Peter Bossaerts and Chester S. Spatt
Centre for Economic Policy Research (CEPR), University of Cambridge and Carnegie Mellon University - David A. Tepper School of Business
Downloads 939 (54,299)
Citation 23

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10.

Big Data in Finance

Downloads 704 (79,883)

Big Data in Finance

Number of pages: 20 Posted: 22 Mar 2021
Itay Goldstein, Chester S. Spatt and Mao Ye
University of Pennsylvania - The Wharton School - Finance Department, Carnegie Mellon University - David A. Tepper School of Business and Cornell University
Downloads 638 (89,346)

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Big Data

Big Data in Finance

NBER Working Paper No. w28615
Number of pages: 21 Posted: 29 Mar 2021 Last Revised: 10 Mar 2023
Itay Goldstein, Chester S. Spatt and Mao Ye
University of Pennsylvania - The Wharton School - Finance Department, Carnegie Mellon University - David A. Tepper School of Business and University of Illinois at Urbana-Champaign
Downloads 66 (750,637)

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11.

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 University and Carnegie Mellon University - David A. Tepper School of Business
Downloads 656 (87,361)
Citation 4

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12.

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 615 (94,901)
Citation 23

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

13.

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 589 (100,315)

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14.

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 551 (109,028)
Citation 19

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

15.

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 and Carnegie Mellon University - David A. Tepper School of Business
Downloads 493 (125,055)
Citation 23

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

16.

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 460 (135,990)
Citation 21

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

17.

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 341 (190,795)
Citation 10

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Corporate Governance, Shareholder Voting, Proxy Contests, Proxy Advice

18.

Banks’ Internal Capital Markets and Deposit Rates

Downloads 324 (201,580)
Citation 25

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 - Federal Deposit Insurance Corporation (FDIC) and Carnegie Mellon University - David A. Tepper School of Business
Downloads 252 (260,377)

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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 Last Revised: 27 Apr 2023
Itzhak Ben-David, Ajay A. Palvia and Chester S. Spatt
Ohio State University (OSU) - Department of Finance, Government of the United States of America - Federal Deposit Insurance Corporation (FDIC) and Carnegie Mellon University - David A. Tepper School of Business
Downloads 72 (714,802)
Citation 25

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19.

Why Did Retail Liquidity Programs Fail?

Number of pages: 41 Posted: 05 Apr 2024
Thomas Ernst, Chester S. Spatt and Jian Sun
University of Maryland - Robert H Smith School of Business, Carnegie Mellon University - David A. Tepper School of Business and Lee Kong Chian School of Business, Singapore Management University
Downloads 291 (226,300)
Citation 2

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Microstructure, Retail Trading, RLP, Exchanges, SEC

20.

The Role of Pilot Studies in Financial Regulation

Number of pages: 47 Posted: 15 Dec 2021 Last Revised: 19 Mar 2025
Lawrence Harris, Charles M. Kahn, Robert L. McDonald and Chester S. Spatt
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Illinois, Urbana-Champaign, Northwestern University - Kellogg School of Management and Carnegie Mellon University - David A. Tepper School of Business
Downloads 220 (299,328)

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pilot studies, financial market regulation, Securities and Exchange Commission

21.

The Role of Advisory Services in Proxy Voting

NBER Working Paper No. w15143
Number of pages: 54 Posted: 21 Jul 2009 Last Revised: 19 May 2023
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 158 (404,263)

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22.

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 156 (408,710)

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23.

The Microstructure of Stock Markets

Number of pages: 62 Posted: 30 Apr 2002
Bruno Biais, Lawrence R. Glosten and Chester S. Spatt
Centre for Economic Policy Research (CEPR), Columbia University and Carnegie Mellon University - David A. Tepper School of Business
Downloads 146 (431,594)
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Market microstructure, liquidity, bid-ask spread, market design, transactions costs

24.

Dark Crypto

Number of pages: 27 Posted: 15 Apr 2025
Thomas Ernst, Chester S. Spatt, Bryan Routledge and Ariel Zetlin-Jones
University of Maryland - Robert H Smith School of Business, Carnegie Mellon University - David A. Tepper School of Business, Carnegie Mellon University - David A. Tepper School of Business and Carnegie Mellon University
Downloads 143 (438,921)

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Cryptocurrency, Broker, Exchanges

25.

Statement on Evidence-Based Regulation and the Limits of Pilot Studies

Number of pages: 12 Posted: 10 Jul 2020
Lawrence Harris, Charles M. Kahn, Robert L. McDonald and Chester S. Spatt
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Illinois, Urbana-Champaign, Northwestern University - Kellogg School of Management and Carnegie Mellon University - David A. Tepper School of Business
Downloads 98 (585,366)

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Pilot studies, financial market regulation and policy, Securities and Exchange Commission

26.

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 and Carnegie Mellon University - David A. Tepper School of Business
Downloads 66 (737,921)
Citation 3

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27.

Creating Controversy in Proxy Voting Advice

CEPR Discussion Paper No. DP16352
Number of pages: 55 Posted: 14 Jul 2021 Last Revised: 27 May 2022
Andrey Malenko, Nadya Malenko and Chester S. Spatt
Boston College, Boston College and Carnegie Mellon University - David A. Tepper School of Business
Downloads 1 (1,334,629)
Citation 4
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Bayesian persuasion, bias, controversy, corporate governance, information design, proxy advisor, sale of information, voting

28.

Conflicts of Interest in Asset Management and Advising

Annual Review of Financial Economics, Vol. 12, pp. 217-235, 2020
Posted: 10 Dec 2020
Chester S. Spatt
Carnegie Mellon University - David A. Tepper School of Business

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29.

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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30.

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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31.

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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32.

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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33.

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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34.

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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