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

32

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188

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127

Scholarly Papers (32)

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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 4,179 (3,352)
Citation 51

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

2.

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 1,331 (21,169)
Citation 38

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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 1,092 (28,347)
Citation 51

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

4.

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 942 (34,951)
Citation 15

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

5.

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 Melbourne - Department of Finance and Carnegie Mellon University - David A. Tepper School of Business
Downloads 885 (38,175)
Citation 25

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6.

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 733 (49,221)
Citation 11

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

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 University and Carnegie Mellon University - David A. Tepper School of Business
Downloads 578 (66,849)
Citation 3

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8.

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 541 (72,646)
Citation 23

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

9.

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 512 (77,772)

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10.

Payment for Order Flow and Asset Choice

Downloads 495 ( 80,714)

Payment for Order Flow and Asset Choice

Number of pages: 56 Posted: 04 Apr 2022 Last Revised: 16 May 2022
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 495 (80,316)

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

11.

Creating Controversy in Proxy Voting Advice

Downloads 444 ( 91,503)

Creating Controversy in Proxy Voting Advice

European Corporate Governance Institute – Finance Working Paper No. 772/2021
Number of pages: 58 Posted: 13 May 2021 Last Revised: 16 May 2022
Andrey Malenko, Nadya Malenko and Chester S. Spatt
University of Michigan, Stephen M. Ross School of Business, University of Michigan, Stephen M. Ross School of Business and Carnegie Mellon University - David A. Tepper School of Business
Downloads 444 (91,667)

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proxy advisor, voting, sale of information, information design, Bayesian persuasion, controversy, bias, corporate governance

12.

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 436 (94,120)
Citation 19

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

13.

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 416 (99,424)
Citation 21

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

14.

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 412 (100,556)
Citation 23

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

15.

Big Data in Finance

Downloads 373 (112,603)

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 University of Illinois at Urbana-Champaign
Downloads 348 (120,867)

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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 2022
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 25 (682,295)
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16.

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 254 (168,566)
Citation 10

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Corporate Governance, Shareholder Voting, Proxy Contests, Proxy Advice

17.

Banks’ Internal Capital Markets and Deposit Rates

Downloads 181 (230,629)
Citation 6

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, FDIC, Division of Insurance and Research and Carnegie Mellon University - David A. Tepper School of Business
Downloads 169 (244,747)

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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 2022
Itzhak Ben-David, Ajay A. Palvia and Chester S. Spatt
Ohio State University (OSU) - Department of Finance, FDIC, Division of Insurance and Research and Carnegie Mellon University - David A. Tepper School of Business
Downloads 12 (797,928)
Citation 4

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18.

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 135 (292,955)
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Market microstructure, liquidity, bid-ask spread, market design, transactions costs

19.

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 2022
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 116 (327,397)

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20.

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 112 (335,570)

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21.

The Role of Pilot Studies in Financial Regulation

Number of pages: 32 Posted: 15 Dec 2021
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 102 (357,351)

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pilot studies, financial market regulation, Securities and Exchange Commission

22.

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 61 (478,879)

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

23.

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 36 (593,292)
Citation 3

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24.

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 0 (905,643)
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Bayesian persuasion, bias, controversy, corporate governance, information design, proxy advisor, sale of information, voting

25.

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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26.

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
Downloads 0 (905,643)
Citation 1

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27.

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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28.

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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29.

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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30.

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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31.

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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32.

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

Downloads 0 (905,643)

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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