Reforming U.S. Capital Markets to Promote Economic Growth

Committee on Capital Markets Regulation, May 2020

148 Pages Posted: 30 Jun 2020

See all articles by Hal S. Scott

Hal S. Scott

Harvard Law School

John Gulliver

Program on International Financial Systems

Date Written: 2020

Abstract

Vibrant and well-functioning U.S. capital markets create jobs, bolster investment, promote innovation, and enhance retirement savings. Capital markets function best when regulations allow for the efficient allocation of capital while protecting investors. In this report, we evaluate major trends and developments in U.S. capital markets and assess whether existing regulations are continuing to serve U.S. companies and investors. We then set forth regulatory reforms to further enhance the performance of U.S. capital markets.

The report consists of four chapters:

(1) The Rise of Dual Class Shares: Regulations and Implications,

(2) Short-termism, Shareholder Activism and Stock Buybacks;

(3) The Rise of Index In-vesting: Price Efficiency and Financial Stability; and

(4) An Analysis of Investment Stewardship: Mutual Funds and ETFs.

Suggested Citation

Scott, Hal S. and Gulliver, John, Reforming U.S. Capital Markets to Promote Economic Growth (2020). Committee on Capital Markets Regulation, May 2020, Available at SSRN: https://ssrn.com/abstract=3619023

Hal S. Scott

Harvard Law School ( email )

1557 Massachusetts Avenue
Cambridge, MA 02138
United States
617-495-4590 (Phone)
617-495-9593 (Fax)

John Gulliver (Contact Author)

Program on International Financial Systems ( email )

134 Mt Auburn St.
Cambridge, MA 02138
United States
02138 (Fax)

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