About the Program in the Law and Economics of Capital Markets

Areas of Focus

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Capital Markets Course

A joint Columbia Law and Business School course on the law and economics of capital markets and their regulation.

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New Special Study

A comprehensive study to guide policymaking and academic research in markets transformed over the last 50 years.

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Fellows Workshops

Featuring academics, government officials and industry experts for high-level discussions of cutting-edge capital markets issues.

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The Program in the Law and Economics of Capital Markets has created two books on the topic of Capital Markets Regulation.


Merritt Fox
Merritt Fox

Arthur Levitt Professor of Law, School of Law

Edward Greene
Edward Greene

Adjunct Senior Research Scholar in the Faculty of Law; Lecturer in Law, School of Law

Lawrence Glosten
Lawrence Glosten

S. Sloan Colt Professor of Banking and International Finance, Emeritus, Columbia Business School

A particular area of focus for the program is how rules governing securities trading impact market efficiency. 

About Us

Founded in 2007, the Program in the Law and Economics of Capital Markets was created with the goal of bringing together the disparate work of lawyers and economists in the field of capital markets and their regulation.

Scholars in market microstructure, the study of the economic forces affecting securities market trades, quotes and transaction prices, have traditionally not taken into account the regulatory structures of real-world securities market operations. On the other hand, legal literature has largely focused on describing institutional regulatory structures and has not taken advantage of the work done in the field of market microstructure. 

Our program focuses on producing high-quality scholarly literature on capital markets regulation that is significantly informed by financial economic principles.