The Industrial Organization of Financial Markets

Abstract

and an anonymous reviewer for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Clark would like to acknowledge financial support from the Stephen J.R. Smith Chair in Economic Policy at Queen's University.NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.