Working Papers by Thomas Stratmann

Working Papers by Thomas Stratmann

The Options Market Maker Exception to SEC Regulation SHO

Thomas Stratmann, John W. Welborn | Jul 31, 2012
Our research demonstrates that prices and trading are very sensitive to rules and rule changes. In other words, subtle institutional choices can have real economic consequences. In the following sections, we describe relevant institutions and related research. Next, we present our hypotheses, data, empirical model, and results. The last section presents conclusions.

Wireless Taxes and Fees: A Tragedy of the Anticommons

Matthew Mitchell, Thomas Stratmann | Jan 23, 2012
In this working paper, the authors find that wireless tax rates increase with the number of overlapping tax bases.

The Law and Economics of Shareholder Voting Reform and the Costs of Proxy Access

Thomas Stratmann, J. W. Verret | Jan 17, 2012
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 gave the U.S. Securities and Exchange Commission (SEC) the authority to adopt a proxy access rule. Though the legislation urged an exemption for companies with less than $75 million in market capitalization, the SEC unexpectedly failed to provide a permanent exemption from the rule for those companies. This paper finds that, for the roughly 900 publicly traded companies studied with under $75 million in market capitalization, the proxy access rule caused on the order of $335 million in shareholder losses.

Excise Taxes in the States

Thomas Stratmann, William Bruntrager | Jun 20, 2011
This working paper is a foundational piece that presents a comprehensive accounting of all known local, state, and federal excise taxes, a brief history and chronology of each, and their respective “values” relative to total tax revenues.

Fiscal Policy, Government Institutions, and Sovereign Creditworthiness

Thomas Stratmann, Bernardin Akitoby | Jul 29, 2010
The international financial crisis has brought to the forefront the role of fiscal policy and institutions in restoring confidence in financial markets. This raises a number of critical questions.

Civic Participation and Government Spending

Thomas Stratmann, Gabriel Lucjan Okolski | Jun 02, 2010
This paper starts by outlining theories and research explaining government spending and government growth. We then examine two factors that may influence government spending: voter turnout and…

The Value of Institutions for Financial Markets: Evidence from Emerging Markets

Thomas Stratmann, Bernadin Akitoby | Apr 2009
This paper investigates the value of political institutions for financial markets, using panel data from emerging market countries. We test the hypothesis that changes in political institutions, such…

Subsidizing Addiction: Do State Health Insurance Mandates Increase Alcohol Consumption?

Thomas Stratmann | Jun 2003
This working paper examines the effects of state laws requiring insurance policies to include treatment for alcohol and substance…

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Thomas Stratmann

Research Areas

Law