• Orange County Case (available online at Philippe Jorion's web site)
  Please read sections (1), (2), and (5) and answer question (1).




• Long-term Capital Management Case (available online at E-Risk's web site)
  Please read the whole case. If you would like more information, I recommend the book entitled When Genius Failed.

• Can the Market Add and Subtract? by Lamont and Thaler (available online at U of Chicago site).
  The stock market sometimes values pieces of a company more than the whole company.
• The Closed-end Fund Discount Puzzle by Lee, Shleifer, and Thaler (available online at UT Blackboard).
  The stock market sometimes values a mutual fund less than its constituent stocks.

• Metallgesellschaft Case (available online at E-Risk's web site)
  The firm went bankrupt when it misused futures contracts, trying to hedge its operating risk.
• Barings Case (available online at E-Risk's web site)
  A rogue trader using a risky options strategy single-handedly ruined this prestigious bank.

• Free Share Trading (article available at UT Blackboard)
  
• Investigating NYSE Specialists (article available at UT Blackboard)
  
• SEC Reviews the "Trade-through" Rule (article available at UT Blackboard)
  

• Newborn Funds Fade Fast (WSJ article available at UT Blackboard)
  Mutual fund companies routinely "incubate" new funds before giving the public access. Why?
• Incubator Tests Strategy (WSJ article available at UT Blackboard)
  Mutual funds claim they want to test new trading strategies during incubation periods.
• Mutual Fund Fee Tranparency (available online at the Cleveland Federal Reserve site)
  Mutual fund fees are not transparent to individual investors.

Send comments or questions to Paul Tetlock

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