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The purpose of this article is to analyze and draw conclusions from recent SEC staff proposals and commissioners' comments and a recent roundtable discussion concerning access to foreign exchanges and broker‐dealers by US investors.

The paper summarizes a proposal by Erik Sirri, Director of the SEC Division of Market Regulation; a proposal by Ethiopis Tafara and Robert J. Peterson, respectively, the Director of the SEC Office of International Affairs and its Senior Counsel; and comments in speeches by Commissioners Roel Campos, Paul Atkins, and Annette Nazareth; and draws conclusions regarding the SEC's current efforts to develop and articulate a strategic approach to mutual recognition.

As the securities market becomes globalized, there is a growing interest among US investors for foreign securities and for more direct access to foreign broker‐dealers and exchanges. The SEC is determined to remain in the forefront among US government agencies on securities exchange mutual recognition issues, and therefore is pursuing an accelerated agenda to address these issues. The SEC sees its role as not only to function as a bulwark for the protection of US investors but also to take constructive, affirmative steps that serve to strengthen the US capital markets. While the SEC has historically been an advocate for the global convergence of national regulatory standards, it is now considering proposals for a country‐by‐country bilateral approach based upon cooperation among regulators with substantively comparable regulatory regimes.

This paper presents a useful analysis of the direction the SEC is likely to take on the mutual recognition issue by an experienced securities lawyer.

This paper aims to analyze and discuss the implications of the August 2010 decision of the D.C. Circuit Court of Appeals vacating and remanding to the SEC its December 2008 order approving a proposed fee filed by NYSE Arca, LLC for its depth‐of‐book product ArcaBook. It also seeks to consider the effect on the court's decision of the Dodd‐Frank Act amendments to Section 19(b) of the Exchange Act.

The paper analyzes the evolution of the SEC's policy regarding SRO market data fees including the 1999 Concept Release on Market Information, the Advisory Committee on Market Information, the effects of decimalization and the 2005 adoption of Regulation NMS. It focuses on market data fee policy in connection with the Commission's decade‐long project to increase the role of competition in the US securities markets, culminating in the 2006 NYSE Arca fee filing, the SEC's 2008 order approving those fees and the NetCoalition decision.

The court's decision that a cost analysis is not irrelevant to the SEC's review of proposed SRO fee filings brings clarity and finality to a long‐standing dispute within the Commission and the securities industry and identifies a procedure for reaching an economically sound determination of “fair and reasonable” fees for SRO market data.

A cost‐based analysis of SRO market data fee filings is likely to result in a significant decline in market data revenues for those exchanges that charge fees for their data. For the Commission, cost‐based analysis is likely to require a significant reallocation of its regulatory staff and resources.

The paper presents a useful analysis for securities regulatory lawyers and financial analysts and investors following the stock exchange and financial information industries.

This double volume presents a collection of 23 papers on how institutions matter to socio-economic life. The papers delve deeply into the practical impact an institutional approach enables, as well as how such research has the potential to influence policies relevant to critical institutional changes unfolding in the world today. In Volume 48A, the focus is on the micro foundations of institutional impacts. In Volume 48B, the focus is on the macro consequences of institutional arrangements. Our introduction provides an overview to the two volumes, identifies points of contact between the papers, and briefly summarizes each contribution. We close by noting avenues for future research on how institutions matter. Overall, the volumes provide a cross-section of cutting edge institutional thought and empirical research, highlighting a variety of fruitful directions for knowledge accumulation and development.

Entrepreneurship is a key factor in the growth of regions, given its impact on innovation and job creation. The relationship between start-up companies and their environment is closely linked to negotiation mechanisms since the formation of trust, the governance structure, and how entrepreneurs protect themselves from adverse situations depend on them. However, no single framework can bring together the bargaining, entrepreneurship, and institutional factors that determine the success or failure of start-ups. The objective of this chapter is to jointly analyze bargaining and entrepreneurship through the theory of economic institutionalism, Transaction Cost Theory, and Cognitive Organization Theory. To this end, an analytical scheme is proposed that brings together these precepts applied theoretically to the Latin American case. The scope is to provide a novel framework of analysis by incorporating essential institutional elements for negotiation, such as contracting, governance, organizational structure, trust, relational risks, and hedging against opportunism.

This paper explores the role of institutional objects in the constitution of institutional logics. Institutional objects depend for their objectivity on the goods produced through those objects, such as economic models, passports, or sacred texts. The authors theorize institutional logics as grammars of valuation that institutionalize goods through institutional objects. The authors identify four value moments through which goods are objectified: institution, the instituting of a good, a belief and an imagination of its objective goodness; production, how the good is produced, what practices are productive of the good; evaluation, how good is the good, the practices and objects through which worth in terms of that good is determined, and territorialization, the domain of reference of the good, to what objects and practices a good can and does refer in its instantiations. The authors assess the adequacy of our model through an institutional object based on the good of “market value” – i.e., an options pricing model. The authors discuss the implications of these findings for institutional logical theory and the sociology of valuation.

This study contributes to the understanding of the health effects of pesticides exposure and of how pesticides have been and should be regulated.

This study presents literature reviews for the period 2000–2013 on (i) the health effects of pesticides and on (ii) preference valuation of health risks related to pesticides, as well as a discussion of the role of benefit-cost analysis applied to pesticide regulatory measures.

This study indicates that the health literature has focused on individuals with direct exposure to pesticides, i.e. farmers, while the literature on preference valuation has focused on those with indirect exposure, i.e. consumers. The discussion highlights the need to clarify the rationale for regulating pesticides, the role of risk perceptions in benefit-cost analysis, and the importance of inter-disciplinary research in this area.

This study relates findings of different disciplines (health, economics, public policy) regarding pesticides, and identifies gaps for future research.

This chapter explores the multiplicity, formation, and porosity of organizational boundaries in new, fluid forms of production. Conceptualizing them as “partial organizations,” we argue that both the intentional design of organizational elements (such as membership, hierarchy, rules, monitoring, and sanctioning) as well as unintended adjustments of “unorganized” aspects drive boundary formation and impact boundary porosity. In addition, we contend that structuring dynamics will create specific trajectories for boundaries over time. Empirically, we further our theoretical framework on the basis of an in-depth case study of the Apache open-source software community during its formative years (1995–2002). We find that both the salience and formalization of boundaries increase over time. However, different conceptions of boundaries (such as efficiency, competence, power, and identity) become salient at different points in time. While design and adjustment drive boundary formation with regard to all boundary conceptions in our empirical case, porosity develops differently for each of them. We also demonstrate that the formalization of boundaries does not necessarily reduce boundary porosity, but actually may increase it.

For at least three decades, inter-organizational collaboration (IOC) has attracted scholarly attention and many studies have unveiled its inner dynamics. More recently, new phenomena have appeared in the changing landscape of IOC, affecting the way in which organizations are open to interact with, and rely upon, other actors that may be standalone entities as well as representatives of other organizations. These actors operate “betwixt and between” the organizational core and its external environment(s), populating a liminal space located at the organization’s boundary in which activities take place according to non-proprietary and non-employment logics. The authors focus on the forms of collaboration, which blur the lines between organizations, calling into question the fundamental label of crowd-focused IOCs. The authors consider two forms: crowd-open and crowd-based organizations. The authors show the organizational design impact of openness spans from the mere scalability associated with organizational growth to the phenomena of reshaping formalization and standardization of roles and processes, and self-organizing over time.