SEC Follow Up Exhibits Part C SEC_OEA_FCIC_001760-2501

Reg SHO Pilot Report DRAFT 9/14/2006
Appendix A: Concurrent Regulation SHO Pilot Studies
We have identified three concurrent studies that also examine the effect of removing the
tick test and/or the bid test during the Regulation SHO Pilot. See the attached chart for a
simplified comparison of the studies. Much of the analysis is similar to the analysis reported in
this report, but the construction of the samples differs in important ways. Each approach has its
merits. The main difference between the construction of the samples for this report and the
sample construction in the concurrent papers is the incorporation of stocks that might be outliers.
This report includes these stocks because they might be the ones most affected by the Pilot. The
other studies exclude these stocks in order to improve matching between the pilot and control
stocks or to remove the influence of confounding events. Despite the different decisions, many
of the results of this report are supported by the results of the concurrent studies.
Prepared
by the Office of Economic Analysis
DRAFT
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