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Erik Sirri

Professor

Academic Division: Finance
781-239-5799

Bio

Erik R. Sirri is a Professor of Finance at Babson College. His research interests include the interaction of securities law and finance, securities market structure, and investment management. From 2006-2009 he was the Director of the Division of Trading and Markets at the U.S. Securities and Exchange Commission, where he was responsible to the Commission for matters relating to the regulation of stock and option exchanges, national securities associations, brokers, dealers, clearing agencies, transfer agents, and credit rating agencies. He served as the Commission’s Chief Economist from 1996-1999, and was an Assistant Professor of Finance at the Harvard Business School from 1989 to 1995. Sirri received his B.S. in Astronomy from the California Institute of Technology in 1979, an M.B.A. from the University of California, Irvine, in 1984, and his Ph.D. in Finance from the University of California, Los Angeles, in 1990. His published writings appear in academic journals, practitioner journals, and books. He has consulted for securities firms, stock exchanges, mutual fund companies, issuers, and information vendors on a variety of regulatory and business matters.

Academic Degrees

  • Ph D, University of California, Los Angeles
  • MBA, University of California, Irvine
  • BS, California Institute of Technology

Academic Interests

Capital Markets; Design of Security Exchanges and Trading Systems; Mutual Funds and Money Management; Securities Law and Finance

Courses

Degree Courses 2015-2016
  • FIN 7502: CAPITAL MARKETS

Publications

Journal Articles

  • Sirri, E.R. (2015). Statement of the Financial Economists Roundtable, April 2015: The Structure of Trading in Bond Markets. Financial Analysts Journal, 71(6), 3.
  • Sirri, E.R. (2013). Comment on "Tax-subsidized underpricing: Issuers and underwriters in the market for Build America Bonds" by Richard C. Green, Dario Cestau, and Norman Schürhoff. Journal of Monetary Economics, 60(5), 609–612.
  • Sirri, E.R., , (2010). Consolidation and Competition in U.S. Equity Markets. Capital Markets Law Journal, 5(2), 30.
  • Sirri, E.R. (2010). Consolidation and Competition in U.S. Equity Markets.
  • Sirri, E.R. (2010). The Regulatory Politics of Short Selling.
  • Bethel, J.E., Sirri, E.R. (1998). Express Lane or Tollbooth in the Desert? The SEC’s Framework for Security Issuance. Journal of Applied Corporate Finance, 11(1), 25–38.

Reports

  • Sirri, E.R. (2014). Report on Secondary Market Trading in the Municipal Securities Market. Municipal Securities Rulemaking Board link
  • Sirri, E.R. (2010). Examining the Main Street Benefits of our Modern Capital Market

Presentations

  • Alternative Funds and High Frequency Trading
    Sirri, E. Alternative Funds and High Frequency Trading Mutual Funds Conference, Boston, MA (2015)
  • What is the Empirical Evidence on Market Quality
    Sirri, E. What is the Empirical Evidence on Market Quality Financial Markets Quality Conference, Washington, DC (2015)
  • Regulatory Developments in the Fund Industry
    Sirri, E. Regulatory Developments in the Fund Industry ICI Fund Conference , Palm Desert, CA (2015)
  • High Frequency Trading
    Sirri, E. High Frequency Trading Law and Business Conference, Nashville, TN (2015)
  • Secondary Trading in Municipal Bond Markets
    Sirri, E. Secondary Trading in Municipal Bond Markets Columbia Capital Markets, New York (2015)
  • Understanding High Frequency Trading, Changing Patterns of Liquidity and other Key Market Structure Issues
    Sirri, E. Understanding High Frequency Trading, Changing Patterns of Liquidity and other Key Market Structure Issues Best Execution in Today’s Complex Markets, Washington, DC (2014)
  • Securities Regulation During and After the 2008 Financial Crisis
    Bethel, J., Sirri, E. Securities Regulation During and After the 2008 Financial Crisis Federal Reserve Bank of Chicago Seventeenth Annual International Banking Conference, Chicago, IL (2014)
  • Securities Regulation During and After the 2008 Financial Crisis
    Bethel, J., Sirri, E. Securities Regulation During and After the 2008 Financial Crisis Seminar, Kingston, RI (2014)
  • Equity Market Structure: A Review of SEC Regulation NMS
    Sirri, E. Equity Market Structure: A Review of SEC Regulation NMS Testimony before the House Subcommittee on Capital Markets and Government Sponsored Enterprises, Washington, DC (2014)
  • The Cost of Intermediation in the Municipal Bond Market
    Sirri, E. The Cost of Intermediation in the Municipal Bond Market Municipal Securities Rulemaking Board, New York, NY (2013)
  • Morgan Keegan and Janus Decisions
    Sirri, E. Morgan Keegan and Janus Decisions Mutual Funds Conference, Chicago, IL (2013)
  • Rules versus Discretion: Cages versus Obedience School
    Sirri, E. Rules versus Discretion: Cages versus Obedience School 2013 Financial Markets Conference - Maintaining Financial Stability: Holding a Tiger by the Tail , Stone Mountain, GA (2013)
  • The Increasing Role of Economists in Regulatory Policy
    Sirri, E. The Increasing Role of Economists in Regulatory Policy ICI Mutual Funds Conference, Palm Desert, CA (2013)
  • MFDF on Oversight of Alternative Investment Products
    Sirri, E. MFDF on Oversight of Alternative Investment Products (2012)
  • Practical Issues: Board Oversight of Alternative Investments
    Sirri, E. Practical Issues: Board Oversight of Alternative Investments Board Oversight of Alternative Investments, Washington, DC (2012)
  • Portfolio Trading and Best Execution
    Sirri, E. Portfolio Trading and Best Execution 2012 Fund Directors Conference, Chicago, IL (2012)
  • Aggregate Implications of Local Public Finance
    Sirri, E. Aggregate Implications of Local Public Finance Carnegie-Rochester-NYU Conference, Pittsburgh, PA (2012)

  • Sirri, E. 2012 Municipal Finance Conference, Boston, MA (2012)

  • Sirri, E. Municipal Securities Rulemaking Board, Seattle, WA (2012)

  • Sirri, E. ICI Roundtable on Money Market Mutual Funds, Washington DC (2011)
  • Presentation to MSRB Board
    Sirri, E. Presentation to MSRB Board , Denver, CO (2011)

  • Sirri, E. SEC Roundtable on Money Market Mutual Funds, Washington DC (2011)
  • Presentation at Brandeis Municipal Bond Conference
    Sirri, E. Presentation at Brandeis Municipal Bond Conference (2011)

  • Sirri, E. Columbia University Capital Markets Seminar , New York (2011)

  • Sirri, E. U.S. Chamber of Commerce, Washington DC (2010)

  • Sirri, E. NBER, Cambridge, MA (2009)
  • Regulatory Politics of Short Selling
    Sirri, E. Regulatory Politics of Short Selling , New York (2009)

  • Sirri, E. HBS, Cambridge, MA (2009)