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Erik Sirri

  • Professor
Academic Division: Finance
781-239-5799
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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, investment management, and capital markets. 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 served on the boards of securities exchanges, mutual funds, industry associations, and foundations.

Academic Degrees

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

Academic Interest / Expertise

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

Publications

Journal Articles

  • Harris, L., Kyle, A.S., Sirri, E.R. (2015). Statement of the Financial Economists Roundtable, April 2015: The Structure of Trading in Bond Markets. Financial Analysts Journal. Vol: 71, Issue: 6, Page: 4. CFA Institute. link
  • 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. Vol: 60, Issue: 5, Page: 609–612. Elsevier BV.
  • Sirri, E.R., , ., , . (2010). Consolidation and Competition in U.S. Equity Markets. Capital Markets Law Journal. Vol: 5, Issue: 2, Page: 30. Oxford University Press.
  • 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. Vol: 11, Issue: 1, Page: 25–38.

Book Chapters

  • Davies, R. (2018). The Economics of Trading Markets: Securities Market Issues for the 21st Century.
  • Bethel, J.E., Sirri, E.R. (2015). Securities Regulation During and After the 2008 Financial Crisis: The New International Financial System: Analyzing the Cumulative Impact of Regulatory Reform. Vol: 48. World Scientific Studies in International Economics. link
  • Bethel, J.E., Sirri, E.R. (2010). The Importance of Financial Policy Makers Making Informed Decisions: Current Perspectives on Modern Equity Markets. Page: 91 - 104. Knight Capital Group, Inc. (CLS & Associates). link

Reports

  • Sirri, E.R. (2014). Report on Secondary Market Trading in the Municipal Securities Market. Page: 52. Municipal Securities Rulemaking Board. link
  • Sirri, E.R. (2010). Examining the Main Street Benefits of our Modern Capital Market.

Presentations

  • Plumbing of Settlement Sirri, E. Babson Finance Division, Wellesley, MA (2022)
  • Private Equity Returns Sirri, E. AMAC, Washington, DC (2020)
  • Private Investments Committee Update Sirri, E. AMAC, Washington, DC (2020)
  • Duties of an Independent Director Sirri, E. IDC, Online (2020)
  • Duties of an Independent Director Sirri, E. IDC, Pasadena, CA (2020)
  • Discussion of Fixed Income Topics Sirri, E. Board meeting, Oakmark Funds, Boston (2020)
  • Duties of an independent director Sirri, E. IDC, New York, NY (2018)
  • Duties of an independent director Sirri, E. IDC, Chicago, IL (2018)
  • The Economics of Trading Davies, R. Special Study of Security Markets, New York (2018)
  • Regulation and independent directors Sirri, E. SEC, Washington, DC (2018)
  • Duties of a fund director Sirri, E. IDC, Washington DC (2018)
  • Manipulation and algorithmic trading Sirri, E. Jones Day seminar on manipulation and spoofing, New York (2017)
  • Discussion of an academic paper Sirri, E. Western Finance Association, Whistler, BC (2017)
  • Three problems in law and finance Sirri, E. Harvard Law School, Cambridge, MA (2016)
  • Discussion of "Investor Flows and Fragility in Corporate Bond Funds" Sirri, E. Notre Dame Financial Regulation Conference , Chicago, IL (2016)
  • Best execution and pricing in fixed income markets Sirri, E. FINRA Fixed Income Conference, NY, NY (2016)
  • CFTC and SEC Regulatory and Enforcement Actions Involving Global Financial Institutions Sirri, E. Antitrust and Regulation in Financial Markets, New York, NY (2016)
  • The Regulatory Scheme for Transparency in US Equity Markets Sirri, E. Princeton Conference on Stock Trading Systems in China, Princeton, NJ (2016)
  • Regulation of Dark Pools Sirri, E. University of Virginia Conference on Dark Pool, Charlottsville, VA (2016)
  • Comments on CBA in SEC Crowdfunding Rule Sirri, E. Benefit-Cost Society Meetings, Washington, DC (2016)
  • Alternative Funds and High Frequency Trading Sirri, E. Boston University Mutual Funds Conference, Boston, MA (2015)
  • What is the Empirical Evidence on Market Quality Sirri, E. Financial Markets Quality Conference, Washington, DC (2015)
  • Regulatory Developments in the Fund Industry Sirri, E. ICI Fund Conference , Palm Desert, CA (2015)
  • High Frequency Trading Sirri, E. Vanderbilt University Law and Business Conference, Nashville, TN (2015)
  • Secondary Trading in Municipal Bond Markets Sirri, E. Columbia Capital Markets, New York (2015)
  • Understanding High Frequency Trading, Changing Patterns of Liquidity and other Key Market Structure Issues Sirri, E. Best Execution in Today’s Complex Markets, Washington, DC (2014)
  • Securities Regulation During and After the 2008 Financial Crisis Bethel, J. Sirri, E. 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. Seminar, Kingston, RI (2014)
  • Trading and Equity Capital Formation Sirri, E. Equity Capital Formation, Vanderbilt University (2014)
  • Equity market structure Sirri, E. Harvard Law School, Cambridge, MA (2014)
  • Changing nature of fund boards Sirri, E. ICI-IDC Conference, Washington, DC (2014)
  • Equity Market Structure: A Review of SEC Regulation NMS Sirri, E. 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. Municipal Securities Rulemaking Board, New York, NY (2013)
  • Morgan Keegan and Janus Decisions Sirri, E. Mutual Funds Conference, Chicago, IL (2013)
  • Rules versus Discretion: Cages versus Obedience School Sirri, E. 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. ICI Mutual Funds Conference, Palm Desert, CA (2013)
  • Portfolio Trading and Best Execution Sirri, E. IDC-ICI Webinar, WWW (2013)
  • MFDF on Oversight of Alternative Investment Products Sirri, E. , (2012)
  • Practical Issues: Board Oversight of Alternative Investments Sirri, E. Board Oversight of Alternative Investments, Washington, DC (2012)
  • Portfolio Trading and Best Execution Sirri, E. 2012 Fund Directors Conference, Chicago, IL (2012)
  • Aggregate Implications of Local Public Finance Sirri, E. 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. , Denver, CO (2011)
  • Sirri, E. SEC Roundtable on Money Market Mutual Funds, Washington DC (2011)
  • Presentation at Brandeis Municipal Bond Conference Sirri, E. , (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. , New York (2009)
  • Sirri, E. HBS, Cambridge, MA (2009)
More

Professional Services

  • Reviewer, Journal Article Public Budgeting and Finance (2018 - Present)
  • Reviewer, Grant Proposal Israel Science Foundation (2018 - 2018)
  • Reviewer, Journal Article European Financial Management (2017 - 2017)
  • Presenter Independent Directors Counsel (2017 - 2017)
  • Reviewer, Journal Article Public Budgeting & Finance (2017 - 2017)

Professional Memberships

  • American Finance Association (2018 - 2019)

Department & College Wide Services

  • Retirement Plan Investment Committee (Fall 2016 - Present)