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from Part I - Institutionalization and Investor Protection
Published online by Cambridge University Press: 20 October 2022
Resolution of the conundrum of how to protect retail investors while supporting their access to the capital markets is one of the most intractable problems in modern financial regulation.1 Regulation must grapple with multiple and longstanding market failures2 as well as with the distinct, exacerbating behavioral challenges of retail market investment.3 Further, while significant welfare losses can follow from sub-optimal levels of market participation,4 regulatory transaction costs can be high and protection can quickly become obstruction.5
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