Justin McCrary
University of California, Berkeley
EconomicsPolitical scienceSanctionsDeterrence theoryCriminology
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Publications 39
#1Iii Robert P. Bartlett (University of California, Berkeley)H-Index: 1
#2Justin McCrary (University of California, Berkeley)H-Index: 15
1 CitationsSource
#1Robert P. Bartlett (University of California, Berkeley)H-Index: 4
#2Justin McCrary (University of California, Berkeley)H-Index: 15
Abstract Using new data from the two U.S. securities information processors (SIPs) between August 6, 2015 and June 30, 2016, we examine claims that high-frequency trading (HFT) firms use direct feeds to exploit traders who rely on SIP prices. Across $3.7 trillion of trades, the SIPs report quote updates from exchanges 1,128 μs after they occur. However, the SIP-reported National Best Bid and Offer (NBBO) matches the NBBO calculated without reporting latencies in 97% of all SIP-priced trades. Liq...
3 CitationsSource
1 CitationsSource
#1Aaron Chalfin (UPenn: University of Pennsylvania)H-Index: 12
#2Justin McCrary (University of California, Berkeley)H-Index: 15
We document the extent of measurement errors in the basic data set on police used in the literature on the effect of police on crime. Analyzing medium to large U.S. cities over 1960 to 2010, we obtain measurement error-corrected estimates of the police elasticity. The magnitudes of our estimates are similar to those obtained in the quasi-experimental literature, but our approach yields much greater parameter certainty for the most costly crimes, the key parameters for welfare analysis. Our analy...
20 CitationsSource
We review economics research regarding the effect of police, punishments, and work on crime, with a particular focus on papers from the last twenty years. Evidence in favor of deterrence effects is mixed. While there is considerable evidence that crime is responsive to police and to the existence of attractive legitimate labor-market opportunities, there is far less evidence that crime responds to the severity of criminal sanctions. We discuss fruitful directions for future work and implications...
65 CitationsSource
The staggering impacts of the decades-long wars on crime and drugs are well-known. Almost seven million Americans – one in 35 adults – are incarcerated or under correctional supervision (Bureau of Justice Statistics, 2013). As many as one in four adult Americans has a criminal record, mostly for arrests and misdemeanors (NELP, 2011). By age 23, almost half of all African American men, more than a third of white men, and almost one in eight women have been arrested (Brame, et al., 2014). Arrest, ...
2 CitationsSource
#1Robert P. Bartlett (University of California, Berkeley)H-Index: 4
#2Justin McCrary (Columbia University)H-Index: 15
1 CitationsSource
#1Robert P. BartlettH-Index: 4
#2Justin McCraryH-Index: 15
We examine the competitive advantage enjoyed by dark venues over stock exchanges due to rules regulating the minimum price variation (MPV) for quoting equity securities. The MPV rule requires quotes above $1.00 per share to be in pennies, but it permits subpenny trades to facilitate price improvement for marketable orders. This exception to the penny quote rule benefits dark venues by allowing broker-dealers to intercept market orders by offering subpenny trading opportunities. However, a growin...