Examines how firms in the securities industry practice self-regulation, looking at three elements of the system which determine success or failure: a combination of the industry's technological, economic, competitive and legal conditions, why effective self-regulation varies between firms, and how the industry and government can facilitate it.

1. Self-Regulation in Broker-Dealer Firms ; 2. The Social Benefits and Risks of Entrepreneurs and Free Agents ; 3. Government Regulation of Broker-Dealer Firms ; 4. Controls at Self-Regulatory Organizations and Broker-Dealer Firms ; 5. Private Litigation and Arbitration ; 6. Economic and Technological Changes: Coping with New Regulatory Problems ; 7. Differences Among Broker-Dealer Firms ; 8. Foundations of Effective Self-Regulation

"The authors do a wonderful job of describing [institutional pressures]. This book is the most precise and comprehensive discussion of these pressures available in the literature."--Administrative Science Quarterly "McCaffrey and Hart's Wall Street Polices Itself is a thoughtful and comprehensive review of the theory and modern practice of securities self-regulation. The book is notable for its detailed empirical evidence and its examination of the nitty-gritty of the securities industry, and for the broader perspective of how government and the securities industry work to reduce fraud."--Joel Seligman, Dean and Samuel M. Fegtly Professor of Law, University of Arizona College of Law "The authors do a wonderful job of describing [institutional pressures]. This book is the most precise and comprehensive discussion of these pressures available in the literature."--Administrative Science Quarterly "McCaffrey and Hart's Wall Street Polices Itself is a thoughtful and comprehensive review of the theory and modern practice of securities self-regulation. The book is notable for its detailed empirical evidence and its examination of the nitty-gritty of the securities industry, and for the broader perspective of how government and the securities industry work to reduce fraud."--Joel Seligman, Dean and Samuel M. Fegtly Professor of Law, University of Arizona College of Law

David P. McCaffrey is Professor in the Department of Public Administration and Policy and in the Organizational Studies Program at the State University of New York at Albany. He is the also the author of The Politics of Nuclear Power: A History of the Shoreham Nuclear Power Plant (1991) and OSHA and the Politics of Health Regulation (1982). David W. Hart received his Ph.D. in Public Administration from the State University of New York at Albany. He has published articles on organizational behavior and theory, as well as on ethical decision-making in organizations, while also teaching in these areas and in corporate strategy.