November 7, 2025
When it comes to explaining stock market volatility, the story is rarely straightforward. In their article Policy News and Stock Market Volatility for the Journal of Financial Economics, Director Kyle Kost and coauthors Scott R. Baker, Nicholas Bloom, and Steven J. Davis revisit Robert Shiller’s 1981 finding that stock market fluctuations cannot be fully explained by realized future dividends. They introduce a newspaper-based Equity Market Volatility tracker that spans from 1985 to the present, constructed to match the VIX over 1985 to 2015.
Their findings provide new data to better understand how policy news and economic developments contribute to shifts in market volatility. They leverage this new data to explain and interpret firm-level stock price volatilities and the correlation structure of firm-level stock returns.
New York and California Step Forward as Federal Enforcement Retreats
As federal regulatory priorities narrow under the Trump administration, state attorneys general and financial regulators are preparing to take on a more active role in white collar and securities enforcement. With the DOJ and the SEC recalibrating their focus, states such as New York and California are asserting their authority to fill gaps in corporate oversight.
This article focuses on the two main dispute mechanisms under the Premier League’s Rules: disciplinary proceedings under Rule W and arbitration under Rule X. The article also looks at the role of experts in both sets of proceedings.
Secretariat is thrilled to announce that 20 of our experts have been recognized as premier Construction professionals in the Lexology Index 2025 Thought Leaders – Construction report, including a leading number of Global Elite Thought Leaders (12).