Price Ceiling, Market Structure, and Payout Policies

We thank Jim Angel, Heitor Almeida, Dion Bongaerts, Eric Budish, John Campbell, Tarun Chordia, Gregory Eaton, Amy Edwards, Harry Feng, Slava Fos, John Friedman, Robin Greenwood, Gustavo Grullon, Joel Hasbrouck, Jiekun Huang, Steven Ho, Mathias Kronlund, Pete Kyle, Mark Leary, Yoon Kang Lee, Mark Loewenstein, George Pennacchi, Neal Pearson, Joshua Pollet, Jeffrey Pontiff, Jim Poterba, Amir Rubin, Gideon Saar, Martin Schmalz, Antoinette Schoar, Paul Schultz, Beibei Shen, Ji Shen, Andriy Shkilko, Elvira Sojli, Jeff Smith, Chester Spatt, Adi Sunderam, Alexei Tchistyi, Anjan Thakor, Kumar Venkataraman, Scott Weisbenner, Russell Wermers, Yufeng Wu, Yuhai Xuan, Liu Yang, Chen Yao, Bart Yueshen, and participants at Arrowstreet Capital, Boston College, Case Western Reserve University, Emory University, George Washington University, Harvard Business School, University of British Columbia, University of Hong Kong, University of Illinois, University of Iowa, University of Maryland, Cornell University Market Microstructure Ph.D. Seminar, Microstructure Exchange, 2018 Guanghua International Symposium, 2019 CICF, 2019 NFA, 2019 EFA, 2019 WRDS Advanced Research Scholar Program, 3rd SAFE Market Microstructure Meeting, 4th Sydney Market Microstructure Meeting, and 8th ITAM Finance Conference for helpful suggestions. Ye acknowledges support from National Science Foundation grant 1838183 and the Extreme Science and Engineering Discovery Environment (XSEDE). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.