In the News

Justin McCrary in the news:

UC Berkeley: Stale prices not a threat to liquidity takers

Robert P. Bartlett III and Justin McCrary paper cited by Seeking Alpha, Sept. 8, 2016

Robert P. Bartlett III and Justin McCrary used data from the Securities Information Processors (SIPs) to look at reporting lags and the question whether fast traders can and do profitably exploit stale quotes. The proposition that they do pick off stale quotes is one of the theses of Michael Lewis’ 2014 book, Flash Boys.

Study backs Barron’s critique of Flash Boys

Robert Bartlett and Justin McCrary study cited by Barron’s, Sept. 3, 2016

The study, by Robert Bartlett and Justin McCrary, scoured 385 million stock trades and 6.2 billion price quotes for signs that high-tech scalawags routinely front-run the rest of us by exploiting faster access to stock quotes. Contrary to Lewis’ scare story, the pair found that slow or fast quotes made no difference in pricing 97% of the trades. And on the remaining trades, the pricing differences actually favored the slow trader.

Berkeley study finds scarce evidence of market ‘front-running’

Robert Bartlett and Justin McCrary quoted by Reuters, July 29, 2016

Professors Robert Bartlett and Justin McCrary said their findings contradict the common belief that fast traders systematically exploit others who rely on public data feeds, which in the past were notoriously slow.

Trying to force the S.E.C.’s hand on high-speed trading

Robert P. Bartlett III and Justin McCrary write for The New York Times, Dec. 18, 2015

Media attention to latency arbitrage might be novel, but the issue is hardly a new one; investors have voiced concerns about exchanges’ preferential distribution of market data since at least 1975. In light of the S.E.C.’s unwillingness to take any action, IEX and its backers simply took matters into their own hands.

FBI seeks public’s assistance in capturing bank bandits

Justin McCrary quoted in San Francisco Chronicle, Dec. 31, 2015

Banks have been successful at limiting the amount of cash on hand and initiating other “target hardening” efforts. “It’s not as lucrative today,” McCrary said. “It’s either a crime of desperation or a crime of the uninformed.”

Response to Berkeley robbery leads to questions regarding police militarization

Justin McCrary quoted in The Daily Californian, August 3, 2015

“For myself and probably for most people, I don’t really care whether you’re wearing military fatigues or black pants,” McCrary said. “What I really care about is whether police are trying to take care of the community and help people get along with their lives.”

Uber fights for independence of its taxi driver “contractors”

Justin McCrary quoted in The Stack, July 10, 2015

Justin McCrary … submitted an independent testimony outlining that “many current drivers who have used the Uber app for referrals would be harmed if it were commonly found that the use of the Uber app turned every driver into an employee of Uber.”

Uber pushes back against potential class-action suit, says there is no “typical” driver

Justin McCrary cited by, July 9, 2015

Uber filed three documents: one opposing the class-action certification, an expert opinion from UC Berkeley law professor Justin McCrary, and one with a selection of quotes from Uber drivers saying how much they love being independent contractors.

Berkeley professor digs deep into links between cops and crime rates

Justin McCrary interviewed for KQED-FM, July 2, 2015

“The goal that we had was to look back over the past half century of U.S. experience with respect to police hiring … trying to understand the extent to which it’s true that police get hired in idiosyncratic years versus years that are, for example, associated with fears about an upcoming crime wave. And what we largely determined is that there seems to be a lot of idiosyncrasy with respect to police hiring.”

Sacramento police chief seeks cameras, more training, diverse recruiting

Justin McCrary quoted in The Sacramento Bee, January 27, 2015

“Law enforcement agencies have to appeal to people’s sense of duty and civic participation by getting out into the community and insisting that the goals of the Police Department are to represent the city and serve the city – and that includes every aspect of the city,” McCrary said. “Every neighborhood, every block, every citizen.”

The race gap in Bay Area police departments

Justin McCrary quoted in KQED News, December 3, 2014

Police departments have struggled to achieve diversity for several decades now,” says Justin McCrary. … “Enlisting the support of community leaders really helps police departments bridge that  gap, particularly when a department is struggling with community relations.”

White officers predominate on Bay Area police forces

Justin McCrary interviewed on KQED-FM, Forum with Michael Krasny, August 28, 2014

“It’s absolutely right that the diversity of the police department improves in the wake of litigation. There’s a broader question of whether that’s something that is necessary for diversity to improve, and I don’t think that’s right. Diversity does improve even in the absence of litigation, but litigation does seem to be a powerful force for that.”

‘Clean Slate’ programs may boost future earnings, study finds

Jeffrey Selbin and Justin McCrary study cited in The Wall Street Journal, August 28, 2014

[T]he Clean Slate intervention stems the earnings slide, and may even boost earnings (also independent of the economy). The data are not robust enough to say with certainty that earnings rise post-intervention—we only have 2-3 years of earnings information post-service and were able to collect earnings information on a small number of clients—but the trends are in the right direction.

Oakland: More police = less crime, Cal prof argues

Justin McCrary quoted in Oakland Tribune, May 2, 2013

Put in dollars and cents, he argued, a 10 percent increase in police staffing would cost close to $13 million but would return anti-crime benefits of close to $40 million. That’s a good investment by most private industry standards, McCrary added. “If you owned a business and someone said that if you invested $13 million and got back $40 million, every single businessman would say ‘sold,'” he said.

Berkeley Law professors to suggest ways to make Oakland safer

Franklin Zimring and Justin McCrary cited in Berkeley Patch, April 20, 2013

Zimring’s recent book, “The City That Became Safe: New York’s Lessons for Urban Crime and Its Control,” traces the declining crime rates in New York City. The book has been hailed as the most important work in criminology in recent memory. Zimring concludes that “The only obvious candidate to take credit for the city’s crime decline—was policing.”

Professor McCrary’s recent study reveals that an increased police presence has consistently been found to reduce crime. His study deems Oakland the 24th most under-policed of the 242 largest cities in the United States, and concludes that every dollar spent on increasing police in Oakland would generate $2.90 in reduced victimization costs.

Oakland struggles to cope as crime surges

Justin McCrary quoted in The Wall Street Journal, S.F. Bay Area, February 14, 2013 (registration required)

Research shows that in the long run, poverty is associated with higher crime rates, said Justin McCrary, a law professor at the University of California, Berkeley, though he noted that this doesn’t explain the recent increase in crime, which he said could be linked to the smaller police force.

Study finds Gary, Indiana, nation’s most ‘underpoliced’ city

Justin McCrary quoted in Insurance Journal, November 30, 2012

“The bigger police departments are a lot cheaper to run,” he said. But the result can also mean a lost “of texture and nuance” that residents will resist when they deal with officers unfamiliar with the territory.

Franklin Zimring, Justin McCrary Examine Crime Stats

The Chronicle of Higher Education, March 6, 2011 by Lauren Sieben

Mr. Ludwig is a gun-policy researcher and an editor, along with Philip J. Cook, of Duke University, and Justin McCrary, of the University of California at Berkeley, of Controlling Crime: Strategies and Tradeoffs, forthcoming from the University of Chicago Press.

Frank Zimring is a law professor at Berkeley who wrote a terrific book in the late 90s where he points out that if you look at cities in the United Kingdom and you look at cities in the United States, the overall levels of fights and robberies and other crimes aren’t very different.

Justin McCrary Finds NY Teachers ‘Scrub’ Regents Test Scores

The Wall Street Journal, February 2, 2011 by Barbara Martinez and Tom McGinty

A trio of economists—Thomas S. Dee of the University of Virginia, Brian A. Jacob of the University of Michigan and Justin McCrary of the University of California at Berkeley—conducted an independent statistical analysis of the data for the Journal and came to a similar conclusion. They estimated that from 3% to 5% of the students statewide who were given passing grades for the five main Regents exams in June 2009 actually failed the tests.