Irwin Friend and Randolph XVesterfield's (F-W) comment on my article is appreciated. It certainly is desirable that generally respected legislation, such as the Securities Exchange Act of 1934, be subjected to scientific analysis and that the analysis be subjected to criticism. I shall reply in this rejoinder, item by item, to the critique presented by F-W. For the reader's convenience, the order of their presentation is followed and the most succinct expression of their criticism, wherever possible, is quoted for reference.