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Agenda for Roundtable on the Regulation SHO Pilot
September 15, 2006

9:45am - 10:00am — Coffee in the Auditorium Lobby

10:00am - 12:00pm — Session One: Evidence from the Pilot

This session will consist of distinguished academic researchers presenting the findings of their empirical studies. In particular, we expect the presentations to focus on how the price tests such as Exchange Act Rule 10a-1 and former NASD Rule 3350 affect liquidity, volatility, and market efficiency. Other researchers will follow each paper presentation with a short critical discussion of the work.

Papers to be presented:


  • Charles Jones, Professor of Finance, Graduate School of Business, Columbia University. Slides
  • Frank Hatheway, Chief Economist, The NASDAQ Stock Market, Inc. Slides
  • Ingrid Werner, Martin and Andrew Murrer Professor of Finance, Fisher College of Business, The Ohio State University. Slides
  • Paul J. Irvine, Assistant Professor, Terry College of Business, University of Georgia. Slides
  • Gordon J. Alexander, John Spooner Chair in Investment Management and Professor of Finance, Carlson School of Management at the University of Minnesota. Slides
  • Adam Reed, Assistant Professor of Finance, Kenan-Flagler Business School, The University of North Carolina at Chapel Hill. Slides

12:00pm – 1:00pm — Lunch Break

1:00pm – 3:00pm — Session Two: Interpreting the Evidence from the Pilot

This panel session will focus on the perspectives of leading scholars from academia and industry regarding the practical application of economic evidence on short selling. For example, do the panelists believe that the evidence suggests changes to Exchange Act Rule 10a-1 or NASD rule 3350? Do price tests impose costs that are justified by their benefits? Should price tests apply only to smaller stocks, to all stocks, or to no stocks? What other evidence should be considered?


  • Larry Harris, Fred V. Keenan Chair in Finance, USC Marshall School of Business.
  • Albert S. “Pete” Kyle, Charles E. Smith Professor of Finance, Robert H. Smith School of Business, University of Maryland.
  • Owen Lamont, Professor of Finance, Yale School of Management, and Portfolio Manager, DKR Fusion.
  • Bruce N. Lehmann, Professor of Economics and Finance, Graduate School of International Relations and Pacific Studies, University of California at San Diego.
  • Richard R. Lindsey, President, Bear Stearns Securities Corp.
  • George Sofianos, Vice President, Equity Execution Strategies, Goldman, Sachs & Co.

Other related reading:

For more information see:



Modified: 06/26/2007