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Eleventh Annual Conference on Financial Market Regulation

March 19, 2024

Eleventh Annual CFMR Conference 2024 header image

The SEC’s Division of Economic and Risk Analysis (DERA), Lehigh University’s Center for Financial Services, and the University of Maryland’s Center for Financial Policy will jointly host the Eleventh Annual Conference on Financial Market Regulation. The goal of the conference is to bring together participants from academia, industry, government and the SEC for an exchange of views on topics of relevance to the Commission

The event will be held on May 9 - 10, 2024. 

Register for the Conference




12:30-1:15 Registration

Opening Remarks
Chair Gary Gensler (SEC)


Chief Economist Jessica Wachter (SEC)


Enforcement Track
Session Chair: Marina Martynova (SEC)

Detecting the Risk of Cross-Product Manipulation in the EUREX Fixed Income Futures Market
Kaveesha Dilshani (University of Technology Sydney), Andy Guo (University of Technology Sydney), Peter Mere (Macquarie University), Alexis Stenfors (University of Portsmouth)
Discussant: Douglas Cumming (Florida Atlantic University)

Does High Frequency Market Manipulation Harm Market Quality?
Jonathan Brogaard (University of Utah), Dan Li (Chinese University of Hong Kong), Jeffrey Yang (University of Utah)
Discussant: Jeff Harris (American University)

3:15-3:30 Break

SEC Research Track
Session Chair: Craig Lewis (Vanderbilt University)

A Simple Role for Complex Options
Su Li (SEC), David Musto (University of Pennsylvania), Neil Pearson (University of Illinois at Urbana-Champaign)
Discussant: Shuaiyu Chen (Purdue University)

Detecting Informed Trading Risk from Undercutting Activity in Limit Order Markets
Yashar Barardehi (Chapman University), Peter Dixon (SEC), Qiyu Liu (SEC)
Discussant: Travis Johnson (University of Texas at Austin)

Political Uncertainty and Capital Raising through Private Offerings
Vladimir Ivanov (SEC), Matthew Wynter (Stony Brook University)
Discussant: Minmo Gahng (Cornell University)


Pre-Dinner Reception at The Monocle Restaurant
107 D Street, NE, Washington, DC

6:15-8:15 Dinner at The Monocle

FRIDAY, MAY 10, 2024

8:00-8:40 Registration and Continental Breakfast
8:40-8:45 Welcome
8:45-9:00 Opening Remarks
Commissioner Jaime Lizarraga (SEC)

Corporate Finance Track
Session Chair: Dalida Kadyrzhanova (Federal Reserve Board)

Bloated Disclosures: Can ChatGPT Help Investors Process Financial Information?
Alex Kim (University of Chicago), Maximilian Muhn (University of Chicago), Valeri Nikolaev (University of Chicago)
Discussant: Sean Cao (University of Maryland)

Does Sustainable Investing Make Stocks Less Sensitive to Information about Cash Flows?
Steffen Hitzemann (University of Houston), An Qin (Rutgers University), Stanislav Sokolinski (Michigan State University), Andrea Tamoni (Rutgers University)
Discussant: Min Park (University of Kansas)

10:30-11:00 Break

Market Microstructure Track
Session Chair: Julia Reynolds (SEC)

Anticompetitive Price Referencing
Vincent van Kervel (Pontificia Universidad Católica de Chile), Bart Zhou Yueshen (Singapore Management University)
Discussant: Paul Barton (SEC)

Learning from DeFi: Would Automated Market Makers Improve Equity Trading?
Katya Malinova (McMaster University), Andrea (University of Toronto)
Discussant: Donghwa Shin (University of North Carolina)

12:30-2:00 Lunch Keynote Address
Commissioner Mark Uyeda (SEC)

Financial Intermediary Track
Session Chair: Dasol Kim (Office of Financial Research)

Catering through Transparency: Voluntary ESG Disclosure by Asset Managers and Fund Flows
Marco Ceccarelli (VU Amsterdam), Simon Glossner (Board of Governors of the Federal Reserve System), Mikael Homanen (City University London)
Discussant: Jess Cornaggia (Pennsylvania State University)

Intermediary Balance Sheet Constraints, Bond Mutual Funds’ Strategies, and Bond Returns
Mariassunta Giannetti (Stockholm School of Economics), Chotibhak Jotikasthira (Southern Methodist University), Andreas Rapp (Board of Governors of the Federal Reserve System), Martin Waibel (Stockholm School of Economics)
Discussant: Russ Wermers (University of Maryland)

3:30-4:00 Break

Asset Management Track
Session Chair: Haibei Zhao (Lehigh University)

Spreading Sunshine in Private Equity: Agency Costs and Financial Disintermediation
Yingxiang Li (University of British Columbia)
Discussant: Joan Farre-Mensa (University of Illinois at Chicago)

The Dodd-Frank Act and Hedge Fund Operational Risk
Bing Liang (University of Massachusetts), William Goetzmann (Yale University), Jue Wang (University of Massachusetts)
Discussant: Veronika Pool (Vanderbilt University)

5:30-5:45 Closing Remarks
5:45-7:00 Informal SEC Reception

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