The SEC’s Division of Economic and Risk Analysis (DERA), Lehigh University’s Center for Financial Services, the University of Maryland’s Center for Financial Policy and CFA Institute will jointly host the Tenth 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 4 - 5, 2023.
PROGRAM
THURSDAY, MAY 4, 2023
| 1:00-1:30 |
Registration |
| 1:30-1:45 |
Opening Remarks
Kathleen Weiss Hanley (Lehigh University)
|
| 1:45-3:45 |
SEC Research
Session Chair: Jessica Wachter (SEC)
Credit Ratings in the Age of Environmental, Social, and Governance (ESG)
Ruoke Yang (SEC)
Discussant: Anywhere (Siko) Sikochi (Harvard University)
Uncovering the Liquidity Premium in Stock Returns Using Retail Liquidity Provision
Yashar Barardehi (Chapman University and SEC), Dan Bernhardt (University of Illinois and University of Warwick), Zhi Da (University of Notre Dame), Mitch Warachka (Chapman University)
Discussant: Robert Battalio (University of Notre Dame)
Tick Sizes and Market Quality: Revisiting the Tick Size Pilot
Yashar H. Barardehi (Chapman University and SEC), Peter Dixon (SEC), Qiyu Liu (SEC), Ariel Lohr (SEC)
Discussant: Todd Griffith (Utah State University)
|
| 3:45-4:15 |
Break |
| 4:15-5:15 |
SEC Panel : “Life after SEC: How the SEC experience affected former chief economists’ views on markets and their research interests”
Moderators: Kathleen Weiss Hanley (Lehigh University) and Russ Wermers (University of Maryland)
Panelists: Larry Harris (University of Southern California) and Chester Spatt (Carnegie Mellon)
|
| 5:30 |
Pre-Dinner Reception at The Monocle Restaurant (107 D St., NE, Washington, DC) |
| 6:00 |
Dinner at The Monocle |
FRIDAY, MAY 5, 2023
| 8:00-8:40 |
Registration and Continental Breakfast |
| 8:40-8:45 |
Welcome |
| 8:45-9:00 |
Opening Remarks
Gary Gensler (SEC) |
| 9:00-10:30 |
Market Microstructure Track
Session Chair: Pete Kyle (University of Maryland)
The Retail Execution Quality Landscape
Anne Haubo Dyhrberg (Wilfrid Laurier University), Andriy Shkilko (Wilfrid Laurier University) , Ingrid M. Werner (The Ohio State University) Discussant: Joshua Mollner (Northwestern University)
Would Order-By-Order Auctions Be Competitive?
Thomas Ernst (University of Maryland), Chester Spatt (Carnegie Mellon University), Jian Sun (Singapore Management University)
Discussant: Eric Budish (University of Chicago)
|
| 10:30-11:00 |
Break |
| 11:00-12:30 |
Corporate Finance Track
Session Chair: Ke Yang (Lehigh University)
Diversity Washing
Andrew Baker (Berkeley Law School), David F. Larcker ((Stanford University), Charles McClure (University of Chicago)Durgesh Saraph (Jump Trading), Edward M. Watts (Yale University)
Discussant: Ethan Rouen (Harvard University)
The Incentives of SPAC Sponsors
Felix Zhiyu Feng (University of Washington), Tom Nohel (Loyola University of Chicago), Xuan Tian (Tsinghua University), Wenyu Wang (Indiana University), Yufeng Wu (University of Illinois at Urbana-Champaign)
Discussant: Jay Ritter (University of Florida)
|
| 12:30-2:00 |
Lunch Keynote Address
Chief Economist Jessica Wachter (SEC) |
| 2:00-3:30 |
Financial Intermediary Track
Session Chair: Ivan Ivanov (Federal Reserve Bank of Chicago)
Corporate Bond Flipping
Stanislava (Stas) Nikolova (University of Nebraska-Lincoln), Liying Wang (University of Nebraska-Lincoln)
Discussant: Reena Aggarwal (Georgetown University)
Relationship Discounts in Corporate Bond Trading
Simon Jurkatis (Bank of England), Andreas Schrimpf (Aarhus University; Bank for International Settlements), Karamfil Todorov (Bank for International Settlements), Nicholas Vause (Bank of England)
Discussant: Igor Kozhanov (SEC)
|
| 3:30-4:00 |
Break |
| 4:00-5:30 |
Asset Management Track
Session Chair: Ross Askanazi (SEC)
Do Hedge Funds Strategically Misreport Their Holdings? Evidence from 13F Restatements
Sean Cao (University of Maryland), Zhi Da (University of Notre Dame), Xin (Daniel) Jiang (University of Waterloo), Baozhong Yang (Georgia State University)
Discussant: Peter Easton (University of Notre Dame)
Money in the Right Hands
Aleksandra Rzeźnik (York University), Rüdiger Weber (Vienna University of Economics and Business)
Discussant: Chotibhak (Pab) Jotikasthira (Southern Methodist University)
|
| 5:30-5:45 |
Closing Remarks |
| 5:45-7:00 |
Informal SEC Reception |
