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Sixth Annual Conference on Financial Market Regulation

Feb. 27, 2019

May 9-10, 2019

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 Sixth 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.

All in-person participants must register using the SSRN link above to ensure proper headcount for lunch and dinner.

The event will be held on May 9-10, 2019 at the SEC headquarters in Washington, DC. The preliminary program will include:


Thursday, May 9, 2019

1:00-1:45              Registration  

1:45-2:00              Opening Remarks

Chairman Jay Clayton (SEC)

2:00-3:45pm        SEC Research

Session Chair: Vlad Ivanov (SEC)

Product Differentiation, Benchmarking, and Corporate Fraud
Audra Boone (Texas Christian University), William Grieser (Texas Christian University), Qingqiu Liu (Michigan State University), and Parth Venkat (SEC)
Discussant: Simi Kedia (Rutgers University)

Short Selling and Adverse Selection: Why Do Short Selling Bans Increase Adverse Selection?
Peter Dixon (SEC)
Discussant: P.K. Jain (University of Memphis)

Encouraging Broker and Advisor Background Checks: A Randomized Study on Twitter
Jeremy Ko (SEC), Sai Rao (SEC), and Parth Venkat (SEC)
Discussant: Tony Cookson (University of Colorado-Boulder)

3:45-4:15             Break  

4:15-5:15             SEC Panel

Moderator: Brent Mitchell (SEC, Enforcement Division)
Narratives and Numbers: Economic Analysis in Enforcement Cases
Eugene Canjels (SEC, Division of Economic and Risk Analysis), John Donnelly (SEC, Enforcement Division), Stephen Graham (SEC, Division of Economic and Risk Analysis), and Christopher Kelly (SEC, Enforcement Division)

5:30                      Pre-Dinner Reception
6:00                      Dinner
                             The Monocle Restaurant
                             107 D St., NE
                             Washington, DC 20002

Friday May 10, 2019

8:00-8:40              Registration and Continental Breakfast  

8:40-8:45              Welcome

8:45-9:00              Opening Remarks

Chief Economist S.P. Kothari (SEC)

9:00-10:30            Market Microstructure Track

Session Chair: Pete Kyle (University of Maryland)

The Cost of Routing Orders to High Frequency Traders
Robert Battalio (University of Notre Dame), Brian C. Hatch (University of Cincinnati), Mehmet Saglam (University of Cincinnati)
Discussant: Andy Puckett (University of Tennessee)

Institutional Order Handling and Broker-Affiliated Trading Venues
Amber Anand (Syracuse University), Mehrdad Samadi (Southern Methodist University), Jonathan S. Sokobin (FINRA), Kumar Venkataraman (Southern Methodist University)
Discussant: Laura Tuttle (SEC)

10:30-11:00          Break  

11:00-12:30          Corporate Finance Track

Session Chair: Anzhela Knyazeva (SEC)

Angels, Entrepreneurship, and Employment Dynamics: Evidence from Investor Accreditation Rules
Laura Anne Lindsey (Arizona State University), Luke C. D. Stein (Arizona State University)
Discussant: Paige Oiumet (University of North Carolina)

Corporate Disclosure as a Tacit Coordination Mechanism: Evidence from Cartel Enforcement Regulations
Thomas Bourveau (Columbia Business School) Guoman She (Hong Kong University of Science & Technology, Alminas Zaldokas (Hong Kong University of Science & Technology)
Discussant: Gerard Hoberg (University of Southern California)

12:30-2:00            Lunch Keynote Address
                              Commissioner Hester Peirce (SEC)
                              Boxed lunch

2:00-3:30              Financial Intermediary Track 

Session Chair: Mark Paddrik (Office of Financial Research)

Unintended Consequences of Post-Crisis Liquidity Regulation
Suresh M. Sundaresan (Columbia Business School), Kairong Xiao (Columbia University)
Discussant: Jennifer Dlugosz (Washington University)

Risk Retention and Information in the Face of Regulation
Sean Flynn (Colorado State University), Andra C. Ghent (University of Wisconsin), Alexei Tchistyi (University of Illinois at Urbana-Champaign)
Discussant: Stanislava Nikolova (University of Nebraska-Lincoln)

3:30-4:00              Break  

4:00-5:30              Asset Management Track
                             Session Chair: Dan Deli (SEC)

Alternative Pricing Rules to Prevent Runs on Funds?
Dunhong Jin (University of Oxford), Marcin T. Kacperczyk (Imperial College London), Bige Kahraman (University of Oxford), Felix Suntheim (Financial Conduct Authority)
Discussant: Russ Wermers (University of Maryland)

Fiduciary Duty and the Market for Financial Advice
Vivek Bhattacharya (Northwestern University), Gaston Illanes (Northwestern University), Manisha Padi (University of Chicago)
Discussant: S.P. Kothari (SEC)

5:30-5:45              Closing Remarks
                              Jim Allen (CFA Institute)

5:45-7:00              Informal SEC Reception

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