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Fifth Annual Conference on Financial Market Regulation

May 10-11, 2018

The Securities and Exchange Commission, the Center for Financial Services at Lehigh University, the Center for Financial Policy at the University of Maryland and the CFA Institute are pleased to jointly host a conference on the regulation of financial markets. The goal of the conference is to bring together participants from academia, industry and the SEC for an exchange of views on topics of relevance to the Commission.

Register for the Conference

The event will be held on May 10-11, 2018 at the SEC headquarters in Washington, DC. The preliminary program will include:


Thursday, May 10, 2018

1:00-1:40pm        Registration

1:40-1:45pm        Welcome

1:45-2:00pm         Opening Remarks

Commissioner Hester M. Peirce

2:00-3:45pm        SEC Research

Session Chair: Chester Spatt (Carnegie Mellon University, visiting MIT)

Soft and Hard Information and Signal Extraction in Securities Crowdfunding
Anzhela Knyazeva (SEC) and Vladimir Ivanov (SEC)
Discussant: Matthew Gustafson (Penn State University)

Hedge Fund Liquidity Management
George O. Aragon (Arizona State University), A. Tolga Ergun (SEC), Mila Getmansky Sherman (University of Massachusetts, Amherst) and Giulio Girardi (SEC)
Discussant: Zhen Shi (Georgia State University)

Do ETFs Increase the Commonality in Liquidity of Underlying Stocks?
Vikas Agarwal (Georgia State University), Paul Hanouna (Villanova University), Rabih Moussawi (Villanova University) and Christof W. Stahel (SEC)
Discussant: Sophie Shive (University of Notre Dame)

3:45-4:15pm        Break

4:15-5:15pm        SEC Panel

Moderator: Commissioner Michael S. Piwowar

Discuss areas of academic research that contributes to fulfilling the SEC’s mission
John Coates (Harvard Law School), Larry Harris (USC), Chester Spatt (Carnegie Mellon University, visiting MIT) and Kumar Venkataraman (Southern Methodist University)

6:30pm                Cocktails (part of dinner)

7:00pm                Dinner

Art and Soul
415 New Jersey Ave NW
Washington, DC 20001

Friday May 11, 2018

8:10-8:40am        Registration and continental breakfast

8:40-8:45am        Welcome

8:45-9:00am        Opening Remarks

Jeffrey H. Harris, Director and Chief Economist

9:00-10:30am      Market Microstructure Track

Session chair: Larry Glosten (Columbia University)

Misdirected by Rule 605: Bias in the Effective Bid-Ask Spread
Björn Hagströmer (Stockholm University
Discussant: Paul Schultz (University of Notre Dame)

The Value of a Millisecond: Harnessing Information in Fast, Fragmented Markets
Haoming Chen (University of New South Wales), Sean Foley (University of Sydney), Michael A. Goldstein (Babson College) and Thomas Ruf (University of New South Wales)
Discussant: Jennifer Conrad (University of North Carolina-Chapel Hill)

10:30-11:00am    Break

11:00-12:30pm    Corporate Finance Track

Session Chair: Paul Brockman (Lehigh University)

How are Shareholder Votes and Trades Related?
Sophia Zhengzi Li (Michigan State University) and Miriam Schwartz-Ziv (Michigan State University)
Discussant: Stuart Gillan (University of Georgia)

Information Revelation Through Regulatory Process: Interactions between the SEC and Companies Ahead of the IPO
Michelle Lowry (Drexel University), Roni Michaely (Cornell University) and Ekaterina Volkova (University of Melbourne)
Discussant: Ryan Israelsen (Michigan State University)

12:30-2:00pm      Lunch Keynote address

Commissioner Robert J. Jackson Jr.

Boxed lunch

2:00-3:30pm        Financial Intermediary Track

Session Chair: Dan Li (Federal Reserve Board)

Regulator Jurisdiction and Investment Adviser Misconduct
Ben Charoenwong (National University of Singapore), Alan Kwan (The University of Hong Kong) and Tarik Umar (Rice University)
Discussant: Jonathan Reuter (Boston College)

Primary Dealers' Behavior During the 2007-08 Crisis
Rajkamal Iyer (MIT) and Marco Macchiavelli (Federal Reserve Board)
Discussant: Ben Munyan (Vanderbilt University)

3:30-4:00pm        Break

4:00-5:30pm        Asset Management Track

Session Chair: Alberto Rossi (University of Maryland)

Correlated Flows, Portfolio Similarity and Mutual Fund Liquidity Management
Vikram K. Nanda (University of Texas at Dallas) and Kelsey D. Wei (University of Texas at Dallas)
Discussant: Christian Lundblad (University of North Carolina-Chapel Hill)

Portfolio Pumping in Mutual Fund Families
Pingle Wang (University of Rochester)
Discussant: David K. Musto (University of Pennsylvania-The Wharton School)

5:30-5:45pm        Closing Remarks

Jim Allen (CFA Institute)

5:45-7:00pm        Informal SEC Reception

For more information about the conference, please visit the conference websites:

Past Programs:

2017 Conference

2016 Conference

2015 Conference

2014 Conference

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