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Eighth Annual Conference on Financial Market Regulation

May 13, 2021

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 Eighth 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 13-14, 2021 at the SEC headquarters in Washington, DC. The preliminary program will include:

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Agenda

THURSDAY, MAY 13, 2021

12:30-12:45

Opening Remarks

12:45- 2:15

Financial Intermediation
Session Chair: Burt Porter (SEC)

Dark Knights: The Rise in Firm Intervention by CDS Investors

Andras Danis (Georgia Institute of Technology) and Andrea Gamba (Warwick Business School)

Discussant: Jovan Stojkovic (SEC)

The Design of a Central Counterparty

John Kuong (INSEAD) and Vincent Maurin (Stockholm School of Economics)

Discussant: Haoxiang Zhu (Massachusetts Institute of Technology)

2:15-2:30 Break
2:30-4:00

SEC Research
Session Chair: Reena Aggarwal (Georgetown University)

Hedge Fund Liquidity Management: Insights for Fund Performance and Systemic Risk Oversight

George Aragon (SEC), A. Tolga Ergun (SEC), and Giulio Girardi (SEC)

Discussant: Bing Liang (University of Massachusetts Amherst)

The Effect of Hidden Liquidity: Evidence from an Exogenous Shock

Amy Edwards (SEC), Paul Hughes (SEC), John Ritter (SEC), Patti Vegella (SEC), and Hao Zhang (Rochester Institute of Technology)

Discussant: Barbara Rindi (Bocconi University)

4:00-4:15 Break
4:15- 5:45

Asset Management
Session Chair: James McLoughlin (SEC)

Mutual Fund Fragility, Dealer Liquidity Provisions, and the Pricing of Municipal Bonds

Yi Li (Federal Reserve Board), Maureen O'Hara (Cornell University) and Xing (Alex) Zhou (Federal Reserve Board)

Discussant: Burton Hollifield (Carnegie Mellon University)

Prime Time for Prime Funds: Floating NAV, Intraday Redemptions and Liquidity Risk During Crises

Lorenzo Casavecchia (University of Technology Sydney), Chanyuan Ge (Macquarie University), Wei Li (University of Iowa), and Ashish Tiwari (University of Iowa)

Discussant: Lukas Voellmy (Swiss National Bank)

FRIDAY, MAY 14, 2021

10:30-10:45

Opening Remarks

10:45-12:15

Special Session on Climate Change
Session Chair: John Coates

Climate Regulatory Risks and Corporate Bonds

Lee Seltzer (University of Texas), Laura Starks (University of Texas), and Qifei Zhu (Nanyang Technological University)

Discussant: Matthew Gustafson, (Pennsylvania State University)

Signaling through Carbon Disclosure

Patrick Bolton (Columbia University) and Marcin Kacperczyk (Imperial College)

Discussant: Christian Leuz (University of Chicago)

12:15-12:45 Break
12:45-2:15

Corporate Finance
Session Chair: Mattias Nilsson (SEC)

The Pricing of New Corporate Debt Issues

Kelly Nianyun Cai (University of Michigan Dearborn), Kathleen Weiss Hanley (Lehigh University), Alan Guoming Huang (University of Waterloo), and Xiaofei Zhao (Georgetown University)

Discussant: Samuel Bonsall (Pennsylvania State University)

The Voting Premium

Doron Levit (University of Washington), Nadya Malenko (University of Michigan), and Ernst Maug (University of Mannheim)

Discussant: Alex Edmans (London Business School)

2:15-2:30 Break
2:30-3:30

Keynote
Commissioner Crenshaw (SEC)

3:30-3:45 Break
3:45- 5:15

Market Microstructure
Session Chair: Hans Heidle

Competition and Exchange Data Fees

Jonathan Brogaard (University of Utah), James Brugler (University of Melbourne), and Dominik Roesch (University at Buffalo)

Discussant: Andreas Park (University of Toronto)

The Anatomy of Trading Algorithms

Tyler Beason (Arizona State University) and Sunil Wahal (Arizona State University)

Discussant: Mao Ye (University of Illinois at Urbana-Champaign)

5:15- 5:30 Closing Remarks
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