Division of Economic and Risk Analysis
Outside Perspectives and Academic Seminar Speaker Series (from Fall 2006)

This Season’s Speakers

Spring 2015

April 2, Academic Seminar
Tarun Chordia, Emory University
Paper: Do High Frequency Traders Need to be Regulated? Evidence from Algorithmic Trading on Macro News

April 6, Outside Perspective
Grant Passmore and Denis Ignatovich, Aesthetic Integration
Paper: Formal Verification: A Way to Ensure the Safety and Fairness of Financial Algorithms

April 16, Academic Seminar
Alexander Ljungqvist, New York University
Paper: How Constraining Are Limits to Arbitrage?

April 30, Academic Seminar
Viral Acharya, New York University
Paper: Risk-Sharing and the Creation of Systemic Risk

May 7, Academic Seminar
Adi Sunderam, Harvard Business School
Paper: Who Neglects Risk? Investor Experience and the Credit Boom

June 2, Academic Seminar
Andrew Ang, Columbia Business School
Paper: The Economics of the Municipal Bond Market

June 3, Academic Seminar
Todd Gormley, Wharton School
Paper: Passive Investors, Not Passive Owners

June 11, Academic Seminar
Ingrid Werner, Ohio State University
Paper: Tick Size: Theory and Evidence

Summer 2015

June 23, Outside Perspective
Karel Engelen, International Swaps Derivatives Association (ISDA)
Paper: OTC Derivative Taxonomy

June 25, Academic Seminar
Rene Stulz, Ohio State University
Paper: The U.S. Listing Gap

Fall 2015


Past Outside Perspectives and Academic Seminar Speakers

Fall 2014

December 11, Academic Seminar
Harold Zhang, University of Texas at Dallas
Paper: Tug-of-War: Affiliation in Securitization and Loan Performance

December 4, Academic Seminar
Pedro Matos, University of Virginia
Paper: Asset Management Within Commercial Bank Groups: International Evidence

December 2, Outside Perspectives
AnnaMaria Lusardi, George Washington University
Paper: The Economic Importance of Financial Literacy

November 20, Academic Seminar
Sebastien Betermeier, McGill University
Paper: Who are the Value and Growth Investors?

October 30, Academic Seminar
Charles Jones, Columbia University
Paper: The effects of outages at stock exchanges

October 8, Academic Seminar
Albert Menkveld, VU University of Amsterdam
Paper: Crowded Trades: An Overlooked Systemic Risk for Central Clearing Counterparties

September 18, Academic Seminar
John Harry Evans, University of Pittsburgh
Paper: Open Internal Reporting and Managerial Collusion

September 11, Academic Seminar
Tracie Woidtke, University of Tennessee
Paper: Do the interests of labor union and public pension fund activists align with other shareholders'? Evidence from the market for directors

Summer 2014

August 27, Outside Perspectives
Byoung-Hyoun Hwang, Cornell University
Paper: Can Short-Selling Help Correct Under-Pricing

August 19, Outside Perspectives
Steven Crawford, University of Houston
Paper: The CEO-Employee Pay Ratio

June 24, Academic Seminar
Francis Longstaff, UCLA
Paper: Corporate Taxes and Capital Structure: A Long-Term Historical Perspective

June 12, Academic Seminar
Hank Bessembinder, University of Utah
Paper: Market Making Obligations and Firm Value

Spring 2014

May 29, Academic Seminar
Patricia Dechow, University of California, Berkeley
Paper: SEC Comment Letters and Insider Sales

May 15, Academic Seminar
Diane Denis, University of Pittsburgh
Paper: Matching Directors with Firms: The Roles of Industry Expertise and CEO Influence

May 1, Outside Perspectives
Jay Ritter, University of Florida
Topic: IPOs and Capital Raising

January 27, Outside Perspectives
Michael Greenberg, RAND Corporation
Topic: Fair Value, Historical Cost, and Systemic Risk

Fall 2013

December 19, Academic Seminar
Adam Reed, University of North Carolina – Chapel Hill
Paper: Revealing Shorts: An Examination of Large Short Position Disclosures

December 5, Academic Seminar
Robert Battalio, University of Notre Dame
Paper: Can Brokers Have it all? On the Relation between Make Take Fees & Limit Order Execution Quality

November 21, Academic Seminar
Shane Dikolli and Bill Mayew, Duke University
Paper: Honoring One's Word, CEO Integrity and Accruals Quality

November 14, Academic Seminar
Jarrad Harford, University of Washington
Paper: Corporate Financial Policies in Misvalued Debt Markets

October 31, Academic Seminar
Larry Glosten, Columbia Business School
Paper: Flickering Quotes

October 24, Academic Seminar
Javed Ahmed, Federal Reserve Board
Paper: Made Poorer by Choice, Worker Outcomes in Social Security versus Private Retirement Accounts

October 10, Academic Seminar
Jess Cornaggia, Georgetown University
Paper: Revolving Doors on Wall Street

September 26, Academic Seminar
Wayne Landsman, University of North Carolina
Paper: Does Fair Value Accounting Contribute to Procyclical Leverage?

September 19, Academic Seminar
Marios Panayides, University of Pittsburgh
Paper: Informed Trading Before Unscheduled Corporate Events, Theory and Evidence

September 5, Academic Seminar
Sugata Ray, University of Florida
Paper: Alternative Marketing for Alternative Investments

Summer 2013

July 26, Outside Perspectives
Amit Seru, University of Chicago
Topic: Securitization of Residential Loan Originations: A Retrospective Review

July 15, Academic Seminar
Roger Stein, MIT
Paper: Aggregate and Firm-Level Measures of Systemic Risk From a Structural Model of Default

July 9, Academic Seminar
Matthew Cain, University of Notre Dame
Paper: Private Equity Fundraising and the Use of Placement Agents: Information Production or Influence Peddling?

June 18, Academic Seminar
Magdalena Sokalska, City University of New York
Paper: Performance of Limit Order Submission Strategies

June 13, Academic Seminar
Carole Comerton-Forde, University of Melbourne
Paper: Dark Trading and Price Discovery

June 1, Academic Seminar
Brenda Gonzalez-Hermosillo
Paper: A New Look at the Role of Sovereign Credit Default Swaps

Spring 2013

May 16, Academic Seminar
Tracy Wang, University of Minnesota
Paper: Corporate Scandals and Household Stock Market Participation

May 6, Academic Seminar
Loriana Pelizzon, University of Venice
Paper: Sovereign, Bank, and Insurance Credit Spreads: Connectedness and System Networks

May 2, Academic Seminar
Bo Becker, Harvard
Paper: Reaching for Yield in the Bond Market

April 25, Academic Seminar
Kumar Venkataraman, Southern Methodist University
Paper: Should Exchanges Impose Market Maker Obligations?

April 18, Academic Seminar
Breno Schmidt, Emory
Paper: Co-Insurance in Mutual Fund Families

April 11, Academic Seminar
Jesse Blocher, Vanderbilt
Paper: The Externalities of Crowded Trades

April 4, Academic Seminar
Harrison Hong, Princeton
Paper: Do Security Analysts Discipline Credit Rating Agencies?

March 28, Academic Seminar
Kelly Shue, University of Chicago
Paper: Swinging for the Fences: Executive Reactions to Quasi-Random Option Grants

March 21, Academic Seminar
Mao Ye, University of Illinois
Paper: The Externalities of High Frequency Trading

March 14, Academic Seminar
Jonathan Berk, Stanford
Paper: Measuring Skill in the Mutual Fund Industry

Fall 2012

December 13, Academic Seminar
Isil Erel, The Ohio State University
Paper: Why Did Holdings of Highly-Rated Securitization Tranches Differ So Much Across Banks?

December 12, Outside Perspectives
Ethan Mollick, University of Pennsylvania
Topic: The Dynamics of Crowdfunding

December 6, Academic Seminar
Vikas Agarwal, Georgia State University
Paper: Managerial Multitasking in the Mutual Fund Industry

November 29, Academic Seminar
Christine Parlour, University of California - Berkeley
Paper: Banks and Settlement

November 8, Academic Seminar
Brian Bushee, University of Pennsylvania - Wharton
Paper: Do Investors Benefit from Selective Access to Management?

October 25, Outside Perspectives
John Core, Massachusetts Institute of Technology
Topic: Is U.S. CEO Compensation Broken?

October 5, Outside Perspectives
John Julsman, Hulsman Enterprises
Topic: A Discussion of the European Financial Crisis

October 4, Academic Seminar
Michael Weisbach, University of Illinois Urbana-Champaign
Paper: Syndicated Loan Spreads and the Composition of the Syndicate

September 26, Academic Seminar
Brian Henderson, George Washington University
Paper: New Evidence on the Financialization of Commodity Markets

September 13, Academic Seminar
Antje Berndt, Carnegie Mellon University
Paper: What Broker Charges Reveal about Mortgage Credit Risk

September 6, Academic Seminar
Mahendrarajah Nimalendran, University of Florida
Paper: Informational Linkages Between Dark and Lit Trading Venues

Summer 2012

August 2, Academic Seminar
Rachna Prakash, Georgetown University
Paper: Relaxing the Reconciliation Requirement in Non-U.S. Firms' SEC Filings: Firm Incentives and Changes in Earnings Informativeness

July 19, Academic Seminar
Vladimir Atanasov, College of William & Mary
Paper: Liquidity and Value in the Deep vs. Shallow Ends of Mortgage-Backed Securities Pools

June 29, Outside Perspectives
Gary Gorton, Yale University
Topic: Shadow Banking and the Financial Crisis

June 14, Academic Seminar
Dragon Tang, University of Hong Kong
Paper: Rating Shopping or Catering? An Examination of Competition for CDO Credit Ratings

Spring 2012

May 24, Academic Seminar
Darren Roulstone, Ohio State University
Paper: The Informativeness of Stale Financial Disclosure

May 17, Academic Seminar
Nagpurnanand R. Prabhala, University of Maryland
Paper: CEO-Director Connections and Corporate Fraud: Not just whether you are connected but how

May 8, Academic Seminar
George Aragon, Arizona State University
Paper: Strategic Delays and Clustering in Hedge Fund Reported Returns

May 2, Academic Seminar
Burton Hollifield, Carnegie Mellon
Paper: Bid-Ask Spreads and the Pricing of Securitizations: 144a vs. Registered Securitizations

April 19, Academic Seminar
Pradeep Yadav, University of Oklahoma
Paper: Behind the Veil: Informed Traders and Pre-Trade Opacity

Fall 2011

December 15, Academic Seminar
Carol Marquardt, Baruch College
Paper: A Lobbying Approach to Evaluating the Whistleblower Provisions of the Dodd-Frank Reform Act of 2010

December 8, Academic Seminar
Debbie Lucas, Massachusetts Institute of Technology
Paper: Evaluating the Government as a Source of Systemic Risk

December 1, Academic Seminar
Andrew Cohen, Federal Reserve Board
Paper: Rating Shopping in the CMBS Market

November 17, Academic Seminar
Dan Li, Federal Reserve Board
Paper: Dealer Networks

November 10, Academic Seminar
Phil Strahan, Boston College
Paper: Are all ratings created equal? The impact of issuer size on the pricing of mortgage-backed securities

November 3, Academic Seminar
Chengyang Wei, New York Fed
Paper: The Private Premium in Public Bonds

October 25, Academic Seminar
Mark J. Ready, University of Wisconsin-Madison
Paper: Determinants of volume in dark pools

October 24, Academic Seminar
Jerry Hoberg, University of Maryland
Paper: Redefining Financial Constraints: A Text-Based Analysis

October 13, Academic Seminar
Ron Masulis, University of New South Wales
Paper: Order Imbalances around Seasoned Equity Offerings

October 12, Outside Perspectives
Jordan Seigel, Harvard University
Topic: What Makes the Bonding Stick? A Natural Experiment Involving the Supreme Court and Cross-Listed Firms

October 6, Academic Seminar
Paul Tetlock, Columbia University
Paper: Asset Pricing in the Dark: The Cross Section of OTC Stocks

September 29, Outside Perspectives
Christian Leuz, University of Chicago
Topic: Disclosure-related

September 21, Academic Seminar
Andrew Karolyi, Cornell University
Paper: The U.S. left behind? Financial globalization and the rise of IPO activity around the world

September 1, Academic Seminar
Toni Whited, University of Rochester
Paper: Equity Market Misvaluation and Firm Financial Policies

August 30, Academic Seminar
Michael Schill, Darden School of Business
Paper: The Nature of the Foreign Listing Premium: A Cross-Country Examination

August 24, Academic Seminar
Sheridan Titman, University of Texas at Austin
Paper: Testing Factor-Model Explanations of Market Anomalies

Summer 2011

July 21, Academic Seminar
Fei Xei, George Mason University
Paper: Managerial ownership of debt and bank loan contracting

July 14, Academic Seminar
Korok Ray, Georgetown University
Paper: Sorting effects of performance pay

Spring 2011

May 26, Academic Seminar
Slava Fos, Columbia University
Paper: The Disciplinary Effects of Proxy Contests

May 19, Academic Seminar
Ital Goldstein, Wharton Business School
Paper: The Real Effects of Financial Markets: The Impact of Prices on Takeovers

May 12, Outside Perspectives
Maureen O'Hara, Cornell University
Paper: Flow toxicity, liquidity crashes and the Probability of Informed Trading

April 28, Academic Seminar
Darius Miller, Southern Methodist University
Paper: Uninvited U.S. investors? Economic consequences of involuntary cross-listings

April 19, Academic Seminar
Craig Brown, National University of Singapore
Paper: Campaign Contributions and Government Security Issuance: Evidence from State Bond Pricing

April 4, Academic Seminar
Gennaro Bernille, University of Miami
Paper: Financial Regulation, Information Environment, and Local Investors

March 24, Academic Seminar
Stuart Gillan, Texas Tech University
Paper: On the Optimality of Shareholder Control: Evidence from the Dodd-Frank Financial Reform Act

March 17, Academic Seminar
Roni Michaely, Cornell University
Paper: Corporate Governance and the Timing of Earnings Announcements?

March 3, Academic Seminar
Reena Aggarwal, Georgetown University
Paper: Does Proxy Voting Affect the Demand and/or Supply for Securities Lending?

February 25, Academic Seminar
Raghu Rau, University of Cambridge
Paper: Does Executive Compensation Translate into Future Stock Price Performance?

February 17, Outside Perspectives
Merritt Fox, Columbia Law School
Paper: The Effectiveness of Mandatory Disclosure: an Empirical Test of the Line of Business Regulations

February 1, Academic Seminar
Jake Thornock, University of Washington
Paper: Googling for Information around Earnings Announcements

Fall 2010

December 7, Academic Seminar
Jess Corniaggia, Indiana University
Paper: Why are Credit Ratings Useful?

December 2, Academic Seminar
Daniel Bergstresser, Harvard University
Paper: Fractionalization and the municipal bond market

November 17, Academic Seminar
Mark Mitchell, CNH Partners
Paper: Arbitrage Crashes and the Speed of Capital

November 11, Academic Seminar
Jonathan Karpoff, University of Washington
Paper: Bribery: Business as usual?

November 2, Academic Seminar
Terrance Odean, University of California, Berkeley
Paper: Once Burned, Twice Shy: How Naïve Learning, Counterfactuals, and Regret Affect the Repurchase of Stocks Previously Sold

October 7, Academic Seminar
Mara Faccio, Purdue University
Paper: Large shareholder diversification and corporate risk-taking

September 9, Academic Seminar
John Harold Mulherin, University of Georgia
Paper: Conflicts of Interest in Corporate Control Transactions: The Role of the Independent Special Committee

September 1, Academic Seminar
Krishna Kamath, Wharton Business School
Paper: Match-making and Rent-seeking: An Empirical Analysis of Mergers of Venture-backed Companies

Summer 2010

August 9, Academic Seminar
Chris Clifford, University of Kentucky
Paper: Out of the Dark: Hedge Fund Reporting Biases and Commercial Databases

August 3, Academic Seminar
Laura Tuttle, American University of Sharjah
Paper: Paying Attention: Overnight Returns and the Hidden Cost of Buying at the Open

July 29, Academic Seminar
Christo Pirinsky, George Washington University
Paper: Competition and Fees in the Mutual Fund Industry

June 4, Outside Perspectives
John Griffin, University of Texas at Austin
Paper: Did Subjectivity Play a Role in CDO Credit Ratings?

Spring 2010

May 13, Outside Perspectives
Andrew Metrick, Chief Economist, President’s Council of Economic Advisers and Yale University; and Sanjai Bhagat, University of Colorado
Topic: corporate governance ratings

May 6, Academic Seminar
Clara Vega, Federal Reserve Board
Paper: Rise of the Machines: Algorithmic Trading in the Foreign Exchange Market

April 29, Outside Perspectives
Frank Hatheway, Chief Economist, Claude Courbois, Managing Economist, Director of Research, and Nick Hirschey, NASDAQ
Topic: high frequency trading on NASDAQ

April 27, Outside Perspectives
John Morrall, Former Deputy Administrator for OIRA; Richard Williams, Managing Director, Regulatory Studies Program, Mercatus Center, George Mason University; and Michael Livermore, Executive Director, Institute for Policy Integrity, NYU School of Law
Topic: economic analysis in federal rulemaking

April 15, Academic Seminar
Pam Moulton, Fordham University
Paper: The Role of Market Design in Alleviating Attention Constraints

April 1, Outside Perspectives
Robert Shiller, Yale University
Paper: The Case for Trills Giving the People and Their Pension Funds a Stake in the Wealth of the Nation

March 18, Academic Seminar
Richard Green, Carnegie-Mellon University
Paper: Financial Expertise as an Arms Race

March 11, Academic Seminar
Lauren Cohen, Harvard Business School
Paper: Hiring Cheerleaders: Board Appointments of "Independent" Directors

March 4, Academic Seminar
Gustavo Suarez, Federal Reserve Board
Paper: Securitization Without Risk Transfer

February 22, Outside Perspectives
Adam Ashcraft, Federal Reserve Bank of New York
Topic: asset-backed securities

February 9, Outside Perspectives
Sean Dobson and Laurie Goodman,, Amherst Securities
Topic: mortgage markets

January 7, Outside Perspectives
Ian Domowitz, Milan Borkovec, and Kevin O’Connor, Investment Technology Group (ITG)
Topic: measuring the price impact of stock trading

Fall 2009

December 10
Anna Scherbina, UC Davis

December 3, Outside Perspectives
Juhani Linnainmaa, The University of Chicago’s Booth School of Business
Topic: investor characteristics and stock market participation

December 3
Mike Lemmon, University of Utah

November 19
Heather Tookes, Yale University

November 10, Outside Perspectives
Sal L. Arnuk, Themis Trading
Topic: high frequency trading

November 5, Outside Perspectives
Jeffrey Blockinger, Chief Legal Officer, Och-Ziff Capital Management Group; Thomas Fritsch, General Counsel, Plainfield Asset Management LLC; and Edward McNamara, General Counsel, Plainfield Direct, Inc.
Topic: hedge fund compliance

October 29
Chester Spatt, Carnegie Mellon University

October 13
Robin Lumsdaine, American University

October 1
Jennifer Huang, University of Texas

September 24
Myron Slovin, HEC - Paris

September 17
Simon Gervais, Duke University

September 9
Markus Brunnermeier, Princeton University

Summer 2009

Andrei Kirilenko, CFTC

Sophie Shive, University of Notre Dame

Fabrizio Ferri, Harvard University

David Reeb, Temple University

Avri Ravid, Rutgers University

Lee Pinkowitz, Georgetown University

James Vickrey, New York Fed

Spring 2009

Srinivasan Sankaraguruswamy, National University of Singapore

Kose John, New York University

Milton Harris, University of Chicago

Russ Wermers, University of Maryland

Malcolm Baker, Harvard University

Jennifer Carpenter, New York University

Fall 2008

Jay Dahya, Baruch College/CUNY

Brad Barber, UC Davis

Alex Frino, University of Sydney

Antonio Falato, Federal Reserve Board

Alex Edmans, University of Pennsylvania

Christopher Yung, University of Colorado

Summer 2008

Anna Obizhaeva, University of Maryland

Gerard Hoberg, University of Maryland

Kumar Venkataraman, Southern Methodist University

Jim Hsieh, George Mason University

Ugur Lel, Federal Reserve Board

Gjergji Cici, William and Mary

Spring 2008

Jack Cooney, Texas Tech University

Otto Van Hemert, New York University

Harold Mulherin, University of Georgia

Laura Starks, University of Texas

Lalitha Naveen, Temple University

Fall 2007

Victoria Ivashina, Harvard University

Richard Evans, University of Virginia

Andrew Karolyi, Ohio State University

Mila Getmansky, UMass - Amherst

Mark Mitchell, CNH Partners

Justin Wolfers, University of Pennsylvania

Spring 2007

Ulrike Malmendier, University of California, Berkeley Department of Economics

Pete Kyle, University of Chicago

Gregory Duffee, University of California, Berkeley

Luigi Zingales, University of Chicago

Gary Gorton, University of Pennsylvania Wharton School of Business

Alon Brav, Duke University

JB Heaton, Bartlit, Beck, Herman, Palenchar and Scott, LLP

Fall 2006

Alexander Ljungqvist, New York University

Robert Engle, New York University

Burton Hollifield, Carnegie Mellon University

Jonathan Berk, University of California, Berkeley

Terry Hendershott, University of California, Berkeley

Michael Brennan, University of California, Los Angeles and London School of Business