Fourth Annual Conference on Financial Market Regulation

May 4-5, 2017

Hosted jointly by

SEC - Division of Economic and Risk Analysis
Lehigh University - Center for Financial Services
University of Maryland - Center for Financial Policy
CFA Institute

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.

The event will be held on May 4-5, 2017 at the SEC headquarters in Washington, DC.

SEC employees must first register in LEAP and then register using the external registration link in the LEAP confirmation email.

Registration Link

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Thursday May 4, 2017

1:15-1:45pm      Registration

1:45-2:00pm      Welcome and Opening Remarks

Scott Bauguess (Acting Director and Chief Economist, SEC)

2:00-3:45pm      Session 1: SEC Research

Session Chair: Craig Lewis (Vanderbilt University)

Governance Changes through Shareholder Initiatives: The Case of Proxy Access

• Presenter: Tara Bhandari (SEC)
• Discussant: Jonathan B. Cohn (University of Texas at Austin)

Portfolio Similarity and Asset Liquidation in the Insurance Industry

• Presenter: Giulio Girardi (SEC)
• Discussant: Stathis Tompaidis (OFR and University of Texas at Austin)

Executives’ Legal Records and Insider Trading Activities

• Presenter: Aiyesha Dey (SEC)
• Discussant: Kenneth Ahern (University of Southern California)

3:45-4:15pm      Break

4:15-4:30pm      Graham & Dodd Award for best paper in the Financial Analyst Journal

Interconnectedness in the CDS Market
Mila Getmansky Sherman (University of Massachusetts, Amherst), Giulio Girardi (SEC) and Craig Lewis (Vanderbilt University)

4:30-5:30pm      Session 2: SEC Panel

Moderator: Hari Phatak, Associate Director of Policy (SEC)

Senior staff to discuss areas the Commission would view academic research contributing to fulfill the SEC’s mission

Panelists:

• Michael Conley (Solicitor, General Counsel, SEC)
• Bridget Fitzpatrick (Co-Chief of Trial Unit, ENF, SEC)
• Jim Reese (Assistant Director, Office of Risk Analysis and Surveillance, OCIE, SEC)
• Sarah ten Siethoff (Deputy Associate Director, Rulemaking Office, IM, SEC)

6:30pm               Networking Event (part of dinner)

7:00pm               Dinner
                                 Art and Soul
                                 415 New Jersey Ave NW
                                 Washington, DC 20001

Friday May 5, 2017

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

8:40-8:45am      Welcome

Kathleen Weiss Hanley (Lehigh University)

8:45-9:00am      Opening Remarks

Honorable Troy A. Paredes (former Commissioner, SEC)

9:00-10:30am    Session 1: Market Microstructure Track

Session Chair: Marc Lipson (University of Virginia)

The Causal Impact of Market Fragmentation on Liquidity

• Presenter: Matthew C. Ringgenberg (University of Utah)
• Discussant: Gideon Saar (Cornell University)

The Relevance of Broker Networks for Information Diffusion in the Stock Market

• Presenter: Amir Kermani (University of California Berkeley)
• Discussant: Chester Spatt (Carnegie Mellon University)

10:30-11:00am     Break

11:00-12:30pm     Session 2: Corporate Finance Track

Session Chair: Michelle Lowry (Drexel University)

Uncertainty in Managers’ Reporting Objectives and Investors’ Response to Earnings Reports: Evidence from the 2006 Executive Compensation Disclosures

• Presenter: Fabrizio Ferri (Columbia University)
• Discussant: Daniel Bergstresser (Brandeis University)

Shareholder Activism and the Timing of Blockholder Disclosure

• Presenter: Simon Gueguen (Université Paris-Dauphine)
• Discussant: Nickolay Gantchev (UNC Chapel Hill)

12:30-2:00pm     Lunch Keynote address

Laura Starks (University of Texas at Austin)

Boxed lunch (for registered participants)

2:00-3:30pm      Session 3: Financial Intermediary

Session Chair: Christof W. Stahel (SEC)

Borrowers in Search of Feedback: Evidence from Consumer Credit Markets

• Presenter: Maya O. Shaton (Federal Reserve Board)
• Discussant: Adair Morse (University of California, Berkeley)

The Volcker Rule and Market-Making in Times of Stress

• Presenter: Alex Zhou (Federal Reserve Board)
• Discussant: Amy Edwards (SEC)

3:30-4:00pm      Break

4:00-5:30pm      Session 4: Asset Management Track

Session Chair: Russ Wermers (University of Maryland)

ETF Arbitrage Under Liquidity Mismatch

• Presenter: Yao Zeng (University of Washington)
• Discussant: Michael Pagano (Villanova University)

Fire-Sale Spillovers in Debt Markets

• Presenter: Chaehee Shin (Federal Reserve Board)
• Discussant: Itay Goldstein (University of Pennsylvania)

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:

http://cbe.lehigh.edu/cfs/sec-conference

http://www.rhsmith.umd.edu/centers-excellence/center-financial-policy/news-events/cfp-events/annual-sec-conference

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Past Conference Agendas:

First Annual Conference on the Regulation of Financial Markets Agenda

Second Annual Conference on the Regulation of Financial Markets Agenda

Third Annual Conference on the Regulation of Financial Markets Agenda