Ninth Annual Conference on Financial Market Regulation

May 6, 2022
2022 CFMR Header

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 Ninth 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 virtually on May 6, 2022. The preliminary program will include:

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Register for the Conference


FRIDAY, MAY 6, 2022

9:00-9:15 Welcome
Chief Economist Jessica Wachter (SEC)

Opening Remarks
Chair Gary Gensler (SEC)


Financial Intermediary Track
Session Chair: Session Chair: Jonathan Sokobin (FINRA)


  • Bruce Carlin (Rice University), Tarik Umar (Rice University), Hanyi (Livia) Yi (Boston College)
  • Discussant: Erin Smith (SEC)

Monetary Policy and the Run Risk of Loan Funds

  • Nicola Cetorelli (Federal Reserve Bank of New York), Gabriele La Spada (Federal Reserve Bank of New York), Joao Santos (Federal Reserve Bank of New York)
  • Discussant: Patrick McCabe (Federal Reserve Board)
11:00-11:15 Break*

Market Microstructure Track
Session Chair: Haoxiang Zhu (SEC)

Squeezing Shorts Through Social Media Platforms

  • Franklin Allen (Imperial College), Marlene Haas (Independent Scholar), Eric Nowak (Swiss Finance Institute), Matteo Pirovano, (Swiss Finance Institute), Angel Tengulov (University of Kansas)
  • Discussant: Lorien Stice-Lawrence (University of Southern California)

The Market Inside the Market: Odd-lot Quotes

  • Robert Bartlett (University of California Berkeley), Justin McCrary (Columbia University), Maureen O’Hara (Cornell University)
  • Discussant: Katya Malinova (McMaster University)
12:45-1:00 Break*

Keynote Address
Commissioner Allison Herren Lee

1:30-1:45 Break*


Asset Management Track
Session Chair: Chester Spatt (Carnegie Mellon)

Index Providers: Whales Behind the Scenes of ETFs

  • Yu An (Johns Hopkins), Matteo Benetton (University of California Berkeley), Yang Song (University of Washington)
  • Discussant: Kelsey Wei (University of Texas at Dallas)

The Consequences of Fund-level Liquidity Requirements

  • Indraneel Chakraborty (University of Miami), Elia Ferracuti (Duke University), John Heater (Duke University), Matthew Phillips (University of Miami)
  • Discussant: Marco Macchiavelli (Federal Reserve Board)
3:15-3:30 Break*

Corporate Finance Track
Session Chair: Mark Flannery (University of Florida)

Does Socially Responsible Investing Change Firm Behavior?

  • Davidson Heath, (University of Utah), Daniele Macciocchi, (University of Miami), Roni Michaely, (University of Hong Kong), Matthew Ringgenberg, (University of Utah)
  • Discussant: Asaf Bernstein (University of Colorado Boulder)

Everlasting Fraud

  • Vivian Fang (University of Minnesota), Nan Li (University of Minnesota), Wenyu Wang (Indiana University), Gaoqing Zhang (University of Minnesota)
  • Discussant: Jon Karpoff (University of Washington)
5:00- 5:05

Closing Remarks
(CFA Institute)

Last Reviewed or Updated: May 17, 2023