The Division of Economic and Risk Analysis hosts an ongoing Academic Seminar Speaker Series. Each year, we invite prominent scholars in finance, accounting, and economics to present their current research and to meet with SEC economists and other Commission staff. These seminars are intended to facilitate a better understanding of economic issues related to the Commission's mission, as well as provide an opportunity for authors to receive feedback from expert SEC staff.
Below is a list of upcoming and recent research presentations at the SEC:
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2020
January 9
Sam Hartzmark, Chicago Booth School of Business
Paper: Reconsidering ReturnsJanuary 16
Kelly Shue, Yale School of Management
Paper: Leverage-Induced Fire Sales and Stock Market Crashes - Top
2019
June 13
Joshua Mitts, Columbia Law School
Paper: Short and DistortJune 20
Mathias Kronlund, University of Illinois at Urbana-Champaign
Paper: Does Equity Compensation Cause Firms to Manage EPS? Evidence from a Regression DiscontinuityJune 26
Brian Bushee, The Wharton School
Paper: Does the Media Help or Hurt Retail Investors During the IPO Quiet Period?July 11
Lauren Cohen, Harvard University
Paper: IQ from IP: Simplifying Search in Portfolio ChoiceJuly 25
Anup Agrawal, University of Alabama
Paper: Is the Sentiment in Corporate Annual Reports Informative? Evidence from Deep LearningJuly 31
Duane Seppi, Carnegie Mellon Univerisity
Paper: Optimal Market Access PricingAugust 08
Michaela Pagel, Columbia Business School
Paper: Fully Closed: Individual Responses to Realized Gains and LossesAugust 13
Micah Officer, Loyola Marymount University
Paper: Inside the “Black Box” of Private Merger NegotiationsAugust 15
Christopher James, University of Florida
Paper: I Can See Clearly Now: The Impact of Disclosure Requirements on 401(k) FeesAugust 29
Anastassia Fedyk, UC Berkeley
Paper: News-Driven Trading: Who reads the news and whenSeptember 16
Antoinette Schoar, MIT Sloan School of Management
Paper: Investing Outside the Box: Evidence from Alternative Vehicles in Private CapitalSeptember 18
Nina Boyarchenko, Federal Reserve Bank of New York
Paper: Bank-Intermediated ArbitrageSeptember 26
Amiyatosh Purnanandam, University of Michigan
Paper: Judging Banks' Risk by the Profits They ReportOctober 24
Mark Jansen, University of Utah
Paper: Spillover Effects of the Opioid Epidemic on Consumer FinanceNovember 13
Andrew Sutherland, MIT Sloan School of Management
Paper: Can Ethics be Taught? First Evidence from Securities Exams and Investment Adviser MisconductNovember 20
Eric Budish, Chicago Booth School of Business
Paper: Will the Market Fix the Market? A Theory of Stock Exchange Competition and InnovationDecember 12
Jonathan Brogaard, University of Utah
Paper: Preventing Information LeakageDecember 19
Victoria Ivashina, Harvard Business School
Paper: Weak Credit Covenants - Top
2018
April 16
René Stulz, The Ohio State University
Paper: What is the Impact of Successful Cyberattacks on Target Firms?May 02
Christian Catalini, MIT Sloan
Paper: Technological Opportunity, Bubbles and Innovation: The Dynamics of Initial Coin OfferingsMay 03
Kimberly Cornaggia, Penn State
Paper: The Price of Safety: The Evolution of Insurance Value in Municipal MarketsMay 17
Benjamin Golub, Harvard University
Paper: Illiquidity Spirals in Coupled Over-the-Counter MarketsJune 07
Laura Field, University of Delaware
Paper: Bucking the Trend: Why do IPOs Choose Controversial Governance Structures and Why Do Investors Let ThemJune 14
S.P. Kothari, MIT Sloan
Paper: High Non-GAAP Earnings Predict Abnormally High CEO PayJune 21
Nikolai Roussanov, University of Pennsylvania Wharton
Paper: Marketing Mutual FundsJune 28
Mao Ye, University of Illinois at Urbana-Champaign
Paper: Who Provides Liquidity and When: An Analysis of Price vs. Speed Competition on Liquidity and WelfareJuly 12
Eric Aldrich, UC Santa Cruz
Paper: Order Protection through Delayed MessagingJuly 19
Adi Sunderam, Harvard Business School
Paper: Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual FundsAugust 02
Tobias Moskowitz, Yale School of Management
Paper: Fake News in Financial MarketsOctober 2
Dacheng Xiu, Chicago Booth School of Business
Paper: Empirical Asset Pricing via Machine LearningOctober 4
Kenneth Ahern, University of Southern California
Paper: Do Proxies for Informed Trading Measure Informed Trading? Evidence from Illegal Insider TradesOctober 9
Scott Dyreng, Duke University
Paper: Strategic Subsidiary DisclosureOctober 18
Shivaram Rajgopal, Columbia Business School
Paper: Does Financial Misconduct Pay off Even When Discovered?October 25
John Graham, Duke University
Paper: CEO-Board DynamicsNovember 1
Daniel Green, Harvard Business School
Paper: Corporate Refinancing, Covenants, and the Agency Cost of DebtNovember 5
Alex Chinco, University of Illinois at Urbana-Champaign
Paper: The Sound of Many Funds RebalancingNovember 8
Markus Brunnermeier, Princeton University
Paper: Blockchain EconomicsDecember 11
Itamar Drechsler, The Wharton School
Paper: Liquidity Creation as Volatility Risk - Top
2017
December 14
Raisa Velthuis, Villanova University
Paper: Are Hedge Fund Capacity Constraints Binding? Evidence on Scale and CompetitionDecember 7
David Solomon, Boston College
Paper: The Dividend DisconnectNovember 30
Tania Babina, Columbia Business School
Paper: Going Entrepreneurial? IPOs and New Firm CreationOctober 26
Marco Rossi, Texas A&M
Paper: The Cost of Immediacy for Corporate BondsOctober 19
Alessandro Previtero, Indiana University
Paper: The Misguided Beliefs of Financial AdvisorsOctober 5
Shmuel Baruch, University of Utah
Paper: Is Index Trading Benign?September 28
Jacquelyn Gillette, MIT
Paper: Do Sell‐Side Debt Analysts Provide New Information?September 21
Marti Subrahmanyam, NYU, Stern
Paper: How do Informed Investors Trade in the Options Market?September 7
Jules van Binsbergen, UPenn, Wharton
Paper: Regulation of Charlatans in High‐Skill ProfessionsJuly 13
Will Gerken, University of Kentucky
Paper: Is Fraud Contagious? Co-Worker Influence on Misconduct by Financial AdvisorsJune 22
Zhi Da, Notre Dame
Paper: Exchange Traded Funds and Asset Return CorrelationsJune 15
Eric Ghysels, UNC
Paper: Granularity and (Downside) Risk in Equity MarketsJune 13
Ron Masulis, University of New South Wales
Paper: Shareholder Wealth Consequence of Insider Pledging of Company Stock as Collateral for Personal LoansMay 18
Yi Li, FRB - Washington
Paper: Institutional Herding and Its Price Impact: Evidence From the Corporate Bond MarketMay 15
Yao Zeng, University of Washington
Paper: A Dynamic Theory of Mutual Fund Runs and Liquidity ManagementMay 11
Jonas Heese, Harvard University
Paper: Does the Public Disclosure of the SEC’s Oversight Actions Matter?April 27
Joshua Mollner, Northwestern University
Paper: Fast Traders Make a Quick Buck: The Role of Speed in Liquidity ProvisionApril 13
Neil Pearson, University of Illinois
Paper: Evidence About Bubble Mechanisms: Precipitating Event, Feedback Trading, and Social ContagionMarch 30
Jack Bao, FRB - Washington
Paper: The Volcker Rule and Market-Making in Times of Stress - Top
2016
December 15
Gregor Matvos, University of Chicago
Paper: The Market for Financial Adviser MisconductDecember 1
Mark Van Achter, Erasmus University
Paper: High Frequency Trading and Market StabilityNovember 17
Jonathan Karpoff, University of Washington
Paper: The Lifecycle Effects of Firm Takeover DefensesOctober 13
Daniel Taylor, Wharton School
Paper: Political Connections and the Informativeness of Insider TradesSeptember 15
Kristine Hankins, University of Kentucky
Paper: Understanding Precautionary Cash at Home and AbroadSeptember 1
Christian Leuz, University of Chicago
Paper: Who falls prey to the Wolf of Wall Street: Individual Investor Participation in Market ManipulationJuly 28
Denis Sosyura, University of Michigan
Paper: Family Descent as a Signal of Managerial Quality: Evidence from Mutual FundsJuly 21
Jiro Kondo, McGill University
Paper: Competition between SROs and Enforcement: Evidence from the Formation of FINRAJuly 14
Justin Birru, The Ohio State University
Paper: Trading Skill: Evidence from Trades of Corporate Insiders in Their Personal PortfoliosJuly 7
Adrian Tobias, NY Fed
Paper: Nonlinearity and Flight to Safety in the Risk-Return Trade-Off for Stocks and BondsJune 30
Haoxiang Zhu, MIT
Paper: Size DiscoveryJune 9
Gordon Phillips, Dartmouth College
Paper: Financing Decisions and New Product Introductions of Private and Publicly Traded FirmMay 26
Shane Heitzman, University of Southern California
Paper: Informed Trading Following New Private Information: Evidence from Nonpublic Merger NegotiationsMay 5
Lubomir Petrasek, Federal Reserve
Paper: Style and Skill: Hedge Funds, Mutual Funds, and MomentumApril 28
Marco DiMaggio, Columbia Business School
Paper: The Value of Trading Relationships in Turbulent Times - Top
2015
December 10
David Yermack, NYU
Paper: Evasive Shareholder MeetingsDecember 3
Martjin Cremers, University of Notre Dame
Paper: Do Mutual Fund Investors Get What They Pay For? The Legal Consequences of Closet Index FundsNovember 19
Lauren Cohen, Harvard University
Paper: Lazy PricesNovember 12
Anjan Thakor, Washington University
Paper: Bank CultureOctober 29
Itay Goldstein, Wharton School
Paper: Investor Flows and Fragility in Corporate Bond FundsOctober 22
James Choi, Yale University
Paper: Informed Trading and the Cost of CapitalMay 7
Adi Sunderam, Harvard Business School
Paper: Who Neglects Risk? Investor Experience and the Credit BoomApril 30
Viral Acharya, New York University
Paper: Risk-Sharing and the Creation of Systemic Risk - Top
2014
December 11
Harold Zhang, University of Texas at Dallas
Paper: Tug-of-War: Affiliation in Securitization and Loan PerformanceDecember 4
Pedro Matos, University of Virginia
Paper: Asset Management Within Commercial Bank Groups: International EvidenceNovember 20
Sebastien Betermeier, McGill University
Paper: Who are the Value and Growth Investors?October 30
Charles Jones, Columbia University
Paper: The effects of outages at stock exchangesOctober 8
Albert Menkveld, VU University of Amsterdam
Paper: Crowded Trades: An Overlooked Systemic Risk for Central Clearing CounterpartiesSeptember 18
John Harry Evans, University of Pittsburgh
Paper: Open Internal Reporting and Managerial CollusionSeptember 11
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 directorsJune 24
Francis Longstaff, UCLA
Paper: Corporate Taxes and Capital Structure: A Long-Term Historical PerspectiveJune 12
Hank Bessembinder, University of Utah
Paper: Market Making Obligations and Firm ValueMay 29
Patricia Dechow, University of California, Berkeley
Paper: SEC Comment Letters and Insider SalesMay 15
Diane Denis, University of Pittsburgh
Paper: Matching Directors with Firms: The Roles of Industry Expertise and CEO Influence - Top
2013
December 19
Adam Reed, University of North Carolina – Chapel Hill
Paper: Revealing Shorts: An Examination of Large Short Position DisclosuresDecember 5
Robert Battalio, University of Notre Dame
Paper: Can Brokers Have it all? On the Relation between Make Take Fees & Limit Order Execution QualityNovember 21
Shane Dikolli and Bill Mayew, Duke University
Paper: Honoring One's Word, CEO Integrity and Accruals QualityNovember 14
Jarrad Harford, University of Washington
Paper: Corporate Financial Policies in Misvalued Debt MarketsOctober 31
Larry Glosten, Columbia Business School
Paper: Flickering QuotesOctober 24
Javed Ahmed, Federal Reserve Board
Paper: Made Poorer by Choice, Worker Outcomes in Social Security versus Private Retirement AccountsOctober 10
Jess Cornaggia, Georgetown University
Paper: Revolving Doors on Wall StreetSeptember 26
Wayne Landsman, University of North Carolina
Paper: Does Fair Value Accounting Contribute to Procyclical Leverage?September 19
Marios Panayides, University of Pittsburgh
Paper: Informed Trading Before Unscheduled Corporate Events, Theory and EvidenceSeptember 5
Sugata Ray, University of Florida
Paper: Alternative Marketing for Alternative InvestmentsJuly 15
Roger Stein, MIT
Paper: Aggregate and Firm-Level Measures of Systemic Risk From a Structural Model of DefaultJuly 9
Matthew Cain, University of Notre Dame
Paper: Private Equity Fundraising and the Use of Placement Agents: Information Production or Influence Peddling?June 18
Magdalena Sokalska, City University of New York
Paper: Performance of Limit Order Submission StrategiesJune 13
Carole Comerton-Forde, University of Melbourne
Paper: Dark Trading and Price DiscoveryJune 1
Brenda Gonzalez-Hermosillo
Paper: A New Look at the Role of Sovereign Credit Default SwapsMay 16
Tracy Wang, University of Minnesota
Paper: Corporate Scandals and Household Stock Market ParticipationMay 6
Loriana Pelizzon, University of Venice
Paper: Sovereign, Bank, and Insurance Credit Spreads: Connectedness and System NetworksMay 2
Bo Becker, Harvard
Paper: Reaching for Yield in the Bond MarketApril 25
Kumar Venkataraman, Southern Methodist University
Paper: Should Exchanges Impose Market Maker Obligations?April 18
Breno Schmidt, Emory
Paper: Co-Insurance in Mutual Fund FamiliesApril 11
Jesse Blocher, Vanderbilt
Paper: The Externalities of Crowded TradesApril 4
Harrison Hong, Princeton
Paper: Do Security Analysts Discipline Credit Rating Agencies?March 28
Kelly Shue, University of Chicago
Paper: Swinging for the Fences: Executive Reactions to Quasi-Random Option GrantsMarch 21
Mao Ye, University of Illinois
Paper: The Externalities of High Frequency TradingMarch 14
Jonathan Berk, Stanford
Paper: Measuring Skill in the Mutual Fund Industry - Top
2012
December 13
Isil Erel, The Ohio State University
Paper: Why Did Holdings of Highly-Rated Securitization Tranches Differ So Much Across Banks?December 6
Vikas Agarwal, Georgia State University
Paper: Managerial Multitasking in the Mutual Fund IndustryNovember 29
Christine Parlour, University of California - Berkeley
Paper: Banks and SettlementNovember 8
Brian Bushee, University of Pennsylvania - Wharton
Paper: Do Investors Benefit from Selective Access to Management?October 4
Michael Weisbach, University of Illinois Urbana-Champaign
Paper: Syndicated Loan Spreads and the Composition of the SyndicateSeptember 26
Brian Henderson, George Washington University
Paper: New Evidence on the Financialization of Commodity MarketsSeptember 13
Antje Berndt, Carnegie Mellon University
Paper: What Broker Charges Reveal about Mortgage Credit RiskSeptember 6
Mahendrarajah Nimalendran, University of Florida
Paper: Informational Linkages Between Dark and Lit Trading VenuesAugust 2
Rachna Prakash, Georgetown University
Paper: Relaxing the Reconciliation Requirement in Non-U.S. Firms' SEC Filings: Firm Incentives and Changes in Earnings InformativenessJuly 19
Vladimir Atanasov, College of William & Mary
Paper: Liquidity and Value in the Deep vs. Shallow Ends of Mortgage-Backed Securities PoolsJune 14
Dragon Tang, University of Hong Kong
Paper: Rating Shopping or Catering? An Examination of Competition for CDO Credit RatingsMay 24
Darren Roulstone, Ohio State University
Paper: The Informativeness of Stale Financial DisclosureMay 17
Nagpurnanand R. Prabhala, University of Maryland
Paper: CEO-Director Connections and Corporate Fraud: Not just whether you are connected but howMay 8
George Aragon, Arizona State University
Paper: Strategic Delays and Clustering in Hedge Fund Reported ReturnsMay 2
Burton Hollifield, Carnegie Mellon
Paper: Bid-Ask Spreads and the Pricing of Securitizations: 144a vs. Registered SecuritizationsApril 19
Pradeep Yadav, University of Oklahoma
Paper: Behind the Veil: Informed Traders and Pre-Trade OpacityDecember 15
Carol Marquardt, Baruch College
Paper: A Lobbying Approach to Evaluating the Whistleblower Provisions of the Dodd-Frank Reform Act of 2010December 8
Debbie Lucas, Massachusetts Institute of Technology
Paper: Evaluating the Government as a Source of Systemic RiskDecember 1
Andrew Cohen, Federal Reserve Board
Paper: Rating Shopping in the CMBS MarketNovember 17
Dan Li, Federal Reserve Board
Paper: Dealer NetworksNovember 10
Phil Strahan, Boston College
Paper: Are all ratings created equal? The impact of issuer size on the pricing of mortgage-backed securitiesNovember 3
Chengyang Wei, New York Fed
Paper: The Private Premium in Public BondsOctober 25
Mark J. Ready, University of Wisconsin-Madison
Paper: Determinants of volume in dark poolsOctober 24
Jerry Hoberg, University of Maryland
Paper: Redefining Financial Constraints: A Text-Based AnalysisOctober 13
Ron Masulis, University of New South Wales
Paper: Order Imbalances around Seasoned Equity OfferingsOctober 6
Paul Tetlock, Columbia University
Paper: Asset Pricing in the Dark: The Cross Section of OTC StocksSeptember 21
Andrew Karolyi, Cornell University
Paper: The U.S. left behind? Financial globalization and the rise of IPO activity around the worldSeptember 1
Toni Whited, University of Rochester
Paper: Equity Market Misvaluation and Firm Financial PoliciesAugust 30
Michael Schill, Darden School of Business
Paper: The Nature of the Foreign Listing Premium: A Cross-Country ExaminationAugust 24
Sheridan Titman, University of Texas at Austin
Paper: Testing Factor-Model Explanations of Market Anomalies - Top
2011
July 21
Fei Xei, George Mason University
Paper: Managerial ownership of debt and bank loan contractingJuly 14
Korok Ray, Georgetown University
Paper: Sorting effects of performance payMay 26
Slava Fos, Columbia University
Paper: The Disciplinary Effects of Proxy ContestsMay 19
Ital Goldstein, Wharton Business School
Paper: The Real Effects of Financial Markets: The Impact of Prices on TakeoversApril 28
Darius Miller, Southern Methodist University
Paper: Uninvited U.S. investors? Economic consequences of involuntary cross-listingsApril 19
Craig Brown, National University of Singapore
Paper: Campaign Contributions and Government Security Issuance: Evidence from State Bond PricingApril 4
Gennaro Bernille, University of Miami
Paper: Financial Regulation, Information Environment, and Local InvestorsMarch 24
Stuart Gillan, Texas Tech University
Paper: On the Optimality of Shareholder Control: Evidence from the Dodd-Frank Financial Reform ActMarch 17
Roni Michaely, Cornell University
Paper: Corporate Governance and the Timing of Earnings Announcements?March 3
Reena Aggarwal, Georgetown University
Paper: Does Proxy Voting Affect the Demand and/or Supply for Securities Lending?February 25
Raghu Rau, University of Cambridge
Paper: Does Executive Compensation Translate into Future Stock Price Performance?February 1
Jake Thornock, University of Washington
Paper: Googling for Information around Earnings Announcements - Top
2010
December 7
Jess Corniaggia, Indiana University
Paper: Why are Credit Ratings Useful?December 2
Daniel Bergstresser, Harvard University
Paper: Fractionalization and the municipal bond marketNovember 17
Mark Mitchell, CNH Partners
Paper: Arbitrage Crashes and the Speed of CapitalNovember 11
Jonathan Karpoff, University of Washington
Paper: Bribery: Business as usual?November 2
Terrance Odean, University of California, Berkeley
Paper: Once Burned, Twice Shy: How Naïve Learning, Counterfactuals, and Regret Affect the Repurchase of Stocks Previously SoldOctober 7
Mara Faccio, Purdue University
Paper: Large shareholder diversification and corporate risk-takingSeptember 9
John Harold Mulherin, University of Georgia
Paper: Conflicts of Interest in Corporate Control Transactions: The Role of the Independent Special CommitteeSeptember 1
Krishna Kamath, Wharton Business School
Paper: Match-making and Rent-seeking: An Empirical Analysis of Mergers of Venture-backed CompaniesAugust 9
Chris Clifford, University of Kentucky
Paper: Out of the Dark: Hedge Fund Reporting Biases and Commercial DatabasesAugust 3
Laura Tuttle, American University of Sharjah
Paper: Paying Attention: Overnight Returns and the Hidden Cost of Buying at the OpenJuly 29
Christo Pirinsky, George Washington University
Paper: Competition and Fees in the Mutual Fund IndustryMay 6
Clara Vega, Federal Reserve Board
Paper: Rise of the Machines: Algorithmic Trading in the Foreign Exchange MarketApril 15
Pam Moulton, Fordham University
Paper: The Role of Market Design in Alleviating Attention ConstraintsMarch 18
Richard Green, Carnegie-Mellon University
Paper: Financial Expertise as an Arms RaceMarch 11
Lauren Cohen, Harvard Business School
Paper: Hiring Cheerleaders: Board Appointments of "Independent" DirectorsMarch 4
Gustavo Suarez, Federal Reserve Board
Paper: Securitization Without Risk TransferTopic: measuring the price impact of stock trading
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2009
December 10
Anna Scherbina, UC DavisDecember 3
Mike Lemmon, University of UtahNovember 19
Heather Tookes, Yale UniversityOctober 29
Chester Spatt, Carnegie Mellon UniversityOctober 13
Robin Lumsdaine, American UniversityOctober 1
Jennifer Huang, University of TexasSeptember 24
Myron Slovin, HEC - ParisSeptember 17
Simon Gervais, Duke UniversitySeptember 9
Markus Brunnermeier, Princeton UniversityAndrei 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
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
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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
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
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
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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
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
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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