September 17-18, 2020

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 Seventh 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.

Agenda

Thursday, September 17, 2020

1:00-1:15             Opening Remarks

S.P. Kothari (SEC)

1:15-2:45             Corporate Finance Track

Session Chair: Geoffrey Tate (University of Maryland)

Spinning the CEO Pay Ratio Disclosure
Audra Boone (Texas Christian University), Austin Starkweather (Vanderbilt University), and Joshua Tyler White (Vanderbilt University)
Discussant: Elena Simintzi (University of North Carolina)

Phantom of the Opera: ETF Shorting and Shareholder Voting
Richard Evans (University of Virginia), Oğuzhan Karakaş (University of Cambridge), Rabih Moussawi (Villanova University), and Michael Young (University of Missouri)
Discussant: Todd Gormley (Washington University)

2:45-3:00             Break  

3:00-4:00             SEC Panel

Division directors discuss hot topics in their areas

Moderator:     S.P. Kothari (SEC, Division of Economic and Risk Analysis)
Panelists:       Dalia Blass (SEC, Division of Investment Management)
                       William Hinman (SEC, Division of Corporation Finance)
                       Brett Redfearn (SEC, Division of Trading and Markets)

4:00-4:15             Break

4:15-5:45             Financial Intermediary Track
                             Session Chair: Xuemin (Sterling) Yan (Lehigh University)

                             Funding Liquidity and Market Liquidity: the Broker-Dealer Perspective

Marco Macchiavelli (Federal Reserve Board) and Xing (Alex) Zhou (Federal Reserve Board)
Discussant: Ashish Tiwari (University of Iowa)

Periodic Disclosures of Asset-Backed Securities
Brent Schmidt (Penn State University) and Helen Zhang (University of Minnesota)
Discussant: Jack Bao (University of Delaware)                        

Friday September 18, 2020

10:00-10:15         Opening Remarks

Commissioner Hester Peirce (SEC)

10:15-11:45          Asset Management Track

Session Chair: Edie Hotchkiss (Boston College)

Sitting Bucks: Zero Returns in Fixed Income Funds
Jaewon Choi (University of Illinois Urbana-Champain), Mathias Kronlund (University of Illinois Urbana-Champain), and Jimmy Oh (Hanyang University)
Discussant: Eric Zitzewitz (Dartmouth College)

Discretionary NAVs
Scott Cederburg (University of Arizona) and Neal Stoughton (University of Waterloo)
Discussant: Gregory Kadlec (Virginia Polytechnic Institute)

11:45-12:00          Break

12:00-12:30          Keynote Address: Fireside chat with Commissioner Elad Roisman

12:30-1:15            Break

1:15-2:45              Market Microstructure Track

Session Chair: Joel Hasbrouck (New York University)

Should We Use Closing Prices? Institutional Price Pressure at the Close
Vincent Bogousslavsky (Boston College) and Dmitriy Muravyev (Michigan State University)
Discussant: Edwin Hu (New York University)

Violations of Price-Time Priority and Implications for Market Quality
Seoyoung Kim (Santa Clara University) and Daniel Trepanier (Santa Clara University)
Discussant: Robert Bartlett (University of California)

2:45-3:00             Closing Remarks

Jim Allen (CFA Institute)