Annual Conference on the Regulation of Financial Markets

Co-hosted by the Center for Financial Policy, the Securities and Exchange Commission’s Division of Economic and Risk Analysis and the CFA Institute

May 1, 2015

8:30 a.m. - 5 p.m. — Conference at SEC Headquarters, 100 F Street NE, Washington DC (NOTE: arrive by 8am for security clearance)
6:30 p.m. — Conference dinner at Art & Soul, 415 New Jersey Ave NW, Washington, DC

The SEC, CFA Institute and the Center for Financial Policy at the Robert H. Smith School of Business 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.  

Mary Jo White, Chair, SEC will give the opening remarks and the chief economist, Mark Flannery, will give the lunchtime keynote.



Topics and papers to be discussed 

I. Equity Trading

Shades of Darkness: A Pecking Order of Trading Venues (Albert Menkveld, VU University, Bart Zhou Yueshen, INSEAD and Haoxiang Zhu, Massachusetts Institute of Technology)

A Blessing or a Curse? The Impact of High Frequency Trading on Institutional Investors (Lin Tong, Fordham University)

II. Structured Finance

The Design of Structured Finance Vehicles (Sanjiv Ranjan Das, Santa Clara University and Seoyoung Kim, Santa Clara University)

Hiding behind Writing: Communication in Offering Process and MBS Performance (Harold Zhang, Feng Zhao and Xiaofei Zhao, University of Texas-Dallas)

III. Corporate Finance

Hard and Soft Information: Firm Disclosure, SEC Letters and the JOBS Act (Sudip Gupta, Indiana University  and Ryan Israelsen, Indiana University)

Short Selling and Earnings Management: A Controlled Experiment (Vivian Fang, University of Minnesota, Allen Huang, Hong Kong University of Science and Technology and Jonathan Karpoff, University of Washington)

IV. Asset Management

Mutual Fund Holdings of Credit Default Swaps: Liquidity Management and Risk Taking (Wei Jiang, Columbia University and Zhongyan Zhu, The Chinese University of Hong Kong)

Fund Performance and Equity Lending: Why Lend What You Can Sell? (Richard Evans, University of Virginia, Miguel Ferreira, Nova School of Business and Economics and Melissa Porras Prado, Nova School of Business and Economics)


Presentations from the event for 2015 are available under Research/Past Conference Papers