Announcement

Eleventh Annual Conference on Financial Market Regulation

March 19, 2024

Eleventh Annual CFMR Conference 2024 header image

The SEC’s Division of Economic and Risk Analysis (DERA), Lehigh University’s Center for Financial Services, and the University of Maryland’s Center for Financial Policy will jointly host the Eleventh 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 on May 9 - 10, 2024.

Register for the Conference

NO NEED TO REGISTER IF YOU ARE GOING TO USE THE SEC INTERNAL WEBCAST

PROGRAM

THURSDAY, MAY 9, 2024

12:30-1:15	Registration
1:15-1:30	Opening Remarks Chair Gary Gensler (SEC)
1:30-1:45	Welcome Chief Economist Jessica Wachter (SEC)
1:45-3:15	Enforcement Track Session Chair: Marina Martynova (SEC) Detecting the Risk of Cross-Product Manipulation in the EUREX Fixed Income Futures Market Kaveesha Dilshani (University of Technology Sydney), Andy Guo (University of Technology Sydney), Peter Mere (Macquarie University), Alexis Stenfors (University of Portsmouth) Discussant: Douglas Cumming (Florida Atlantic University) Does High Frequency Market Manipulation Harm Market Quality? Jonathan Brogaard (University of Utah), Dan Li (Chinese University of Hong Kong), Jeffrey Yang (University of Utah) Discussant: Jeff Harris (American University)
3:15-3:30	Break
3:30-5:30	SEC Research Track Session Chair: Craig Lewis (Vanderbilt University) A Simple Role for Complex Options Su Li (SEC), David Musto (University of Pennsylvania), Neil Pearson (University of Illinois at Urbana-Champaign) Discussant: Shuaiyu Chen (Purdue University) Detecting Informed Trading Risk from Undercutting Activity in Limit Order Markets Yashar Barardehi (Chapman University), Peter Dixon (SEC), Qiyu Liu (SEC) Discussant: Travis Johnson (University of Texas at Austin) Political Uncertainty and Capital Raising through Private Offerings Vladimir Ivanov (SEC), Matthew Wynter (Stony Brook University) Discussant: Minmo Gahng (Cornell University)
5:30-6:15	Pre-Dinner Reception at The Monocle Restaurant 107 D Street, NE, Washington, DC
6:15-8:15	Dinner at The Monocle

FRIDAY, MAY 10, 2024

8:00-8:40	Registration and Continental Breakfast
8:40-8:45	Welcome
8:45-9:00	Opening Remarks Commissioner Jaime Lizarraga (SEC)
9:00-10:30	Market Microstructure Track Session Chair: Julia Reynolds (SEC) Anticompetitive Price Referencing Vincent van Kervel (Pontificia Universidad Católica de Chile), Bart Zhou Yueshen (Singapore Management University) Discussant: Paul Barton (SEC) Learning from DeFi: Would Automated Market Makers Improve Equity Trading? Katya Malinova (McMaster University), Andrea (University of Toronto) Discussant: Donghwa Shin (University of North Carolina)
10:30-11:00	Break
11:00-12:30	Corporate Finance Track Session Chair: Dalida Kadyrzhanova (Federal Reserve Board) Bloated Disclosures: Can ChatGPT Help Investors Process Financial Information? Alex Kim (University of Chicago), Maximilian Muhn (University of Chicago), Valeri Nikolaev (University of Chicago) Discussant: Sean Cao (University of Maryland) Does Sustainable Investing Make Stocks Less Sensitive to Information about Cash Flows? Steffen Hitzemann (University of Houston), An Qin (Rutgers University), Stanislav Sokolinski (Michigan State University), Andrea Tamoni (Rutgers University) Discussant: Min Park (University of Kansas)
12:30-2:00	Lunch Keynote Address Commissioner Mark Uyeda (SEC)
2:00-3:30	Financial Intermediary Track Session Chair: Dasol Kim (Office of Financial Research) Catering through Transparency: Voluntary ESG Disclosure by Asset Managers and Fund Flows Marco Ceccarelli (VU Amsterdam), Simon Glossner (Board of Governors of the Federal Reserve System), Mikael Homanen (City University London) Discussant: Jess Cornaggia (Pennsylvania State University) Intermediary Balance Sheet Constraints, Bond Mutual Funds’ Strategies, and Bond Returns Mariassunta Giannetti (Stockholm School of Economics), Chotibhak Jotikasthira (Southern Methodist University), Andreas Rapp (Board of Governors of the Federal Reserve System), Martin Waibel (Stockholm School of Economics) Discussant: Russ Wermers (University of Maryland)
3:30-4:00	Break
4:00-5:30	Asset Management Track Session Chair: Haibei Zhao (Lehigh University) Spreading Sunshine in Private Equity: Agency Costs and Financial Disintermediation Yingxiang Li (University of British Columbia) Discussant: Joan Farre-Mensa (University of Illinois at Chicago) The Dodd-Frank Act and Hedge Fund Operational Risk Bing Liang (University of Massachusetts), William Goetzmann (Yale University), Jue Wang (University of Massachusetts) Discussant: Veronika Pool (Vanderbilt University)
5:30-5:45	Closing Remarks
5:45-7:00	Informal SEC Reception