Preliminary Program for the Stern Microstructure Meeting, Friday, May 10, 2013

Supporting funding is provided by NASDAQ OMX through a grant to the Salomon Center at Stern.

Organizer Joel Hasbrouck, Stern School
Program Committee Tarun Chordia, Goizueta School, Emory University
Amit Goyal, HEC Lausanne
Gideon Saar, Johnson School, Cornell University

The Stern Microstructure Conference is open to everyone with an interest in market microstructure research. The sessions will be held at the Management Education Center, 44 W. 4th St., NYC (near the southeast corner of Washington Square Park). For more complete directions see There will be a registration desk in the lobby.

Registration Instructions: E-mail with "SMC2013" in the subject line. Please indicate if you will be joining us for the dinner the night before. Other inquiries:

Please note: Hard copies of the papers will not be available at the conference.

Thursday, May 9
6:30 pm Dinner (open to all registered conference attendees)
Friday, May 10  

8:30 am - 9:00

Continental Breakfast

  Morning chair: Bruce Lehmann, UCSD

9:00 - 10:00

Informed Trading Before Unscheduled Corporate Announcements
Shmuel Baruch, University of Utah
Marios Panayides, University of Pittsburgh
Kumar Venkataraman, Southern Methodist University

Discussant: Ingrid Werner, Fisher College, Ohio State University

10:00 - 11:00

Adverse Selection and Intermediation Chains
(formerly: Intermediating Adverse Selection)
Vincent Glode, Wharton
Christian Opp, Wharton

Discussant: Vish Viswanathan, Fuqua, Duke University

11:00 - 11:15


11:15 - 12:15

Exploratory Trading
Adam Clark-Joseph, University of Illinois

Discussant: Terry Hendershott, Haas School, University of California at Berkeley


David Mechner, Pragma Trading
  Afternoon chair: Gideon Saar, Johnson School


Competition of High-Frequency Market Makers and Market Quality
Johannes Breckenfelder, Stockholm School of Economics

Discussant: Charles Jones, Columbia University



Asset Pricing Frictions in Fragmented Markets
Emilian Pagnotta, NYU Stern

Discussant: Chester Spatt, Tepper School, Carnegie Mellon University




Flickering Quotes
Shmuel Baruch, University of Utah
Larry Glosten, Columbia

Discussant: Ioanid Rosu, HEC