Peliminary Program for the Stern Microstructure Meeting, Friday, May 20, 2016

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

Program Committee Tarun Chordia, Goizueta School, Emory University
Amit Goyal, HEC Lausanne
Joel Hasbrouck, Stern School, NYU
Bruce Lehmann, UCSD
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 "SMC2016" 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. The schedule below is tentative and subject to revision. (Please don't make travel plans contingent on any particular ordering of the papers.)

Thursday, May 19  
6:30 pm

Dinner (open to all registered conference attendees)
The dinner, breakfast and lunch will be at the school. Registration and check-in will be in the first-floor lobby.

Friday, May 20  
8:30 am - 9:00 Continental Breakfast


9:00 - 10:00

Discrete or Continuous Trading? HFT Competition and Liquidity on Batch Auction Markets
Marlene Haas, Vienna Graduate School of Finance
Marius Zoican, Universite Paris-Dauphine

Discussant: Eric Budish, University of Chicago

10:00 - 11:00

Core-Periphery Trading Networks
Chaojun Wang, Stanford University

Discussant: Ana Babus, Federal Reserve Bank of Chicago

11:00 - 11:15 Break
11:15 - 12:15

What Drives Price Dispersion and Market Fragmentation Across US Exchanges
Yong Chao, University of Louisville
Chen Yao, University of Warwick
Mao Ye, University of Illinois at Urbana-Champaign

Discussant: Larry Harris, University of Southern California






Trading Speed Competition: Can the Arms Race Go Too Far?
Dion Bongaerts, RSM, Erasmus University
Lingtian Kong RSM, Erasmus University
Mark Van Achter, RSM, Erasmus University Country: Netherlands

Discussant: Ioanid Rosu, HEC


Throttling hyperactive robots - Order to Trade Ratios at the Oslo Stock Exchange
Kjell Jorgensen, Norwegian Business School
Johannes Skjeltorp, Norges Bank
Bernt Arne Odegaard, University of Stavanger

Discussant: Albert Menkveld, Vrije Universiteit Amsterdam

3:15-3:30 Break

Information Asymmetry, Market Participation and Asset Prices
David Hirshleifer, UC Irvine
Chong Huang, UC Irvine
Siew Hong Teoh, UC Irvine

Discussant: Avanidhar Subrahmanyam, Anderson School, UCLA

4:30 Adjourn