Program for the Stern/Salomon Microstructure Meeting, Friday, May 13, 2022

Program Committee

Tarun Chordia, Goizueta School, Emory University
Joel Hasbrouck, Stern School, NYU
Paolo Pasquariello, Ross School, University of Michigan
Gideon Saar, Johnson School, Cornell University
Clara Vega, Federal Reserve Board
Liyan Yang, Rotman School, University of Toronto

The Stern/Salomon Microstructure Conference is open to everyone with an interest in market microstructure research.

This year the meeting is virtual, on Zoom. The plan is for six papers arranged in one-hour slots, from 8:55 am to 4:45 pm (Eastern US time).
The timing will be 20/15/10 (presenter/discussant/Q&A). After the "formal" ten-minute Q&A, there will be fifteen minutes of extended Q&A/break.

REGISTRATION LINK [If this link is blocked, please RSVP to]

Further details on the conference and registration will be posted on this site.

Eastern US Time





Chair: Clara Vega

Liquidity Derivatives
Matteo Bagnara, Leibniz Institute for Financial Research SAFE, Goethe University Frankfurt am Main; Ruggero Jappelli, Leibniz Institute for Financial Research SAFE. Goethe University Frankfurt am Main.

Discussant: Dion Bongaerts, Rotterdam School of Management, Erasmus University


Chair: Paolo Pasquariello

Bond Price Fragility and the Structure of the Mutual Fund Industry
Mariassunta Giannetti, Stockholm School of Economics; Chotibhak Jotikasthira, Southern Methodist University.

Discussant: Yi Li, Board of Governors of the Federal Reserve System


Chair: Tarun Chordia

Constrained Dealers and Market Efficiency
Wenqian Huang, Bank for International Settlements; Angelo Ranaldo, University of St.Gallen; Andreas Schrimpf, Bank for International Settlements; Fabricius Somogyi, University of St.Gallen

Discussant: Briana Chang, Wisconsin School of Business

12:00-12:30 Mid-day break


Chair: Joel Hasbrouck

The Optimal Price of a Stock: A Tale of Two Discretenesses
Sida Li, University of Illinois at Urbana-Champaign; Mao Ye, University of Illinois at Urbana-Champaign

Discussant: Markus Baldauf, Sauder School, University of British Columbia


Chair: Liyan Yang

Comparing Search and Intermediation Frictions Across Markets
Gabor Pinter, Bank of Canada; Semih Uslu, Johns Hopkins University

Discussant: Ana Babus, Washington University


Chair: Gideon Saar

Uncovering Retail Trading in Bitcoin: The Impact of COVID-19 Stimulus Checks
Anantha Divakaruni, University of Bergen; Peter Zimmerman, Federal Reserve Bank of Cleveland

Discussant: Toomas Laarits, Stern School, New York University