Program for the Stern/Salomon Microstructure Meeting, Friday, May 19, 2023

Last updated: Thursday May 18, 2023 12:49 PM

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

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

The Stern Microstructure Conference is open to everyone with an interest in market microstructure research. The conference will be held at the Kaufman Management Education Center (KMEC), 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. Sessions will be held in KMEC 1-70.

The online registration link is no longer active. Please email me directly at:

Please note: Hard copies of the papers will not be available at the conference. Links are available below, or you can download all papers. 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 18  
6:00 pm Conference dinner. Open to program participants and a limited number of registered attendees. First-come first-served, preference for program participants from previous years.
Hors d'oeuvres and drinks open at 6:00; dinner at 6:30 Room KMEC 5-50
Friday, May 19  
8:30 - 8:55 Continental Breakfast, Room KMEC 1-100.
8:55 - 10:00 Stablecoin Runs and the Centralization of Arbitrage
Yiming Ma (Columbia University); Anthony Zhang (University of Chicago); Yao Zeng (University of Pennsylvania )

Discussant: Garth Baughman (Federal Reserve Board of Governors)
Session chair: Joel Hasbrouck
10:00 - 11:00

Sequential Search for Corporate Bonds
Mahyar Kargar (UIUC); Benjamin Lester (Philadelphia FED); Sebastien Plante (University of Wisconsin-Madison); Pierre-Olivier Weill (UCLA)

Discussant: Christian Opp (Rochester)
Session chair: Paolo Pasquariello

11:00 - 11:15 Break
11:15 - 12:15 Algorithmic Pricing and Liquidity in Securities Markets
Jean-Edouard Colliard (HEC Paris);Thierry Foucault (HEC Paris); Stefano Lovo (HEC Paris)

Discussant: Winston Dou (Wharton)
Session chair: Gideon Saar

Lunch, Room KMEC 1-100

1:15-2:15 Uncovering the Liquidity Premium in Stock Returns Using Retail Liquidity Provision
Yashar Barardehi (Chapman University); Dan Bernhardt (University of Illinois); Zhi Da (University of Notre Dame); Mitch Warachka (Chapman University)

Discussant: Joshua Mollner (Kellogg)
Session chair: Liyan Yang
2:15-3:15 Would Order-By-Order Auctions Be Competitive?
Thomas Ernst (University of Maryland); Chester Spatt (Carnegie Mellon University); Jian Sun (Singapore Management University)

Discussant: Larry Glosten (Columbia)
Session chair: Joel Hasbrouck
3:15-3:30 Break
3:30-4:30 Less Is More
Bart Yueshen (INSEAD); Junyuan Zou (INSEAD)

Discussant: Yajun Wang (Baruch)
Session chair: Joel Hasbrouck
4:30 Adjourn