Program for the Stern/Salomon Microstructure Meeting, Friday, May 23, 2025

Last updated: Wednesday May 21, 2025 9:07 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

Updates 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.

Day-of information: 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 https://www.stern.nyu.edu/experience-stern/contact-us/visit-stern. Enter the building via Gould Plaza (between KMEC and the Library). There may be security checks at the entrance to the building (and the entrance to the plaza): bring a government-issued photo ID. Registered attendees should receive an email from NYU Campus Safety ("no-reply@nyu.edu") and in the subject line: [NYU Campus Safety] Campus Access Approved- Stern Microstructure Conference 2025. The email has additional instructions. You should print or download a copy of the email.

At KMEC, sessions will be in room 1-70. Breakfast and coffee-break refreshments will be outside 1-70. Dinner and lunch will be in Room 5-50. There will be a registration desk in the lobby.

Registration Link (If you encounter difficulties, please email me at jh4@stern.nyu.edu)

You can download all papers here. (Hard copies will not be provided.) The schedule below is tentative and subject to revision. (Please don't make travel plans contingent on any particular ordering of the papers.)

Timing for each paper: 30 min for the presenter; 20 min for the discussant; and 10 min general discussion.

Thursday, May 22  
6:00 pm Elsevier's Journal of Financial Markets - Sponsored Dinner

KMEC 1-70 . (44 West 4th St. You can enter the building from the smaller plaza on the west side.)
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.
Friday, May 23  
8:30 - 8:55

Continental Breakfast

8:55 - 9:00 Welcome. We pass the microphone around the room for short self-introductions (like, "Joel Hasbrouck from Stern Finance.")
9:00 - 10:00

Chair: Joel Hasbrouck (Stern School, NYU)

China Walls
Tomy Lee (Central European University) Daniel Nathan (Bank of Israel) ChaojunWang (Wharton School, University of Pennsylvania)

Discussant: Terrence Hendershott (Haas School, University of California at Berkeley)

10:00 - 11:00

Chair: Tarun Chordia (Goizueta School, Emory University)

Cournot Competition, Informational Feedback, and Real Efficiency
Lin William Cong (Johnson College, Cornell University), Xiaohong Huang (SWUFE), Siguang Li (HKUST-GZ), Jian Ni (SWUFE)

Discussant: Jesse Davis (Kenan-Flagler School, University of North Carolina)

11:00 - 11:15

Break

11:15 - 12:15

Gideon Saar (Johnson School, Cornell University)

Reinforcement learning in a dynamic limit order market
Amy Kwan (University of New South Wales), Richard Philip (University of Sydney)

Discussant: Ioanid Rosu (HEC Paris)

12:15-1:15

Lunch (KMEC 5-50)

1:15-2:15

Chair: Tarun Chordia (Goizueta School, Emory University)

Passive Ownership and Corporate Bond Lending
Amit Goyal (Swiss Finance Institute, University of Lausanne), Yoshio Nozawa (University of Toronto), Yancheng Qiu (University of Sydney)

Discussant: Yi Ming Ma (Columbia University)

2:15-3:15

Chair: Clara Vega (Board of Governors of the Federal Reserve System)

Market and Product Specialization in Financial Markets
Milena Wittwer (Boston College), Andreas Uthemann (Bank of Canada)

Discussant: Mirela Sandulescu (Kenan-Flagler, University of North Carolina)

3:15-3:30

Break

3:30-4:30

Chair: Joel Hasbrouck (Stern School, NYU)

Trade-Off? What Trade-Off: Informative Prices without Illiquidity
Thierry Foucault (HEC Paris), Kostas Koufopoulos (University of Sussex), Roman Kozhan (Warwick Business School, University of Warwick)

Discussant: Cecilia Parlatore (Stern School, New York University)

4:30

Adjourn