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Indiana University Bloomington

Department of Finance

Biennial Symposium

Our biennial symposium attracts internationally known scholars to Kelley to share their research.

Biennial Symposium

The Implications of Market Microstructure for Investors, Firms, and Markets

August 22-24, 1997
Friday, August 22
6:00 p.m.

Welcome dinner

Saturday, August 23
Session 1, The Implications for Markets: 8:00-9:20 a.m.
Does a Large Minimum Price Variation Encourage Order Exposure?
Author:
Larry Harris, USC
Discussant:
Paul Schultz, Ohio State University
9:20-9:40 a.m.

Break

9:40-11:00 a.m.
Minimum Price Variations, Time Priority & Quotes Dynamics
Authors:
Tito Cordella, Universitat Pomeu Fabra
Thierry Foucault, Universitat Pomeu Fabra
Discussant:
Jeff Bacidore, Indiana University
11:00 a.m.-12:20 p.m.
What Happens When Time Priority is Not Enforced?
Author:
V. Panchapagesan, USC
Discussant:
Jason Greene, Georgia State University
12:20-2:00 p.m.

Lunch

Session 2, The Implications for Firms: 2:00-3:20 p.m.
Information, Resource Allocation, and the Development of Financial Markets
Authors:
A. Subrahmanyam, UCLA
Sheridan Titman, Boston College
Discussant:
Andrew Winton, Northwestern University
3:20-3:40

Break

3:40-5:00 p.m.
Stock Market Trading, Price Formation, and Optimal Management Compensation: Theory and Evidence
Authors:
Gerald Garvey, University of British Columbia
Michael Mc Corry, University of Sydney
Peter Swan, University of Sydney
Discussant:
Utpal Bhattacharya, Indiana University
6:00 p.m.

Dinner

Sunday, August 24
7:30-8:00 a.m.

Continental breakfast

Session 3, The Implications for Investors: 8:00-9:20 a.m.
Why Do Stock Prices Drop by Less than the Value of the Dividend? Evidence from a Country Without Taxes
Authors:
Murray Frank, University of British Columbia
R. Jagannathan, University of Minnesota
Discussant:
A. Subrahmanyam, UCLA
9:20-9:40 a.m.

Break

9:40-11:00 a.m.
Why Doesn’t Decimal Trading Eliminate Payment for Order Flow & Internalization?
Authors:
Robert Battalio, Notre Dame
Craig Holden, Indiana University
Discussant:
Tarun Chordia, Vanderbilt University
11:00 a.m.- 12:20 p.m.
Cross-Listing Effects: Evidence from the Time Series Behavior of Dealer Inventories
Author:
Oliver Hansch, University of London
Discussant:
Tim Crack, Indiana University
12:20-1:30 p.m.

Lunch and adjournment