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
