Biennial Symposium
The Organization of Financial Trade and Exchange Mechanism
August 11-13, 1995
Friday, August 11
- 6:00 p.m.
Cocktails and dinner, Uptown Cafe
Saturday, August 12
- 7:30-8:00 a.m.
Continental breakfast, State Room East, Indiana Memorial Union
- Session 1, Market Structure: 8:00-9:20 a.m.
- On the Integration of the U.S. Equity Markets
- Authors:
- Marshall Blume, Wharton School
- Michael Goldstein, University of Colorado
- Discussant:
- Louis Chan, University of Illinois
- 9:20-9:40 a.m.
Break
- 9:40-11:00 a.m.
- Competition and Collusion in Dealer Markets
- Authors:
- Prajit Dutta, University of Southern California
- Ananth Madhavan, University of Southern California
- Discussant:
- M. Nimalendran, University of Florida
- 11:00 a.m.-12:20 p.m.
- Market Failures and the Regulation of Financial Markets
- Author:
- Albert Kyle, Duke University
- Discussant:
- David Brown, Indiana University
- 12:20-2:00 p.m.
Lunch, Federal Room, Indiana Memorial Union
- Session 2, Market Making: 2:00-3:20 p.m.
- How Do Competing Specialists and Preferencing Dealers Improve Market Quality?: An Empirical Analysis
- Authors:
- Robert Battalio, University of Notre Dame
- Jason Greene, Indiana University and San Jose State University
- Robert Jennings, Indiana University
- Discussant:
- Marc Lipson, University of Georgia
- 3:20-3:40 p.m.
Break
- 3:40-5:00 p.m.
- Do NASDAQ Market Makers Paint the Tape?
- Authors:
- David Porter, Marquette University
- Daniel Weaver, Marquette University
- Discussant:
- Jason Greene, Indiana University and San Jose University
- 6:00 p.m.
Cocktails and dinner, Leslie’s Italian Villa
Sunday, August 13
- 7:30-8:00 a.m.
Continental breakfast, State Room East, Indiana Memorial Union
- Session 3, Trading Strategies: 8:00-9:20 a.m.
- Sources of Market Making Profits: Man Cannot Live by Spread Alone
- Authors:
- Steven Manaster, University of Utah
- Steven Mann, Texas Christian University
- Discussant:
- Robert Neal, Federal Reserve Board, Kansas City
- 9:20-9:40 a.m.
Break
- 9:40-11:00 a.m.
- Liquidity Provision with Limit Orders and a Strategic Specialist
- Author:
- Duane Seppi, Carnegie Mellon University
- Discussant:
- Susan Monaco, Indiana University
- 11:00 a.m.-12:20 p.m.
- Trading and Returns under Periodic Market Closures
- Authors:
- Harrison Hong, MIT
- Jiang Wang, MIT
- Discussant:
- Craig Holden, Indiana University
- 12:20-1:30 p.m.
Lunch, Tudor Room, Indiana Memorial Union
