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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 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