CFS News and Events

News and Events

JULY 17 - 19, 2021
ANNUAL FINANCIAL ECONOMISTS ROUNTABLE MEETING
IN SHEPHERDSTOWN, WEST VIRGINIA

The Financial Economist Roundtable (FER) is a group of senior financial economists who have made significant contributions to the finance literature and seek to apply their knowledge to current policy debates. FER focuses on microeconomic issues in investments, corporate finance, as well as financial institutions and markets, both in the U.S. and internationally. It aims to create a forum for intellectual interaction that promotes in-depth analyses of current policy issues in order to raise the level of public and private policy debate and improve the quality of policy decisions.

Register for FER 2021 today.

MAY 13-14, 2021
8th ANNUAL CONFERENCE ON FINANCIAL MARKET REGULATION
VIRTUAL EVENT

The Conference on Financial Market Regulation (CFMR 2021) was held on May 13 - 14, 2021. It was the second time in the conference's eight-year run that it was presented virtually.

The SEC, CFS at Lehigh University, CFP at the Robert H. Smith School of Business, and CFA Institute were pleased to jointly host the 8th Annual CFMR. The goal of the conference is to bring together participants from academia, industry, government, and the SEC for an exchange of views on topics of relevance to the Commission.

CFMR 2021 program included:

Opening remarks were provided by SEC Chair Gary Gensler and SEC Chief Economist Jessica Wachter. The keynote address was given by SEC Commissioner Caroline Crenshaw.                     

The following papers were presented and discussed:

"Dark Knights: The Rise in Firm Intervention by CDS Investors" Andras Danis (Georgia Institute of Technology) and Andrea Gamba (Warwick Business School)

"The Design of a Central Counterparty" John Kuong (INSEAD) and Vincent Maurin (Stockholm School of Economics)

"Hedge Fund Liquidity Management: Insights for Systemic Risk Oversight" George Aragon (SEC), A. Tolga Ergun (SEC), and Giulio Girardi (SEC)

"The Effect of Hidden Liquidity: Evidence from an Exogenous Shock" Amy Edwards (SEC), Paul Hughes (SEC), John Ritter (SEC), Patti Vegella (SEC), and Hao Zhang (Rochester Institute of Technology)

"Mutual Fund Fragility, Dealer Liquidity Provisions, and the Pricing of Municipal Bonds" Yi Li (Federal Reserve Board), Maureen O'Hara (Cornell University) and Xing (Alex) Zhou (Federal Reserve Board)

"Prime Time for Prime Funds: Floating NAV, Intraday Redemptions and Liquidity Risk During Crises" Lorenzo Casavecchia (University of Technology Sydney), Chanyuan Ge (Macquarie University), Wei Li (University of Iowa), and Ashish Tiwari (University of Iowa)

"Climate Regulatory Risks and Corporate Bonds" Lee Seltzer (University of Texas), Laura Starks (University of Texas), and Qifei Zhu (Nanyang Technological University)

"Signaling through Carbon Disclosure" Patrick Bolton (Columbia University) and Marcin Kacperczyk (Imperial College)

"The Pricing of New Corporate Debt Issues" Kelly Nianyun Cai (University of Michigan Dearborn), Kathleen Weiss Hanley (Lehigh University), Alan Guoming Huang (University of Waterloo), and Xiaofei Zhao (Georgetown University)

"The Voting Premium" Doron Levit (University of Washington), Nadya Malenko (University of Michigan), and Ernst Maug (University of Mannheim)

"Competition and Exchange Data Fees" Jonathan Brogaard (University of Utah), James Brugler (University of Melbourne), and Dominik Roesch (University at Buffalo)

"The Anatomy of Trading Algorithms" Tyler Beason (Arizona State University) and Sunil Wahal (Arizona State University)

APRIL 14, 2021
IS THE TIMING RIPE TO GO PUBLIC?
VIRTUAL EVENT

In 2020 amid the coronavirus pandemic, there were a record number of initial public offerings.  Airbnb, DoorDash, Palentir Technologies, and Snowflake decided to hit the market along with 490 additional IPOs. In fact in 2020 the volume of IPOs more than doubled from 2019, and the IPO market raised $174 billion – an astounding 150% increase from the previous year.  
 
The dramatic boost in IPO activity is, in part, driven by Special Purpose Acquisition Companies (SPACs), sometimes called blank check companies. In 2020, SPACs accounted for half of all IPOs.
 
Our distinguished panel of experts shared their insights on the IPO market and had a lively discussion about the role of SPACs with an emphasis on the real estate market.

    Moderator: Kathleen Weiss Hanley, Bolton-Perella Chair in the Department of Finance, Director of the Center for Financial Services, Lehigh University 

    Panelists: Paul Galiano Senior Managing Director, Co-Head of US Acquisitions, Dispositions, Capital Markets, Joint-Venture Transactions, Tishman Speyer , Gil Ottensoser, Managing Director, Head of SPAC Investment Banking, BTIG, David Panton, Managing Partner, SPAC Operations Group, Navigation Capital Partners, Jay Ritter, Joseph B. Cordell Eminent Scholar in the Department of Finance, University of Florida, and Matt Wolpert, Portfolio Manager, Managing Director, Almanac Realty Investors, Neuberger Berman

    This event was jointly hosted by the Center for Financial Services and the Goodman Center for Real Estate

    View the recorded webinar.

    2020

    DECEMBER 1, 2020
    THE NEW REALITY FOR THE FINANCIAL SERVICES INDUSTRY
    VIRTUAL EVENT

    The Lehigh CFS Advisory Board in cooperation with the Lehigh Wall Street Council presented a post-election panel discussion on the impact of the pandemic on the financial services.

    Experts from the financial services field shared insights about today’s operating environment. Discussions included topics such as the acceleration of digital transformations, the creation of non-traditional partnerships, the importance and relevance of embedding social responsibility into business models, how companies have improved agility and risk management, and the development of new customer value propositions.

    Moderator: Daniel Pietrzak, Partner/Co-Head of Private Credit, KKR, Member, Lehigh CFS Advisory Board

    Panelists: Doug Borkowski, Managing Director, Global Equities, Bank of America Merrill Lynch, Member, Lehigh CFS Advisory Board, Robert Cortright, Founder & CEO, DriveWealth Holdings, Inc., Katie Kolchin, CFA, Director of Research, SIFMA, Member, Lehigh Wall Street Council Executive Committee, and Mickey Levy, Chief Economist for Americas and Asia at Berenberg Capital Markets, LLC, Member, Shadow Open Market Committee

    Closing remarks: Kathleen Weiss Hanley, Bolton-Perella Chair in Finance, Director of the Center for Financial Services, Lehigh University, Member, Financial Economists Roundtable (FER) Steering Committee

    SEPTEMBER 16 - NOVEMBER 11, 2020
    14th ANNUAL FINANCIAL SERVICES FORUM
    VIRTUAL WEEKLY SESSIONS

    Each Wednesday from September 16 - November 11 at 5:15 pm, Zoom breakout sessions were held on various areas within financial services. These sessions were brought to you by the Lehigh Wall Street Council in cooperation with the Lehigh CFS Advisory Board. The goal of the forum is to provide Lehigh students with a unique opportunity to learn firsthand from alumni about different career paths and job search techniques within the financial services sector. 

    SEPTEMBER 25, 2020
    2nd ANNUAL QUANT/FINANCIAL ENGINEERING CONFERENCE
    VIRTUAL EVENT

    The CFS presented the 2nd annual Quant/Financial Engineering Conference – a live, virtual event – that was brought to you by Lehigh's Financial Engineering Masters program. Topics discussed included decentralized finance and central bank digital currencies, API for financial institutions, data forensics, quantum computing, stationarity, synthetic data and stress testing, Ethereum/smart contracts, and multi factor modeling.                           

    SEPTEMBER 17-18, 2020
    7th ANNUAL CONFERENCE ON FINANCIAL MARKET REGULATION
    VIRTUAL EVENT

    The Conference on Financial Market Regulation (CFMR 2020) was held on September 17 - 18, 2020. It was the first time in the conference's seven-year run that it was presented virtually.

    The SEC, CFS at Lehigh University, CFP at the Robert H. Smith School of Business, and CFA Institute were pleased to jointly host the 7th Annual CFMR. The goal of the conference is to bring together participants from academia, industry, government, and the SEC for an exchange of views on topics of relevance to the Commission.

    CFMR 2020 program included:

    A fireside chat with Commissioner Elad Roisman. 

    SEC division directors discussed hot topics in their respective areas. Moderator: S.P. Kothari (SEC, Division of Economic and Risk Analysis) Panelists: Dalia Blass (SEC, Division of Investment Management) and Brett Redfearn (SEC, Division of Trading and Markets)

    The following papers were presented and discussed:

    "Discretionary NAVs" Scott Cederburg (University of Arizona) and Neal Stoughton (University of Waterloo)

    "Funding Liquidity and Market Liquidity: the Broker-Dealer Perspective" Marco Macchiavelli (Federal Reserve Board) and Xing (Alex) Zhou (Federal Reserve Board)

    "Periodic Disclosures of Asset-Backed Securities" Brent Schmidt (Penn State University) and Helen Zhang (University of Minnesota)

    "Phantom of the Opera: ETF Shorting and Shareholder Voting" Richard Evans (University of Virginia), Oğuzhan Karakaş (University of Cambridge), Rabih Moussawi (Villanova University), and Michael Young (University of Missouri)

    "Should We Use Closing Prices? Institutional Price Pressure at the Close" Vincent Bogousslavsky (Boston College) and Dmitriy Muravyev (Michigan State University)

    "Sitting Bucks: Zero Returns in Fixed Income Funds" Jaewon Choi (University of Illinois Urbana-Champain), Mathias Kronlund (University of Illinois Urbana-Champain), and Jimmy Oh (Hanyang University)

    "Spinning the CEO Pay Ratio Disclosure" Audra Boone (Texas Christian University), Austin Starkweather (Vanderbilt University), and Joshua Tyler White (Vanderbilt University)

    "Violations of Price-Time Priority and Implications for Market Quality" Seoyoung Kim (Santa Clara University) and Daniel Trepanier (Santa Clara University)

    MAY 7, 2020
    MOUNTAIN TALK: FINANCIAL MANAGEMENT DURING MARKET TURMOIL
    VIRTUAL EVENT

    A short webinar that discussed how the COVID-19 pandemic has many people concerned about the current and future states of their financial investments. Seth Finkel ’80, managing director, Neuberger Berman, and current Lehigh CFS board member, talked about some of the biggest concerns facing individuals and their wealth management, how he was approaching this challenge with his clients, and what you might want to consider in your own financial planning. Watch the recording.

    Finkel has been rated among the top financial advisors by various financial media. In 2020, he was ranked 22nd in the country on the Barron’s Top 100 Financial Advisors list and 6th in New York State on the Barron’s 2020 Top 1,200 Financial Advisors State by State list. Additionally, in 2019 Seth was ranked #7 in America on Barron's Top 100 Independent Financial Advisors.

    Finkel's financial advisor profile was featured in Barron's on May 15: "An Investor's Survival Guide to Extreme Volatility."

    APRIL 27, 2020
    KITCHEN TABLE TALK: HOW I LEARNED TO STOP WORRYING AND IGNORE THE MARKET
    VIRTUAL EVENT

    Lehigh Business' Vistex Institute for Executive Learning & Research developed a series of short talks to help business and individuals cope during the COVID-19 pandemic. In this episode, Prof. Kathleen Weiss Hanley, Bolton-Perella Chair in Finance and CFS Director, gives you a sense of why markets are so volatile during this unprecedented coronavirus health crisis. Watch the video.

    2019

    NOVEMBER 18, 2019
    ESG INVESTING PANEL
    AT REFINITIV

    Lehigh’s CFS hosted its annual New York City conference in November at Refinitiv. The expert panel discussed Environmental, Social, and Governance (ESG) investing and shared their insights and knowledge on topics such as ESG’s rapid growth, ESG data analysis and scoring, sustainable funds’ performance over ordinary ones, arbitrage opportunities for non-ESG investors, and the future of ESG funds.

    Keynote Henry McVey, Head of Global Macro & Asset Allocation & CIO at KKR, shared his macro insights with the engaged audience.

    CFS Board member John Melvin ‘91, Managing Director & Chief Investment Officer at HIMCO, moderated the discussion among panelists:

    • Ingrid Dyott, Managing Director, Senior Portfolio Manager at Neuberger Berman
    • Laura Kunkemueller, ESG Officer at Mellon
    • Noelle-Claire LeCann, Managing Principal at AlphaSource Advisors 
    • Henry Shilling, Director of Research at Sustainable Research and Analysis 

    Please enjoy a photo gallery of the November 18 event. 

    The conference was brought to you by the CFS in cooperation with the CFS Advisory BoardKKRLehigh Wall Street Council, and Refinitiv.

    OCTOBER 18, 2019
    4th ANNUAL FINANCE RESEARCH SYMPOSIUM
    AT LEBOW SCHOOL OF BUSINESS AT DREXEL UNIVERSITY

    The Fourth Annual "Philly Five" Regional Finance Conference was held at the LeBow School of Business at Drexel University. The annual research symposium was co-sponsored by Drexel University, Lehigh University, Temple University, University of Delaware, and Villanova University. It was a day of networking and research discussion that featured five completed research papers presented seminar style and a few presentations of "early ideas" with preliminary findings.

    JULY 13 - 15, 2019
    ANNUAL FINANCIAL ECONOMISTS ROUNTABLE MEETING
    IN BOULDER, COLORADO

    The Financial Economist Roundtable (FER) is a group of senior financial economists who have made significant contributions to the finance literature and seek to apply their knowledge to current policy debates. FER focuses on microeconomic issues in investments, corporate finance, as well as financial institutions and markets, both in the U.S. and internationally. It aims to create a forum for intellectual interaction that promotes in-depth analyses of current policy issues in order to raise the level of public and private policy debate and improve the quality of policy decisions.

    Read FER's 2019 Statement on "Evidence-Based Regulation and the Limits of Pilot Studies."

    MAY 9-10, 2019
    6th ANNUAL CONFERENCE ON FINANCIAL MARKET REGULATION
    AT THE SECURITIES AND EXCHANGE COMMISSION

    On Thursday, May 9, and Friday, May 10, 2019, the SEC, CFS at Lehigh University, CFP at the Robert H. Smith School of Business, and CFA Institute jointly hosted the Sixth Annual Conference on Financial Market Regulation (CFMR 2019) at the SEC Headquarters in Washington, DC.

    The CFMR brought together participants from academia, industry, government, and the SEC for an exchange of views on topics of relevance to the Commission.

    The presenters and discussants tackled thought-provoking topics including product differentiation as a predictor of fraud, short selling and adverse selection, tweets to motivate investors, order routing to high frequency traders and ATSs, effects of a shock to angel finance, corporate disclosure, post-crisis liquidity regulation, risk retention rules, fiduciary duty and financial advice, and alternative pricing rules.

    The CFMR lunch keynote address was given by Commissioner Hester Peirce. In addition, there was a SEC panel on economic analysis in enforcement cases.

    To view presented papers, check out the Sixth CFMR eJournal, which is available to all SSRN subscribers at no charge. 

    MARCH 27, 2019
    CFS SPRING SPEAKER 
    AT LEHIGH UNIVERSITY'S RAUCH BUSINESS CENTER

    Talk given by Daniel Pietrzak '97, Member/Co-Head of Private Credit, KKR

    "The Evolution of Private Equity"

    • The continued evolution of private equity and major trends shaping the future of the industry
    • KKR's history and how its private equity roots have created the foundation for new businesses
    • How KKR is accelerating growth within the Credit space and what are the significant opportunities

    This event was co-sponsored by the Finance Club and the Investment Management Club.

    2018

    DECEMBER 4, 2018
    BLOCKCHAIN TECHNOLOGIES PANEL
    AT REFINITIV

    Lehigh’s CFS hosted its third annual New York City conference in December at Refinitiv (formerly the Financial and Risk business of Thomson Reuters). The panel discussion focused on one of the biggest trends in the Fintech space – Blockchain Technologies. The expert panel provided thoughtful comments and an insider’s view into the exciting, fast-paced sector of finance and technology.

    CFS Board member Julian Sluyters '82, Advisor at GECKO Governance, moderated the discussion among panelists:

    • Dan DiSano, CEO, AxisPoint
    • Eileen Lowry, global program director, IBM Blockchain Garage
    • Mike Orcutt, associate editor, MIT Technology Review
    • Kevin Worth '91, CEO, CoinDesk

    The conference was brought to you by the CFS in cooperation with the CFS Advisory BoardLehigh Wall Street Council, and Refinitiv.

    OCTOBER 26, 2018
    3rd ANNUAL FINANCE RESEARCH SYMPOSIUM
    AT TEMPLE UNIVERSITY'S FOX SCHOOL OF BUSINESS

    The Third Annual "Philly Five" Regional Finance Conference was held at Temple University’s Fox School of Business. The annual research symposium was co-sponsored by Drexel University, Lehigh University, Temple University, University of Delaware and Villanova University. The conference featured five completed research papers presented seminar style and a few presentations of "early ideas" with preliminary findings.

    JULY 14 - 16, 2018
    ANNUAL FINANCIAL ECONOMISTS ROUNTABLE MEETING
    IN TORONTO, CANADA

    The Financial Economist Roundtable (FER) is a group of senior financial economists who have made significant contributions to the finance literature and seek to apply their knowledge to current policy debates. FER focuses on microeconomic issues in investments, corporate finance, as well as financial institutions and markets, both in the U.S. and internationally. It aims to create a forum for intellectual interaction that promotes in-depth analyses of current policy issues in order to raise the level of public and private policy debate and improve the quality of policy decisions.

    Read FER's 2018 Statement on "Crypto Assets Require Better Regulation."

    MAY 10-11, 2018
    5th ANNUAL CONFERENCE ON FINANCIAL MARKET REGULATION
    AT THE SECURITIES AND EXCHANGE COMMISSION

    On Thursday, May 10, and Friday, May 11, 2018, the SEC, CFS at Lehigh University, CFP at the Robert H. Smith School of Business, and CFA Institute jointly hosted the Fifth Annual Conference on Financial Market Regulation (CFMR 2018) at the SEC Headquarters in Washington, DC.

    The CFMR brought together participants from academia, industry, government, and the SEC for an exchange of views on topics of relevance to the Commission.

    The presenters and discussants tackled interesting and insightful topics including crowdfunding, hedge fund liquidity management, ETFs, fragmented markets, SEC's comment letter process, investment advisor misconduct, and portfolio pumping, to name a few.

    The CFMR lunch keynote address was given by Commissioner Robert Jackson. In addition, there was a SEC panel moderated by Commissioner Michael Piwowar who discussed areas of academic research that could contribute to fulfilling the SEC's mission.

    To view presented papers, check out the Fifth CFMR eJournal, which is available to all SSRN subscribers at no charge.

    2017

    DECEMBER 5, 2017
    CHALLENGES FACING ASSET MANAGEMENT PANEL
    AT THOMSON REUTERS

    Lehigh’s CFS hosted its second annual New York City conference in December that brought together a panel of experts to explore the robust topic of “Challenges Facing Asset Management.” The panel discussed various areas in asset management such active vs. passive investing, ETFs, the increasing role of technology, and MiFID II.

    Bob Doll ’76, chief equity strategist and senior portfolio manager at Nuveen Asset Management, moderated the discussion among panelists:

    • Charles Kantor, managing director and senior portfolio manager, Neuberger Berman
    • Dorothy Lariviere, director, BlackRock
    • Pedro Matos, academic director, Mayo Center, The University of Virginia
    • Niraj Patel '21P, CIO, Lending Platforms, IBM
    • Rebecca Patterson, managing director and CIO, Bessemer Trust
    • Christof Stahel, assistant director, Division of Economic and Risk Analysis, Securities and Exchange Commission

    The conference was co-sponsored by Thomson Reuters, Lehigh Wall Street Council, and the Center for Financial Services Advisory Board.

    OCTOBER 27, 2017
    2nd ANNUAL FINANCE REGIONAL RESEARCH SYMPOSIUM
    AT VILLANOVA UNIVERSITY'S BARTLEY HALL

    The Second Annual "Philly Five" Regional Finance Conference was co-sponsored by Drexel University, Lehigh University, Temple University, University of Delaware and Villanova University. The conference featured five completed research papers presented seminar style and three mini presentations of "early ideas" with preliminary findings.

    MAY 4-5, 2017
    4th ANNUAL CONFERENCE ON FINANCIAL MARKET REGULATION
    AT THE SECURITIES AND EXCHANGE COMMISSION

    The SEC, CFS at Lehigh University, CFP at the Robert H. Smith School of Business, and CFA Institute jointly hosted the Fourth Annual Conference on Financial Market Regulation (CFMR 2017). The conference brought together participants from academia, industry and the SEC for an exchange of views on topics of relevance to the Commission. 

    To view presented papers, check out the Fourth CFMR eJournal, which is available to all SSRN subscribers at no charge.

    MARCH 21, 2017
    VISITING LECTURER
    AT LEHIGH UNIVERSITY'S BAKER HALL IN ZOELLNER ARTS CENTER

    Talk given by Brad Katsuyama, IEX CEO

    While working as an equities trader at the Royal Bank of Canada, Brad Katsuyama noticed that when he tried to buy stocks for his clients, the offers vanished from his computer screen before he could complete the transaction, as if someone was watching him, and the stock prices went up.

    In his quest to find out why, Katsuyama, the subject of Michael Lewis’ best seller "Flash Boys: A Wall Street Revolt," discovered that high-frequency traders using computer algorithms can take advantage of their speed and proximity to stock exchanges to front run his trades. His concern that the market was ripping off investors compelled him to quit his high-paying job and start his own stock exchange, IEX. Despite strong opposition from incumbent exchanges, IEX won approval from the Securities and Exchange Commission in June 2016.

    This event was co-hosted by the CFS, Lehigh’s Visiting Lecturers Committee, and the Zoellner Arts Center.

    Read more about this event.

    FEBRUARY 16, 2017
    UNINTENDED CONSEQUENCES OF FINANCIAL SERVICES PANEL
    AT THOMSON REUTERS

    Lehigh’s CFS hosted its first conference in New York in February that brought together financial experts to explore the timely topic of “Unintended Consequences of Financial Services Reform.” The conference was co-sponsored by Thomson Reuters, The Lehigh Wall Street Council, and the Center for Financial Services Advisory Board.

    Seth Finkel ’80, managing director of Neuberger Berman Wealth Management and a member of the CFS Advisory Board, moderated the discussion among panelists:

    • Mark Flannery, Bank of America Eminent Scholar Chair in Finance, University of Florida
    • Hester Peirce, senior research fellow, Mercatus Center of George Mason University
    • Jay Baris, partner Morrison & Foerster
    • Mark Winer, senior advisor to The Oakleaf Group

    2016

    NOVEMBER 18, 2016
    1st ANNUAL REGIONAL FINANCE RESEARCH SYMPOSIUM
    AT DREXEL UNIVERSITY’S LEBOW COLLEGE

    The research symposium was co-sponsored by Drexel University, Lehigh University, Temple University and the University of Delaware. The conference featured four completed research papers presented seminar style and six mini presentations of “early ideas” with preliminary findings. It was a day of networking and research discussion.

    MAY 12 – 13, 2016
    3rd ANNUAL CONFERENCE ON FINANCIAL MARKET REGULATION
    AT THE SECURITIES AND EXCHANGE COMMISSION

    The SEC, CFS at Lehigh University, CFP at the Robert H. Smith School of Business, and CFA Institute jointly hosted the Third Annual Conference on Financial Market Regulation (CFMR 2016). The goal of the conference was to bring together participants from academia, industry and the SEC for an exchange of views on topics of relevance to the Commission.

    WE LOOK FORWARD TO SEEING YOU AT ONE OF OUR UPCOMING EVENTS!