Annual Conference on Financial Market Regulation (CFMR)

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9th Annual Conference on Financial Market Regulation (CFMR 2022)

Online Registration:


The SEC’s Division of Economic and Risk Analysis (DERA), Lehigh University’s Center for Financial Services (CFS), University of Maryland’s Center for Financial Policy (CFP), and CFA Institute will jointly host the virtual CFMR 2022 on Friday, May 6, 2022. The goal of the conference is to bring together participants for an exchange of views on topics of relevance to the Commission. The conference is virtual and there is no fee to attend.

SEC Chief Economist Jessica Wachter will open the conference at 9 am followed by remarks by SEC Chair Gary Gensler. SEC Commissioner Allison Herren Lee will deliver this year's keynote address at 1 pm.

The following papers will be presented and discussed:

Deputization Bruce Carlin (Rice University), Tarik Umar (Rice University), Hanyi (Livia) Yi (Boston College)

Monetary Policy and the Run Risk of Loan Funds Nicola Cetorelli (Federal Reserve Bank of New York), Gabriele La Spada (Federal Reserve Bank of New York), Joao Santos (Federal Reserve Bank of New York)

Squeezing Shorts Through Social Media Platforms Franklin Allen (Imperial College), Marlene Haas (Independent Scholar), Eric Nowak (Universita della Svizzera italiana and Swiss Finance Institute), Matteo Pirovano, (Universita della Svizzera italiana and Swiss Finance Institute), Angel Tengulov (University of Kansas)

The Market Inside the Market: Odd-lot Quotes Robert Bartlett (University of California, Berkeley), Justin McCrary (Columbia University), Maureen O’Hara (Cornell University)

Index Providers: Whales Behind the Scenes of ETFs Yu An (Johns Hopkins University), Matteo Benetton (University of California, Berkeley), Yang Song (University of Washington)

The Consequences of Fund-level Liquidity Requirements Indraneel Chakraborty (University of Miami), Elia Ferracuti (Duke University), John Heater (Duke University), Matthew Phillips (University of Miami)

Does Socially Responsible Investing Change Firm Behavior? Davidson Heath, (University of Utah), Daniele Macciocchi, (University of Miami), Roni Michaely, (University of Hong Kong), Matthew Ringgenberg, (University of Utah)

Everlasting Fraud Vivian Fang (University of Minnesota), Nan Li (University of Minnesota),
Wenyu Wang (Indiana University), Gaoqing Zhang (University of Minnesota)

Conference Organizers: Kathleen Weiss Hanley (Lehigh University), Amy Edwards (SEC), Vlad Ivanov (SEC), Russ Wermers (University of Maryland), and Paul Andrews (CFA Institute)


8th Annual Conference on Financial Market Regulation (CFMR 2021)

SEC Chair Gary Gensler opened the conference. The CFMR 2021 program also included remarks by SEC Chief Economist Jessica Wachter, a special session on climate change, and the keynote address was given by SEC Commissioner Caroline Crenshaw.        

Papers presented at the CFMR 2021:

Lee Seltzer (University of Texas), Laura Starks (University of Texas), and Qifei Zhu (Nanyang Technological University) 
Competition and Exchange Data Fees
Jonathan Brogaard (University of Utah), James Brugler (University of Melbourne), and Dominik Roesch (University at Buffalo) 
Andras Danis (Georgia Institute of Technology) and Andrea Gamba (Warwick Business School)
George Aragon (SEC), A. Tolga Ergun (SEC), and Giulio Girardi (SEC)
Yi Li (Federal Reserve Board), Maureen O'Hara (Cornell University) and Xing (Alex) Zhou (Federal Reserve Board)
Lorenzo Casavecchia (University of Technology Sydney), Chanyuan Ge (Macquarie University), Wei Li (University of Iowa), and Ashish Tiwari (University of Iowa)            
Patrick Bolton (Columbia University) and Marcin Kacperczyk (Imperial College)            
Tyler Beason (Arizona State University) and Sunil Wahal (Arizona State University) 
The Design of a Central Counterparty
John Kuong (INSEAD) and Vincent Maurin (Stockholm School of Economics)
Amy Edwards (SEC), Paul Hughes (SEC), John Ritter (SEC), Patti Vegella (SEC), and Hao Zhang (Rochester Institute of Technology)
Kelly Nianyun Cai (University of Michigan Dearborn), Kathleen Weiss Hanley (Lehigh University), Alan Guoming Huang (University of Waterloo), and Xiaofei Zhao (Georgetown University) 
Doron Levit (University of Washington), Nadya Malenko (University of Michigan), and Ernst Maug (University of Mannheim)     


7th Annual Conference on Financial Market Regulation (CFMR 2020)

The CFMR 2020 program included a fireside chat with Commissioner Elad Roisman, and a session featuring the SEC division directors who 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) William Hinman (SEC, Division of Corporation Finance) and Brett Redfearn (SEC, Division of Trading and Markets).

Papers presented at the CFMR 2020:

"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-Champaign), Mathias Kronlund (University of Illinois Urbana-Champaign), 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)

Recording from day 1 of the conference - September 17, 2020.

Recording from day 2 of the conference - September 18, 2020.