Annual Conference on Financial Market Regulation (CFMR)

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Conference Dates: The conference will take place in the afternoon on Thursday, May 4 and all day on Friday, May 5, 2023.

Location: Securities and Exchange Commission, Washington DC

Paper Submission Deadline: November 18, 2022

Conference Details: The SEC’s Division of Economic and Risk Analysis (DERA), Lehigh University’s Center for Financial Services (CFS), the University of Maryland’s Center for Financial Policy (CFP), and CFA Institute will jointly host the 10th Annual Conference on Financial Market Regulation (CFMR 2023). The goal of the conference is to bring together participants for an exchange of views on topics of relevance to the Commission.

Two papers will be selected in each of four broad topic areas: corporate finance, market microstructure, financial intermediation, and asset management. Possible topics include, but are not limited to:

  • Corporate Finance: corporate disclosures, initial public offerings, seasoned equity offerings, corporate mergers and acquisitions, fintech, corporate governance and voting, corporate and municipal debt offerings, and disclosures related to asset-backed securities.
  • Market Microstructure: the structure, transparency, fairness, efficiency, and liquidity of secondary market trading in the equity, ETP, bond, option, security-based swap, and securities lending markets.
  • Financial Intermediaries: broker-dealers, financial institutions, analysts affiliated with broker-dealers or financial institutions, clearing agencies, central counterparties, credit ratings, and Nationally Recognized Statistical Rating Organizations (NRSROs).
  • Asset Management: investment advisers, ETPs and liquidity, investment companies, hedge funds, and other institutional investors, and custody.

The deadline for paper submissions is November 18, 2022 with a submission fee of $40. Papers can be submitted through ConfTool (

The selection committee will focus on high quality paper submissions whose topics directly relate to the mission of the SEC. Authors of accepted papers will be notified by the beginning of February. Travel reimbursement will be offered to presenters of accepted papers.

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


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

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 jointly hosted the virtual CFMR 2022 on Friday, May 6, 2022. 

SEC Chief Economist Jessica Wachter welcomed attendees to the CFMR 2022. SEC Chair Gary Gensler gave opening remarks and SEC Commissioner Allison Herren Lee delivered the keynote address.

Papers presented at the CFMR 2022:

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)


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

SEC Chair Gary Gensler opened the conference. The CFMR 2021 program 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:

Climate Regulatory Risks and Corporate Bonds 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) 

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

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

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)            

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

The Anatomy of Trading Algorithms 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)

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)

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)     


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.