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mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.WordSection1 {page:WordSection1;} --> </style> <!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";} </style> <![endif]--><!--[if gte mso 9]><xml> <o:shapedefaults v:ext="edit" spidmax="1026"/> </xml><![endif]--><!--[if gte mso 9]><xml> <o:shapelayout v:ext="edit"> <o:idmap v:ext="edit" data="1"/> </o:shapelayout></xml><![endif]--> </head> <body lang=EN-US link=blue vlink=purple style='tab-interval:.5in'> <div class=WordSection1> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=625 style='width:468.75pt;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'><!--<div id="topstuff" style="text-align:center"> -->Authors, please upload your paper <a href="http://www.nber.org/confsubmit/backend/form?id=MMf15">here</a>. <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'>NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b style='mso-bidi-font-weight:normal'><span style='mso-fareast-font-family: "Times New Roman"'>Market Microstructure Meeting</span></b><span style='mso-fareast-font-family:"Times New Roman"'> <br> <br> </span><span style='color:black;mso-themecolor:text1'>Supported by the NASDAQ-OMX Foundation</span><span style='font-family:"Century Gothic","sans-serif"; mso-bidi-font-family:"Century Gothic";color:black;mso-themecolor:text1'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span class=SpellE><span style='mso-fareast-font-family:"Times New Roman"'>Tarun</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Chordia, Amit Goyal, </span>Joel Hasbrouck,<span style='mso-fareast-font-family:"Times New Roman"'> Bruce Lehmann, </span>Gideon Saar, and <br> <span style='mso-fareast-font-family:"Times New Roman"'><span style='mso-spacerun:yes'> </span><span class=SpellE>Avanidhar</span> <span class=SpellE>Subrahmanyam</span></span>, <span style='mso-fareast-font-family: "Times New Roman"'>Organizers <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'>December 11, 2015 <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'>NBER<br> <span style='mso-bidi-font-size:11.0pt'>2<sup>nd</sup> Floor Conference Room<br> 1050 Massachusetts Avenue</span><br> <span style='mso-spacerun:yes'> </span>Cambridge, MA <span style='mso-fareast-font-family: "Times New Roman"'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6;mso-yfti-lastrow:yes'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <h2 align=center style='text-align:center'><u><span style='font-size:12.0pt; mso-fareast-font-family:"Times New Roman"'>PROGRAM<o:p></o:p></span></u></h2> </td> </tr> </table> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><br> <a href="part.pdf">Participant List</a><o:p></o:p></span></p> <!-- </div> --> <table class=MsoNormalTable border=0 cellpadding=0 style='mso-cellspacing:1.5pt; mso-yfti-tbllook:1184;mso-padding-alt:0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td colspan=2 valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><u><span style='mso-fareast-font-family:"Times New Roman"'><br> Thursday, December 10<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></u></b></p> </td> </tr> <tr style='mso-yfti-irow:1;height:31.5pt'> <td colspan=2 valign=top style='padding:.75pt .75pt .75pt .75pt;height:31.5pt'> <p class=MsoNormal style='margin-left:74.25pt;text-indent:-74.25pt'><span style='mso-fareast-font-family:"Times New Roman"'>7:00 pm<span style='mso-spacerun:yes'>           </span>Group Dinner at </span>Dante Restaurant, Royal <span class=SpellE>Sonesta</span> Hotel<span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td colspan=2 valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><u><span style='mso-fareast-font-family:"Times New Roman"'><br> Friday, December 11<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span></u></b><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>7:45 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'>Shuttle leaves Royal <span class=SpellE>Sonesta</span> Hotel for NBER</p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>8:15 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'>Shuttle leaves Royal <span class=SpellE>Sonesta</span> Hotel for NBER</p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>8:15 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'>Continental Breakfast<span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>8:45 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Brian Weller, Northwestern University<br> </span><a href="http://ssrn.com/abstract=2662254"><i>Efficient Prices at Any Cost: Does Algorithmic Trading Deter Information Acquisition? </i></a><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span><span class=SpellE>Jia</span> Li, Duke University<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>9:35 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>9:50 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Ralph <span class=SpellE>Koijen</span>, London Business School<br> <span class=SpellE>Motohiro</span> <span class=SpellE>Yogo</span>, Princeton University and NBER<br> </span><a href="http://ssrn.com/abstract=2537559"><i>An Equilibrium Model of Institutional Demand and Asset Prices </i></a><span style='mso-fareast-font-family: "Times New Roman"'><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Anna Pavlova, London Business School<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>10:40 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>10:55 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Albert <span class=SpellE>Menkveld</span>, VU University Amsterdam<br> Bart Zhou <span class=SpellE>Yueshen</span>, INSEAD<br> <span class=SpellE>Haoxiang</span> Zhu, Massachusetts Institute of Technology and NBER<br> </span><a href="http://www.mit.edu/~zhuh/MYZ_ShadesOfDarkness.pdf"><i>Shades of Darkness: A Pecking Order of Trading Venues </i></a><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Barbara <span class=SpellE>Rindi</span>, Bocconi University<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>11:45 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Lunch<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'><br> Speaker:<span style='mso-spacerun:yes'>  </span>Lawrence Harris, University of Southern California<br> <span style='mso-spacerun:yes'> </span><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>1:30 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Bart Zhou <span class=SpellE>Yueshen</span>, INSEAD<br> </span><i style='mso-bidi-font-style:normal'>Uncertain </i><a href="https://goo.gl/v1ACke"><i>Market Making </i></a><span style='mso-fareast-font-family: "Times New Roman"'><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Shmuel Baruch, University of Utah<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:14'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>2:20 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>2:35 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Jonathan <span class=SpellE>Brogaard</span>, University of Washington<br> Matthew <span class=SpellE>Ringgenberg</span>, Washington University in St. Louis<br> David <span class=SpellE>Sovich</span>, Washington University in St. Louis<br> </span><a href="http://www.nber.org/confer/2015/MMf15/Brogaard_Ringgenberg_Sovich.pdf"><i>The Real Impact of Passive Investing in Financial Markets </i></a><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span><span class=SpellE>Ing</span>-Haw Cheng, Dartmouth College<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:16'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>3:25 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:17'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>3:40 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span class=SpellE><span style='mso-fareast-font-family:"Times New Roman"'>Jiasun</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Li, University of California at Los Angeles<br> </span><a href="http://www.nber.org/confer/2015/MMf15/Li.pdf"><i>Profit-Sharing, Wisdom of the Crowd, and Theory of the Firm </i></a><span style='mso-fareast-font-family: "Times New Roman"'><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span><span class=SpellE>Liyan</span> Yang, University of Toronto<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:18;mso-yfti-lastrow:yes'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>4:30 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Adjourn<o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </div> </body> </html>