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<�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'>Â <�/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'>Â <�/span>Cambridge, MA <�span style='mso-fareast-font-family:
"Times New Roman"'><�span style='mso-spacerun:yes'>Â <�/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'>Â Â Â Â Â Â Â Â Â Â <�/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'>Â <�/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'>Â <�/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'>Â <�/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> <�/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'>Â <�/span>Lawrence Harris, University
of Southern California<�br>
<�span style='mso-spacerun:yes'>Â <�/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'>Â <�/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'>Â <�/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'>Â <�/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> <�/o:p><�/span><�/p>
<�/div>
<�/body>
<�/html>