Big Data and Securities Markets

Itay Goldstein, Chester S. Spatt, and Mao Ye, Organizers

December 3-4, 2020

Conference Code of Conduct

Thursday, December 3
Meeting format: Authors, 20 minutes; discussants, 15 minutes; general discussion, 10 minutes.
10:55 am
Welcome
11:00 am

Who Benefits from Robo-advising? Evidence from Machine Learning
Discussant: Tarun Ramadorai, London School of Economics
11:45 am

Man vs. Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases (slides)
Discussant: Bryan T. Kelly, Yale University and NBER
12:30 pm
Break
1:00 pm

How to Talk When a Machine is Listening: Corporate Disclosure in the Age of AI
Discussant: Lauren Cohen, Harvard University and NBER
1:45 pm

Life Cycles of Firm Disclosures
Discussant: René M. Stulz, The Ohio State University and NBER
2:30 pm
Break
3:00 pm

The Value of Differing Points of View: Evidence from Financial Analysts' Geographic Diversity
Discussant: Christina Zhu, University of Pennsylvania
3:45 pm

Stock-Specific Price Discovery from ETFs (slides)
Discussant: Maureen O'Hara, Cornell University
4:30 pm
Adjourn
Friday, December 4
11:00 am

Does Big Data Improve Financial Forecasting? The Horizon Effect
Discussant: Laura Veldkamp, Columbia University and NBER
11:45 am

Imprecise and Informative: Lessons from Market Reactions to Imprecise Disclosure
Discussant: Kathleen Hanley, Lehigh University
12:30 pm
Break
1:00 pm

True Cost of Immediacy (slides)
Discussant: Hendrik Bessembinder, Arizona State University
1:45 pm

Vestigial Tails? Floor Brokers at the Close in Modern Electronic Markets
Discussant: Joel Hasbrouck, New York University
2:30 pm
Break
3:00 pm

The Anatomy of Trading Algorithms
Discussant: Gideon Saar, Cornell University
3:45 pm

The Good, the Bad, and the Ugly: How Algorithmic Traders Impact Institutional Trading Costs
Discussant: Charles M. Jones, Columbia University
4:30 pm
Adjourn