Paying for Efficient and Effective Markets conference

Paying for Efficient and Effective Markets conference

  • 22 March, 2019
  •  
    09:30  -  10:00
    Registration and refreshments
    10:00  -  10:15
    Opening remarks
    10:15  -  11:45
    The rise of passive investing
    The implication of passive investing for securities markets

        Authors:

        Grant Turner, BIS
        Valadyslav Sushko, BIS

    The asset management industry in India - an overview

        Authors:

        Amarjeet Singh, SEBI

    The evolution of the active/passive split and the cost of price discovery in the UK

        Author:
        
        Daniel Mittendorf, FCA

        Chair:
        
        Kevin James, FCA, SRC
    11:45  -  12:00
    Break
    12:00  -  12:45
    Market efficiency: A peek behind the curtain
    Who trades?

        Authors:

        Kevin James, FCA, SRC
        Andrea Pirrone, FCA, SRC
        Claudia Robles-Garcia, FCA, LSE

        Chair:

        Prabhas Rath, SEBI
    12:45  -  13:45
    Lunch
    13:45  -  15:15
    Asset Management and Market Efficiency
    Active and Passive investing

        Authors:

        Lasse Pedersen, Copenhagen
        Nicolae Garleanu, UC Berkeley

    Asset management contracts and equilibrium prices

        Authors:

        Dimitri Vayanos, LSE
        Andrea Buffa, Boston U
        Paul Woolley, LSE

        Chair:

        Claudia Robles-Garcia, FCA, LSE
    15:15  -  15:30
    Break
    15:30  -  16:15
    Common share ownership and market competition
    Common ownership, competition, and top management incentives

        Authors:

        Mireia Gine, IESE
        Miguel Anton, IESE
        Florian Ederer, Yale
        Martin Schmalz, Michigan

        Chair:

        Robert Macrae, SRC
    16:15  -  17:15
    Keynote speech
    Skill and fees in active management

        Speaker:
        Robert Stambaugh, Wharton

        Chair:
        Dimitri Vayanos, PwC, LSE
    17:15  -  18:15
    Reception
  • 23 March, 2019
  •  
    09:00  -  09:30
    Registration and refreshments
    09:30  -  11:45
    Passive investing and corporate governance
    Passive investors

        Authors:

        Jill Fisch, U Penn
        Assaf Hamdani, Tel Aviv
        Steven Solomon, Berkeley

    Do exogenous changes in passive institutional ownership affect corporate governance and firm value

        Authors:
        
        Rudi Fahlenbrach, EPFL and Swiss Institute of Finance
        Cornelius Schmidt, Norwegian School of Economics

    Too big to be an activist

    Author:

        John Morley, Yale

        Chair:
        
        Amil Dasgupta, LSE
    11:45  -  12:30
    Lunch
    12:30  -  13:00
    Stewardship: A Regulatory Perspective
    Promoting effective stewardship

        Author:

        Edwin Schooling Latter, FCA

        Chair:

        Jane Simons, Dutch Authority for Financial Markets
    13:00  -  13:45
    Improving market efficiency by improving market design
    Quantifying the high-frequency 'arms race': A simple new methodology and estimates

        Authors:

        Matteo Aquilina, FCA
        Eric Budish, Chicago
        Peter O'Neill, FCA

        Chair:

        Mahendrarajah Nimalendran, U of Florida
    13:45  -  14:00
    Break
    14:00  -  15:45
    Asset management and financial stability
    The shift from active to passive investing: Potential risks to financial stability?

        Authors:

        Patrick McCabe, FRB
        Emilio Osambela, FRB
        Kenechukwu Anadu, FRBB
        Mathias Kruttli, FRB
        Chaehee Shin, FRB

    Dynamics of value-tracking in financial markets

        Authors:

        Robert MacKay, Warwick
        Nicholas Beale, Sciteb
        Richard Gunton, Sciteb
        Kutlwano Bashe, Warwick
        Heather Battey, Imperial


        Chair:

        Jon Danielsson, SRC, LSE
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