A Discussion with Myron Scholes
May 12, 2016
Nobel Prize winning economist and Frank E. Bluck Professor of Finance Emeritus of Stanford Graduate School of Business, Myron Scholes, presented his paper co-authored with Ashwin Alankar and Peter Blaustein, The Cost of Constraints: Risk Management, Agency Theory and Asset Prices at the final workshop of the spring semester.
The paper is available online at: https://www.gsb.stanford.edu/faculty-research/working-papers/cost-constraints-risk-management-agency-theory-asset-prices
Larry Harris: Transaction Costs, Trade Throughs, and Riskless Principal Trading
April 21, 2016
Larry Harris, Fred V. Keenan Chair in Finance and Professor of Finance and Business Economics of the USC Marshall School of Business presented his paper analyzing the costs of trading bonds using previously unexamined quotations data consolidated across several electronic bond trading venues, Transaction Costs, Trade Throughs, and Riskless Principal Trading.
The paper is available online via SSRN at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2661801
Modern Financial Markets: The Role of High-Frequency Trading
April 19, 2016
On Tuesday, April 19th, the Program in the Law and Economics of Capital Markets co-hosted a panel discussion event, Modern Financial Markets: Role of High Frequency Trading, with Yeon-Koo Che, the Kelvin J. Lancaster Professor of Economic Theory of the Economics Department at Columbia University. The event was held at Columbia Law School. It featured an engaging panel discussion with Lawrence Glosten (Columbia Business School), Adam Clark-Joseph (University of Illinois), Matt Trudeau (IEX), Sophie Moinas (Toulouse School of Economics), and Terrence Hendershott (UC Berkeley, Haas School of Business). Merritt Fox (Columbia Law School) moderated the discussion.
MiFID II Rules
February 11, 2016
Simon Lorne, Vice Chairman and Chief Legal Officer of Millennium Management LLC. presented an overview of the proposed MiFID II rules on soft money for securities research. In addition to being a program Fellow, Simon Lorne is a former General Counsel to the SEC (1993-1996).