Fellow Workshops

Rodrigo Buenaventura, who has recently been appointed the Secretary General of IOSCO, the international organization of securities commissions will be presenting at this Fellows Workshop. Prior to his role at IOSCO, Buenaventura served four years as Chair of the Spanish financial markets regulator, CNMV, until December 2024, during which time he was a member of the ESMA and IOSCO boards.…

The workshop will feature Christopher Schwarz. His topic will be “Some Anonymous Options Trades Are More Equal than Others”.  This topic continues his research in which he and co-authors contribute their own money to execute round trip transactions in order to estimate execution quality.  This time they are trading in options and they find remarkable variation in how well option…

This Roundtable, co-sponsored by the Columbia Program in the Law and Economics of Capital Markets and the  …

The workshop featured Eric Pan and Dan Berkovitz. Their topic was “Contemporary Rulemaking at the CFTC and SEC: A Precarious Environment”.

Dan Berkovitz is the former General Counsel and a former Commissioner of the CFTC. He also recently left as General Counsel of the SEC and is currently Vice Chairman, External and Regulatory Affairs, at Millennium Management LLC. Eric Pan, was…

The “Handling Retail Orders” workshop will feature:

• Ingrid Werner – Ohio State Fisher College of Business
• Christopher Schwarz – UC Irvine School of Business
• Thomas Ernst  - University of Maryland School of Business
• Andriy Shkilko – Wilfrid Laurier University School of Business

The discussion will be moderated by Larry Glosten.…

Haoxiang Zhu will lead a discussion of “Reflections on Law and Economics at the SEC”. Haoxiang Zhu is currently the Director of Division of Trading and Markets at the SEC and is on leave from his position at MIT’s Sloan School of Management. Dinner will follow the Workshop.

Joshua Mitts will lead a discussion on the topic of meme stocks and short selling.  Mitts is a Professor of Law at Columbia Law School where he uses advanced data science for research on corporate and securities law.

Phil Mackintosh, the Chief Economist and a Senior Vice President at Nasdaq, will lead a discussion concerning share price level and liquidity.  Mackintosch has been studying the interesting tradeoff between low priced stocks, the bid/offer spreads of which are frequently constrained by the current penny tick, and very…

Jay Clayton and Leo Strine, who have contending views on the subject, will be discussing the appropriateness of SEC mandated ESG disclosures. 

Clayton is a former Chairman of the SEC  (from 2017 to 2020) and is currently a Senior Policy Advisor and Of Counsel at Sullivan & Cromwell. 

Strine is a former Chief Justice of the Delaware Supreme…

Workshop Description:

Will the Market Fix the Market? A Theory of Stock Exchange Competition and Innovation

Paper:  https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3391461

Will the market adopt…

Eric Pan is currently Senior Research Fellow and Adj. Professor of Law, Columbia Law School & Former Director of International Affairs, US CFTC.   From 2015-2019, Eric was the Director of the Office of International Affairs at the U.S. Commodity Futures Trading Commission where he oversaw CFTC…

The Workshop is co-sponsored by the Columbia Business School Program for Financial Studies and Bloomberg Law. 

David Hoffman, Professor of Law at Penn Law School will base his comments on the paper “Coin-Operated Capitalism” (with Shaanan Cohney, Jeremy Sklaroff, and David …

The Workshop is co-sponsored by the Columbia Business School Program for Financial Studies.

Gur Huberman, Robert G. Kirby Professor of Behavioral Finance at Columbia Business School will lead the Workshop. The discussion will focus on the stability of the Bitcoin system and its long-…

Professor James Angel of the McDonough School of Business of Georgetown University will lead a New Special Study of the Securities Markets Workshop Discussion on Initial Coin Offerings (ICOs)

Professor Justin McCrary is a Professor of Law at the University of California at Berkeley Law School who is the Samuel Rubin Visiting Professor of Law at Columbia Law School in for the Fall 2017 semester. 

Jonathan R. Macey of Yale Law School is both a Program Fellow and the Sam Harris Professor of Corporate Law, Corporate Finance and Securities Law at Yale University, and Professor in the Yale School of Management. Professor Macey is the author of several books including the two-volume treatise, Macey on Corporation Laws, and co-author of two leading casebooks, Corporations: Including…

Andrew Ceresney, the former Director of Enforcement of the Securities and Exchange Commission, will deliver a presentation on the analytic tools that regulators use to detect and investigate insider trading and anomalous trading behavior, as well as his views on recent developments. Ceresney is currently the Co-Chair of the Litigation Department of Debevoise & Plimpton LLP. 

Chester Spatt is the Pamela R. and Kenneth B. Dunn Professor of Finance at the Carnegie Mellon University Tepper School of Business.  Chester will discuss his research on credit rating agencies and their regulation.  Agencies help…

Martin Schmalz is the Jones Research Scholar and Assistant Professor of Finance at University of Michigan's Ross School of Business.  His research covers empirical and theoretical topics in industrial organization, corporate finance, behavioral finance, asset pricing, and financial economics.

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.