Security Market Auctions and IPOs
November 2 - 3, 2012
James Allen Center
Kellogg School of Management
Northwestern University
Evanston, IL USA

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Friday 2 November 2012
Friday morning sessions will be held in Room 240 and chaired by Ravi Jagannathan


9:35 - David Austen-Smith: Words of Welcome

9:45 - 10:45 Paul Milgrom: High Frequency Traders and Welfare [slides]

10:45 - 11:00 BREAK

Session 1: CDS Auctions

11:00 - 11:50 Paper 1: Sudip Gupta: CDS Credit Event Auctions

11:50 - 12:00 Discussant: David McAdams

12:00 - 1:30 LUNCH

Friday afternoon sessions will be held in Room 223

1:30 - 2:20 Paper 2: Alexander Gorbenko: CDS Auctions

2:20 - 2:30 Discussant: Michael Ostrovsky

2:30 - 2:45 BREAK

Session 2: Treasury Auctions (chaired by Snehal Banerjee)

2:45 - 3:35 Paper 3: Ali Hortascu: Informational Advantage and Information Structure: An Analysis of Canadian Treasury Auction

3:35 - 4:45 Discussant: Kerry Back

4:45 - 5:00 BREAK

5:00 - 5:50 Paper 4: Jakub Kastl: The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds

5:50 - 6:00 Discussant: Jaime Zender

6:00 - 6:15 BREAK

6:15 - 7:30 Panel Discussion: IPO Auctions
Moderator: S. "Vish" Viswanathan
Panelists: Jay Ritter, Jon Anda, Bill Hambrecht, Semyon Dukach

7:30 - 9:00 Cocktails and dinner at Allen Center (invitation only)


Saturday 3 November 2012
Saturday sessions will be held in Room 223
 
Session 3: Overbidding in Auction (chaired by Rakesh Vohra)

9:00 - 9:50 Paper 5: Ann Sherman: Why Don't Issuers Choose IPO Auctions? The Complexity of Indirect Mechanisms

9:50 - 10:00 Discussant: Larry Ausubel

10:00 - 10:15 BREAK

10:15 - 11:05 Paper 6: Salvatore Nunnari: Quantal Response and Non-equilibrium Beliefs Explain Overbidding in Maximum-Value Auctions

11:05 - 11:15 Discussant: Jacob Goeree

11:15 - 11:30 BREAK

Session 4: Lessons from experimental markets (chaired by Robert McDonald)

11:30 - 12:20 Paper 7: Jonathan Levin: Learning from Seller Experiments in Online Markets; Sales Mechanisms in Online Markets: What Happened to Internet Auctions?

12:20 - 12:30 Discussant: Marzena Rostek

12:30 - 1:45 LUNCH

1:45 - 2:45 Jay Ritter: Re-energizing the IPO Market [slides]

2:45 - 3:00 BREAK

3:00 - 3:50 Paper 8: Phillip Reiss: Could we overcome the Winner's Curse by (behavioral) Auction Design?

3:50 - 4:00 Discussant: Jeroen Swinkels

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