2013 Academic & Practitioner Conference
on Mutual Funds and ETFs
Robert H. Smith School of Business, Van Munching Hall, University of Maryland, College Park, MD
THURSDAY, OCTOBER 3, 2013
8:00am–8:30am
8:30am–8:35am
8:35am–9:35am
9:35am–9:45am
9:45am-10:45am
10:45am–11:00am
11:00am-12:30pm
12:30pm–2:00pm
2:00pm–3:30pm
3:30pm-3:45pm
Registration and Continental Breakfast
Welcoming Remarks Russ Wermers, Professor of Finance and Director, Center for Financial
Policy, University of Maryland
Paper Presentation: Mandatory Portfolio Disclosure, Stock Liquidity, and Mutual Fund
Performance
Vikas Agarwal, Professor of Finance, Georgia State University
Authors
Kevin Mullally, Doctoral Student, Georgia State University
Yuehua Tang, Assistant Professor of Finance, Singapore Management
University
Baozhong Yang, Assistant Professor of Finance, Georgia State
University
Thomas George, C.T. Bauer Professor of Finance, University of
Discussants
Houston
Craig Tyle, Executive Vice President, General Counsel, Franklin
Templeton Investments
Break
Paper Presentation: Flight-to-Liquidity, Market Uncertainty, and the Actions of Mutual Fund
Investors
Azi Ben-Rephael, Assistant Professor of Finance, Indiana University
Authors
Itay Goldstein, Professor of Finance, University of Pennsylvania
Discussants
Hamid Benbrahim, Managing Director, Research & Strategy, TD
Ameritrade
Break
Panel Discussion 1: Money Market Funds
Russ Wermers, Professor of Finance and Director, Center for Financial
Moderator
Policy, University of Maryland
Susan Hill, Senior Vice President, Federated Investors, Inc.
Panelists
J. Nellie Liang, Director, Program Direction, Office of Financial
Stability Policy and Research, Federal Reserve Board
Nancy Prior, President, Money Markets, Fidelity Investments
Diane Blizzard, Associate Director, Regulatory Policy and Investment
Adviser Regulation, SEC
Lunch
Gregory McGreevey, CEO, Head of Fixed Income, Invesco
Keynote Speaker
Panel Discussion 2: Securities Lending and Repo Markets
Mark Fisher, Financial Economist and Associate Policy Adviser,
Moderator
Federal Reserve Bank of Atlanta
Josh Galper, Managing Principal, Finadium
Panelists
Susan McLaughlin, Senior Vice President, Markets Group, Federal
Reserve Bank of New York
Jeff Petro, Vice-President and Head of Taxable Money Market
Trading, Federated Investors
Break
3:45pm–4:45pm
6:00pm–6:30pm
6:30pm–8:30pm
Paper Presentation: Affiliated Agents, Boards of Directors, and Mutual Fund Securities
Lending Returns
John Adams, Assistant Professor, Finance/Real Estate, University of
Authors
Texas at Arlington
Sattar Mansi, Wells Fargo Professor of Finance, Virginia Tech
Takeshi Nishikawa, Assistant Professor of Finance, University of
Colorado at Denver
Laura Starks, Charles E. & Sara M. Seay Regents’ Chair, University
Discussants
of Texas at Austin
Bruce G. Leto, Chair, Investment Management Group, Stradley Ronon
Stevens & Young, LLP
Cocktail Reception
Dinner
Alex Triantis, Dean and Professor of Finance, Robert H. Smith School
Remarks
of Business, University of Maryland
Edward Bernard, Vice Chairman, T. Rowe Price Group
Keynote Speaker
FRIDAY, OCTOBER 4, 2013
8:00am–8:30am
8:30am–10:00am
10:00am–10:15am
10:15am–11:15am
11:15am–11:45am
11:45am–1:15pm
1:15pm–1:30pm
Registration and Continental Breakfast
Panel Discussion 3: ETFs, the Changing Role of the Financial Adviser, and Alternative
Investment Strategies
Eric Pollackov, Managing Director, ETFs, Charles Schwab
Moderator
Joanne Hill, Head of Investment Strategy, ProFunds Group
Panelists
Sophie Shive, Assistant Professor of Finance, University of Notre
Dame
Utpal Bhattacharya, Associate Professor of Finance, Indiana
University
Break
Paper Presentation: ETFs, Arbitrage, and Shock Propagation
Itzhak Ben-David, Assistant Professor of Finance, The Ohio State
Authors
University
Francesco Franzoni, Professor of Finance, University of Lugano
Rabih Moussawi, Research Support Director, Wharton Research Data
Services, University of Pennsylvania
Hongjun Yan, Associate Professor of Finance, Yale University
Discussants
Chris Downing, Director, BlackRock
Break and Boxed Lunch
Panel Discussion 4: Risk Management and Oversight
Craig Lewis, Director and Chief Economist, Division of Economic and
Moderator
Risk Analysis, SEC
Joseph Carrier, Chief Risk Officer, Legg Mason
Panelists
Suzanne Christensen, Global Head of Enterprise Risk, Invesco
Laura Starks, Charles E. & Sara M. Seay Regents’ Chair, University
of Texas at Austin
Brian Reid, Chief Economist, Investment Company Institute
Closing Remarks