The Development of Securities Markets. Trends, Risks and Policies

Università Bocconi
Milan, 2015 February 27^th

Welcome address

Andrea Sironi
Rector, Università Bocconi

Opening Statement

Giuseppe D'Agostino, Deputy Director General, CONSOB
Francesco Saita Director, BAFFI CAREFIN Center, Università Bocconi

Keynote Speech

Steffen Kern
ESMA

Session I Trading Strategies and Market Microstructure
Chair: Massimo Guidolin, Università Bocconi

Two Shades of Opacity: Hidden orders versus dark trading
Hans Degryse, Geoffrey Tombeur, Gunther Wuyts (paper- presentation)
Discussant: Paolo Colla, Università Bocconi

The Impact of Large Orders in Electronic Markets
Luisella Bosetti, Pietro Gottardo, Maurizio Murgia, Andrea Pinna (paper - presentation)
Discussant: Caterina Lucarelli, Università Politecnica delle Marche

Trading on Algos
Johannes A. Skjeltorp, Elvira Sojli, Wing Wah Tham (paper - presentation)
Discussant: Isadora Tarola, CONSOB

Session II Securities Markets as a Source of Capital
Chair: Nadia Linciano, CONSOB

Financial Architecture and the Source of Growth
Luca Giordano, Claudia Guagliano (paper - presentation)
Discussant: Lorenzo Caprio, Università Cattolica del Sacro Cuore

Sovereign Credit Risk, Liquidity and ECB Intervention: Deus ex machina?
Loriana Pelizzon, Marti G Subrahmanyam, Davide Tomio, Jun Uno (paper - presentation)
Discussant: Carlo Mottura, Università degli Studi Roma Tre

Gender Dynamics in Crowdfunding (Kickstarter): Evidence on entrepreneurs, investors, deals and taste-based discrimination
Dan Marom, Alicia Robb, Orly Sade (paper - presentation)
Discussant: Henriëtte Prast, Tilburg University

Session III Frictions and Liquidity in Securities Markets
Chair: Giovanni Siciliano, CONSOB

Interactions Among High-Frequency Traders
Evangelos Benos, James Brugler, Erik Hjalmarsson, Filip Zikes (paper - presentation)
Discussant: Monica Billio, Ca' Foscari University of Venice

Sand in the Chips? Evidence on taxing transactions in modern markets
Jean-Edouard Colliard, Peter Hoffmann (paper - presentation)
Discussant: Giovanni Petrella, Università Cattolica del Sacro Cuore

The Liquidity of Dual-Listed Corporate Bonds. Empirical evidence from Italian markets
Nadia Linciano, Francesco Fancello, Monica Gentile, Matteo Modena (paper - presentation)
Discussant: Mario Anolli, Università Cattolica del Sacro Cuore