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Invitation
The Second MTS Conference on Financial Markets:
The Organisation and Performance of Fixed-Income Markets
Hosted by Universität Wien und ISK Wien
Palais Coburg, 16-18 December 2004
Preliminary Programme:
http://www.iskwien.at/upload/Preliminary_Programme_Vienna.pdf
PLEASE REGISTER at isk(a)iskwien.at
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Thursday, December 16
13.15 Welcome by Marco Pagano
14.00 Session 1 - Secondary Markets, Chair: Gustavo Piga
Automation versus Intermediation: Evidence from Treasuries Going Off the Run
M. Barclay, T. Hendershott, K. Kotz
Discussant: G. Garbi
Financial Intermediation and the Costs of Trading in an Opaque Market
R. Green, B. Hollifield, N. Schurhoff
Discussant: C. D'Souza
MTS Time Series
A. Dufour
Key Note Address
Chester Spatt
Moderator: Bruno Biais
Friday, December 17
8.30 Session 2 - Primary Markets, Chair: Ernst-Ludwig von Thadden
Illiquidity Spillovers: Theory and Evidence from European Telecom Bond Issuance
Y. Newman, M. Rierson
Discussant: A. Melnik
Order Flow and the Formation of Dealer bids: An Analysis of Information and
Strategic Behaviour in the Government of Canada Security Auctions
A. Hortacsu, S. Sereen
Discussant: C. Upper
Dicriminatory Auctions with Seller Discretion: Evidence from German Treasury
Auctions
J. Rocholl
Discussant: A. Hortacsu
13.30 Session 3 - Liqudity and Risk, Chair: Giorgio Basevi
Flight to Quality, Flight to Liquidity, and the Pricing of Risk
D. Vayanos
Liquidity Discovery and Asset Pricing
M. Gallmeyer, B. Hollifield, D. Seppi
Discussant: V. Acharya
Welcome by Prof. Niels Thygesen
Roundtable: Bond Market: Liquidity, Risk and Regulation, Chair: A. Lamfalussy
A. Grünbichler, T. Padoa Schioppa, G. Szapary
Saturday, December 18
9.00 - 13.30 Press Sessions
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Further information:
Dr. Otto Randl
Institut für strategische Kapitalmarktforschung
Coburgbastei 4/1
T: +43 (1) 518 18 - 900
F: +43 (1) 518 18 - 920
E: otto.randl(a)iskwien.at
Registration: isk(a)iskwien.at
There is no conference fee, but registration is required.
Due to the limited number of participants please register asap.
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