-------------------------------------------------------------- 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 Please register at isk(a)iskwien.at +43 (1) 51818-900 -------------------------------------------------------------- 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 -------------------------------------------------------------- Further information: Dr. Otto Randl Institut für strategische Kapitalmarktforschung Coburgbastei 4/1 A-1010 Wien T: +43 (1) 518 18 - 900 F: +43 (1) 518 18 - 920 E: otto.randl(a)iskwien.at Programme: http://www.iskwien.at/upload/Preliminary_Programme_Vienna.pdf There is no conference fee, but registration at isk(a)iskwien.at is required. Due to the limited number of participants please register asap. --------------------------------------------------------------