| Program | |
| Wednesday, April 14 | |
| 6:30 p.m. | Opening reception and dinner |
| Thursday, April 15 (Academic Sessions) | |
| 7:30 a.m. | Registration table opens |
| 8:50 | Welcome and overview Robert A. Eisenbeis, Senior Vice President and Director of Research, Federal Reserve Bank of Atlanta |
| 9:00 | Paper I: “Staying the Course: Mutual Fund Investment Style Consistency and Performance Persistence”  |
| Chair Stephen D. Smith, H. Talmage Dobbs Jr. Chair of Finance, Georgia State University, Atlanta |
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| Presenter Keith C. Brown, Allied Bancshares Fellow and Professor of Finance, University of Texas at Austin Presentation  |
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| Discussant Wayne E. Ferson, John L. Collins S. J. Chair in Finance, Boston College Presentation |
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| 10:30 | Break |
| 10:45 | Paper II: “Lifting the Veil: An Analysis of Pre-Trade Transparency at the NYSE” |
| Chair Gerald P. Dwyer Jr., Vice President, Federal Reserve Bank of Atlanta |
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| Presenter Ekkehart Boehmer, Assistant Professor of Finance, Texas A&M University, College Station Presentation |
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| Discussant Albert S. Kyle, Professor of Finance, Duke University, Durham, North Carolina Presentation |
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| 12:15 p.m. | Luncheon buffet |
| 1:30 | Paper III: “Which Types of Analyst Firms Make More Optimistic Forecasts?” |
| Chair Mark Fisher, Financial Economist and Associate Policy Adviser, Federal Reserve Bank of Atlanta |
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| Presenter Paul M. Healy, James R. Williston Professor of Business Administration, Harvard Business School, Boston Presentation |
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| Discussant Bruce N. Lehmann, Professor of Finance and Economics, University of California, San Diego Presentation |
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| 3:00 | Break |
| 3:30 | Paper IV: “Economic Consequences of SEC Disclosure Regulation” |
| Chair Larry D. Wall, Financial Economist and Policy Adviser, Federal Reserve Bank of Atlanta |
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| Presenter Christian Leuz, Harold Stott Term Assistant Professor of Accounting, the Wharton School, University of Pennsylvania, Philadelphia Presentation |
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| Discussant Edward J. Kane, James F. Cleary Professor of Finance, Boston College Presentation |
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| 5:00 | Adjourn meeting |
| 6:00 | Introduction of speaker Jack Guynn, President and Chief Executive Officer, Federal Reserve Bank of Atlanta Keynote speaker William J. McDonough, Chairman and Chief Executive Officer, Public Company Accounting Oversight Board, Washington, D.C. |
| 6:45 | Reception/Dinner |
| Friday, April 16 (Policy Sessions—Day One) | |
| 8:15 a.m. | Introduction of speaker Jack Guynn, President and Chief Executive Officer, Federal Reserve Bank of Atlanta Keynote speaker, via videoconference Capitalizing Reputation Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System |
| 8:30 | Introduction of speaker Jack Guynn, President and Chief Executive Officer, Federal Reserve Bank of Atlanta Speaker E. Gerald Corrigan, Managing Director, Goldman Sachs & Company, New York |
| 9:15 | Break |
| 9:45 | POLICY SESSION I: Mutual Funds |
| “Mutual Funds: Temporary Problem or Permanent Morass?” Recently mutual funds have come under fire for their sales practices, fee levels, governance structure, and potential conflicts of interest in their dealings with retail investors. Legislation has been proposed to increase transparency in the industry regarding fund holdings, fees, and compensation and to modify the activities and structure of fund boards. Are these regulations needed, and how will they affect mutual fund investors and returns? Can they prevent future misconduct and solve the underlying conflicts of interest? |
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| Moderator Cathy E. Minehan, President and Chief Executive Officer, Federal Reserve Bank of Boston |
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| Presenter Paula Tkac, Financial Economist and Associate Policy Adviser, Federal Reserve Bank of Atlanta Presentation |
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| Discussants John C. Bogle, Founder, The Vanguard Group, Valley Forge, Pennsylvania Presentation John D. Rea, Chief Economist and Vice President of Research, Investment Company Institute, Washington, D.C. |
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| 11:15 | Introduction of speaker Jack Guynn, President and Chief Executive Officer, Federal Reserve Bank of Atlanta Speaker: Richard H. Baker, U.S. Congressman and Chairman, Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, U.S. House Financial Services Committee |
| 12:15 p.m. | Luncheon buffet |
| 1:15 | Adjourn for the afternoon |
| 7:00 | Reception and dinner |
| Saturday, April 17 (Policy Sessions—Day Two) | |
| 8:30 a.m. | POLICY SESSION II: Investment Banks |
| “Investment Banks, Scope, and Unavoidable Conflicts of Interest” Integrated investment banks, by their nature, sit at the nexus of complex information and transaction flows in performing a broad set of financial functions. The breadth of these firms’ activities arises from scale and scope economies typical of the provision of financial services. However, with this breadth comes the potential for conflicts. Restrictions on behavior, structural form, and compensation contracts can alleviate, but will not fully eliminate, the problem. In some instances, the process of reducing certain conflicts will exacerbate others. Can policymakers find solutions that best balance the efficiencies inherent in integrated securities firms with the costs of their attendant conflicts of interest? |
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| Moderator Kenneth E. Scott, Senior Research Fellow and Ralph M. Parsons Professor of Law and Business Emeritus, Stanford University, California |
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| Presenter Erik R. Sirri, Professor of Finance and holder of the Walter H. Carpenter Chair, Babson College, Wellesley, Massachusetts Presentation |
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| Discussants Thomas K. Brown, Chief Executive Officer, Second Curve Capital LLC, New York Presentation Henry Kaufman, President, Henry Kaufman & Company Inc., New York |
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| 10:00 | Break |
| 10:15 | POLICY SESSION III: Stock Exchanges |
“Searching for a New Center: U.S. Securities Markets in Transition”  Beset by scandals involving both the leadership and the membership, the New York Stock Exchange has struggled to find its bearings in an increasingly demanding marketplace. And the exchange is not alone in its efforts to determine its direction. The Nasdaq has found a host of new competitors invading its traditional dealer market. Indeed, even the ownership of the markets is changing, with Nasdaq now a publicly traded company and the regional exchanges contemplating public offerings. How will these issues affect the environment characterizing the U.S. equity markets? |
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| Moderator Cynthia A. Glassman, Commissioner, U.S. Securities and Exchange Commission, Washington, D.C. |
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| Presenter Maureen O’Hara, Robert W. Purcell Professor of Management, Cornell University, Ithaca, New York Presentation |
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| Discussants Paul B. Bennett, Senior Vice President and Chief Economist, New York Stock Exchange Bernard L. Madoff, Chairman, Bernard L. Madoff Investment Securities LLC, New York |
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| 11:45 | Basket lunches |
| 1:00 p.m. | Adjourn conference |
