Program 2005

CFSsymposium “Market Efficiency Today”,

October 6, 2005, Frankfurt am Main

12:00
Registration/Lunch buffet
12:30
Opening addresses
Volker Wieland (Frankfurt University and Center for Financial Studies)
Josef Ackermann
(Deutsche Bank AG)
12:45

Session 1

Chair: Dirk Krüger (Frankfurt University and Center for Financial Studies)
Market Efficiency – The Policy Perspective

Speaker: Nouriel Roubini (New York University)
Discussant: Marcel Fratzscher (European Central Bank)
Market Efficiency – The Empirical Finance Perspective

Speaker: Eric Ghysels (University of North Carolina)
Discussant: Enrique Sentana (CEMFI)

14:15
Coffee break
14:30

Session 2

Chair: Michael Binder (Frankfurt University and Center for Financial Studies)
Market Efficiency – The Market Perspective

Speaker: M. Hashem Pesaran (University of Cambridge)           
Discussant: Joao Cocco (London Business School)
Market Efficiency – The Microstructure Perspective

Speaker: Lawrence E. Harris (University of Southern California)
Discussant: Richard Olsen (Olsen Ltd. and OANDA)

16:00
Coffee break
16:15

Panel discussion

Panel chair: Jan Pieter Krahnen (Frankfurt University and Center for Financial Studies)

Panel members:
Matthew Bishop (The Economist),
Eugene F. Fama (University of Chicago),
Eric Ghysels (University of North Carolina),
Lawrence E. Harris(University of Southern California),
M. Hashem Pesaran (University of Cambridge),
Nouriel Roubini (New York University),
Mark Salmon (University of Warwick)

17:00

Closing remarks

Jan Pieter Krahnen (Frankfurt University and Center for Financial Studies)