Market microstructure.

• Position: Program and Working Group Meetings - Brief article

The NBER's Working Group on Market Microstructure held a meeting, supported by the NASDAQ-OMX Foundation, in Cambridge on December 12, 2014. Tarun Chordia of Emory University; Amit Goyal of the University of Lausanne; Joel Hasbrouck of New York University; Bruce Lehmann of the University of California, San Diego, and NBER; Gideon Saar of Cornell University; and Avanidhar Subrahmanyam of the University of California, Los Angeles, organized the program. These papers were discussed:

* Mariassunta Giannetti and Bige Kahraman, Stockholm School of Economics, "Who Trades Against Mispricing?"

* Paolo Pasquariello, University of Michigan, "Government Intervention and Arbitrage"

* Salman Arif and Azi Ben-Rephael, Indiana University, and Charles Lee, Stanford University, "Do Short-Sellers Profit from Mutual Funds ? Evidence from Daily...