Market Microstructure.

• Position: Program and Working Group Meeting - National Bureau of Economic Research - Lawrence Glosten from Columbia University - Zhiguo He from University of Chicago - Wei Xiong from Princeton University - Brief article - Conference notes

The NBER's Working Group on Market Microstructure met in Cambridge on October 2. Group Director Bruce Lehmann of University of California, San Diego along with Charles Jones, Stanford University Graduate School of Business, Eugene Kandel, Hebrew University, Jerusalem, and Avanidhar Subrahmanyam, University of California, Los Angeles, chose these papers for discussion:

* Lawrence Glosten, Columbia University, "Welfare Cost of Informed Trade"

* Zhiguo He, University of Chicago, and Wei Xiong, Princeton University and NBER, "Liquidity and Short-Term Debt Crises"

* Terrence Hendershott, University of California, Berkeley, and Albert Menkveld, VU University Amsterdam, "Price Pressures"

* Albert Kyle and Anna Obizhaeva...