2013 CARE Conference

2013 CARE Conference
Impact of Emerging Information Technology on Capital Markets
April 5-6, 2013

Investors, regulators and registrants face both opportunities and challenges in the sea of change that has permeated the corporate information environment. For example, firms are increasingly turning to social media, such as Twitter, for investor relations, customer service and crisis management. Investors are using the Internet to obtain firm information via Google searches, corporate websites, investor blogs, and trader chat rooms. They also have access to real-time feeds of SEC filings and press releases, and some have found ways to determine online sentiment about a firm and incorporate this into their valuation processes. When investors turn to implementing trades, they are faced with market mechanics that are greatly affected by technological change, as evidenced by high frequency trading, flash orders, and dark pools. The SEC has been tasked with determining whether the various online information from blogs, chat rooms, social media and corporate websites qualify as acceptable disclosures under securities laws. And, as perhaps a sign of the times, the SEC has recently mandated that firms release their financial statements using a recent technological innovation, XBRL, that is touted as a 'quantum leap' in the way external parties gain access to information in firms' filings.

This conference will bring together leading experts, regulators, registrants, information intermediaries, and academics to provide a vibrant setting for discussing how the revolution in information technology is shaping the capital market information environment and impacting investors.

Friday, April 5

7:00 - 8:15 am


8:15 - 8:30 am



Peter Easton
Director, Center for Accounting Research & Education, University of Notre Dame

Hal White
Assistant Professor of Accounting, University of Michigan

8:30-9:15 am

Morning Keynote:

Video: Investing in a World of Technological Change
Hurewitz Slides 


Barry Hurewitz
Chief Operating Officer, Managing Director for Research, Morgan Stanley

9:15-10:30 am

Panel 1:

Video: Investing in a World of Technological Change Panel Discussion


Barry Hurewitz (Moderator)
Chief Operating Officer, Managing Director for Research, Morgan Stanley


Laurence Herman
General Counsel and Managing Director, Gerson Lehrman Group


Scott Rosen
Consortium Leader, Visible Alpha


James Claus
Managing Director, Moon Capital


Zack Miller
General Partner and Head of Investor Community, OurCrowd

10:30-10:45 am


10:45-12:00 pm

Panel 2:

Video: Catering to the Needs of Investors in the New Information Age


Paul Healy (Moderator)
Senior Associate Dean for Research, Harvard Business School


Armando Gonzalez
President & CEO, RavenPack


Richard Brown
Global Head of Elektron Analytics, Thomson Reuters


Bill Ladd
Chief Analytic Officer, Recorded Future

12:00-1:00 pm


1:00-1:45 pm

Afternoon Keynote: Disclosure Regulation in the Information Age of Technology


Troy A Paredes
Commissioner, Securities and Exchange Commission

1:45-2:00 pm


2:00-3:00 pm

Panel 3:

Video: The Impact of Technology: An Information Intermediary Perspective


Mark Bradshaw (Moderator)
Associate Professor, Boston College


Drew Jones
Product Manager - Banking, Private Equity and Investor Relations, Bloomberg


Asif Alam
Head of Machine Readable News, Thomson Reuters


Ajit Agrawal
Global Head of AlphaWise & Member of US Economics Research, Managing Director, Morgan Stanley

3:00-3:15 pm


3:15-4:30 pm

Panel 4:

Video: The Impact of Technology: A Stock Exchange Perspective


Larry Harris (Moderator)
Professor of Finance and Business Economics, University of Southern California


Craig Lewis
Chief Economist and Director of the Division of Risk, Strategy and Financial Innovation, Securities and Exchange Commission


Colin Clark
Senior Vice President, Strategic Analysis, NYSE Euronext


Frank Hatheway
Chief Economist and Senior Vice President, NASDAQ OMX

4:30-4:45 pm


4:45-5:45 pm

Panel 5:

Video: Overview of Academic Research
Zhang Slides
Thornock Slides


Hal White (Moderator)
Assistant Professor of Accounting, University of Michigan


Frank Zhang
Professor of Accounting, Yale University


Elizabeth Blankespoor
Assistant Professor of Accounting, Stanford University


Jake Thornock
Assistant Professor of Accounting, University of Washington

6:00-7:00 pm


7:00-9:30 pm


7:00-7:45 pm

Evening Keynote:

Video: New Information Technology on the Battlefield


Major Sam Linn
US Military Academy, West Point, United States Army

Major Joe Da Silva
US Military Academy, West Point, United States Army

Saturday, April 6

7:00-8:15 am


8:15-9:00 am

Morning Keynote:

Video: Technology and Disequilibrium
Bloomfield Slides


Robert Bloomfield
Professor of Accounting, Cornell University

9:00-9:15 am


9:15-10:15 am

Panel 6:

Video: XBRL


Suzanne Morsfield (Moderator)
Director of Research, CEASA, Columbia Business School


Campbell Pryde
President and CEO, XBRL US


Amit Varshney
Vice President, Credit Suisse


Susan Yount
Office of Interactive Data, Securities and Exchange Commission


Sara Noble
Director, Product Strategy, Blue Matrix


Emily Huang
Co-Founder & SVP, Sales & Marketing, Rivet Software


Bob Herz
WebFilings, Executive-in-Residence, Columbia Business School

10:15-10:45 am


10:45-12:00 pm

Panel 7:

Video: Corporate Disclosures and Investor Relations Using Information Technology


Greg Miller (Moderator)
Associate Professor of Accounting, University of Michigan


Darrell Heaps
CEO and Co-Founder, Q4 Web Systems


Michael Becker
Senior Vice President, Financial Product Strategy, Business Wire


Erik Gerding
Associate Professor of Law, University of Colorado Law School


Heather Hunter
Director of Marketing Communications, Safeguard Scientifics

12:00-12:15 pm


12:15-1:15 pm

Panel 8: Overview of Academic Research


Douglas Skinner (Moderator)
Professor of Accounting, Chicago Booth School of Business


Brady Twedt
Graduating PhD Student, Texas A&M University


Bill Mayew
Associate Professor, Duke University

1:15-1:30 pm

Closing Remarks


Peter Easton
Center for Accounting Research and Education, University of Notre Dame


The 2013 Conference Committee

Peter Easton, University of Notre Dame
Beth Blankespoor, Stanford University
K Ramesh, Rice University
Darren Roulstone, Ohio State University
Hal White, University of Michigan



We would like to thank our sponsors