Not much news today. We had the morning off, presumably so that some students could work on their presentations. The afternoon included five presentations, generally covering

• A theoretical examination of the impacts of financial transaction taxes
• The effect of speed bumps on market liquidity
• The asymmetric returns volatility effect (theory and empirics)
• Determinants of market fragmentation
• The effects of primary issuance on secondary market liquidity

The presentation quality was pretty excellent, overall.