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<<Previous Conferences 2004 MTS Conference on Financial Markets Research Papers Return to 2004 MTS Conference on Financial Markets The following research papers were discussed at the third annual MTS Conference on Financial Markets. To view the paper, please click on the document. These papers are protected by copyright and other intellectual property laws. All rights are reserved by their respective authors. Automation versus Intermediation: Evidence from Treasuries Going Off the Run Michael J. BARCLAY, Terry HENDERSHOTT and Kenneth KOTZ Financial Intermediation and the Costs of Trading in an Opaque Market Richard GREEN and Burton HOLLIFIELD Carnegie Mellon University Norman SCHURHOFF, HEC Lausanne and FAME Illiquidity Spillovers: Theory and Evidence from European Telecom Bond Issuance Yigal S. NEWMAN and Michael A.RIERSON, Stanford University Order Flow and the Formation of Dealer bids: An Analysis of Information and Strategic Behaviour in the Government of Canada Securities Auctions Ali HORTACSU, University of Chicago and Samita SEREEN, Bank of Canada Discriminatory Auctions with Seller Discretion: Evidence from German Treasury Auctions Jorg ROCHOLL, University of North Carolina at Chapel Hill Flight to Quality, Flight to Liquidity, and the Pricing of Risk Dimitri VAYANOS, MIT, Cambridge Liquidity Discovery and Asset Pricing Michael GALLMEYER, Burton HOLLIFIELD and Duane SEPPI, Carnagie Mellon University