The Fourth New York Fed/NYU Stern Conference on Financial Intermediation

November 14, 2008

A conference jointly sponsored by the Federal Reserve Bank of New York and the Salomon Center at New York University's Leonard N. Stern School of Business.

Overview
This one-day conference aims to promote and enhance the interaction among researchers interested in financial intermediation.

Audience
The conference is open to academics and other researchers in the fields of economics and finance. It is closed to the media.

Conference Location
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045

Conference Organizers
Alexander Ljungqvist, New York University
Hamid Mehran, Federal Reserve Bank of New York
Stavros Peristiani, Federal Reserve Bank of New York
Philipp Schnabl, New York University

2008 Program Committee
Mark Carey, Board of Governors of the Federal Reserve System
Victoria Ivashina, Harvard University
Ross Levine, Brown University
Massimo Massa, INSEAD
Daniel Paravisini, Columbia University
João Santos, Federal Reserve Bank of New York
Philipp Schnabl, New York University
Philip Strahan, Boston College
Amir Sufi, University of Chicago

Registration Deadline
November 7, 2008
Registration is closed.
Agenda
8:15 a.m. Continental Breakfast
8:50 a.m Welcoming Remarks
Beverly Hirtle, Senior Vice President
Financial Intermediation Function
9:00 a.m. Competition and Specialization in Credit Markets PDF

Rebecca Zarutskie, Duke University, Fuqua School of Business

Discussant: Philipp Schnabl, New York University, Stern School of Business
10:00 a.m. Break
10:15 a.m. Public Information and Coordination: Evidence from a Credit Registry Expansion PDF

Andrew Hertzberg, Columbia University, Graduate School of Business
Jose Liberti, DePaul University, Graduate School of Business
Daniel Paravisini, Columbia University, Graduate School of Business

Discussant: Greg Nini, University of Pennsylvania, The Wharton School
11:15 a.m. Internal Capital Markets: The Bright Side of Corporate Politics PDF

Martijn Cremers, Yale School of Management, International Center for Finance
Rocco Huang, Federal Reserve Bank of Philadelphia
Zacharias Sautner, University of Amsterdam, Finance Group

Discussant: Andrew Hertzberg, Columbia University, Graduate School of Business
12:15 p.m. Lunch
1:30 p.m. A Gap-Filing Theory of Corporate Debt Maturity Choice PDF

Robin Greenwood, Harvard University
Samuel Hanson, Harvard University
Jeremy Stein, Harvard University and National Bureau of Economic Research

Discussant: Mark Flannery, University of Florida
2:30 p.m. Real Effects of the Subprime Mortgage Crisis: Is it a Demand or Finance Shock? PDF

Hui Tong, International Monetary Fund
Shang-Jin Wei, Columbia University, Graduate School of Business

Discussant: George Pennacchi, University of Illinois
3:30 p.m. Break
4:00 p.m. Bank Failures and the Cost of Systemic Risk: Evidence from 1900-1930 PDF

Paul Kupiec, Federal Deposit Insurance Corporation
Carlos Ramirez, George Mason University, Department of Economics

Discussant: Thomas Philippon, New York University, Stern School of Business
5:00 p.m Reception
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