Financial Stability and Financial Intermediary Firms’ Behavior

September 23-24, 2010
Agenda
Thursday, September 23, 2010
8:15 a.m. Continental Breakfast
9:00 a.m. Welcoming Remarks
James McAndrews, Federal Reserve Bank of New York
9:05 a.m. Session 1: Leverage, Liquidity, and Financial Crises

Session Chair: Paolo Fulghieri, University of North Carolina


Debt Maturity Structure and Credit Quality?

Radhakrishnan Gopalan, Washington University in St. Louis
Fenghua Song, Pennsylvania State University
Vijay Yerramilli, Indiana University

Discussant: Chester Spatt, Carnegie Mellon University
10:05 a.m. Crises, Liquidity Shocks, and Fire Sales at Financial Institutions

Nicole Boyson, Northeastern University
Jean Helwege, University of South Carolina
Jan Jindra, Menlo College

Discussant: Todd Pulvino, CNH Partners
11:05 a.m. Coffee Break
11:20 a.m. Financial Intermediary Leverage and Value-at-Risk

Tobias Adrian, Federal Reserve Bank of New York
Hyun Song Shin, Princeton University

Discussant: Thomas Philippon, New York University
12:30 p.m. Lunch
1:45 p.m. Session 2: Financial Market Integration and Risk

Session Chair: Linda Goldberg, Federal Reserve Bank of New York


Uninvited U.S. Investors? Economic Consequences of Involuntary Cross-Listings

Peter Iliev, Pennsylvania State University
Darius Miller, Southern Methodist University
Lukas Roth, University of Alberta

Discussant: Ailsa Roell, Columbia University
2:45 p.m. Differences in the Integration of Financial Systems: An International Comparison

Florian Kirchner, Goethe University

Discussant: Matthew Richardson, New York University
3:45 p.m. Coffee Break
4:00 p.m. Session 3: How Do Banks Decide Their Capital Structure?

Session Chair: Mark Flannery, University of Florida


Douglas Simons, Credit Suisse
Robert Smalley, UBS
5:30 p.m. Reception
Friday, September 24, 2010
8:15 a.m. Continental Breakfast
9:00 a.m. Session 4: Ways to Prevent Financial Crises

Session Chair: Hamid Mehran, Federal Reserve Bank of New York


Caught between Scylla and Charybdis? Regulating Bank Leverage When There Is Rent Seeking and Risk Shifting

Viral Acharya, New York University
Hamid Mehran, Federal Reserve Bank of New York
Anjan Thakor, European Corporate Governance Institute and Washington University in St. Louis

Discussant: Lucy White, Harvard University
10:00 a.m. Contingent Capital: The Case for COERCs

George Pennachi, University of Illinois at Urbana-Champaign
Theo Vermaelen, INSEAD
Christian Wolff, University of Luxembourg

Discussant: Suresh Sundarasen, Columbia University
11:00 a.m. Coffee Break

11:15 a.m. The Case for Intervening in Bankers' Pay

John Thanassoulis, University of Oxford

Discussant: Alex Edmans, University of Pennsylvania
12:15 p.m. Lunch and Adjourn
Conference Location
Federal Reserve Bank of New York
33 Liberty Street
10th floor, Multipurpose Room
New York, NY 10045
Conference Organizers
Mark Flannery
Paolo Fulghieri
Hamid Mehran
Anjan Thakor
RCFS Editorial Sponsor: Paolo Fulghieri
Contact
Please address any questions to Hamid Mehran
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