The Sixth New York Fed/NYU Stern Conference on Financial Intermediation
November 4-5, 2010
Thursday, November 4, 2010
8:15 a.m. Continental Breakfast
9:00 a.m. Welcoming Remarks
James McAndrews, Director of Financial Research, Federal Reserve Bank of New York

Session Chair: Hamid Mehran, Federal Reserve Bank of New York
9:05 a.m. Can Hedge Funds Time Market Liquidity? PDF

Charles Cao, Pennsylvania State University
Yong Chen, Virginia Tech
Bing Liang, University of Massachusetts at Amherst
Andrew W. Lo, Massachusetts Institute of Technology

Discussant: Itzhak Ben-David, Ohio State University
10:05 a.m. Hedge Funds in M&A; Deals: Is There Exploitation of Private Information? PDF

Rui Dai, York University
Nadia Massoud, York University
Debarshi Nandy, York University
Anthony Saunders, New York University

Discussant: Victoria Ivashina, Harvard University and National Bureau of Economic Research
11:05 a.m. Coffee Break
11:20 a.m. Correlated Leverage PDF

Anand Goel, LEGG
Fenghua Song, Pennsylvania State University
Anjan Thakor, Washington University in St. Louis

Discussant: Vish Viswanathan, Duke University
12:30 p.m. Lunch

Session Chair: Stavros Peristiani, Federal Reserve Bank of New York
1:45 p.m. Institutional Investment in Syndicated Loans PDF

Debarshi Nandy, York University
Pei Shao, University of Northern British Columbia

Discussant: Andrew Hertzberg, Columbia University
2:45 p.m. Unstable Equity? Combining Banking with Private Equity Investing PDF

Lily Fang, INSEAD
Victoria Ivashina, Harvard University and National Bureau of Economic Research
Josh Lerner, Harvard University and National Bureau of Economic Research

Discussant: Anna Kovner, Federal Reserve Bank of New York
3:45 p.m. Coffee Break
4:00 p.m. Does Systemic Risk in the Financial Sector Predict Future Economic Downturns? PDF

Linda Allen, Baruch College
Turan Bali, Baruch College
Yi Tang, Fordham University

Discussant: Til Schuermann, Federal Reserve Bank of New York
5:00 p.m. Keynote Speaker: Professor Raghuram Rajan, University of Chicago
5:45 p.m. Reception
Friday, November 5
8:15 a.m. Continental Breakfast

Session Chair: Philipp Schnabl, New York University
9:00 a.m. The Economics of Unsolicited Credit Ratings

Paolo Fulghieri, University North Carolina
Günter Strob, University of North Carolina
Han Xia, University of North Carolina

Discussant: Chester Spatt, Carnegie Mellon University
10:00 a.m. The Maturity Rat Race PDF

Markus Brunnermeier, Princeton University
Martin Oehmke, Columbia University

Discussant: Philip Bond, University of Pennsylvania
11:00 a.m. Coffee Break

11:15 a.m. Investors’ Horizons and the Amplification of Market Shocks PDF

Christina Cella, Indiana University
Andrew Ellul, Indiana University
Mariassunta Giannetti, Stockholm School of Economics, Centre for Economic Policy Research, and European Corporate Governance Institute

Discussant: Jean Helwege, University of South Carolina
12:15 p.m. Lunch and Adjourn
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