Financial Stability and Financial Intermediary Firms’ Behavior

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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