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

May 2-3, 2013
Thursday, May 2, 2013
8:00 a.m. Continental Breakfast
8:50 a.m. Welcoming Remarks, Jamie McAndrews, Executive Vice President and Director of Research, Federal Reserve Bank of New York

Session 1:
Session Chair: Stavros Peristiani

9:00 a.m.

Maturity Rationing and Collective Short-Termism PDF
Konstantin Milbradt, Massachusetts Institute of Technology
Martin Oehmke, Columbia University

Discussant: Christian Opp, University of Pennsylvania

10:00 a.m.

Granularity of Corporate Debt: Theory and TestsPDF
Jaewon Choi, University of Illinois
Dirk Hackbarth, University of Illinois
Josef Zechner, Vienna University of Economics and BusinessDiscussant: Zhiguo He, University of Chicago

11:00 a.m. Break
11:20 a.m.

Are Mutual Funds Active Voters?PDF
Peter Iliev, Penn State University
Michelle Lowry, Penn State University

Discussant: Marcin Kacperczyk, New York University

12:30 p.m. Lunch
Session 2:
Session Chair: Philipp Schnabl
2:00 p.m. The Effect of Industrial Sector Transparency on Bank Risk-Taking and Banking System Fragility PDF
Sudarshan Jayaraman, Washington University in St. Louis
S.P. Kothari, Massachusetts Institute of Technology

Discussant: Cathy Schrand, University of Pennsylvania
3:00 p.m.

Government Guarantees and Financial Stability PDF
Frank Allen, University of Pennsylvania
Elena Carletti, European University Institute and CEPR
Itay Goldstein, University of Pennsylvania
Agnese Leonello, University of Pennsylvania

Discussant: Robert McDonald, Northwestern University

4:00 p.m. Break
4:20 p.m.

Government Guarantees and Risk Taking IncentivesPDF
Markus Fischer, Goethe University Frankfurt
Christa Hainz, ifo Institute for Economic Research
Jörg Rocholl, European School of Management and Technology
Sascha Steffen, European School of Management and Technology

Discussant: Larry Wall, Federal Reserve Bank of Atlanta

5:40 p.m. Reception
Friday, May 3
Session 3:
Session Chair: Hamid Mehran
8:15 a.m. Continental Breakfast
9:00 a.m.

Did Capital Requirements and Fair Value Accounting Spark Fire Sales in Distressed MBS? PDF
Taylor D. Nadauld, Brigham Young University
René M. Stulz, The Ohio State University
Craig B. Merrill, Brigham Young University
Shane Sherlund, Federal Reserve Board

Discussant: Til Schuermann, Oliver Wyman

10:00 a.m.

Runs on Money Market Mutual FundsPDF
Russ Wermers, University of Maryland at College Park
Allan Timmermann, University of California, San Diego
Lawrence Schmidt, University of California, San Diego

Discussant: Marco Cipriani, Federal Reserve Bank of New York

11:00 a.m. Break

11:20 a.m.

How do Global Banks Scramble for Liquidity? Evidence from the ABCP Freeze of 2007 PDF
Viral V. Acharya, New York University
Gara Afonso, Federal Reserve Bank of New York
Anna Kovner, Federal Reserve Bank of New York

Discussant: Phil Strahan, Boston College

12:15 p.m. Lunch and Adjournment
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