Eighth New York Fed/NYU Stern Conference on Financial Intermediation

May 2-3, 2013, New York

CONFERENCE OVERVIEW: The goal of this two-day conference is to enhance the interaction among researchers interested in financial intermediation.

CONFERENCE LOCATION:
Federal Reserve Bank of New York
12th Floor Conference Center
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)

PROGRAM COMMITTEE: Viral Acharya (New York University), Anne Beatty (Ohio State University), Robert Bushman (University of North Carolina), Nicola Cetorelli (Federal Reserve Bank of New York), Mark Flannery (University of Florida), Itay Goldstein (University of Pennsylvania), Victoria Ivashina (Harvard University), Anil Kashyap (University of Chicago), Christian Leuz (University of Chicago), Jose Liberti (DePaul University), Alan Morrison (University of Oxford), Martin Oehmke (Columbia University), Daniel Paravisini (London School of Economics), Mitchell Petersen (Northwestern University), Manju Puri (Duke University), Adriano Rampini (Duke University), Joao Santos (Federal Reserve Bank of New York), Cathy Schrand (University of Pennsylvania), David Scharfstein (Harvard Business School), Greg Udell (Indiana University), Lucy White (Harvard Business School), William Wilhelm (University of Virginia). Tanju Yorulmazer (Federal Reserve Bank of New York)

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

Please click on this link to register: https://www.newyorkfed.org/scoreoperation/index.cfm?fuseAction=entry.start&id=financialintermediation.c

CONTACT: Please address any questions to Hamid Mehran or Stavros Peristiani: nyfed_nyustern.conference@ny.frb.org

CONFERENCE PROGRAM

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
Konstantin Milbradt, Massachusetts Institute of Technology
Martin Oehmke, Columbia University
Discussant: TBA

10:00 a.m. Granularity of Corporate Debt: Theory and Tests
Jaewon Choi, University of Illinois
Dirk Hackbart, University of Illinois
Josef Zechner, Vienna University of Economics and Business
Discussant: Zhiguo He, University of Chicago

11:00 a.m. Break

11:20 a.m. Are Mutual Funds Active Voters?
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
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
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 Incentives
Markus Fischer, Goethe University Frankfurt
Christa Hainz, ifo Institute for Economic Research
Jorg Rocholl, European School of Management and Technology
Sascha Steffen, European School of Management and Technology
Discussant: Larry Wall, Federal Reserve Bank of Atlanta

5:30 p.m. Reception

FRIDAY, May 3, 2013

Session 3 Session Chair: Hamid Mehran

8:00 a.m. Continental Breakfast

8:50 a.m. Did Capital Requirements and Fair Value Accounting Spark Fire Sales in distressed MBS?
Taylor D. Nadauld, Brigham Young University
Rene M. Stulz, The Ohio State University
Craig B. Merrill, Brigham Young University
Shane Sherlund, Federal Reserve Board
Discussant: Til Schuermann, Oliver Wyman

9:50 a.m. Runs on Money Market Mutual Funds
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

10:50 a.m. Break

11:10 a.m. How do Global Banks Scramble for Liquidity? Evidence from the ABCP Freeze of 2007
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