Posted 5/29/09
SIFR CONFERENCE ON
GOVERNANCE OF FINANCIAL INTERMEDIARIES
Sparvagnshallarna in Stockholm
August 28-29, 2009
Funded by the Torsten and Ragnar Soderberg Foundations
The Institute for Financial Research (SIFR) is pleased to
invite interested academics and practitioners to a
conference on "The Governance of Financial Intermediaries"
on August 28-29, 2009, in Stockholm.
OVERVIEW:
The global financial crisis has spurned a renewed interest
in the role of financial institutions for the workings of
the economy. It appears that prevailing governance
structures at banks, hedge funds, mutual funds, and other
actors in the financial system were not sufficient to stop
irresponsible behavior by individual decision makers in
these institutions. The existing regulatory framework for
oversight also seems to have become outdated with the
emergence of new financial instruments and actors (such as
hedge funds, private equity fund, and sovereign wealth
funds), and with the globalization of the markets. The
main goal of this conference is to understand what role
incentive, governance, and regulatory problems in financial
intermediaries played in the financial crisis, and what can
be done to solve them.
The conference aims to bring together leading academics
with financial practitioners and policymakers to discuss
recent research on these issues and the broader
implications for practice and policy. The first conference
day will feature key-note presentations by leading scholars
in the field, which will be accompanied by panel
discussions where practitioners get to express their views
on the featured topics.
The key-note speakers are Douglas Diamond (University of
Chicago), Gary Gorton (Yale University), Raghuram Rajan
(University of Chicago), and Hyun Shin (Princeton
University). The second conference day has a standard
academic format, and aims to provide an academic forum
showcasing the frontier research on credit markets. A
preliminary conference program is attached.
REGISTRATION:
SIFR will only provide accommodation and reimbursement for
reasonable travel expenses for presenting authors and
discussants. There is no registration fee for the
conference. However, participation is limited; and
therefore, we suggest that you register as soon as
possible, and no later than August 1, to ensure
participation. Please register, with contact information,
to:
CONTACT: Anki Helmer
Institute for Financial Research (SIFR)
Drottninggatan 89, 11th fl
SE 11360 Stockholm, Sweden
Tel: +46 8 728 51 22
Fax: +46 8 728 51 30
Email: MAILTO:anki.helmer@sifr.org
A confirmation e-mail will be sent to you upon receipt of
the registration.
FURTHER INFORMATION:
For further information about the program and practical
information, please see:
http://www.sifr.org
or contact the organization committee:
CONTACT: Ulf Axelson
Email: MAILTO:ulf.axelson@sifr.org
CONTACT: Magnus Dahlquis
Email: MAILTO:magnus.dahlquist@sifr.org
CONTACT: Per Stromberg
Email: MAILTO:per.stromberg@sifr.org
OPEN CONFERENCE PROGRAM:
Friday August 28
- 8:30 Coffee and welcome
- 9:00-12:30 Presentation: Douglas Diamond, University
of Chicago "The Credit Crisis: Conjectures
about Causes and Remedies"
- Presentation: Gary Gorton, Yale University, "Slapped in
the Face by the Invisible Hand: Banking and the Panic of
2007"
- Coffee
- Presentation: Hyun Song Shin, Princeton University, "Bank
Dividends in the Crisis: A Failure of Governance"
- 12:30-13:30 Lunch
- 1:30-4:15 Presentation: Raghuram Rajan, University of
Chicago, "Financial Market Regulation"
- Coffee
- Panel: The Future of Financial Regulation
- Participants: TBA
- 4:15 Concluding remarks
ACADEMIC CONFERENCE PROGRAM AGENDA:
Saturday August 29
(The presenting author is marked with an asterisk)
- 8:30 Coffee
- 9:00-9:45 Douglas Diamond* and Raghuram Rajan
(University of Chicago): "Fear of Fire Sales
and the Credit Freeze"
Discussant: TBA
- 9:45-10:30 Andrew Ellul* (Indiana University),
Chotibhak Jotikasthira, and Christian
Lundblad (University of North Carolina):
"Regulatory Pressure and Fire Sales in the
Corporate Bond Market"
Discussant: TBA
- 10:30-11:00 Coffee
- 11:00-11:45 Stephen Morris and Hyun Shin* (Princeton
University): "The Illiquidity Component of
Credit Risk"
Discussant: TBA
- 11:45-12:30 Tri Vi Dang, Gary Gorton* (Yale University),
and Bengt Holmstrom (MIT): "Opacity and the
Optimality of Debt"
Discussant: TBA
- 12:30-13:30 Lunch
- 13:30-14:15 Viral Acharya* and Philip Schnabl (New York
University): "Securitization without Risk
Transfer"
Discussant: TBA
- 14:15-14:30 Coffee
- 14:30-15:15 Roman Inderst* and Sebastial Pfeil
(University of Frankfurt): "Is there a Case
for Regulating Compensation in the Financial
Industry?"
Discussant: TBA
- 15:15-16:00 Ing-Haw Cheng (University of Michigan),
Harrison Hong*, and Jose Scheinkman
(Princeton University): "Yesterday's
Heroes: Compensation and Performance
of Financial Firms"
Discussant: TBA