2012 Alberta Finance Institute Conference

July 5th and 6th 2012, University of Calgary's Haskayne School of Business

The Alberta Finance Institute is pleased to present a commodities conference focused on energy, hosted by the University of Calgary's Haskayne School of Business on July 5th and 6th 2012. The theme of the conference is "Speculation, Risk Premiums, and Financing Conditions in Commodity Markets." The purpose is to bring greater understanding to the role of new financing in commodities.

OVERVIEW: Recent years have seen rapid expansion in the role of commodities as an asset-class for institutional money managers. New players such as hedge funds have not only raised the profile of the industry, but have also created massive volatility in funds flowing into commodities. Overall, it has not been well understood if the presence of these players has in fact lowered or raised the cost and availability of capital for commodity firms.

At this conference, academic thought-leaders will bring a depth of understanding and industry relevance to new financing in commodities. Conference faculty include: the current and past president of the American Finance Association, professors from UC-Davis, Carnegie Mellon, NYU, University of Texas at Austin, Swiss Finance Institute, University of Alberta and the University of Calgary. Industry speakers include: influential Canadian and American decision-makers in commodities markets-chief economists, investment officers, monetary advisors and petroleum producers.

In particular, speakers will quantify the volume of speculators, their impact on credit risk, their reward for providing liquidity in these markets, and the information their positions have about the economy. The event will also feature a session on the risks faced by energy producers including those of refinery bottlenecks; and their exploration efforts to manage the long-run uncertainty of supply. There will be a session on gold and agricultural commodities, which have their own unique risks. Finally, there will be two highly topical panels: the developing of Alberta into a global energy financial centre, and Canada-US energy relations.

REGISTRATION: Click here to REGISTER NOW: https://www.netcommunity.ucalgary.ca/afi2012

Scroll down for agenda detail and Speaker Biographies.

For information about the Alberta Financial Institute see: http://www.afi.sitecore.ualberta.ca

AGENDA:

Thursday, July 5, 2012

8 am - 8:30 am Registration and coffee

8:30 - 8:45 am Opening remarks from Jim Dinning, Chancellor of the University of Calgary

8:45 -10:15 am New and old commodity markets players: their speculation and risk premiums

What is risk premium for bearing the oil-price risk that is "earned by speculators" or "paid by hedgers"?
- Bryan Routledge, Associate Professor of Finance, Tepper School of Business, Carnegie Mellon University

Convective risk flows in commodity futures markets
- Andrei Kirilinko, Chief Economist at Commodity Futures Trading Commission
- Michael Tims, Chairman, Peters & Co. Limited

Panel Discussion/Q&A

10:15 - 10:45 am Networking break

10:45 - 12:15 pm Commodities, the macro-economy and credit risk

What does futures market interest tell us about the macro-economy and asset prices?
- Motohiro Yogo, Monetary Advisor, Federal Reserve Bank of Minneapolis

Limits to arbitrage and hedging: evidence from commodity markets
- Viral Acharya, C.V. Starr Professor of Economics, Department of Finance, Stern School of Business, NYU

Industry Speaker (TBA)

Panel Discussion/Q&A

12:15 - 1:30 pm Lunch

Keynote address: The real options approach to valuation: challenges and opportunities
- Eduardo Schwartz, California Chair in Real Estate and Land Economics, Anderson School of Management, UCLA and past President of the American Finance Association

1:30 - 2:45 pm Risks for commodity producers and their costs of capital

Title: TBA (topic Oil Refineries)
- Sheridan Titman, Professor, Department of Finance, McCombs School of Business, and Director of the Center for Energy Finance, University of Texas at Austin and current President of the American Finance Association

Exploration activity and long run risk in energy production
- Alexander David, Associate Professor of Finance, Haskayne School of Business, University of Calgary
- Dean Forman, Chief Economist, Talisman Energy Inc.

Panel Discussion/Q&A
2:45 - 3:15 pm Networking break

3:15 - 4:45 pm Roundtable: Alberta as a global energy centre
An interactive panel will discuss opportunities and challenges as well as examine the practicalities of developing Alberta as a global centre of expertise in energy commodities financing.
- How does Alberta compare with other regions?
- How is Alberta preparing to compete with other international players?
- What opportunities and challenges exist in Alberta?
- What will it take to make Calgary the world's premier energy trading centre?
- What is the role to be played by stakeholders?

Moderator: Joseph Doucet, Interim Dean, Alberta School of Business, University of Alberta

PARTICIPANTS:
- Brian Felesky, Managing Director and Vice-Chairman, Credit Suisse
- George Gosbee, President & CEO AltaCorp Capital Inc.
- Tim Simard, Managing Director, National Bank of Canada
- Government of Alberta Speaker (TBC)
- Panel Discussion/Q&A

6 pm Dinner

Friday, July 6, 2012

8 am - 8:30 am Registration and coffee

8:30 - 8:45 am Opening remarks

8:45 - 10:15 am US -Canada energy relationships
Moderator: Sheridan Titman, Professor of Finance UT-Austin, and President of the American Finance Association
- Greg Stringham, Vice-President, Markets and Oil Sands, Canadian Association of Petroleum Producers
- Al Monaco, President, Enbridge Inc.
- Industry Speaker (TBA)
- Industry Speaker (TBA)
Panel Discussion/Q&A
10:15 - 10:30 am Refreshment break

10:30 - noon What's different in non-energy commodity markets: gold and agriculture

Futures market failure
- Aaron Smith, Associate Professor, Department of Agricultural and Resource Economics, UC Davis

On the lease rate, convenience yield and speculative effects in the gold futures market
- Giovanni Barone-Adesi, Professor of Finance, Swiss Finance Institute

Structural changes in commodity markets
- Gordon Sick, Professor of Finance, Haskayne School of Business, University of Calgary

Panel Discussion/Q&A

Closing Remarks

noon - 1:15 pm Lunch
Keynote Address: Innovation in Energy
- Jagdeep Singh Bachher, Deputy Chief Investment Officer, Alberta Investment Management Corporation (AIMCo)

1:15- 2:45 pm AFI MEMBER MEETING
Roundtable: Expansion of the Alberta Finance Institute (AFI)
- The goals of the institute
- Research areas
- Plans for collaboration
- Future events

Moderator: Jagdeep Singh Bachher, Deputy Chief Investment Officer, AIMCo

PARTICIPANTS:
- Leo de Bever, Chief Executive Officer and Chief Investment Officer, AIMCo
- Leonard Waverman, Dean, Haskayne School of Business, University of Calgary
- Joseph Doucet, Interim Dean, Alberta School of Business, University of Alberta
- Giovanni Barone-Adesi, Professor of Finance, University of Lugano and Swiss Finance Institute

PANEL DISCUSSION/Q&A
2:30 - 3 pm Closing remarks

5 - 11 pm Calgary Stampede

PLACE: Eckhardt-Gramatte Hall, Rosza Centre, University of Calgary
2500 University Drive NW
Calgary, AB, Canada

REGISTRATION/RSVP:
- General registration at: https://netcommunity.ucalgary.ca/afi2012?erid=6990649&trid=cc715c74-35ce-4271-9857-33a73dfca7be
- Alberta Finance Institute members: https://netcommunity.ucalgary.ca/sslpage.aspx?pid=2874&erid=6990649&trid=cc715c74-35ce-4271-9857-33a7
- Speakers: https://netcommunity.ucalgary.ca/sslpage.aspx?pid=2875&erid=6990649&trid=cc715c74-35ce-4271-9857-33a73dfca7be

Refreshment 2 breakfasts, 2 lunches, 1 dinner, and breaks

Cost General registration - $700 per person
Alberta Finance Institute members - at no cost

FURTHER INFORMATION: For questions about the program please contact Alexander David at adavid@ucalgary.ca or 403.220.6987. For all other inquires contact mttinaje@ucalgary.ca or 403.220.3674 or consult our website, at: http://haskayne.ucalgary.ca/afi2012