Posted 12/9/07
CALL FOR PAPERS
THE PAUL WOOLLEY CENTRE FOR THE STUDY OF
CAPITAL MARKET DYSFUNCTIONALITY
FIRST ANNUAL CONFERENCE
12 & 13 June 2008
Financial Markets Group, London School of Economics
The Paul Woolley Centre was established at the London
School of Economics in September 2007. Research at the
centre aims at understanding the workings of capital
markets and the social efficiency of allocations these
markets achieve. The research departs from the Arrow-Debreu
view of frictionless markets, and emphasizes the role of
financial institutions (e.g. investment banks, mutual,
hedge, and pension funds) in influencing prices and
allocations.
TOPICS:
The main themes are:
- Contracts and organizational structure: What contracts
should govern the agency relationship between investors
and fund managers? How do contracts influence managers'
investment policies? What determines the organizational
structure of the fund-management industry?
- Market frictions and asset prices: How do frictions such
as asymmetric information, market-entry costs, or agency,
impact the informational efficiency of prices? What are
the implications for market liquidity and for phenomena
such as excess volatility or contagion?
- Allocative efficiency and the macro-economy: Frictions
can generate allocative inefficiencies, such as imperfect
risksharing and misallocation of capital in the
macroeconomy. How important are these inefficiencies and
how can they be measured?
- Policy implications: Can regulatory policies mitigate
market inefficiencies? For example, can changes in
contracts between investors and managers, or the
introduction of new assets, generate Pareto-improvements?
The Paul Woolley Centre will be holding a conference each
year based on these broad themes as well as related
research questions. The goal is to bring together
researchers working on such questions, disseminate their
research, and stimulate the development of new ideas. Both
empirical and theoretical papers are welcome. Papers will
have discussants.
The first conference will take place on 12 & 13 June. It
will start in the afternoon of Thursday 12 June, and end in
the afternoon of Friday 13 June. Friday's session will be
joint with the Adam Smith Asset Pricing (ASAP) Workshop,
which is also meeting on Saturday. There will be a joint
dinner with the ASAP Workshop on Friday, and an additional
dinner on Thursday.
EXPENSES:
Travel (economy class round-trip) and accommodation
expenses will be covered for presenters and discussants.
PAPER SUBMISSION PROCEDURE:
Please email a copy of your paper to:
Email: MAILTO:cmdcentre.fmg@lse.ac.uk
cc: MAILTO:d.vayanos@lse.ac.uk
PROGRAMME COMMITTEE:
Bruno Biais (University of Toulouse), Denis Gromb (London
Business School), Christopher Polk (London School of
Economics), Dimitri Vayanos (London School of Economics),
Paul Woolley (London School of Economics)
Deadline for submission of papers: 14 March 2008
The authors of selected papers will be informed by the end
of March.