Fixed Income and Financial Institutions Conference Program


The Fixed Income and Financial Institutions Conference

Conference Announcement

April 26-27, 2019, University of South Carolina in Columbia, SC

The Darla Moore School of Business at the University of South Carolina, with the generous sponsorship of H. Montague (Monty) Osteen, will hold the 8th Fixed Income and Financial Institutions Conference (FIFI) on the University of South Carolina campus in Columbia, SC on April 26-27, 2019. The conference aims to bring together top researchers to foster a dialogue on important issues in fixed income and financial institutions. Andrew Karolyi (Cornell University) is the keynote speaker of the conference.

To register for the conference, please follow the link: “”. Early bird registration is available until 4/22. As a FIFI conference participant, you can reserve a room at Courtyard Marriott near the Business School at a discount rate through the link.


Friday (April 26, 2019)

8:30 AM — Breakfast and Registration (Room 331)
9:30 AM — Opening Remarks (Room 324)

10:00 AM — Session 1: Banking and Liquidity (Room 334)
Session Chair: Christa H.S. Bouwman (Texas A&M University)

“Liquidity and Securitization” (by Douglas W. Diamond, University of Chicago, Yunzhi Hu, University of North Carolina, Chapel Hill, Raghuram G. Rajan, University of Chicago)
Discussant: Ming Yang, Duke University

“How Should Governments Create Liquidity?” (by Timothy Jackson, Cardiff University, George Pennacchi, University of Illinois, Urbana Champaign)
Discussant: Sebastian Infante, Federal Reserve Board

“The External Effects of Bank Executive Pay: Liquidity Creation and Systemic Risk” (by Robert DeYoung, University of Kansas
Minjie Huang, University of Louisville)
Discussant: Raluca Roman, Federal Reserve Bank of Philadelphia

10:00 AM — Session 2: Bond Pricing (Room 324)
Session Chair: Eric Powers (University of South Carolina)

“Real versus Nominal Bonds: On Liquidity and Inflation Risk Premiums around The World” (by Andrey Ermolov, Fordham University, Geert Bekaert, Columbia Business School)
Discussant: Jean Helwege, University of California, Riverside

“Floating Rate Money? The Stability Premium in Treasury Floating Rate Notes” (by Matthias Fleckenstein, University of Delaware, Francis A. Longstaff, University of California, Los Angeles)
Discussant: Jingzhi Huang, Pennsylvania State University

“Reaching for Yield and Overpricing in Bonds” (by Qianwen Chen, University of Illinois, Urbana Champaign, Jaewon Choi, University of Illinois, Urbana Champaign)
Discussant: Jonathan Goldberg, Federal Reserve Board

12:30 PM — Lunch & Keynote Speech (Sonoco Pavillion)
Keynote Speaker: G. Andrew Karolyi (Harold Bierman, Jr. Distinguished Professor of Management, Johnson Graduate School of Management, Cornell University)

2:30 PM — Session 3: Bank Risks (Room 334)
Session Chair: John Hackney (University of South Carolina)

“Operational Risk is More Systemic than You Think: Evidence from U.S. Bank Holding Companies” (by Allen N. Berger, University of South Carolina, Filippo Curti, Federal Reserve Bank of Richmond, Atanas Mihov, Federal Reserve Bank of Richmond, John Sedunov, Villanova University)
Discussant: Samuel Rosen, Temple University

“Are Risky Banks Rationed by Corporate Depositors?” (by Daniel Friedmann, Goethe University, Björn Imbierowicz, Deutsche Bundesbank, Anthony Saunders, New York University, Sascha Steffen, Frankfurt School of Finance and Management)
Discussant: Jun Yang, University of Notre Dame

“Reducing Moral Hazard at the Expense of Market Discipline: The Effectiveness of Double Liability Before and During the Great Depression” (by Haelim Anderson, Federal Deposit Insurance Corporation, Daniel Barth, Office of Financial Research
Dong Beom Choi, Federal Reserve Bank of New York)
Discussant: Lamont Black, DePaul University

2:30 PM — Session 4: Government Bond (Room 324)
Session Chair: Wenhao Yang (University of South Carolina)

“Default Risk and the Pricing of U.S. Sovereign Bonds” (by Robert Dittmar, University of Michigan, Alex Hsu, Georgia Institute of Technology, Guillaume Roussellet, McGill University, Peter Simasek, Georgia Institute of Technology)
Discussant: Cisil Sarisoy, Federal Reserve Board

“Fiscal Risk and the Slope of the Term Structure” (by Thien T. Nguyen, Ohio State University)
Discussant: Michael Gallmeyer, University of Virginia

“How Learning from Macroeconomic Experiences Shapes the Yield Curve” (by Kasper Jorgensen, Federal Reserve Board)
Discussant: Andrey Ermolov, Fordham University

5:00 PM — Reception and Dinner (Top of Carolina)

Saturday (April 27, 2019)

7:30 AM — Breakfast

8:30 AM — Session 5: Mortgage (Room 334)
Session Chair: Chao Jiang (University of South Carolina)

“The Political Economy of Mortgage Lending” (by Yongqiang Chu, University of North Carolina, Charlotte, Teng (Tim) Zhang, University of Wyoming)
Discussant: Pat Akey, University of Toronto

“The Real Effects of Secondary Market Trading Structure: Evidence from the Mortgage Market” (by Yesol Huh, Federal Reserve Board, You Suk Kim, Federal Reserve Board)
Discussant: Sanket Korgaonkar, Pennsylvania State University

8:30 AM — Session 6: Bond and Insurers (Room 324)
Session Chair: Vahid Irani (University of South Carolina)

“The Bond Pricing Implications of Rating-Based Capital Requirements” (by Scott Murray, Georgia State University, Stanislava Nikolova, University of Nebraska-Lincoln)
Discussant: Robert A. Connolly, University of North Carolina, Chapel Hill

“Measuring the Effect of Financial Flexibility on Investment Using Insurers’ Portfolios” (by Shan Ge, New York University,
Michael S. Weisbach, Ohio State University)
Discussant: Andra Ghent, University of Wisconsin

10:00 AM — Break

10:30 AM — Session 7: Bank Competition (Room 334)
Session Chair: Liang Ma (University of South Carolina)

“Competition, Risk-Taking, and The Demise of Old-School Banking” (by Emilio Bisetti, HKUST, Stephen A. Karolyi, Carnegie Mellon University, Stefan Lewellen, Pennsylvania State University)
Discussant: Christine Dobridge, Federal Reserve Board

“Close Competitors? On the Causes and Consequences of Bilateral Competition between Banks" (by Ralph De Haas, EBRD
Liping Lu, VU University Amsterdam, Steven Ongena, University of Zürich)
Discussant: Gregory Udell, Indiana University

10:30 AM — Session 8: Household Credit (Room 324)
Session Chair: Da Ke (University of South Carolina)

“Friends with Bankruptcy Protection Benefits” (by Kristoph Kleiner, Indiana University, Noah Stoffman, Indiana University
Scott Yonker, Cornell University)
Discussant: Han Xia, University of Texas at Dallas

“Macroprudential Policy and Household Leverage: Evidence from Administrative Household-Level Data” (by Sjoerd Van Bekkum, Erasmus School of Economics, Marc Gabarro, University of Mannheim, Rustom M. Irani, University of Illinois, Urbana Champaign, Jose-Luis Peydro, Pompeu Fabra University)
Discussant: Aditya Aladangady, Federal Reserve Board

The past conference programs can be found at: