Conference Program
Disclosure, Transparency, and Financial Reporting in the Financial Services Industry

A conference jointly sponsored by the Federal Reserve Bank of New York and the Journal of Accounting Research

September 20-21, 2012 at the Federal Reserve Bank of New York

- Hamid Mehran, Federal Reserve Bank of New York
- Abbie Smith, University of Chicago

CONFERENCE INTRODUCTION: This conference aims to promote a better understanding of the importance of disclosure, financial reporting, and transparency generally in the financial services industry. The goal is to consider the effect of transparency at the financial intermediary and at the regulatory level on information production and its flow, security prices and risk, and ultimately the structure and conduct of the industry. This understanding, in turn, may help regulators promote efficiency and financial stability.



Thursday September 20th

8:00 Continental breakfast

8:45 Welcoming remarks, Jamie McAndrews

Session 1: Economic Consequences of Financial Reporting
Session Chair: Abbie Smith, University of Chicago

9:00 Delayed expected loss recognition and the risk profile of banks
Robert Bushman, University of North Carolina
Christopher Williams, University of Michigan
Discussant: Mitchell Petersen, Northwestern University

9:55 The implications of banks' credit risk modeling disclosures for their loan loss provision timeliness and loan origination procyclicality
Gauri Bhat, Washington University at St. Louis
Stephen Ryan, New York University
Dushyantkumar Vyas, University of Minnesota
Discussant: Anne Beatty, Ohio State University

10:50 Break

11:10 Mark-to-market accounting and information asymmetry in banks
Ray Ball, University of Chicago
Sudarshan Jayaraman, Washington University at St. Louis
Lakshmanan Shivakumar, London Business School
Discussant: Robert McDonald, Northwestern University

12:15 Lunch

Session 2: Information, Bank Regulation and Supervision
Session Chair: Hamid Mehran, FRBNY

1:25 Information disclosure and fundamental disagreement: Implications for financial and non-financial firms
Anjan V. Thakor, Washington University at St. Louis
Discussant: Martin Oehmke, Columbia University

2:20 The relation between bank resolutions and information environment: Evidence from the auctions for failed banks
Joao Granja, University of Chicago
Discussant: James Vickery, FRBNY

3:15 Break

3:35 Inconsistent regulators: Evidence from banking
Sumit Argarwal, Federal Reserve Bank of Chicago
David Lucca, Federal Reserve Bank of New York
Amit Seru, University of Chicago
Francesco Trebbi, University of British Columbia
Discussant: Adam Ashcraft, FRBNY

Session 3: Panel on Disclosure
Chair: Kevin Stiroh, FRBNY

4:30 Panel:
Betsy Graseck, Morgan Stanley
Darryll Hendricks, UBS
John McDonald, Sanford Bernstein
Jeffrey Rosenberg, BlackRock
Douglas Simons, Credit-Suisse

6:15 Reception

Friday September 21th

Session 4: Stress Tests and Supervisory Disclosure
Session Chair: Beverly Hirtle, FRBNY

8:00 Continental breakfast

8:45 Should banks' Stress Test results be disclosed? An analysis of the costs and benefits
Itay Goldstein, University of Pennsylvania
Haresh Sapra, University of Chicago
Discussant: Tano Santos, Columbia University

9:40 Capital Market Consequences of EU Bank Stress Tests
Atif Ellahie, London Business School
Discussant: Til Schuermann, Oliver Wyman

10:35 Break

10:55 Mandatory supervisory disclosure, voluntary disclosure, and risk-taking of financial institutions: Evidence from the EU-wide stress-testing exercises
Jannis Bischof, University of Mannheim
Holger Daske, University of Mannheim
Discussant: Luc Laeven, IMF

12:00 Lunch and adjournment

Posted 9/5/12