Span and Scope of Banks, Stability and Regulation  

Naples, 17-18 December 2007
Conference Centre of the University of Naples "Federico II" - Via Partenope, 36

Program and Papers' download

Monday 17 December

8.30 - 9.10       Registration
 

9.10 - 9.30       Welcome Speech - Unicredit Report

                         Fabrizio Onida (Bocconi University and Unicredit Research Board, Chairman)

                         Elena Belli (Head of Research and Strategy, Unicredit Group)

 

9.30 - 13.00      SESSION 1

Chair:                Marco Onado (Bocconi University)

9.30 - 10.20     Payoff Complementarities and Financial Fragility: Evidence from Mutual Fund Outflows

              Qi Chen (The Fuqua School of Business, Duke University)

              *Itay Goldstein (The Wharton School, University of Pennsylvania)

              Wei Jiang (The Graduate School of Business, Columbia University)

Discussant:        Alessandro Beber (HEC, University of Lausanne)

10.20 - 11.10     Contagion in Financial Networks

                          *Prasanna Gai (Bank of England)

                          Sujit Kapadia (Bank of England)

Discussant:        Fabio Castiglionesi (CentER, Tilburg University)

11.10 - 11.40    Coffee break

11.40 - 12.30   Keynote lecture 1

                        Banks, Markets and Liquidity

                        *Franklin Allen (Wharton School, University of Pennsylvania)

                        Elena Carletti (Center for Financial Studies, University of Frankfurt)

12.30 - 13.00   Floor discussion

13.00 - 14.10   Lunch

14.10 - 18.50   SESSION 2

Chair:                Luigi Guiso (European University Institute)

14.10 - 15.00   Fire Sales, Foreign Entry and Bank Liquidity        

                        Viral Acharya (London Business School)

                        Hyun Song Shin (Princeton University)

                        *Tanju Yorulmazer (Federal Reserve Bank)

Discussant:      Giacinta Cestone (CSEF, University of Salerno and Queen Mary College)

15:00 - 15:50  Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say About the Effects of Monetary Policy on Credit Risk?

                        Gabriel Jiménez (Bank of Spain)

                        Steven Ongena (CentER - Tilburg University)

                        *José Luis Peydró (European Central Bank)

                        Jesús Saurina (Bank of Spain)

Discussant:      Giovanni Dell’Ariccia (International Monetary Fund)

15.50 - 16.20   Coffee break
 

16.20 - 17.10   Securitisation and the Bank Lending Channel

                         Yener Altunbas (Centre for Banking and Financial Studies, University of Wales)

                         Leonardo Gambacorta (Bank of Italy)

                         *David Marqués (European Central Bank)

Discussant:        Robert Hauswald (Kogod School of Business, American University)

17:10 - 18:00  Keynote lecture 2

                        The First Global Liquidity Crisis of the Twenty-First Century

                        *Raghuram Rajan (Graduate School of Business, University of Chicago)

18.00 - 18.30   Floor discussion

18.30 - 18.50   Closing speech of Day 1

                        Financial Innovation in Credit Issuance and Distribution: What Next?

                        Alessandro Profumo (CEO, Unicredit Group)


Tuesday 18 December

9.00 - 13.10     SESSION 3

Chair:               Marcello De Cecco (Scuola Normale Superiore di Pisa)

9.00 - 9.50       Has the CDS market lowered the cost of corporate debt?

                         Adam B. Ashcraft (Federal Reserve Bank of New York)

                         *Joăo A.C. Santos (Federal Reserve Bank of New York)       

Discussant:       Simone Varotto (ICMA Centre, University of Reading)

9.50 - 10.40     Solvency Regulation and Credit Risk Transfer

                         *Vittoria Cerasi (Milano-Bicocca University)

                         Jean-Charles Rochet     (Toulouse University)        

Discussant:        Gabriella Chiesa (University of Bologna)

10.40 – 11.10   Coffee break

11.10 – 12.00   Leverage and Pricing in Buyouts: An Empirical Analysis

                        *Ulf Axelson (SIFR and Stockholm School of Economics)

                        Tim Jenkinson (Saïd Business School, Oxford University)

                        Per Strömberg (SIFR, Stockholm School of Economics)

                        Michael S. Weisbach (University of Illinois at Urbana-Champaign)

Discussant:      François Derrien (HEC, Paris)

12.00 - 12.50  Keynote Lecture 3

                        Liquidity and Leverage

                        Tobias Adrian (Federal Reserve Bank of New York)

                        *Hyun Song Shin (Bendheim Center for Finance, Princeton University)

12.50 - 13.20   Floor discussion

13.20 - 14.30   Lunch
 

Scientific Committee:

Viral Acharya (London Business School)

Franklin Allen (Wharton School, University of Pennsylvania)

Arnoud Boot (University of Amsterdam)

Marcello De Cecco (Scuola Normale Superiore di Pisa and Unicredit Research Board)

Marco Pagano (CSEF, University of Naples Federico II and Unicredit Research Board)

Raghuram Rajan (Graduate School of Business, University of Chicago)

Hyun Song Shin (Bendheim Center for Finance, Princeton University)

Philip Strahan (Carroll School of Management, Boston College)

Josef Zechner (University of Vienna)

Local Organizer: