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CSEF - Center for Studies in Economics and Finance

1 July 2016 – 2 July 2016
Workshop on "Restarting European Long Term Investment Finance"

Friday 1 July

08.30-08.55 Coffee and Registration

08.55-09.00 Introduction

09.00-10.30 SESSION 1
SME Financing and Scale Up – Part 1 Chair: Colin Mayer
Discussant: Andrew Ellul (Indiana University and CEPR)

Inter-Enterprise Credit, Firm Size and Adjustment during Financial Crisis: Evidence from Europe
Fabrizio Coricelli (Paris School of Economics, CEPR), with Marco Frigerio

From Start-up to Scale-up: Examining Public Policies for the Financing of High-Growth Ventures
Karen Wilson (Bruegel), with Gilles Durufle and Thomas Hellmann

10.30-11.00 Coffee Break

11.00-12.30 SESSION 2
SME Financing and Scale Up – Part 2 Chair: Marco Onado
Discussant: Vikrant Vig (London Business School and CEPR)

Suitable or non-suitable?: An investigation of Eurozone SMEs access to market-based finance
Emanuele Rossi (University of Milan), with Annalisa Ferrando, Paola Bongini and Monica Rossolini

(Non‐Bank) Financing of SMEs in Light of Crisis and New Regulation-Do Innovations in Market Financing have a real Impact?
Eric Nowak (University of Lugano), with Alexander Eisele

12.30-14.00 Lunch

14.00-15.30 SESSION 3 Monetary Policy - Chair: Stefano Micossi
Discussant: Fabrizio Coricelli (Paris School of Economics and CEPR)

Whatever it takes: The Real Effects of Unconventional Monetary Policy
Tim Eisert (Erasmus University Rotterdam), with Viral Acharya, Christian Eufinger and Christian Hirsch

Monetary Policy at Work:Security and Credit Application Registers Evidence
Andrea Polo (Universitat Pompeu Fabra and Barcelona GSE), with José Luis Peydro and Enrico Sette

15.30-16.00 Coffee Break

16.00-17.30 SESSION 4
Policy Instruments - Chair: Marco Pagano
Discussant: Sergio Schmukler (The World Bank)

Are Risk Based Capital Requirements Detrimental to Corporate Lending? Evidence from Europe
Brunella Bruno (Università Bocconi), with Giacomo Nocera and Andrea Resti

On the Impact of Government Credit Guarantees Programs on Firms’ Access to Credit and Performance during the Financial Crisis Co-Investigators
Thomas Mosk (Goethe University), with Jose Liberti and Vasso Ioannidou

20.00 Dinner

Saturday 2 July

08.30-09.00 Coffee and Registration

09.00-10.30 SESSION 5
Cost of Capital – Part 1 Chair: Andrea Polo
Discussant: Paola Bongini (University of Milano-Bicocca)

Does the Cost of Capital affect Bank Lending?
Claire Célérier (University of Zurich), with Steven Ongena and Thomas Kick

Public Development Banks and Credit Market Imperfections
Xavier Freixas (Universitat Pompeu Fabra and CEPR), with Marcela Esteva

10.30-11.00 Coffee break

11.00-12.30 SESSION 6
Cost of Capital – Part 2 Chair: Marco Onado
Discussant: Christian Eufinger (IESE)

How Long Do Corporates Borrow? Evidence from Capital Raising Activity
Sergio Schmukler (The World Bank), with Juan Jose Cortina and Tatiana Didier

Financial frictions and corporate investments in bad times. Who cut back most?
Immacolata Marino (University of Naples Federico II), with Brunella Bruno and Alexandra D’Onofrio

12.30-14.00 Lunch

14.00-16.00 SESSION 7
Asset Encumbrance, Debt Overhang and Sovereign Exposure - Chair: Colin Mayer
Discussant: Jose Maria Liberti (Kellogg Graduate School of Management, Northwestern University and DePaul University)

Asset Encumbrance and Bank Funding Costs
Albert Banal-Estanol (Universitat Pompeu Fabra), with Enrique Benito

Bank Sovereign Exposures, Risk and Lending in the Euro Debt Crisis
Marco Pagano (University of Naples Federico II, EIEF and CEPR), with Carlo Altavilla and Saverio Simonelli

Misallocation of Investment in Europe: Debt Overhang, Credit Market Distress, or Weak Demand?
Marcin Wolski (European Investment Bank), with Francesca Barbiero, Philip-Bastian Brutscher, Atanas Kolev and Alexander Popov

16.00-16.30 Coffee break

Paper presentations should be no more than 30 minutes long. In addition to presenting their paper, presenters are asked to highlight the policy implications of it and the relevant associated literature. Once all the papers in a session have been presented then the discussant will have 15 minutes to discuss them all together drawing out their common and distinguishing features. Each session will then close with 15 minutes of general discussion.

Organisers:
Colin Mayer (Saïd Business School, Oxford University and CEPR)
Marco Onado (Bocconi University)
Marco Pagano (Università di Napoli Federico II and CEPR)
Andrea Polo (Universitat Pompeu Fabra and Barcelona GSE)

Logistics III Programme