NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

RISKS OF FINANCIAL INSTITUTIONS

Mark Carey and Rene M. Stulz, Organizers

April 24, 2008

University of Chicago

Gleacher Center, GSB (Downtown Chicago)

Room 404

450 North Cityfront Plaza Drive

Chicago, IL 60611

PROGRAM

THURSDAY, APRIL 24:

11:00 am MARKUS BRUNNERMEIER, Princeton University and NBER

Deciphering the 2007/8 Liquidity and Credit Crunch

Discussant: RAGHURAM RAJAN, University of Chicago and NBER

11:50 am ATIF MIAN, University of Chicago and NBER

AMIR SUFI, University of Chicago

The Consequences of Mortgage Credit Expansion:

Evidence from the 2007 Mortgage Default Crisis

Discussant: STUART GABRIEL, UC, Los Angeles

12:45 pm Lunch- Gleacher Center- Room 422

1:45 pm ROBERT H. LITZENBERGER, Azimuth Asset Management

DAVID M. MODEST, J.P. Morgan Chase

Crisis and Non-Crisis Risk in Financial Markets:

A Unified Approach to Risk Management

Discussant: PHILIPPE JORION, UC, Irvine

2:35 pm PHILIPPE JORION, UC, Irvine

GAIYAN ZHANG, University of Missouri

Credit Contagion from Counterparty Risk

Discussant: RICHARD CANTOR, Moody’s Investors Service

3:30 pm Break

3:50 pm AMIR KHANDANI, MIT

ANDREW LO, MIT and NBER

What Happened to the Quants in August 2007?

Discussant: KENT DANIEL, Northwestern University

4:40 pm MONICA BILLIO and LORIANA PELIZZON, University of Venice

MILA GETMANSKY, University of Massachusetts

Crises and Hedge Fund Risk

Discussant: TOBIAS ADRIAN, Federal Reserve Bank of New York

5:30 pm Adjourn

7:00 pm Dinner

InterContinental Chicago

Empire Room

505 N Michigan Avenue

Chicago, IL 60611

4/9/08