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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC

SUMMER INSTITUTE 2013

Risks of Financial Institutions Workshop

Mark Carey and Rene Stulz, Organizers

July 9 and 10, 2013

July 9

Royal Sonesta Hotel
40 Edwin H. Land Boulevard
Cambridge, Massachusetts

July 10

Hotel Marlowe
25 Edwin H. Land Boulevard
Cambridge, Massachusetts

PROGRAM

Tuesday, July 9:
BANK CAPITAL (Joint with the Corporate Finance group)
1:00 pm	Malcolm Baker, Harvard University and NBER Jeffrey Wurgler, New York University and NBER
	Would Stricter Capital Requirements Raise the Cost of Capital? Bank Capital Regulation and the Low Risk Anomaly
	Discussant: Randall Kroszner, University of Chicago and NBER
1:50 pm	Indraneel Chakraborty,Southern Methodist University Itay Goldstein, University of Pennsylvania Andrew MacKinlay, Southern Methodist University
	Do Asset Price Bubbles have Negative Real Effects?
	Discussant: Philipp Schnabl, New York University and NBER
2:40 pm	Break
3:10 pm	Filippo Ippolito, Universitat Pompeu Fabra Ali Ozdagli, Federal Reserve Bank of Boston Ander Perez, Universitat Pompeu Fabra
	Is Bank Debt Special for the Transmission of Monetary Policy? Evidence from the Stock Market
	Discussant: Daniel Paravasini, London School of Economics and NBER
4:00 pm	Adjourn

Wednesday, July 10

8:00 am

Coffee and Pastries

8:30 am

Frank Allen, University of Pennsylvania

Elena Carletti, European University Institute

Itay Goldstein, University of Pennsylvania

DAgnese Leonello, University of Pennsylvania

Government Guarantees and Financial Stability

Discussant: Viral Acharya, New York University and NBER

9:25 am

Rajkamal Iyer, Massachusetts Institute of Technology

Manju Puri, Duke University and NBER

Nicholas Ryan, Harvard University

Do Depositors Monitor Banks?

Discussant: Charles Calomiris, Columbia University and NBER

10:20 am

Break

10:45 am

Itamar Drechsler New York University

Thomas Drechsel, European Central Bank

David Marquez-Ibanez, European Central Bank

Philipp Schnabl, New York University and NBER

Who Borrows from the Lender of Last Resort?

Discussant: Mark Flannery, University of Florida

11:40 am

Update on Progress at the Office of Financial Research

Richard Berner, United States Treasury

12:10 pm

Lunch

1:15 pm

Charles Calomiris, Columbia University and NBER

Florian Heider, European Central Bank

marie Hoerova, European Central Bank

A Theory of Bank Liquidity Requirements

Discussant: Anjan Thakor, Washington University

2:10 pm

Arvind Krishnamurthy, Northwestern University and NBER

Annette Vissing-Jorgensen, Northwestern University and NBER

Short-term Debt and Financial Crisis: What we can learn from U.S. Treasury Supply

Discussant: Robin Greenwood, Harvard University and NBER

3:05 pm

Break

3:25 pm

Taylor Begley, University of Michigan

Amiyatosh Purnanandam, University of Michigan

Design of Financial Securities: Empirical Evidence from Private-label RMBS Deals

Discussant: Christopher James, University of Florida

4:20 pm

Hui Chen, Massachusetts Institute of Technology and NBER

Rui Cui, University of Chicago

Zhiguo He, University of Chicago and NBER

Konstantin Milbradt, Massachusetts Institute of Technology

Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle

Discussant: Pierre Collin-Dufresne, Columbia University and NBER

5:15 pm

Adjourn