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Understanding the Capital Structures of Non-Financial and Financial Corporations


Viral V. Acharya, Heitor Almeida, and Malcolm Baker, Organizers


April 5-6, 2013


Royal Sonesta Hotel

Riverfront Room

40 Edwin Land Boulevard

Cambridge, MA




Participant List


Friday, April 5

9:00 am

Coffee and pastries

Corporate Debt: Taxes and Granularity

10:00 am

Florian Heider, European Central Bank
Alexander Ljungqvist, New York University and NBER
As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from Exogenous State Tax Changes

Discussant: Margarita Tsoutsoura, University of Chicago

10:50 am

Jaewon Choi, University of Illinois at Urbana-Champaign
Dirk Hackbarth, University of Illinois at Urbana-Champaign
Josef Zechner,
Vienna University of Economics and Business
Granularity of Corporate Debt

Discussant: Suresh Sundaresan, Columbia University

11:40 am


Private and Public Debt

12:10 pm

Arvind Krishnamurthy, Northwestern University and NBER
Annette Vissing-Jorgensen, Northwestern University and NBER
Short-Term Debt and Financial Crises: What can we Learn from Treasury Supply

Discussant: Richard Grossman, Wesleyan University

1:00 pm


Investment and Maturity Structure of Banks

2:00 pm

Isil Erel, Ohio State University
Stewart Myers, Massachusetts Institute of Technology and NBER
James Read, Brattle Group
Capital Allocation

Discussant: Neal Stoughton,
Vienna University of Economics and Business

2:50 pm

Franklin Allen, University of Pennsylvania and NBER
Elena Carletti, European University Institute
Deposits and Bank Capital Structure

Discussant: Patrick Bolton, Columbia University and NBER

3:40 pm


4:10 pm

Panel on the resolution authority for financial firms and the role of bail-in debt
Jan Pieter Krahnen, Goethe University Frankfurt (background papers 1 and 2)
David Skeel, University of Pennsylvania (background paper)
Douglas Diamond, University of Chicago and NBER (background paper)
Mark Flannery, University of Florida (background paper)

5:00 pm


6:00 pm

Parkview Room, Royal Sonesta Hotel

Saturday, April 6

8:00 am

Coffee and pastries

Bank Capital Structure: Determinants, Regulation, and Regulatory Abuse

9:00 am

Konstantin Milbradt, Massachusetts Institute of Technology
Martin Oehmke, Columbia University
Maturity Rationing and Collective Short-Termism

Discussant: Douglas Gale, New York University

9:50 am

Anat Admati, Stanford University
Peter DeMarzo, Stanford University and NBER
Martin Hellwig, Max Planck Institute
Paul Pfleiderer, Stanford University
Debt Overhang and Capital Regulation

Discussant: Oliver Hart, Harvard University and NBER

10:40 am


11:10 am

Shekhar Aiyar, International Monetary Fund
Charles Calomiris, Columbia University and NBER
Tomasz Wieladek, Bank of England
John Hooley, Bank of England
Yevgeniya Korniyenko, Bank of England
The International Transmission of Bank Capital Requirements: Evidence from the UK

Discussant: Philip Strahan, Boston College and NBER

12:00 pm


Corporate Debt: New Frontiers and Evidence

1:00 pm

Andres Almazan, University of Texas at Austin
Adolfo de Motta, McGill University
Sheridan Titman, University of Texas at Austin and NBER
Debt, Labor Markets and the Creation and Destruction of Firms

Discussant: Ashwini Agrawal, New York University

1:50 pm

John Graham, Duke University and NBER
Mark Leary, Washington University in St. Louis
Michael Roberts, University of Pennsylvania and NBER
A Century of Capital Structure: The Leveraging of Corporate America

Discussant: Murray Frank, University of Minnesota

2:40 pm