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line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif"'>NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=673 style='width:504.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif"'>SI 2014 Credit Rating Agency Meeting <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=673 style='width:504.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif"'>Chester S. <span class=SpellE>Spatt</span>, Organizer <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=673 style='width:504.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif"'>July 11-12, 2014 <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=673 style='width:504.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='text-align:center;line-height:115%; tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%; font-family:"Arial","sans-serif"'>Royal <span class=SpellE>Sonesta</span> Hotel<br> </span><span class=eudoraheader><span style='font-family:"Arial","sans-serif"'>Skyline ABC</span></span><span style='mso-bidi-font-size:11.0pt;line-height:115%; font-family:"Arial","sans-serif"'><br> 40 Edwin H. Land Blvd.<br> Cambridge, MA<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6;mso-yfti-lastrow:yes'> <td width=673 style='width:504.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:115%;mso-outline-level:2;tab-stops:1.5in'><b><u><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'>PROGRAM</span></u></b><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal style='tab-stops:1.5in'><span style='mso-bidi-font-size: 11.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 width=675 style='width:506.25pt; mso-cellspacing:1.5pt;mso-yfti-tbllook:1184;mso-padding-alt:0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=671 colspan=3 valign=top style='width:503.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><b style='mso-bidi-font-weight:normal'><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif"'>Friday, July 11<o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 8:00 am<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Coffee and Pastries<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 8:30 am<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Kingsley Fong, University of New South Wales<br> Harrison Hong, Princeton University and NBER<br> Marcin <span class=SpellE>Kacperczyk</span>, Imperial College and NBER<br> Jeffrey <span class=SpellE>Kubik</span>, Syracuse University<br> <a href="http://www.nber.org/confer/2014/SI2014/CRA/Fong_Hong_Kacperczyk_Kubik.pdf"><i>Do Security Analysts Discipline Credit Rating Agencies? </i></a><br> <br> Discussant: Jean <span class=SpellE>Helwege</span>, University of South Carolina<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 9:25 am<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Sean J. Flynn, Arizona State University<br> <span class=SpellE>Andra</span> C. Ghent, Arizona State University<br> <a href="http://www.nber.org/confer/2014/SI2014/CRA/Flynn_Ghent.pdf"><i>When Low Standards are a Winning Strategy: How Credit Rating Agencies Compete </i></a><br> <br> Discussant: Nancy Wallace, University of California at Berkeley<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 10:20 am<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 10:50 am<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Jason R. Donaldson, London School of Economics<br> <span class=SpellE>Giorgia</span> <span class=SpellE>Piacentino</span>, Washington University in St. Louis<br> <a href="http://www.nber.org/confer/2014/SI2014/CRA/Donaldson_Piacentino.pdf"><i>The Downside of Precise Credit Ratings for Delegated Asset Management </i></a><br> <br> Discussant: Joel Shapiro, University of Oxford<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 11:45 am<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Christine <span class=SpellE>Parlour</span>, University of California at Berkeley<br> <span class=SpellE>Uday</span> <span class=SpellE>Rajan</span>, University of Michigan<br> <a href="http://www.nber.org/confer/2014/SI2014/CRA/Parlour_Rajan.pdf"><i>Contracting on Credit Ratings: Adding Value to Public Information </i></a><br> <br> Discussant: Christian C. <span class=SpellE>Opp</span>, University of Pennsylvania<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 12:40 pm<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Lunch<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 1:30 pm<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"'><br> Valentina Bruno, American University<br> Jess <span class=SpellE>Cornaggia</span>, Georgetown University<br> Kimberly J. <span class=SpellE>Cornaggia</span>, American University<br> <a href="http://www.nber.org/confer/2014/SI2014/CRA/Bruno_Cornaggia_Cornaggia.pdf"><i>Does Regulatory Certification Affect the Information Content of Credit Ratings? </i></a><br> <br> Discussant: <span style='color:black;mso-themecolor:text1'>Dion <span class=SpellE>Bongaerts</span>, Erasmus University Rotterdam</span><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 2:25 pm<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> <span class=SpellE>Utpal</span> Bhattacharya, Indiana University<br> Kelsey Wei, Federal Reserve Board of Governors<br> Han Xia, University of Texas at Dallas<br> <a href="http://www.nber.org/confer/2014/SI2014/CRA/Bhattacharya_Wei_Xia.pdf"><i>Follow the Money: Investor Trading Around Investor-Paid Rating Changes </i></a><br> <br> Discussant: S. Abraham <span class=SpellE>Ravid</span>, Yeshiva University<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=84 colspan=2 valign=top style='width:63.2pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 3:20 pm<o:p></o:p></span></p> </td> <td width=585 style='width:438.55pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 3:40 pm<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.3in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> <span class=SpellE>Itay</span> Goldstein, University of Pennsylvania<br> <span class=SpellE>Yaron</span> <span class=SpellE>Leitner</span>, Federal Reserve Bank of Philadelphia<br> <a href="http://www.nber.org/confer/2014/SI2014/CRA/Goldstein_Leitner.pdf"><i>Stress Tests and Information Disclosure </i></a><br> <br> Discussant: Francesco <span class=SpellE>Sangiorgi</span>, Stockholm School of Economics<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 4:35 pm<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='tab-stops:1.3in'><span style='mso-bidi-font-size: 11.0pt;font-family:"Arial","sans-serif"'><br> Panel Discussion:<span style='mso-tab-count:1'>   </span>The Challenge of Credit Ratings<br> Moderator:<span style='mso-tab-count:1'>              </span>Chester <span class=SpellE>Spatt</span>, Carnegie Mellon University and NBER<br> <br> Panelists:<span style='mso-tab-count:1'>                </span>Darrell <span class=SpellE>Duffie</span>, Stanford University and NBER<br> <span style='mso-tab-count:1'>                               </span>Albert Metz, Moody's Investors Service<br> <span style='mso-tab-count:1'>                               </span>Lawrence White, New York University<br> <span style='mso-tab-count:1'>                               </span><span class=SpellE>Simona</span> <span class=SpellE>Mola</span> Yost, Securities and Exchange Commission<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 6:00 pm<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Discussion of Research Network<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:14'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 6:15 pm<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Adjourn<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 7:00 pm<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"'><br> Conference Dinner at Hotel Marlowe, Muse Salon<br> (across the street from the Royal <span class=SpellE>Sonesta</span> Hotel)<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:16'> <td width=671 colspan=3 valign=top style='width:503.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> <b style='mso-bidi-font-weight:normal'>Saturday, July 12</b><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:17'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 8:00 am<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Coffee and Pastries<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:18'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 8:30 am<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Bo Becker, Stockholm School of Economics and NBER<br> Marcus <span class=SpellE>Opp</span>, University of California at Berkeley<br> <a href="http://www.nber.org/confer/2014/SI2014/CRA/Becker_Opp.pdf"><i>Regulatory Reform and Risk-taking: Replacing Ratings </i></a><br> <br> Discussant: Andrew <span class=SpellE>Ellul</span>, Indiana University<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:19'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 9:25 am<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Kathleen Weiss Hanley, University of Maryland<br> <span class=SpellE>Stanislava</span> <span class=SpellE>Nikolova</span>, University of Nebraska-Lincoln<br> <a href="http://www.nber.org/confer/2014/SI2014/CRA/Hanley_Nikolova.pdf"><i>The Removal of Credit Ratings From Capital Regulation: Implications For Systemic Risk </i></a><br> <br> Discussant: Anastasia <span class=SpellE>Kartasheva</span>, Bank for International Settlements<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:20'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 10:20 am<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:21'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 10:50 am<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Markus <span class=SpellE>Behn</span>, Bonn University<br> Rainer <span class=SpellE>Haselmann</span>, Deutsche Bundesbank<br> Vikrant <span class=SpellE>Vig</span>, London Business School<br> <i><a href="Behn_Haselmann_Vig.pdf">The Limits of Model Based Regulation</a></i><br> <br> Discussant: <span class=SpellE>Anjan</span> <span class=SpellE>Thakor</span>, Washington University in St. Louis<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:22'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 11:45 am<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> <span class=SpellE>Andra</span> C. Ghent, Arizona State University<br> Walter N. <span class=SpellE>Torous</span>, Massachusetts Institute of Technology<br> <span class=SpellE>Rossen</span> <span class=SpellE>Valkanov</span>, University of California at San Diego<br> <i><a href="Ghent_Torous_Valkanov.pdf">Complexity in Structured Finance: Financial Wizardry or Smoke and Mirrors?</a></i><br> <br> Discussant: John Griffin, University of Texas at Austin<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:23'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 12:40 pm<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Lunch<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:24'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 1:30 pm<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Jess <span class=SpellE>Cornaggia</span>, Georgetown University<br> Kimberly J. <span class=SpellE>Cornaggia</span>, American University<br> Ryan D. <span class=SpellE>Israelsen</span>, Indiana University<br> <i><a href="Cornaggia_Cornaggia_Israelsen.pdf">Credit Ratings and the Cost of Municipal Financing</a></i><br> <br> Discussant: Richard Green, Carnegie Mellon University and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:25'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 2:25 pm<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Manuel <span class=SpellE>Adelino</span>, Duke University<br> Miguel A. Ferreira, Nova School of Business and Economics<br> <a href="http://www.nber.org/confer/2014/SI2014/CRA/Adelino_Ferreira.pdf"><i>Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades </i></a><br> <br> Discussant: Richard Herring, University of Pennsylvania<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:26;mso-yfti-lastrow:yes'> <td width=80 valign=top style='width:60.05pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 3:20 pm<o:p></o:p></span></p> </td> <td width=589 colspan=2 style='width:441.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.5in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Adjourn<o:p></o:p></span></p> </td> </tr> <![if !supportMisalignedColumns]> <tr height=0> <td width=83 style='border:none'></td> <td width=4 style='border:none'></td> <td width=588 style='border:none'></td> </tr> <![endif]> </table> <p class=MsoNormal><span style='mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </div> </body> </html>