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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SI 2014 Credit Rating Agency Meeting

Chester S. Spatt, Organizer

July 11-12, 2014

Royal Sonesta Hotel
Skyline ABC
40 Edwin H. Land Blvd.
Cambridge, MA

PROGRAM

 

Friday, July 11


8:00 am


Coffee and Pastries


8:30 am


Kingsley Fong, University of New South Wales
Harrison Hong, Princeton University and NBER
Marcin Kacperczyk, Imperial College and NBER
Jeffrey Kubik, Syracuse University
Do Security Analysts Discipline Credit Rating Agencies?

Discussant: Jean Helwege, University of South Carolina


9:25 am


Sean J. Flynn, Arizona State University
Andra C. Ghent, Arizona State University
When Low Standards are a Winning Strategy: How Credit Rating Agencies Compete

Discussant: Nancy Wallace, University of California at Berkeley


10:20 am


Break


10:50 am


Jason R. Donaldson, London School of Economics
Giorgia Piacentino, Washington University in St. Louis
The Downside of Precise Credit Ratings for Delegated Asset Management

Discussant: Joel Shapiro, University of Oxford


11:45 am


Christine Parlour, University of California at Berkeley
Uday Rajan, University of Michigan
Contracting on Credit Ratings: Adding Value to Public Information

Discussant: Christian C. Opp, University of Pennsylvania


12:40 pm


Lunch


1:30 pm


Valentina Bruno, American University
Jess Cornaggia, Georgetown University
Kimberly J. Cornaggia, American University
Does Regulatory Certification Affect the Information Content of Credit Ratings?

Discussant: Dion Bongaerts, Erasmus University Rotterdam


2:25 pm


Utpal Bhattacharya, Indiana University
Kelsey Wei, Federal Reserve Board of Governors
Han Xia, University of Texas at Dallas
Follow the Money: Investor Trading Around Investor-Paid Rating Changes

Discussant: S. Abraham Ravid, Yeshiva University


3:20 pm


Break


3:40 pm


Itay Goldstein, University of Pennsylvania
Yaron Leitner, Federal Reserve Bank of Philadelphia
Stress Tests and Information Disclosure

Discussant: Francesco Sangiorgi, Stockholm School of Economics


4:35 pm


Panel Discussion:   The Challenge of Credit Ratings
Moderator:              Chester Spatt, Carnegie Mellon University and NBER

Panelists:                Darrell Duffie, Stanford University and NBER
                               Albert Metz, Moody's Investors Service
                               Lawrence White, New York University
                               Simona Mola Yost, Securities and Exchange Commission


6:00 pm


Discussion of Research Network


6:15 pm


Adjourn


7:00 pm


Conference Dinner at Hotel Marlowe, Muse Salon
(across the street from the Royal Sonesta Hotel)


Saturday, July 12


8:00 am


Coffee and Pastries


8:30 am


Bo Becker, Stockholm School of Economics and NBER
Marcus Opp, University of California at Berkeley
Regulatory Reform and Risk-taking: Replacing Ratings

Discussant: Andrew Ellul, Indiana University


9:25 am


Kathleen Weiss Hanley, University of Maryland
Stanislava Nikolova, University of Nebraska-Lincoln
The Removal of Credit Ratings From Capital Regulation: Implications For Systemic Risk

Discussant: Anastasia Kartasheva, Bank for International Settlements


10:20 am


Break


10:50 am


Markus Behn, Bonn University
Rainer Haselmann, Deutsche Bundesbank
Vikrant Vig, London Business School
The Limits of Model Based Regulation

Discussant: Anjan Thakor, Washington University in St. Louis


11:45 am


Andra C. Ghent, Arizona State University
Walter N. Torous, Massachusetts Institute of Technology
Rossen Valkanov, University of California at San Diego
Complexity in Structured Finance: Financial Wizardry or Smoke and Mirrors?

Discussant: John Griffin, University of Texas at Austin


12:40 pm


Lunch


1:30 pm


Jess Cornaggia, Georgetown University
Kimberly J. Cornaggia, American University
Ryan D. Israelsen, Indiana University
Credit Ratings and the Cost of Municipal Financing

Discussant: Richard Green, Carnegie Mellon University and NBER


2:25 pm


Manuel Adelino, Duke University
Miguel A. Ferreira, Nova School of Business and Economics
Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades

Discussant: Richard Herring, University of Pennsylvania


3:20 pm


Adjourn