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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SI 2015 Risks of Financial Institutions

Mark Carey and Ren頍. Stulz, Organizers

July 7-8, 2015

Ballroom A
Royal Sonesta Hotel
40 Edwin H. Land Blvd.
Cambridge, MA

PROGRAM

Tuesday, July 7
	Joint session with Corporate Finance in the afternoon
1:00 pm	Viral V. Acharya, New York University and NBER Tim Eisert, Erasmus University Rotterdam Christian Eufinger, IESE Business School Christian Hirsch, Goethe-University Frankfurt Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans Discussant: Heitor Alemeida, University of Illinois at Urbana-Champaign and NBER
1:50 pm	Antonio Falato, Federal Reserve Board David Scharfstein, Harvard University and NBER The Stock Market and Bank Risk-Taking Discussants: Matt Baron, Cornell University
2:40 pm	Break
3:10 pm	Bo Becker, Stockholm School of Economics Marieke Bos, SIFR, Stockholm School of Economics Kasper Roszbach, Sveriges Riksbank Bad Times, Good Credit Discussant: Andrew Hertzberg, Columbia University
4:00 pm	Douglas W. Diamond, University of Chicago and NBER Yunzhi Hu, University of Chicago Raghuram Rajan, University of Chicago and NBER Pledgeability, Industry Liquidity, and Financing Cycles Discussant: Martin Oehmke, Columbia University
4:40 pm	Adjourn
Wednesday, July 08
8:00 am	Coffee and pastries
8:30 am	Stefan Avdjiev, Bank for International Settlements Patrick Bolton, Columbia University and NBER Wei Jiang, Columbia University Anastasia Kartasheva, Bank for international Settlements Bilyana Bogdanova, Bank for International Settlements CoCo Issuance and Bank Funding Costs Discussant: Mark Flannery, Securities and Exchange Commission
9:25 am	Taylor Begley, London Business School Amiyatosh Purnanandam, University of Michigan Kuncheng Zheng, University of Michigan The Strategic Under-Reporting of Bank Risk Discussant: Sean Campbell, Federal Reserve Board
10:20 am	Break
10:45 am	Guillaume Plantin, Toulouse School of Economics Jean Tirole, Toulouse School of Economics Marking to Market versus Taking to Market Discussant: Christian Leuz, University of Chicago and NBER
11:40 am	Panel on Risk Management after the Crisis and Research Issues Richard Berner, Department of the Treasury Aaron Brown, AQR Capital Management, LLC Andrew Kuritzkes, State Street Corporation
12:30 pm	Lunch
1:20 pm	Itay Goldstein, University of Pennsylvania Hao Jiang, University of Texas at Austin David Ng, Cornell University Investor Flows and Fragility in Corporate Bond Funds Discussant: Kenneth R. French, Dartmouth College and NBER
2:15 pm	Itzhak Ben-David, Ohio State University and NBER Francesco Franzoni, Swiss Finance Institute Rabih Moussawi, University of Pennsylvania John Sedunov, Villanova University The Granular Nature of Large Institutional Investors Discussant: Kent D. Daniel, Columbia University and NBER
3:10 pm	Break
3:30 pm	Johan Walden, University of California at Berkeley Richard Stanton, University of California at Berkeley Nancy Wallace, University of California at Berkeley Securitization Networks and Endogenous Financial Norms in U.S. Mortgage Markets Discussant: Daron Acemoglu, Massachusetts Institute of Technology and NBER
4:25 pm	Christian Brownlees, Pompeu Fabra Benjamin Chabot, Federal Reserve Bank of Chicago Eric Ghysels, University of North Carolina-Chapel Hill Christopher Kurz, Federal Reserve Board Back to the Future - Backtesting Systemic Risk Measures During the Great Depression and Historical Bank Runs Discussant: Francis X. Diebold, University of Pennsylvania and NBER
5:20 pm	Adjourn
6:00 pm	Clambake, Royal Sonesta Hotel