
	Wednesday, July 8
	FORMAT: 20 minutes for authors, 15 for discussants, and 10 for general discussion. Attendees should use the Raise-Hand function for questions.
10:15 am	Welcome
10:30 am	Bank Heterogeneity and Financial Stability (slides) Itay Goldstein, University of Pennsylvania and NBER Alexandr Kopytov, University of Rochester Lin Shen, INSEAD Haotian Xiang, Peking University Discussant: Franklin Allen, Imperial College London (slides)
11:15 am	Trust and Insurance Contracts (slides) Nicola Gennaioli, Bocconi University Rafael La Porta, Brown University and NBER Florencio Lopez-de-Silanes, SKEMA Business School and NBER Andrei Shleifer, Harvard University and NBER Discussant: Paola Sapienza, Northwestern University and NBER
12:00 pm	Break
	Accelerated Covid-19 Session:
12:15 pm	Banks as Lenders of First Resort: Evidence from the COVID-19 Crisis Lei Li, Federal Reserve Board Philip Strahan, Boston College and NBER Song Zhang, University of Delaware
	When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed's Response Valentin Haddad, University of California, Los Angeles and NBER Alan Moreira, University of Rochester and NBER Tyler Muir, University of California, Los Angeles and NBER Discussant: Gary B. Gorton, Yale University and NBER (slides)
1:30 pm	Break
1:45 pm	Claudia Buch, Deutsche Bundesbank Discussion of FSB report on too-big-to-fail
2:00 pm	Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress (slides) Zhiguo He, Stanford University and NBER Paymon Khorrami, Imperial College London Zhaogang Song, Johns Hopkins University Discussant: Pierre Collin-Dufresne, École Polytechnique Fédérale de Lausanne (slides)
2:45 pm	Too Big to Diversify: A Stress Test on Collateralized Loan Obligations (slides) Redouane Elkamhi, University of Toronto Yoshio Nozawa, University of Toronto Discussant: Darrell Duffie, Stanford University and NBER (slides)
3:30 pm	Cyber Risk and the U.S. Financial System: A Pre-Mortem Analysis Anna Kovner, Federal Reserve Bank of Richmond Thomas M. Eisenbach, Federal Reserve Bank of New York Michael J. Lee, Federal Reserve Bank of New York Discussant: Anil K Kashyap, University of Chicago and NBER (slides)
4:15 pm	Adjourn
	Tuesday, July 14
12:00 pm	Does Increasing Formal Credit Access Reduce Payday Borrowing? (slides) Sarah Miller, University of Michigan and NBER Cindy Soo, University of Michigan Discussant: Christopher Palmer, Massachusetts Institute of Technology and NBER (slides)
12:50 pm	Mortgage Amortization and Wealth Accumulation (slides) Asaf Bernstein, University of Colorado Boulder and NBER Peter Koudijs, University of Rotterdam Discussant: Anthony A. DeFusco, University of Wisconsin-Madison and NBER
1:40 pm	Break
2:00 pm	Rents and Intangible Capital: a Q+ Framework (slides) Nicolas Crouzet, Northwestern University Janice C. Eberly, Northwestern University and NBER Discussant: David Sraer, University of California, Berkeley and NBER (slides)
2:50 pm	The Decline of Secured Debt (slides) Efraim Benmelech, Northwestern University and NBER Nitish Kumar, University of Florida Raghuram Rajan, University of Chicago and NBER Discussant: Philip Strahan, Boston College and NBER
3:45 pm	Adjourn

Participants

Viral V. Acharya, New York University and NBER
Manuel Adelino, Duke University and NBER
Kenneth R. Ahern, University of Southern California and NBER
Toni Ahnert, European Central Bank
Franklin Allen, Imperial College London
Meghana Ayyagari, George Washington University
Ana Babus, Washington University in St. Louis
Jennie Bai, Georgetown University and NBER
Nicholas C. Barberis, Yale University and NBER
Sumanta Basu, Cornell University
David S. Bates, University of Iowa and NBER
Taylor Begley, University of Kentucky
Itzhak Ben-David, The Ohio State University and NBER
Rosalind Bennett, Federal Deposit Insurance Corporation
Emilia Bonaccorsi di Patti, Banca d'Italia
Jaroslav Borovička, New York University and NBER
Christa Bouwman, Texas A&M University
Nicola Branzoli, Bank of Italy
Alon Brav, Duke University and NBER
Celso Brunetti, Federal Reserve Board
Claudia Buch, Deutsche Bundesbank
Greg Buchak, Stanford University
Georgia Bush, Banco de México
Charles W. Calomiris, Columbia University and NBER
John Y. Campbell, Harvard University and NBER
Richard Cantor, Moody's Investors Service
Mark Carey, Federal Reserve Bank of Cleveland
Elena Carletti, Bocconi University
Catherine Casanova, Swiss National Bank
Stephen G. Cecchetti, Brandeis University and NBER
Hui Chen, Massachusetts Institute of Technology and NBER
Ing-Haw Cheng, University of Toronto
Sergey Chernenko, Purdue University
Mikhail Chernov, University of California, Los Angeles and NBER
Pierre Collin-Dufresne, École Polytechnique Fédérale de Lausanne
Adam Copeland, Federal Reserve Bank of New York
Ricardo Correa, Federal Reserve Board
Francisco Covas, Federal Reserve Board
Robert Czech, Bank of England
Magnus Dahlquist, Stockholm School of Economics
Kent D. Daniel, Columbia University and NBER
Satadru Das, Reserve Bank of India
Sreyoshi Das, Bates White
Anthony A. DeFusco, University of Wisconsin-Madison and NBER
Peter M. DeMarzo, Stanford University and NBER
Douglas W. Diamond, University of Chicago and NBER
Kathryn M.E. Dominguez, University of Michigan and NBER
Christopher Donohue, Global Association of Risk Professionals
Itamar Drechsler, University of Pennsylvania and NBER
Wenxin Du, Harvard University and NBER
Gregory Duffee, Johns Hopkins University
Darrell Duffie, Stanford University and NBER
Eduardo Dávila, Yale University and NBER
Janice C. Eberly, Northwestern University and NBER
Mark L. Egan, Harvard University and NBER
Thomas M. Eisenbach, Federal Reserve Bank of New York
Tim Eisert, Nova School of Business and Economics
Redouane Elkamhi, University of Toronto
Andrew Ellul, Indiana University
Isil Erel, The Ohio State University and NBER
Wilson Ervin, Credit Suisse
Mara Faccio, Purdue University and NBER
Rüdiger Fahlenbrach, EPFL
Francesco Franzoni, Swiss Finance Institute
Kenneth R. French, Dartmouth College and NBER
Martin Fridson, Fridson Investment Advisors
Benjamin M. Friedman, Harvard University and NBER
Xavier Gabaix, Harvard University and NBER
Nicola Gennaioli, Bocconi University
Mila Getmansky Sherman, University of Massachusetts Amherst
Stefano Giglio, Yale University and NBER
Itay Goldstein, University of Pennsylvania and NBER
Paul Gompers, Harvard University and NBER
Andrei S. Gonçalves, The Ohio State University
Gary B. Gorton, Yale University and NBER
John Graham, Duke University and NBER
Nicolae B. Gârleanu, Washington University in St. Louis and NBER
Dirk Hackbarth, Boston University
Valentin Haddad, University of California, Los Angeles and NBER
Kathleen Hanley, Lehigh University
Samuel Hanson, Harvard University and NBER
Samuel M. Hartzmark, Boston College and NBER
Iftekhar Hasan, Fordham University
Tarek Alexander Hassan, Boston University and NBER
Florian Heider, Goethe Universität Frankfurt
Beverly Hirtle, Federal Reserve Bank of New York
Burton Hollifield, Carnegie Mellon University
Takeo Hoshi, University of Tokyo
Edie Hotchkiss, Boston College
David A. Hsieh, Duke University
John Hund, University of Georgia
Benjamin M. Hébert, Stanford University and NBER
Victoria Ivashina, Harvard University and NBER
Ravi Jagannathan, Northwestern University and NBER
Anil Jain, Federal Reserve Board
Christopher James, University of Florida
A. R. Jayaraman, Reserve Bank of India
Urban Jermann, University of Pennsylvania and NBER
Hao Jiang, Michigan State University
Kose John, New York University
Philippe Jorion, University of California at Irvine
Kathryn Judge, Columbia University
Nikunj Kapadia, University of Massachusetts Amherst
Andrew Karolyi, Cornell University
Stephen A. Karolyi, Office of the Comptroller of the Currency
Anastasia Kartasheva, University of St. Gallen
Anil K Kashyap, University of Chicago and NBER
Paymon Khorrami, Imperial College London
Laura Kodres, Massachusetts Institute of Technology
Ralph S. J. Koijen, University of Chicago and NBER
Alexandr Kopytov, University of Rochester
Peter Koudijs, University of Rotterdam
Anna Kovner, Federal Reserve Bank of Richmond
Michal Kowalik, Federal Reserve Bank of Boston
Jan Pieter Krahnen, Leibniz Institute for Financial Research SAFE
Arvind Krishnamurthy, Stanford University and NBER
Randall S. Kroszner, University of Chicago and NBER
Camelia M. Kuhnen, University of North Carolina at Chapel Hill and NBER
Jivesh Kumar, Reserve Bank of India
Rafael La Porta, Brown University and NBER
Michael J. Lee, Federal Reserve Bank of New York
Mark Levonian, Promontory Financial Group, LLC
Jonathan Lewellen, Dartmouth College and NBER
Karen K. Lewis, University of Pennsylvania and NBER
Dan Li, Federal Reserve Board
Lei Li, Federal Reserve Board
Jose Lopez, Federal Reserve Bank of San Francisco
Florencio Lopez-de-Silanes, SKEMA Business School and NBER

Elena Loutskina, University of Virginia
Deborah J. Lucas, Massachusetts Institute of Technology and NBER
Yueran Ma, University of Chicago and NBER
Matteo Maggiori, Stanford University and NBER
Ulrike Malmendier, University of California, Berkeley and NBER
Kalina Manova, University College London
Tatyana Marchuk, BI Norwegian Business School
Adrien Matray, Princeton University and NBER
Gregor Matvos, Northwestern University and NBER
Robert L. McDonald, Northwestern University and NBER
Rajnish Mehra, Arizona State University and NBER
Ralf Meisenzahl, Federal Reserve Bank of Chicago
Bernadette Minton, The Ohio State University
Randall Morck, University of Alberta and NBER
Alan Moreira, University of Rochester and NBER
Adair Morse, University of California, Berkeley and NBER
Tobias J. Moskowitz, Yale University and NBER
Holger Mueller, New York University and NBER
Tyler Muir, University of California, Los Angeles and NBER
Stefan Nagel, University of Chicago and NBER
Friederike Niepmann, Federal Reserve Board
Stanislava Nikolova, University of Nebraska-Lincoln
Yoshio Nozawa, University of Toronto
Christian Opp, University of Rochester and NBER
Mark Paddrik, Office of Financial Research
Michaela Pagel, Washington University in St. Louis and NBER
Teodora K. Paligorova, Federal Reserve Board
Christopher Palmer, Massachusetts Institute of Technology and NBER
Jun Pan, Shanghai Jiao Tong University
Cecilia Parlatore, New York University and NBER
Neil Pearson, University of Illinois at Urbana-Champaign
Loriana Pelizzon, SAFE/Goethe University Frankfurt
George Pennacchi, University of Illinois
Enrico C. Perotti, University of Amsterdam
Mitchell A. Petersen, Northwestern University and NBER
Jose-Luis Peydro, Universitat Pompeu Fabra
Carolin Pflueger, University of Chicago and NBER
Thomas Philippon, New York University and NBER
Gordon M. Phillips, Dartmouth College and NBER
Monika Piazzesi, Stanford University and NBER
Tomasz Piskorski, Columbia University and NBER
Matthew C. Plosser, Federal Reserve Bank of New York
Jacopo Ponticelli, Northwestern University and NBER
James M. Poterba, Massachusetts Institute of Technology
Robert Prilmeier, Tulane University
Matthew Pritsker, Federal Reserve Bank of Boston
Manju Puri, Duke University and NBER
Raghuram Rajan, University of Chicago and NBER
Rodney Ramcharan, University of Southern California
Adriano A. Rampini, Duke University and NBER
Joshua Rauh, Stanford University and NBER
S. Abraham (Avri) Ravid, Yeshiva University
Matthew P. Richardson, New York University and NBER
Michael R. Roberts, University of Pennsylvania and NBER
David T. Robinson, Duke University and NBER
Jean-Charles Rochet, University of Geneva
Roberta Romano, Yale University and NBER
Kasper Roszbach, Norges Bank
Nikolai Roussanov, University of Pennsylvania and NBER
Tano Santos, Columbia University and NBER
Paola Sapienza, Northwestern University and NBER
Asani Sarkar, Federal Reserve Bank of New York
Alexi Savov, New York University and NBER
Fabio Schiantarelli, Boston College
Philipp Schnabl, New York University and NBER
Martin Schneider, Stanford University and NBER
Catherine Schrand, University of Pennsylvania
Stacey Schreft, U.S. Department of the Treasury
Eduardo S. Schwartz, University of California, Los Angeles and NBER
G. William Schwert, University of Rochester and NBER
Michael Schwert, AQR Arbitrage
Anatoli Segura, Bank of Italy
Amit Seru, Stanford University and NBER
Enrico Sette, Bank of Italy
Or Shachar, Federal Reserve Bank of New York
Lin Shen, INSEAD
Andrei Shleifer, Harvard University and NBER
Kelly Shue, Yale University and NBER
Clemens Sialm, University of Texas at Austin and NBER
Alp Simsek, Yale University and NBER
Kenneth J. Singleton, Stanford University and NBER
Zhaogang Song, Johns Hopkins University
Rhiannon C. Sowerbutts, Bank of England
Chester S. Spatt, Carnegie Mellon University and NBER
David Sraer, University of California, Berkeley and NBER
Robert F. Stambaugh, University of Pennsylvania and NBER
Laura Starks, University of Texas at Austin and NBER
Viktors Stebunovs, Federal Reserve Board
Sascha Steffen, Frankfurt School of Finance and Management
Philip Strahan, Boston College and NBER
Johannes Stroebel, New York University and NBER
Per Stromberg, Stockholm School of Economics
René M. Stulz, The Ohio State University and NBER
Amir Sufi, University of Chicago and NBER
Adi Sunderam, Harvard University and NBER
Lars E.O. Svensson, Stockholm School of Economics and NBER
Jérôme P. Taillard, Babson College
Geoffrey Tate, University of Maryland and NBER
Anjan Thakor, Washington University in St. Louis
David Thesmar, Massachusetts Institute of Technology and NBER
Stathis Tompaidis, University of Texas at Austin
Harald Uhlig, University of Chicago and NBER
Stijn Van Nieuwerburgh, Columbia University and NBER
Andrea Vedolin, Boston University and NBER
Laura Veldkamp, Columbia University and NBER
Adrien Verdelhan, Massachusetts Institute of Technology and NBER
Luis M. Viceira, Harvard University and NBER
Annette Vissing-Jorgensen, Federal Reserve Board and NBER
S. Vish Viswanathan, Duke University and NBER
Razvan Vlahu, De Nederlandsche Bank
Ernst-Ludwig Von Thadden
Jessica Wachter, University of Pennsylvania and NBER
Nancy E. Wallace, Haas School of Business, University of California, Berkeley
Michael Weber, University of Chicago and NBER
Toni Whited, University of Michigan and NBER
Jonathan H. Wright, Johns Hopkins University and NBER
Haotian Xiang, Peking University
Mao Ye, Cornell University and NBER
Motohiro Yogo, Princeton University and NBER
Fan Yu, Claremont McKenna College
Rebecca Zarutskie, Federal Reserve Board
Yao Zeng, University of Pennsylvania
Gaiyan Zhang, University of Missouri
Song Zhang, University of Delaware
Haoxiang Zhu, Massachusetts Institute of Technology and NBER
Stanley E. Zin, New York University and NBER
Patrick de Fontnouvelle, Federal Reserve Bank of Boston