SI 2020 Risks of Financial Institutions
Organized by Mark Carey and René M. Stulz
July 8, 2020
on Zoom.us
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, Stanford 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 of Governors
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, New York University 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, New York University

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