Monday, July 12
FORMAT: Authors 20 minutes, Discussants 15 minutes, Open discussion 15 minutes
1:00 pm

Exorbitant Privilege? The Bond Market Subsidy of Prospective Fallen Angels

Viral V. Acharya, New York University and NBER
Ryan Banerjee, Bank for International Settlements
Matteo Crosignani, Federal Reserve Bank of New York
Tim Eisert, Nova School of Business and Economics
Renee Maria Spigt, Erasmus University Rotterdam

Discussant:
Francis A. Longstaff, University of California, Los Angeles and NBER
1:50 pm

Equity Factors and Firms' Perceived Cost of Capital

Niels Joachim Gormsen, University of Chicago and NBER

Discussant:
Campbell R. Harvey, Duke University and NBER
2:40 pm
Break
2:50 pm

Hidden Non-Performing Loans in China

Ben Charoenwong, INSEAD
Meng Miao, Renmin University of China
Tianyue Ruan, National University of Singapore

Discussant:
Zheng Michael Song, Chinese University of Hong Kong
3:40 pm

The SOE Premium and Government Support in China’s Credit Market

Zhe Geng, School of Management, Fudan University
Jun Pan, Shanghai Jiao Tong University

Discussant:
Chang-Tai Hsieh, University of Chicago and NBER
4:30 pm
Adjourn
Tuesday, July 13
FORMAT: Authors 20 minutes, Discussants 15 minutes, Open discussion 15 minutes
1:00 pm

Monetary and Macroprudential Policy Complementarities: Evidence from European Credit Registers

Carlo Altavilla, European Central Bank
Luc Laeven, European Central Bank
Jose-Luis Peydro, Universitat Pompeu Fabra

Discussant:
David Thesmar, Massachusetts Institute of Technology and NBER
1:50 pm

Pandemic Lending: The Unintended Effects of Model-based Regulation (slides)

Franco Fiordelisi, University of Essex
Giulia Fusi, University of Nottingham
Angela Maddaloni, European Central Bank
David Marques Ibanez, European Central Bank

Discussant:
Philip Strahan, Boston College and NBER
2:40 pm
Break
2:50 pm

It's What You Say and What You Buy: A Holistic Evaluation of the Corporate Credit Facilities

Nina Boyarchenko, Federal Reserve Bank of New York
Anna Kovner, Federal Reserve Bank of Richmond
Or Shachar, Federal Reserve Bank of New York

Discussant:
Annette Vissing-Jorgensen, Federal Reserve Board of Governors and NBER
3:40 pm

Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets

Antonio Falato, Federal Reserve Board of Governors
Itay Goldstein, University of Pennsylvania and NBER
Ali Hortaçsu, University of Chicago and NBER

Discussant:
Anil K Kashyap, University of Chicago and NBER
4:30 pm
Adjourn
Wednesday, July 14
FORMAT: Authors 20 minutes, Discussants 15 minutes, Open discussion 15 minutes
1:00 pm

Bubbles and the Value of Innovation

Valentin Haddad, University of California, Los Angeles and NBER
Paul Ho, Federal Reserve Bank of Richmond
Erik Loualiche, University of Minnesota

Discussant:
Lawrence D.W. Schmidt, Massachusetts Institute of Technology
1:50 pm

Real-Time Forward-Looking Skewness over the Business Cycle

Ian Dew-Becker, Federal Reserve Bank of Chicago

Discussant:
James D. Hamilton, University of California, San Diego and NBER
2:40 pm
Break
2:50 pm

The Macroeconomic Effects of Corporate Tax Reforms

Andres Blanco, Federal Reserve Bank of Atlanta
Isaac Baley, Universitat Pompeu Fabra

Discussant:
Thomas Winberry, University of Pennsylvania and NBER
3:40 pm

Debt Sustainability in a Low Interest Rate World

Dmitriy Sergeyev, Bocconi University
Neil Mehrotra, Federal Reserve Bank of Minneapolis

Discussant:
John H. Cochrane, Stanford University and NBER
4:30 pm
Adjourn