SI 2020 Risks of Financial Institutions

Mark Carey and René M. Stulz, Organizers

July 8, 2020

on Zoom.us

Conference Code of Conduct

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
Itay Goldstein, University of Pennsylvania and NBER
Alexandr Kopytov, University of Rochester
Lin Shen, INSEAD
Haotian Xiang, Peking University

Bank Heterogeneity and Financial Stability (slides)
Discussant: Franklin Allen, Imperial College London (slides)
11:15 am
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

Trust and Insurance Contracts (slides)
Discussant: Paola Sapienza, Northwestern University and NBER
12:00 pm
Break
Accelerated Covid-19 Session:
12:15 pm
Lei Li, Federal Reserve Board
Philip Strahan, Boston College and NBER
Song Zhang, University of Delaware

Banks as Lenders of First Resort: Evidence from the COVID-19 Crisis
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

When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed's Response
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
Zhiguo He, Stanford University and NBER
Paymon Khorrami, Imperial College London
Zhaogang Song, Johns Hopkins University

Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress (slides)
Discussant: Pierre Collin-Dufresne, École Polytechnique Fédérale de Lausanne (slides)
2:45 pm
Redouane Elkamhi, University of Toronto
Yoshio Nozawa, University of Toronto

Too Big to Diversify: A Stress Test on Collateralized Loan Obligations (slides)
Discussant: Darrell Duffie, Stanford University and NBER (slides)
3:30 pm
Anna Kovner, Federal Reserve Bank of New York
Thomas M. Eisenbach, Federal Reserve Bank of New York
Michael J. Lee, Federal Reserve Bank of New York

Cyber Risk and the U.S. Financial System: A Pre-Mortem Analysis
Discussant: Anil K Kashyap, University of Chicago and NBER (slides)
4:15 pm
Adjourn
Tuesday, July 14
12:00 pm
Sarah Miller, University of Michigan and NBER
Cindy Soo, University of Michigan

Does Increasing Formal Credit Access Reduce Payday Borrowing? (slides)
Discussant: Christopher Palmer, Massachusetts Institute of Technology and NBER (slides)
12:50 pm
Asaf Bernstein, University of Colorado at Boulder and NBER
Peter Koudijs, University of Rotterdam

Mortgage Amortization and Wealth Accumulation (slides)
Discussant: Anthony A. DeFusco, University of Wisconsin-Madison and NBER
1:40 pm
Break
2:00 pm
Nicolas Crouzet, Northwestern University
Janice C. Eberly, Northwestern University and NBER

Rents and Intangible Capital: a Q+ Framework (slides)
Discussant: David Sraer, University of California, Berkeley and NBER (slides)
2:50 pm
Efraim Benmelech, Northwestern University and NBER
Nitish Kumar, University of Florida
Raghuram Rajan, University of Chicago and NBER

The Decline of Secured Debt (slides)
Discussant: Philip Strahan, Boston College and NBER
3:45 pm
Adjourn