SI 2021 Risks of Financial Institutions

Mark Carey and René M. Stulz, Organizers

July 13-14, 2021

on Zoom.us

Conference Code of Conduct

Tuesday, July 13
Today's meeting will be held jointly with the Corporate Finance group
1:30 pm
Minmo Gahng, Cornell University
Jay Ritter, University of Florida
Donghang Zhang, University of South Carolina

SPACs
Discussant: S. P. Kothari, Massachusetts Institute of Technology (slides)
2:20 pm
Cynthia Balloch, London School of Economics
Juanita Gonzalez-Uribe, London School of Economics

Leverage Limits in Good and Bad Times
Discussant: Isil Erel, The Ohio State University and NBER
3:40 pm
Manuel Adelino, Duke University and NBER
Miguel A. Ferreira, Nova School of Business and Economics
Mariassunta Giannetti, Stockholm School of Economics
Pedro Pires, Nova School of Business and Economics

Trade Credit and the Transmission of Unconventional Monetary Policy
Discussant: Luc Laeven, European Central Bank
4:30 pm
Thomas Philippon, New York University and NBER
Olivier Wang, New York University

Let the Worst One Fail: A Credible Solution to the Too-Big-To-Fail Conundrum
Discussant: Jeremy C. Stein, Harvard University and NBER
5:20 pm
Adjourn
Wednesday, July 14
10:00 am
Opening Remarks
10:15 am
Christian Mucke, SAFE Goethe University Frankfurt
Loriana Pelizzon, SAFE/Goethe University Frankfurt
Vincenzo Pezone, Tilburg University
Anjan Thakor, Washington University in St Louis

The Carrot and the Stick: Bank Bailouts and the Disciplining Role of Board Appointments
Discussant: Ross Levine, Stanford University and NBER
11:00 am
Ivan T. Ivanov, Federal Reserve Bank of Chicago
Mathias Kruttli, Indiana University
Sumudu W. Watugala, Indiana University

Banking on Carbon: Corporate Lending and Cap-and-Trade Policy
Discussant: Patrick Bolton, Columbia University
11:45 am
Ricardo Correa, Federal Reserve Board of Governors
Ai He, University of South Carolina
Christoph Herpfer, University of Virginia, Darden School
Ugur Lel, University of Georgia

The Rising Tide Lifts Some Interest Rates: Climate Change, Natural Disasters, and Loan Pricing
Discussant: Victoria Ivashina, Harvard University and NBER
12:30 pm
Break
12:45 pm
Roundtable on Risk Management of Climate Risk at Financial Institutions
John Cochrane, Hoover Institution and NBER
Robert Engle, New York University and NBER
Robert Litterman, Kepos Capital
Kevin Stiroh, Federal Reserve Board
1:45 pm
Andrew Ellul, Indiana University
Dasol Kim, Department of the Treasury

Counterparty Choice, Bank Interconnectedness, and Systemic Risk
Discussant: Darrell Duffie, Stanford University and NBER
2:30 pm
Sigurd Galaasen, Bank of Norway
Rustam Jamilov, All Souls College
Ragnar Juelsrud, Norges Bank
Hélène Rey, London Business School and NBER

Granular Credit Risk
Discussant: Ralph S. J. Koijen, University of Chicago and NBER
3:15 pm
Break
3:30 pm
Matthew Baron, Cornell University
Luc Laeven, European Central Bank
Julien Pénasse, University of Luxembourg
Yevhenii Usenko, Massachusetts Institute of Technology

Investing in Crises
Discussant: Andrew Metrick, Yale University and NBER
4:15 pm
Larry Cordell, Federal Reserve Bank of Philadelphia
Michael R. Roberts, University of Pennsylvania and NBER
Michael Schwert, AQR Arbitrage

CLO Performance
Discussant: Christopher James, University of Florida
5:00 pm
Adjourn