NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

 

SUMMER INSTITUTE 2006

 

Capital Markets and the Economy Workshop

 

Janice Eberly and Deborah Lucas, Organizers

 

Royal Sonesta Hotel

Charles A

40 Edwin H. Land Boulevard

Cambridge, Massachusetts

 

July 17 - 19, 2006

 

PROGRAM

 

MONDAY, JULY 17:

 

 

12:00 n

Lunch

 

 

 1:00 pm

JOHN BOYD, University of Minnesota

 

GIANNI DE NICOLO, International Monetary Fund

 

ABU AL JALAL, University of Minnesota

 

Bank Risk Taking and Competition Revisied: New Theory and New Evidence

 

 

 

Discussant:  ITAY GOLDSTEIN, University of Pennsylvania

 

 

 1:50 pm

ARVIND KRISHNAMURTHY and ZHIGUO HE, Northwestern University

 

Intermediation, Capital Immobility, and Asset Prices

 

 

 

Discussant:  ADRIEN VERDELHAN, Boston University

 

 

 2:40 pm

Break

 

 

 2:55 pm

STAVROS PANAGEAS, University of Pennsylvania

 

Bailouts and the Incentive to Manage Risk

 

 

 

Discussant: GEORGE PENNACHI, University of Illinois

 

 

 3:45 pm

MOTOHIRO YOGO, University of Pennsylvania

 

BORJA LARRAIN, Federal Reserve Bank of Boston

 

Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?

 

 

 

Discussant: STANLEY ZIN, Carnegie Mellon University and NBER

 

 

 4:35 pm

Adjourn

 

 

 6:30 pm

Group Dinner  - Rustic Kitchen, 1815 Mass. Ave., Porter Sq., Cambridge, MA

 

 

TUESDAY, JULY 18:

 

 

12:00 n

Lunch

 

 

 1:00 pm

MICHAEL HALIASSOS, Goethe University Frankfurt

 

DIMITRIS CHRISTELIS, University of Salerno

 

DIMITRIS GEORGARAKOS, Goethe University Frankfurt

 

Why Do Portfolios of the Elderly Differ Internationally?

 

 

 

Discussant:  JOHN AMERIKS, The Vanguard Group

 

 

1:50 pm

PAUL WILLEN, University of Chicago

 

FELIX KUBLER, Stanford University

 

Collateralized Borrowing and Life-Cycle Portfolio Choice

 

 

 

Discussant: BRYAN ROUTLEDGE, Carnegie Mellon University

 

 

2:40 pm

Break

 

 

 2:55 pm

ADRIANO RAMPINI and ANDREA EISFELDT, Northwestern University

 

Leasing, Ability to Repossess and Debt Capacity

 

 

 

Discussant: AMIR SUFI, University of Chicago

 

 

 3:45 pm

VIRAL ACHARYA, London Business School

 

HEITOR ALMEIDA, New York University and NBER

 

MURILLO CAMPELLO, University of Illinois at Urbana-Champaign and NBER

 

Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

 

 

 

Discussant:  MICHAEL ROBERTS, University of Pennsylvania

 

 

 4:35 pm

Adjourn

 

 

WEDNESDAY, JULY 19:

 

 

12:00 n

Lunch

 

 

 1:00 pm

GUIDO LORENZONI, MIT and NBER

 

KARL WALENTIN, Sveriges Riksbank

 

Financial Frictions, Investment, and Tobin's q

 

 

 

Discussant: ANDREW ABEL, University of Pennsylvania and NBER

 

 

 1:50 pm

THOMAS PHILIPPON, New York University and NBER

 

The y-Theory of Investment

 

 

 

Discussant: LUCA BENZONI, University of Minnesota

 

 

 2:40 pm

Break

 

 

 2:55 pm

WEI XIONG, Princeton University and NBER

 

HONGJUN YAN, Yale University

 

Heterogeneous Beliefs and Bond Yields

 

 

 

Discussant:  MONIKA PIAZZESI, University of Chicago and NBER

 

 

3:45 pm

NENG WANG, Columbia University

 

RUI ALBUQUERQUE, Boston University

 

Agency Conflicts, Investment, and Asset Pricing

 

 

 

Discussant: PING HE, University of Illinois at Chicago

 

 

 4:35 pm

Adjourn

 

 

 

 

5/24/06