FRIDAY
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| 8:30 – 9:30am | Breakfast |
| 9:30am – 12:00pm | Session 1: Information and Liquidity Chair: Ernst-Ludwig von Thadden (University of Mannheim) |
| Optimally Opaque Banks Ana Babus (Washington University in St. Louis), Maryam Farboodi (MIT), and Gabriela Stockler (UPF and BSE) Discussant: Zhen Zhou (Tsinghua) |
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| Trade-Off? What Trade-Off: Information Production without Illiquidity Thierry Foucault (HEC Paris), Kostas Koufopoulos (University of Sussex), and Roman Kozhan (University of Warwick) Discussant: Péter Kondor (LSE) |
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| (Deep) Learning to Trade: An Experimental Analysis of AI Trading and Market Outcomes Ivan Gufler (Luiss University), Francesco Sangiorgi (Frankfurt School of Finance and Management), and Emanuele Tarantino (Luiss University) Discussant: Snehal Banerjee (Michigan) |
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| 12:00 – 1:00pm | Lunch |
| 1:00 – 2:40pm | Session 2: Real Estate and Financial Fragility Chair: Ben Lester (Federal Reserve Bank of Philadelphia) |
| Mortgage Structure, Financial Stability, and Risk Sharing Vadim Elenev (Johns Hopkins) and Lu Liu (University of Pennsylvania) Discussant: Jonathan Wallen (Harvard) |
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| Too-Many-to-Ignore: Regional Banks and CRE Risks Franz Hinzen (Dartmouth), Felipe Severino (Dartmouth) and Stijn Van Nieuwerburgh (Columbia) Discussant: Greg Buchak (Stanford) |
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| 2:40 – 3:00pm | Break |
| 3:00 – 4:40pm | Session 3: Non-Bank Financial Institutions and Financial Fragility Chair: Alexandros Vardoulakis (Federal Reserve Board) |
| Unrealized Trading Gains Chuck Fang (Drexel) Discussant: Yiming Ma (Columbia) |
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| Financial Intermediary Funding Constraints and Segmented Markets: Evidence from SMCCF ETF Purchases Samuel Hempel (Federal Reserve Board), Dasol Kim (U.S. Treasury) and Russ Wermers (University of Maryland) Discussant: Nina Boyarchenko (Federal Reserve Bank of New York) |
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| 5:00 – 6:00pm | Reception |
| 6:00 – 8:00pm | Dinner – Keynote Speaker: Antoinette Schoar (MIT) |
SATURDAY
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| 8:00 – 9:00am | Breakfast |
| 9:00 – 10:40am | Session 4: International Financial Markets Chair: Amy Huber (Wharton) |
| Repo and FX Swap: A Tale of Two Markets Wenxin Du (Harvard), Georg Strasser (European Central Bank), and Adrien Verdelhan (MIT) Discussant: Urban Jermann (University of Pennsylvania) |
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| Financial Cooperation in A Fragmented World Javier Bianchi (Federal Reserve Bank of Minneapolis), Sebastian Horn (University of Hamburg and IfW), Giovanni Rosso (University of Oxford), and César Sosa-Padilla (University of Notre Dame) Discussant: Alberto Martin (Barcelona School of Economics) |
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| 10:40 – 11:00am | Break |
| 11:00am – 12:40pm | Session 5: Decentralized Finance: The Future of Money and Trading? Chair: TBD |
| Platform Money Emre Ozdenoren (London Business School), Yuan Tian (LSE), and Kathy Yuan (LSE) Discussant: Deeksha Gupta (Johns Hopkins) |
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| Automated Exchange Economies Bryan Routledge (Carnegie Mellon), Yikang Shen (Carnegie Mellon), and Ariel Zetlin-Jones (Carnegie Mellon) Discussant: Michael Sockin (UT Austin) |
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| 12:40 – 1:30pm | Lunch |
| 1:30 – 4:00pm | Session 6: Bank Runs: New Dimensions Chair: Todd Keister (Federal Reserve Bank of New York) |
| Deposit Clustering Ruslan Sverchkov (Warwick) and Chaojun Wang (University of Pennsylvania) Discussant: Sebastian Infante (Federal Reserve Board) |
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| Investor Attention to Bank Risk During the Spring 2023 Bank Run Natalia Fischl-Lanzoni (NYU), Martin Hiti (Federal Reserve Bank of New York), and Asani Sarkar (Federal Reserve Bank of New York) Discussant: Loretta Mester (University of Pennsylvania) |
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| Maturity Risks and Bank Runs Jihene Arfaoui (Goethe University Frankfurt) and Harald Uhlig (University of Chicago) Discussant: Stephen Williamson (University of Western Ontario) |
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| 4:00pm | Adjourn |
Note: Presenters for each paper are written in bold.
Organizing Committee
Vincent Glode (Wharton)
Itay Goldstein (Wharton)
Guillermo Ordonez (Department of Economics)
Yao Zeng (Wharton)