FRIDAY, OCTOBER 9th 2015 |
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| 8:30 – 9:30 | Breakfast |
| 9:30 – 11:10 | Session 1: Delegation and Trading in Financial Markets Chair: Vincent Glode (UPenn) |
| Delegated Information Acquisition and Asset Pricing. Shiyang Huang (HKU) Discussant: Bradyn Breon-Drish (Stanford) |
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| Efficiently Inefficient Markets for Assets and Asset Management Nicolae Garleanu (Berkeley) and Lasse Pedersen (Copenhagen) Discussant: Larry Glosten (Columbia) |
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| 11:10 – 11:30 | Break |
| 11:30 – 13:10 | Session 2: Housing Markets and Government Policy Chair: Venky Venkateswaran (NYU) |
| Phasing Out the GSEs. Vladim Elenev (NYU), Tim Landvoigt (UT Austin) and Stijn Van Nieuwerburgh (NYU). Discussant: Dirk Krueger (UPenn) |
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| Mortgages and Monetary Policy Carlos Garriga (St. Louis Fed), Finn Kydland (UC Santa Barbara) and Roman Sustek (Queen Mary). Discussant: Matteo Iacovello (Federal Reserve Board) |
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| 13:10 – 14:30 | Lunch |
| 14:30 – 17:20 | Session 3: Collateral Chair: Guillermo Ordonez (UPenn) |
| Mobile Collateral versus Immobile Collateral Gary Gorton (Yale) and Tyler Muir (Yale) Discussant: George Pennacchi (Illinois) |
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| Collateral Shortages and Intermediation Marco Di Maggio (Columbia) and Alireza Tahbaz-Salehi (Columbia). Discussant: Douglas Gale (NYU) |
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| Collateralizing Liquidity Cecilia Parlatore (NYU) Discussant: Bengt Holmstrom (MIT) |
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| 17:20 – 19:00 | Drinks & hors-d’oeuvres |
| 19:00 | Dinner – Speaker: Mark Gertler (NYU) |
SATURDAY, OCTOBER 10th 2015 |
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| 7:30 – 8:30 | Breakfast |
| 8:30 – 10:10 | Session 4: International Financing Chair: Christian Opp (UPenn) |
| Global dollar credit and carry trades: a firm-level analysis Valentina Bruno (American University) and Hyun Song Shin (BIS) Discussant: Sergio Schmukler (World Bank) |
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| Financial Frictions, Foreign Currency Borrowing, and Systemic Risk Giovanni Dell’Ariccia (IMF), Luc Laeven (ECB) and Robert Marquez (UC Davis). Discussant: Pierre-Olivier Gourinchas (Berkeley) |
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| 10:10 – 10:30 | Break |
| 10:30 – 12:10 | Session 5: Risk Taking in Financial Institutions Chair: Daniel Sanches (Philadelphia Fed) |
| Risk Management Failures Matthieu Bouvard (McGill University) and Samuel Lee (NYU). Discussant: Adriano Rampini (Duke) |
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| The Stock Market and Bank Risk-Taking Antonio Falato (Federal Reserve Board) and David Scharfstein (Harvard) Discussant: Todd Gormley (UPenn) |
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| 12:10 – 13:10 | Lunch |
| 13:10 – 16:00 | Session 6: Coordination Failures and Runs Chair: Itay Goldstein (UPenn) |
| Insecure Debt Rafael Matta (University of Amsterdam) and Enrico Perotti (University of Amsterdam) Discussant: Zighuo He (Chicago) |
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| Self-fulfilling Runs: Evidence from the U.S. Life Insurance Industry. Nathan Foley-Fisher (Federal Reserve Board), Borghan Narajabad (Federal Reserve Board) and Stephane Verani (Federal Reserve Board). Discussant: Motohiro Yogo (Princeton) |
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| Coordinating Business Cycles Edouard Schaal (NYU) and Mathieu Taschereau-Dumouchel (UPenn) Discussant: Eduardo Davila (NYU) |
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| 16:00 | Adjourn |
Program Committee
Stijn Claessens (Federal Reserve Board)
Doug Diamond (Chicago)
Itamar Drechsler (NYU)
Huberto Ennis (Richmond Fed)
Vincent Glode (Wharton)
Gary Gorton (Yale)
Todd Keister (Rutgers)
Pablo Kurlat (Stanford)
Robert McDonald (Northwestern)
Jaromir Nosal (Columbia)
Martin Oehmke (Columbia GSB)
Christian Opp (Wharton)
George Pennacchi (Illinois)
Adriano Rampini (Duke)
Philipp Schnabl (NYU)
Luke Taylor (Wharton)
Venky Venkateswaran (NYU Stern)
Annete Vissing-Jorgensen (Berkeley)
Randy Wright (Wisconsin)
Wei Xiong (Princeton)
Motohiro Yogo (Princeton)