2017 BANKS SYSTEMIC RISK CONFERENCE

2017 Conference on
“Banks, Systemic Risk, Measurement and Mitigation”

Program Committee

Viral Acharya (NYU), Renee Adams (UNSW)Anat Admati (Stanford), Yacine Ait Sahalia (Princeton), Florencio Lopez de Silanes Molina (Edhec), Julian Franks (LBS), Stefano Giglio (Chicago Booth), Jens Hagendorff (Cardiff Business School), Iftekhar Hasan (Fordham), Victoria Ivashina (Harvard), Marcin Kacpercyk (Imperial), Stephen Karolyi (Carnegie Mellon Tepper School of Business), Brian Kelly (Chicago Booth), Arvind Krishnamurty (Stanford), Ross Levine (Berkley), Stefan Lewellen (LBS), Jonathan Macey (Yale), Donato Masciandaro (Bocconi University), William Megginson (University of Oklahoma), Maureen O'Hara (Cornell), Philipp Schnabl (NYU), Joel Shapiro (Oxford), Marti Subrahmanyam (NYU), Anjan Thakor (Olin Business School), Vikrant Vig (LBS).

 

Friday 17th March

8.45 – 9.00 Registration – Sala Lauree
9.00 – 9.15 Welcome address – Sala Lauree

Eugenio Gaudio, Rector Sapienza Università di Roma
Giuseppe Ciccarone, Dean Faculty of Economics, Sapienza Università di Roma
Marina Brogi, Deputy Dean Faculty of Economics, Sapienza Università di Roma

Paper presentation Session 1 (Systemic Risk Measurement)
Chair: Giampaolo Gabbi (Università di Siena)
9.15 – 9.55 A System-wide Approach to Measure Connectivity in the Financial Sector
Amiyatosh Purnanandam (University of Michigan), Sumanta Basu (Cornell University), Sreyoshi Das (University of Michigan), George Michailidis (University of Florida)
Presenter: Amiyatosh Purnanandam (University of Michigan)
Discussant: Giampaolo Gabbi (Università di Siena)

9.55 – 10.35 Contagion in the CDS Market
Mark Paddrik (Office of Financial Research, U.S. Department of the Treasury), Sriram Rajan (Office of Financial Research, U.S. Department of the Treasury), H. Peyton Young (University of Oxford/Office of Financial Research)
Presenter: Mark Paddrik (Office of Financial Research, U.S. Department of the Treasury)
Discussant: Nina Boyarchenko (Federal Reserve Bank of New York)

10.35 – 11.15 Empirically Evaluating Systemic Risk in CCPs: The Case of Two CDS CCPs
Sean Campbell (Board of Governors of the Federal Reserve System), Ivan Ivanov (Board of Governors of the Federal Reserve System)
Presenter:  Sean Campbell (Board of Governors of the Federal Reserve System)
Discussant: Nicholas Vause (Bank of England)

11.15 – 11.30 Coffee Break

11.30 – 12.00 Key note address by Nobel Prize Laureate Robert Engle: “Systemic Risk with Endogenous Cycles” – Aula V 

12.00 – 13.30 Policy Round Table: “Systemic risk mitigation: is capital enough? The crucial role of corporate governance” – Aula V
Ignazio Angeloni (Member of the Supervisory Board of the European Central Bank)
Marina Brogi (Università di Roma La Sapienza)
Carmine Di Noia (Commissioner, Consob)
Alessandro Penati (Chairman, Quaestio SGR)
Valeria Sannucci (Deputy Governor of the Bank of Italy and member of the Governing Board of the Insurance Supervisory Authority-Ivass)

13.30 – 14.40 Light lunch

Paper presentation Session 2 (Risk Mitigation Policies) – Sala Lauree
Chair: William Megginson (University of Oklahoma)

14.40 – 15.20 The Effect of Central Bank Liquidity Injections on Bank Credit Supply
Luisa Carpinelli (Bank of Italy), Matteo Crosignani (Federal Reserve Board)
Presenter: Matteo Crosignani (Federal Reserve Board)
Discussant: Umit Gurun (University of Texas at Dallas and NBER)

15.20 – 16.00 Supervisory incentives in a banking union
Robert Marquez (UC Davis),  Elena Carletti  (Bocconi University), Giovanni Dell'Ariccia (IMF)
Presenter: Robert Marquez (UC Davis)
Discussant: Gyöngyi Lóránth (University of Vienna)

16.00 – 16.40 Whatever it takes: The Real Effects of Unconventional Monetary Policy
Viral V. Acharya (NYU Stern, NBER, CEPR), Tim Eisert (Erasmus University Rotterdam), Christian Eufinger (IESE Business School), Christian Hirsch (Goethe University Frankfurt)
Presenter: Tim Eisert (Erasmus University Rotterdam)
Discussant: Sascha Steffen (University of Mannheim)

16.40 – 17.00 Coffee Break

Paper presentation Session 3 (Corporate Governance Practices)
Chair: William Megginson (University of Oklahoma)

17.00 – 17.40 Les Liaisons Dangereuses. Politically Connected Directors and the Governance of Banks
Stefano Caselli (Bocconi University), Alessandro Bergamaschini Morpurgo (Bocconi University), Marina Brogi (La Sapienza University), Leonardo D'Amico (Bocconi University)
Presenter: Stefano Caselli (Bocconi University)
Discussant: Claudia Custodio (Imperial College)

17.40 – 18.20 Bank Monitoring: Evidence from Syndicated Loans
Matthew Gustafson (Pennsylvania State University), Ivan Ivanov (Federal Reserve Board), Ralf Meisenzahl (Federal Reserve Board)
Presenter: Ralf Meisenzahl (Federal Reserve Board)
Discussant: Stefan Lewellen (London Business School)

Saturday 18th March
08.30 – 08.45 Registration – Sala Lauree

Paper presentation Session 3 (cont.d) (Corporate Governance Practices)
Chair: Stefano Caselli (Bocconi University)

08.45 – 09.25 Bank Executives’ Outside Directorships and Career Outcomes
Thomas Kick (Deutsche Bundesbank), William Megginson (University of Oklahoma), Andrea Schertler (University of Luneburg)
Presenter: Andrea Schertler (University of Luneburg)
Discussant: Daniel Ferreira (London School of Economics)

09.25 – 10.05 Political Influence on Bank Credit Allocation, Bank Capital Responses and Systemic Risk
Sheng Huang (Singapore Management University), Anjan Thakor (Washington University in St. Louis)
Presenter: Anjan Thakor (Washington University in St. Louis)
Discussant: Marco Pagano (University of Naples Federico II)

Paper presentation Session 4 (Banks Business Models)
Chair: Elena Carletti (Bocconi University)

10.05 – 10.45 Asymmetric information and the securitization of SME loans
Ugo Albertazzi (Bank of Italy), Margherita Bottero (Bank of Italy), Leonardo Gambacorta (BIS), Steven Ongena (University of Zurich)
Presenter: Ugo Albertazzi (Bank of Italy)
Discussant: Andrew Ellul (Kelley School of Business)

10.45 – 11.00 Coffee Break

11.00 – 11.40 Pipeline Risk in Leveraged Loan Syndication
Max Bruche (Cass Business School), Frederic Malherbe (London Business School), Ralf Meisenzahl (Federal Reserve Board)
Presenter: Frederic Malherbe (London Business School)
Discussant: Elena Carletti (Bocconi University)

11.40 – 12.20 Shock Propagation and banking structure
Mariassunta Giannetti (Stockholm School of Economics), Farzad Saidi (Stockholm School of Economics)
Presenter: Mariassunta Giannetti (Stockholm School of Economics)
Discussant: Emily Williams (London Business School)

12.20 – 13.00 Regulatory Integration of International Capital Markets
Jean-Marie Meier (London Business School)
Presenter: Jean-Marie Meier (London Business School)
Discussant: Giovanni Guazzarotti (Bank of Italy)

13.00 – 13.15 Final remarks
Marina Brogi (Sapienza Università di Roma)
Stefano Caselli (Bocconi University)
Francesca Cornelli (London Business School)

 

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