CONFERENCE PROGRAM
A conference jointly sponsored by the Federal Reserve Bank of New York,
the Wharton Financial Institutions Center of University of Pennsylvania and
the Review of Financial Studies
Wharton School of University of Pennsylvania, Philadelphia
Organizers:
Franklin Allen, University of Pennsylvania
Hamid Mehran, Federal Reserve Bank of New York
Maureen O’Hara, Cornell University
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This conference aims to promote a better understanding of corporate decisions at the intermediary level. This understanding, in turn, may help regulators promote efficiency and financial stability.
Conference papers will be available from the conference schedule on the web pages of the Federal Reserve Bank of New York, the Wharton School and the Review of Financial Studies starting early in September. Please note that seating is very limited and therefore, attendance is by invitation only.
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Friday September 29
7:30 Continental Breakfast
8:10 Welcoming remarks
Session 1: Credit Market and Corporate Decisions
Session Chair: Kose John, New York University
8:15 Elena Carletti, University of Frankfurt
Robert Marquez, Arizona State University
Franklin Allen, University of Pennsylvania
Credit Market Competition and Capital Regulation
Discussant: Anjan Thakor, Washington University at St. Louis
9:15 Kenneth Ayotte, Columbia University
Stav Gaon, Columbia University
Asset-Backed Securities: Costs and Benefits of “Bankruptcy Remoteness”
Discussant: Robert Marquez, Arizona State University
10:15 Break
Session 2: Relationship Lending
Session Chair: Franklin Allen, University of Pennsylvania
10:35 Kathryn Dewenter, University of Washington
Alan Hess, University of Washington
International Evidence on Relationship and Transactional Banks as Delegated Monitors
Discussant: Mark Flannery, University of Florida
11:35 Anthony Saunders, New York University
Sreedhar Bharath, University of Michigan
Sandeep Dahiya, Georgetown University
Anand Srinivasan, National University of Singapore
Lending Relationships and Loan Contract Terms: Does Size Matter?
Discussant: Douglas Diamond, University of Chicago
12:35: Lunch
Session 3: Consolidation and Corporate Policies
Session Chair: Mark Flannery, University of Florida
1:45 Isil Erel, Ohio State University
The Effect of Bank Mergers on Loan Prices: Evidence From the U.S.
Discussant: Steven Drucker, Columbia University
2:45 Kristine Hankins, University of Kentucky
Are Acquisitions an Operational Hedge? The Interaction of Financial and Operational Hedging
Discussant: Kose John , New York University
2:45 Break
Session 4: Corporate Governance and Control
Session Chair: Maureen O’Hara, Cornell University
3:15 Luc Laeven, International Monetary Fund
Ross Levine, Brown University
Corporate Governance, Regulation, and Bank Risk Taking
Discussant: Haluk Unal, University of Maryland
4:15 Joao Santos, Federal Reserve Bank of New York
Kristin Wilson, Harvard University
Does Banks’ Corporate Control Benefit Firms? Evidence from US Banks’ Control over Firms’ Voting Rights
Discussant: Manju Puri, Duke University
6:30 Reception and Dinner
Distinguished Speaker: Anthony M. Santomero, McKinsey & Company
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Saturday September 30
7:45 Continental Breakfast
Session 5: Relationship Lending and Certification
Session Chair: Richard Herring, University of Pennsylvania
8:30 Mariassunta Giannetti, Stockholm School of Economics
Mike Burkart, Stockholm School of Economics
Tore Ellingsen, Stockholm School of Economics
What You Sell Is What You Lend? Explaining Trade Credit Contracts
Discussant: Ronald Masulis, Vanderbilt University
9:30 Amir Sufi, University of Chicago
The Real Effects of Debt Certification: Evidence from the Introduction of Bank Loan Ratings
Discussant: Anthony Saunders, New York University
10:30 Break
10:50 Nishant Dass, INSEAD
Massimo Massa, INSEAD
The Bank-Firm Relationship: A Trade-off Between Better Governance and Greater Information Asymmetry
Discussant: Adriano Rampini, Duke University
12:00 Lunch and Adjournment