India’s Financial System
Conference at Financial Institutions Center
The Wharton School, University of Pennsylvania
April 19 – 21, 2007
Eighth Floor of Huntsman Hall, 3730 Walnut Street
Conference Program
Thursday, April 19
7:00pm: Reception and Dinner, Eighth Floor of Huntsman Hall, 3730 Walnut Street
Friday, April 20
8:30am: Breakfast
9:10am: Welcome
Session 1: Financial Markets: Recent Reforms and Their Impact
Chair: Krishna Ramaswamy, University of Pennsylvania
9:15-10:45am
Can Corporate Governance Reforms Increase Firms' Market Value: Evidence from India
Authors: Bernard S. Black, University of Texas; Vikramaditya S. Khanna, University of Michigan
Presentation
Discussant: Tatiana Nenova, World Bank
Presentation
Financial Market Implications of India's Pension Reform
Author: Helene K. Poirson, International Monetary Fund
Presentation
Discussant: Mudit Kapoor, Indian School of Business
Presentation
10:45-11:15am: Coffee break
11:15am-12:45pm
Patterns of Rainfall Insurance Protection in Rural India
Authors: Xavier Gine, World Bank, DECRG; Robert Townsend, University of Chicago; James Vickery; Federal Reserve Bank of New York
Presentation
Discussant: Hiroko Oura, International Monetary Fund
Presentation
Session 2: Banks & Financial Institutions
Chair: Franklin Allen, University of Pennsylvania
Bank Ownership Type and Banking Relationships
Authors: Allen N. Berger, Board of Governors of the Federal Reserve System; Leora F. Klapper, The World Bank; Maria Soledad Martinez Peria, The World Bank; Rida Zaidi, University of Cambridge
Presentation
Discussant: Stijn Claessens, International Monetary Fund
Presentation
12:45-2:15pm Lunch
Keynote Speech: Indian Economic Growth
Speaker: Anne Krueger, Former First Deputy Managing Director of the International Monetary Fund and (future) Professor of International Economics at the School for Advanced International Studies at Johns Hopkins University
2:15-3:45pm
Banking Competition in Developing Countries: Does Foreign Bank Entry Improve Credit Access?
Author: Todd A. Gormley, Washington University in St. Louis
Presentation
Discussant: Robert Cull, World Bank
Presentation
Who Runs? The Importance of Depositor Characteristics in Bank Panics
Authors: Rajkamal Iyer, University of Amsterdam; Manju Puri, Duke University
Presentation
Discussant: Knut Heen, Swedish Institute for Financial Research
Presentation
3:45-4:15pm: Coffee break
4:15-5:45pm
Access to Collateral and Corporate Debt Structure: Evidence from a Natural Experiment
Author: Vikrant Vig, Columbia University
Presentation
Discussant: Sujata Visaria, Boston University
Presentation
Session 3: Corruption, Politics, and Financial Policy
Chair: Sankar De, Indian School of Business
Are the Monitors Over-Monitored? Evidence from Corruption and Lending in Indian Banks
Authors: Abhijit Banerjee, Massachusetts Institute of Technology; Shawn Cole, Harvard University; Esther Duflo, Massachusetts Institute of Technology
Presentation
Discussant: Raymond Fisman, Columbia University
Presentation
6:30pm: Reception and Dinner, Arthur Ross Gallery in the Fisher Fine Arts Gallery, 220 South 34th Street
Saturday, April 21
8:30am: Breakfast
9:00-10:30am
The Decision to Privatize: Finance, Politics and Patronage
Authors: Serdar Dinc, Northwestern University; Nandini Gupta, Indiana University
Presentation
Discussant: William Megginson, University of Oklahoma
Presentation
Session 4: Corporate Financing, Credit Constraints and Investor Protection
Chair: Magnus Dahlquist, Swedish Institute for Financial Research
Authors: Franklin Allen, University of Pennsylvania; Rajesh Chakrabarti, Georgia Institute of Technology; Sankar De, Indian School of Business; Jun “QJ” Qian, Boston College; Meijun Qian, National University of Singapore
Presentation
Discussant: Arvind Subramanian, Peterson Institute for International Economics and the Center for Global Development, and Johns Hopkins University
Presentation
10:30-11:00am: Coffee break
11:00am-12:30pm
Adverse Selection in Credit Markets: Evidence from a Policy Experiment
Authors: Stefan Klonner, Cornell University; Ashok S. Rai, Williams College
Presentation
Discussant: Antoinette Schoar, Massachusetts Institute of Technology
Presentation
Dollars Dollars Everywhere and Not a Dime to Lend
Authors: Asim Ijaz Khwaja, Harvard University; Atif Mian, University of Chicago; and Bilal Zia, The World Bank
Presentation
Discussant: Bhagwan Chowdhry, University of California, Los Angeles
Presentation
12:30-1:30pm Lunch