2022 Fixed Income and Financial Institutions

 New date:  Nov 4-5, 2022

University of South Carolina in Columbia, SC

The Darla Moore School of Business of the University of South Carolina will hold the 2022 Fixed Income and Financial Institutions (FIFI) Conference on the University of South Carolina campus in Columbia, SC on November 4-5, 2022. The conference aims to bring top researchers to foster a dialogue on important issues in fixed income and financial institutions. We invite researchers, practitioners, students from any field to participate in the conference.

If you have any questions, please contact at FIFI@moore.sc.edu.

Registration: Early-bird registration ($170) by Oct 29, 2022, 11:59 p.m. and late registration ($200) after Oct. 30, 2022.

Conference Hotel: Courtyard Columbia Downtown at USC, 630 Assembly Street, Columbia, SC 29201 - $149+ per night. To reserve: Click Here

Hotel booking code: USC FIFI 2022

Last Day to Book with a Preferred Hotel Rate: Oct 13, 2022

Paper acceptance does not include conference admission.

AGENDA

Friday (November 4, 2022)

7:45 AM — Breakfast and Registration (Room 331)

9:30 AM — Opening Remarks (Room 334)

Speaker: Mark Ferguson , Senior Associate Dean for Academics and Research of the Darla Moore School of Business

10:00 AM — Session 1: Bank Competition and Crises (Room 334)

Session Chair: John Hackney

Competition, Innovation and Crises: Evidence from 20 million securitized loans

Peter Haslag, Vanderbilt University

Kandarp Srinivasan, Northeastern University Anjan Thakor, Washington University in St. Louis

Discussant: Elena Loutskina, University of Virginia

United They Fall: Bank Risk After the Financial Crisis

Priyank Gandhi, Rutgers University

Amiyatosh Purnanandam, University of Michigan

Discussant: John Sedunov, Villanova University

The Special Nature of Banking Competition: Protecting the Social Value of Bank Specialness

Allen Berger, University of South Carolina

Arnoud W. A. Boot, University of Amsterdam

Discussant: Open discussion after presentation

10:00 AM — Session 2: Bond Term Structure (Room 324)

Session Chair: Eric Powers

Intermediary Balance Sheets and the Treasury Yield Curve

Wenxin Du, University of Chicago

Benjamin Hébert, Stanford University

Wenhao Li, University of Southern California

Discussant: Matthias Fleckenstein, University of Delaware

Yield Curve Momentum Markus Sihvonen, Bank of Finland

Discussant: Michael Gallmeyer, University of Virginia

The Term Structure of Interest Rates and the Duration of Corporate Investment

Antoine Hubert de Fraisse, HEC Paris

Discussant: Dominique Badoer, University of Illinois Chicago

12:30 PM — Keynote Speech & Lunch (Sonoco Pavilion)

Keynote Speaker: Murillo Campello

Lewis H. Durland Professor of Management at the SC Johnson College of Business, Cornell University

“Decision-Making under Uncertainty: Implications for Applied Research in Corporate Finance & Banking”

2:30 PM — Session 3: Bond Fund Management (Room 334)

Session Chair: Austin Starkweather

Steering a Ship in Illiquid Waters: Active Management of Passive Funds

Naz Koont, Columbia University

Yiming Ma, Columbia University

Lubos Pastor, University of Chicago

Yao Zeng, University of Pennsylvania

Discussant: Caitlin Dannhauser, Villanova University

Forced Sales and Dealer Choice in OTC Markets Sergey Chernenko, Purdue University Viet-Dung Doan, Purdue University

Discussant: Xing (Alex) Zhou, Federal Reserve Board

Institutional Synergies and the Fragility of Loan Funds

Mustafa Emin, University of Florida

Christopher James, University of Florida

Tao Li, University of Florida

Jing Lu, University of Florida

Discussant: Chris Reilly, University of Texas Dallas

2:30 PM — Session 4: Innovation and Firms’ Boundary (Room 324)

Session Chair: Da Ke

Specialized Investments and Firms' Boundaries: Evidence from Textual Analysis of Patents

Jan Bena, University of British Columbia

Isil Erel, Ohio State University

Daisy Wang, Ohio State University

Michael S. Weisbach, Ohio State University

Discussant: Kristoph Kleiner, Indiana University

Fintech Disruption, Banks, and Credit (Dis-)Intermediation: When Do Foes Become Friends?

Yasser Boualam, University of North Carolina

Paul Yoo, University of North Carolina

Discussant: Manasa Gopal, Georgia Tech

Does Fintech Lender Compete with Technological Advantages? Evidence from Mortgage Lending

Siyi Shen, Chinese University of Hong Kong

Sijie Wang, Chinese University of Hong Kong

Xiang Zheng, University of Connecticut

Discussant: Donghwa Shin, U. of North Carolina-Chapel Hill

5:15 PM – Reception and Dinner

The 5th floor of the Darla Moore School of Business building.

Music by the “Instrumental Variables” Band.

Saturday (November 5, 2022)

7:30 AM — Breakfast

8:30 AM — Session 5: Bond Pricing (Room 334)

Session Chair: Vahid Irani

Precautionary Savings and the Stock-Bond Covariance

Toomas Laarits, New York University

Discussant: Mete Kilic, University of Southern California

The More Illiquid, The More Expensive: A Search-Based Explanation of the Illiquidity Premium

Jaewon Choi, University of Illinois Urbana-Champaign

Jungsuk Han, Stockholm School of Economics

Sean S. Shin, Aalto University,

Ji Hee Yoon, University College London

Discussant: Chaojun Wang, University of Pennsylvania

8:30 AM — Session 6: Bank Capital and Deposits (Room 324)

Session Chair: Ai He

Bank Stress Tests and Consumer Credit Markets: Credit and Real Impacts

Sumit Agarwal, National University of Singapore

Xudong An, Federal Reserve Bank of Philadelphia

Larry Cordell, Federal Reserve Bank of Philadelphia

Raluca A. Roman, Federal Reserve Bank of Philadelphia

Discussant: Janet Gao, Georgetown University

The Geography of Bank Deposits and the Origins of Aggregate Fluctuations

Shohini Kundu, University of California Los Angeles

Seongjin Park, University of Chicago

Nishant Vats, University of Chicago

Discussant: Andrew MacKinlay, Virginia Tech

10:00 AM — Break

10:30 AM — Session 7: Bank Monitoring

Session Chair: Hae Kang Lee (Room 334)

Loans and Lies: Does Bank Monitoring Reduce Corporate Misreporting?

Minwen Li, Tsinghua University

Tanakorn Makaew, University of Southern California

Andrew Winton, University of Minnesota

Discussant: Nikhil Paradkar, University of Georgia

Bank Monitoring in Construction Lending

Amanda Heitz, FDIC and Tulane University

Alex Ufier, FDIC

Chris Martin, FDIC

Discussant: Stephen Karolyi, The Office of the Comptroller of the Currency

10:30 AM — Session 8: Bank Information Production (Room 324)

Session Chair: Xuelin Li

Bank Information Production over the Business Cycle

Cooper Howes, Federal Reserve Bank of Kansas City

Gregory Weitzner, McGill University

Discussant: Sam Rosen, Temple University

Current Expected Credit Losses (CECL) Standard and Banks' Information Production

Sehwa Kim, Columbia University

Seil Kim, Baruch College

Anya Kleymenova, Federal Reserve Board

Rongchen Li, Columbia University

Discussant: James Wang, Federal Reserve Board