Chicago Financial Institutions Conference 2017
$125 – $170
Chicago Financial Institutions Conference 2017

Chicago Financial Institutions Conference 2017

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University Club of Chicago

76 East Monroe Street

Chicago, IL 60603

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The Department of Finance and the Center for Financial Services at DePaul University will hold the second annual Chicago Financial Institutions Conference on March 30 and 31, 2017. The conference will bring together researchers from around the world to foster a dialogue on important issues in the financial services industry.

Preceding the conference on March 29, attendees are invited to join the 10th annual Risk Conference at the Federal Reserve with financial service professionals, which is co-sponsored with the Supervision and Regulation Department of the Federal Reserve Bank of Chicago. Together, these two conferences offer a unique opportunity to connect theory and practice.


Conference Organizers:
Lamont Black – DePaul University
Elijah Brewer – DePaul University

Advisory Committee:
Allen N. Berger – University of South Carolina
Charles Calomiris – Columbia University
Robert DeYoung – University of Kansas
Mark J. Flannery – University of Florida and the Securities and Exchange Commission
Iftekhar Hasan – Fordham University
Joseph G. Haubrich – Federal Reserve Bank of Cleveland
Randall Kroszner – University of Chicago
Greg Udell – Indiana University
Larry Wall – Federal Reserve Bank of Atlanta

Agenda:

THURSDAY, March 30

Session 1.A: Financial sector performance and risk

The stock market and bank risk-taking
Antonio Falato (Federal Reserve Board) and David Scharfstein (Harvard Business School)

Short-termism spillovers from the financial industry
Andrew Bird (Carnegie Mellon), Aytekin Ertan (London Business School), Stephen Karolyi (Carnegie Mellon), and Thomas Ruchti (Carnegie Mellon)

Equity is cheap for large financial institutions: The international evidence
Priyank Gandhi (Notre Dame), Hanno Lustig (Stanford GSB), and Alberto Plazzi (USI Lugano)


Session 1.B: Monetary policy and banks

Life below zero: Bank lending under negative policy rates
Florian Heider (ECB), Farzad Saidi (Stockholm School of Economics), and Glenn Schepens (ECB)

Competition, lending, and funding when monetary policy is unconventional
Michael Koetter (IW Halle), N. Podlich (ECB), and M. Wedow (ECB)

Crises and rescues: liquidity transmission through international banks
Claudia Buch (Deutsche Bundesbank), Catherine Koch (BIS), and Michael Koetter (IW Halle)


Session 2.A: Credit supply and demand

Bank system transparency and access to credit
Karthik Balakrishnan (London Business School) and Aytekin Ertan (London Business School)

Do small banks improve household’s sentiment and help reduce their financial constraints? Evidence from the University of Michigan Surveys of Consumers
Allen Berger (U South Carolina), Felix Irresberger (Cardiff Business School), and Raluca Roman (Federal Reserve Bank of Kansas City)

The marginal propensity to consume over the business cycle
Tal Gross (Columbia U), Matthew Notowidigdo (Northwestern U), and Jialan Wang (U Illinois)


Session 2.B: Regulation and reputation

Optimal supervisory architecture and financial integration in a banking union
Jean-Edouard Colliard (HEC Paris)

Hub-and-spoke regulation and the leverage of financial intermediaries
Yadav Gopalan (Washington U in St. Louis), Ankit Kalda (Washington U in St. Louis), and Asaf Manela (Washington U in St. Louis)

Reputation and competition in the credit ratings market – evidence from commercial mortgage-backed securities
Ramin Baghai (Stockholm School of Economics) and Bo Becker (Stockholm School of Economics)


FRIDAY, March 31

Session 3.A: Credit and collateral

Changes in the cost of bank equity and the supply of bank credit
Claire Celerier (U Toronto), Thomas Kick (Deutsche Bundesbank), and Steven Ongena (U Zurich)

Collateral damage? The Sequel. On liquidation value, credit supply, and firm performance
Geraldo Cerqueiro (Catolica Lisbon), Steven Ongena (U Zurich), and Kasper Roszbach (Riksbank)

Bank lending in the knowledge economy
Giovanni Dell’Ariccia (IMF), Dalida Kadyrzhanova (Georgia State U), Camelia Minou (IMF), and Lev Ratnovski (IMF)


Session 3.B: Market-making institutions

Self-fulfilling fire sales: Fragility of collateralised short-term debt markets
John Kuong (INSEAD)

Market structure and transaction costs of index CDSs
Pierre Collin-Dufresne (EPFL), Benjamin Junge (EPFL), and Anders Trolle (EPFL)

The failure of a clearinghouse: Empirical evidence
Vincent Bignon (Banque de France) and Guillaume Vuillemey (HEC Paris)


Session 4.A: Syndicated loans

What begets loan performance? The human factor in the corporate lending market
Janet Gao (Indiana U), Xiumin Martin (Washington U in St. Louis), and Joseph Pacelli (Indiana U)

Systemic risk-taking at banks: Evidence from the pricing of syndicated loans
Di Gong (UIBE Beijing) and Wolf Wagner (Rotterdam School of Management)

Pipeline risk in leveraged loan syndication
Max Bruche (Cass Business School), Frederic Malherbe (London Business School), and Ralf Meisenzahl (Federal Reserve Board)


Session 4.B: Information in financial markets

Shareholders as creditors of first resort
Andriy Bodnaruk (U Illinois – Chicago) and Marco Rossi (Texas A&M)

Bank information sharing and liquidity risk
Fabio Castiglionesi (Tilburg U), Zhao Li (U Pompeu Fabra), Kebin Ma (Warwick Business School)

Equity crowdfunding: Harnessing the wisdom of the crowd
David Brown (U Arizona) and Shaun Davies (U Colorado – Boulder)


Session 5.A: Bank-sovereign nexus

The invisible hand of the government: ‘Moral suasion’ during the European sovereign debt crisis
Steven Ongena (U Zurich), Alexander Popov (ECB), and Neeltje van Horen (Bank of England)

The (unintended?) consequences of the largest liquidity injection ever
Matteo Crosignani (Federal Reserve Board), Miguel Faria-e-Castro (NYU), and Luis Fonseca (London Business School)

Subnational debt of China: The politics-finance nexus
Haoyu Gao (City U of Hong Kong), Hong Ru (Nanyang Technological U), and Dragon Tang (U Hong Kong)


Session 5.B: Banks and depositors

Intermediaries as safety providers
Toni Ahnert (Bank of Canada) and Enrico Perotti (U Amsterdam)

Do corporate depositors risk everything for nothing? The importance of deposit relationships, interest rates and bank risk
Daniel Friedmann (Goethe U), Bjorn Imbierowicz (Copenhagen Business School), Anthony Saunders (NYU), and Sascha Steffen (U Mannheim)

Hidden cost of better bank services: Carefree depositors in riskier banks?
Dong Choi (Federal Reserve Bank of New York) and Ulysses Velasquez (Federal Reserve Bank of New York)


Session 6.A: Crises and bailouts

Political borders and bank lending in post-crisis America
Matthieu Chavaz (Bank of England) and Andrew Rose (U California – Berkeley)

Public bank guarantees and allocative efficiency
Reint Gropp (IW Halle), Andre Guettler (U Ulm), and Vahid Saadi (IW Halle)

Bailouts, bail-ins and banking crises
Todd Keister (Rutgers U) and Yuliyan Mitkov (Rutgers U)


Session 6.B: Consumer finance

Uncertainty and consumer credit decisions
Marco Di Maggio (Harvard Business School), Amir Kermani (U California – Berkeley), Rodney Ramcharan (U Southern California), and Edison Yu (Federal Reserve Bank of Philadelphia)

Bank deposits and the stock market
Leming Lin (U Pittsburgh)

Monetary normalizations and consumer credit: Evidence from Fed liftoff and online lending
Christoph Bertsch (Riksbank), Isaiah Hull (Riksbank), and Xin Zhang (Riksbank)

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University Club of Chicago

76 East Monroe Street

Chicago, IL 60603

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