- , Federal Reserve Bank of Chicago

Wednesday, May 6

7:30 a.m.		Registration Continental Breakfast
8:25 a.m.		Welcoming Remarks Douglas D. Evanoff, Senior Financial Economist and Vice President, Federal Reserve Bank of Chicago
8:30 a.m.		The Evolution of a Crisis Moderator and Discussant Charles M. Kahn, University of Illinois at Urbana–Champaign Amplification Mechanisms in Liquidity Crises (PPT, 304KB) Arvind Krishnamurthy, Northwestern University Costly External Finance, Corporate Investment and the Subprime Mortgage Credit Crisis (PPT, 629KB) Ran Duchin, University of Michigan Oguzhan Ozbas, University of Southern California Berk A. Sensoy, University of Southern California Stochastic House Appreciation and Optimal Mortgage Lending Tomasz Piskorski, Columbia University Alexei Tchistyi, University of California, Berkeley
10:00 a.m.		Break
10:20 a.m.		Banking Relationships in Loan Markets Moderator and Discussant Banking Relationships in Loan Markets (PPT, 422KB) Gregory F. Udell, Indiana University Competition or Collaboration? The Reciprocity Effect in Loan Syndication (PPT, 1.02MB) Jian Cai, Washington University Price Discovery and Dissemination of Private Information by Loan Syndicate Participants (PPT, 714KB) Robert M. Bushman, University of North Carolina Abbie J. Smith, University of Chicago Regina Wittenberg-Moerman, University of Chicago The Cost of Being Private: Evidence from Loan Markets (PPT, 256KB) Anthony Saunders, New York University Sascha Steffen, University of Mannheim
12:00 p.m.		Luncheon
1:20 p.m.		Banking Structure and Competition Moderator and Discussant Comments (PPT, 656KB) Evren Örs, HEC School of Management Credit Market Competition and the Nature of Firms (PPT, 536KB) Nicola Cetorelli, Federal Reserve Bank of New York Bank Capital, Borrower Power and Loan Rates (PPT, 720KB) João A. C. Santos, Federal Reserve Bank of New York Andrew Winton, University of Minnesota Competition and Specialization in Credit Markets (PPT, 298KB) Rebecca Zarutskie, Duke University Vertical Integration to Avoid Contracting with Potential Competitors: Evidence from Bankers' Banks (PPT, 1.56MB) James S. Linck, University of Georgia James A. Brickley, University of Rochester Clifford W. Smith, University of Rochester
3:10 p.m.		Break
3:30 p.m.		Addressing Bank Risk Moderator and Discussant Ravi Jagannathan, Northwestern University A Framework for Assessing the Systematic Risk of Major Financial Institutions (PDF, 259KB) Xin Huang, University of Oklahoma Hao Zhou, Board of Governors of the Federal Reserve System Haibin Zhu, Bank for International Settlements The Determinants of Operational Losses (PDF, 498KB) Anna Chernobai, Syracuse University Philippe Jorion, University of California, Irvine Fan Yu, Claremont McKenna College Do Government Loan Guarantees Lower, or Raise, Banks' Nonguaranteed Lending? James A. Wilcox, University of California, Berkeley Yukihiro Yasuda, Tokyo Keizai University
5:15 p.m.		Reception
Thursday, May 7

7:00 a.m.		Registration Continental Breakfast
8:15 a.m.		Welcoming Remarks Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
8:30 a.m.		Keynote Address Introduction Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago Speaker Lessons of the Financial Crisis for Banking Supervision Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System (via satellite)
9:25 a.m.		Break
9:50 a.m.		Theme Panel—Reforming Financial Regulation Moderator Daniel G. Sullivan, Senior Vice President and Director of Research, Federal Reserve Bank of Chicago Panelists Raghuram Rajan, Eric J. Gleacher Distinguished Service Professor of Finance, University of Chicago Reforming Financial Regulation (PDF, 146KB) Diane Casey-Landry, Chief Operating Officer and Senior Executive Vice President, American Bankers Association Robert Kuttner, Co-editor, The American Prospect & Distinguished Senior Fellow, Demos Hal S. Scott, Nomura Professor and Director of the Program on International Financial Systems, Harvard Law School Lessons from Public Administration:Recommendations for the Future of Fannie Mae and Freddie Mac and Other Aspects of Government's Response to the Financial Debacle (DOC, 73KB) Thomas H. Stanton, Fellow, Center for the Study of American Government, Johns Hopkins University
12:10 p.m.		Luncheon & Keynote Address Introduction Gordon Werkema, First Vice President and Chief Operating Officer, Federal Reserve Bank of Chicago Speaker Remarks Sheila C. Bair, Chairman, Federal Deposit Insurance Corporation
1:55 p.m.		Disrupted Credit Markets Moderator George G. Kaufman Loyola University Chicago & Federal Reserve Bank of Chicago Political Economy of the U.S. Mortgage Default Crisis (PDF, 117KB) Amir Sufi, University of Chicago Atif Mian, University of Chicago Francesco Trebbi, University of Chicago The Federal Home Loan Bank System: The Lender of Next-to-Last Resort? (PPT, 787KB) Adam Ashcraft, Federal Reserve Bank of New York Morten L. Bech, Federal Reserve Bank of New York W. Scott Frame, Federal Reserve Bank of Atlanta Liquidity Crisis, Runs and Security Design: Lessons from the Collapse of the Auction Rate Municipal Bond Market (PDF, 271KB) Song Han, Board of Governors of the Federal Reserve System Dan Li, Board of Governors of the Federal Reserve System
3:25 p.m.		Break
3:50 p.m.		Addressing Credit Market Problems? Moderator Richard J. Rosen, Federal Reserve Bank of Chicago Where's the Smoking Gun? A Study of Underwriting Standards for U.S. Subprime Mortgages (PPT, 1.56MB) Geetesh Bhardwaj, Vanguard Rajdeep Sengupta, Federal Reserve Bank of St. Louis Incentives and the Rating of Mortgage-Backed Securities (PPT, 1.56MB) Adam Ashcraft, Federal Reserve Bank of New York Paul Goldsmith-Pinkham, Federal Reserve Bank of New York James Vickery, Federal Reserve Bank of New York Paulson's Gift (PDF, 256KB) Pietro Veronesi, University of Chicago Luigi Zingales, University of Chicago
5:15 p.m.		Reception
Friday, May 8

7:15 a.m.		Continental Breakfast
8:15 a.m.		Mortgage Markets Moderator Anna Paulson Federal Reserve Bank of Chicago Things My Mortgage Broker Never Told Me about Homeownership: Escrow, Property Taxes and Mortgage Delinquency (PDF, 203KB) Nathan B. Anderson, University of Illinois at Chicago Jane K. Dokko, Board of Governors of the Federal Reserve System Can Mandated Financial Counseling Improve Mortgage Decision-Making? Sumit Agarwal, Federal Reserve Bank of Chicago Gene Amromin, Federal Reserve Bank of Chicago Itzhak Ben-David, Ohio State University Souphala Chomsisengphet, U.S. Office of the Comptroller of the Currency Douglas D. Evanoff, Federal Reserve Bank of Chicago Rating Shopping in CMBS Issuance Andrew Cohen, Board of Governors of the Federal Reserve System
9:45 a.m.		Break
10:05 a.m.		Responding to the Financial Crises: Lessons Learned Moderator Douglas D. Evanoff, Federal Reserve Bank of Chicago Panelists Comments on Responding the the Financial Crisis: Lessons Learned Anil K Kashyap, Edward Eagle Brown Professor of Economics and Finance, Booth School of Business, University of Chicago The Past Does Not Repeat Itself, but It Rhymes: Four Lessons Learned from the Financial Crises (PDF, 152KB) Kiyohiko G. Nishimura, Deputy Governor, Bank of Japan Ten Lessons from the Crisis Andy Haldane, Executive Director, Financial Stability, Bank of England Remarks on Responding to the Financial Crisis: Lessons Learned Vincent R. Reinhart, Resident Scholar, American Enterprise Institute
12:15 p.m.		Luncheon & Keynote Address Introduction Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago Speaker The Financial Crisis: Causes and Possible Cures John A. Allison IV, Chairman of the Board, BB&T Corporation (Branch Banking & Trust Company)
1:45 p.m.		Session A
		Personal Bankruptcy Moderator Luca Benzoni, Federal Reserve Bank of Chicago Seismic Effects of the Bankruptcy Reform Donald P. Morgan, Federal Reserve Bank of New York Benjamin Iverson, Harvard Business School Matthew Botsch, University of California, Berkeley Household Borrowing after Personal Bankruptcy Song Han, Board of Governors of the Federal Reserve System Geng Li, Board of Governors of the Federal Reserve System Pariahs or Pals: Understanding Peer Influences on the Bankruptcy Decision Ethan Cohen-Cole, Federal Reserve Bank of Boston Burcu Duygan-Bump, Federal Reserve Bank of Boston
		Session B
		Market Discipline and Signals in Banking? Moderator Hesna Genay, Federal Reserve Bank of Chicago Who Disciplines Bank Managers? Martin Cihák, International Monetary Fund Andrea M. Maechler, International Monetary Fund Klaus Schaeck, Bangor Business School, Bangor University Stéphanie Stolz, International Monetary Fund Why Are Yield Spreads on Bank-Issued Subordinated Notes and Debentures Not Sensitive to Bank Risks? Bhanu Balasubramnian, Emporia State University Ken B. Cyree, University of Mississippi A Market-Based Measure of Credit Quality and Banks' Performance during the Subprime Crisis Martin Knaup, Tilburg University Wolf Wagner, Tilburg University
		Last updated: June 3, 2009

45th Annual Conference on Bank Structure and Competition