The 39th Annual Conference on Bank Structure & Competition

Since the early 1960s the Federal Reserve Bank of Chicago’s Conference on Bank Structure and Competition has served as a forum for academics, regulators and industry participants to debate current issues affecting the financial services industry. Each year the purpose of the conference is to continue that tradition. This retrospective on the history and evolution of the conference reviews the past four decades of conferences.

 

The primary motivating factor for the conference was the passage of the 1960 Bank Merger Act and the U.S. versus Philadelphia National Bank Supreme Court decision. Suddenly, bank regulatory agencies were required to consider competitive factors in addition to banking factors when evaluating bank merger applications. Each of the Federal Reserve Banks was encouraged to survey the existing literature on bank structure and develop its own research agendas on these issues. This year's theme was Corporate Governance: Implications for Financial Services Firms.


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05/07/03
7:30 AM
Registration and Continental Breakfast
8:15 AM
Welcoming Remarks
William C Hunter, Senior Vice President, Federal Reserve Bank of Chicago
8:30 AM
Corporate Governance: Management, Investors and Analysts
Moderator and Discussant
Luigi Zingales, Robert C. McCormack Professor of Entrepreneurship and Finance, University of Chicago
CEO Incentives and Earnings Management: Evidence from the 1990s
Daniel Bergstresser, Harvard Business School
Thomas Philippon, Massachusetts Institute of Technology
Analysts' Weighting of Private and Public Information
Qi Chen, Duke University
Wei Jiang, Columbia University
Mariassunta Giannetti, Stockholm School of Economics
Which Investors Fear Expropriation? Evidence from Investors' Stock Picking
Andrei Simonov, Stockholm School of Economics
10:00 AM
Break
10:20 AM
Bank Merger/Acquisition Effects
Moderator and Discussant
Richard J Rosen, Indiana University
Bank Mergers, Competition and Liquidity
Elena Carletti, University of Mannheim
Philipp Hartmann, European Central Bank
Giancarlo Spagnolo, University of Mannheim
Emilia Bonaccorsi di Patti, Bank of Italy
Winners or Losers? The Effects of Banking Consolidation on Corporate Borrowers
Giorgio Gobbi, Bank of Italy
Does Bank Competition Affect How Much Firms Can Borrow? New Evidence from the U.S.
Rebecca Zarutskie, Massachusetts Institute of Technology
12:00 PM
Luncheon
1:20 PM
Basel 2, Pillar 3: Striving for Safety and Soundness in the Financial System
Moderator and Discussant
Donald P Morgan, Federal Reserve Bank of New York
Jean-Charles Rochet, Toulouse University
The Three Pillars of Basel II: Optimizing the Mix
Jean-Paul DeCamp, Universite des Sciences Sociales
Benoit Roger, Universite des Sciences Sociales
Erlend Nier, Bank of England
Market Discipline, Disclosure and Moral Hazard in Banking
Ursel Baumann, Bank of England
Getting the Most Out of a Mandatory Subordinated Debt
Joseph G Haubrich, Federal Reserve Bank of Cleveland
Rong Fan, Case Western Reserve University
Peter Ritchken, Case Western Reserve University
James B Thomson, Federal Reserve Bank of Cleveland
John Krainer, Federal Reserve Bank of San Francisco
Using Securities Market Information for Supervisory Monitoring
Jose Lopez, Federal Reserve Bank of San Francisco
3:10 PM
Break
3:30 PM
Bank Lending Behavior
Moderator
Mark S Carey, Board of Governors of the Federal Reserve System
Allen N Berger, Board of Governors of the Federal Reserve System
The Institutional Memory Hypothesis and the Procyclicality of Bank Lending Behavior
Gregory F Udell, Indiana University
Gabriel Jimenez, Bank of Spain
Loan Characteristics and Credit Risk
Jesus Saurina, Bank of Spain
Politicians and Banks: Political Influences on Government-Owned Banks in Emerging Countries
Serdar Dinc, University of Michigan Business School
5:15 PM
Reception
05/08/03
7:00 AM
Registration and Continental Breakfast
8:15 AM
Welcoming Remarks
Michael H Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago
8:30 AM
Keynote Address
Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System
9:25 AM
Break
9:50 AM
Theme Panel: Corporate Governance: Implications for Financial Services Firms
Moderator
Charles L Evans, Senior Vice President and Director of Research, Federal Reserve Bank of Chicago
Speakers
Susan Schmidt Bies, Governor, Board of Governors of the Federal Reserve System
Elizabeth A Duke, Vice Chairman, American Bankers Association, and Senior Vice President, South Trust Corporation
Randall S Kroszner, Member, President's Council of Economic Advisors and University of Chicago
Katherine Schipper, Board Member, Financial Accounting Standards Board
Kenneth Scott, Ralph M. Parsons Professor of Law and Business, Emeritus, Stanford Law School
12:10 PM
Luncheon
Keynote
James Dimon, Chairman and Chief Executive Officer, Bank One Corporation
1:45 PM
Financial Services Regulatory and Legislative Agenda Items
Panelists
Thomas M Hoenig, President and Chief Executive Officer, Federal Reserve Bank of Kansas City
Fred H Cate, Distinguished Professor and Ira. C. Batman Faculty Fellow, Indiana University School of Law
Gary H Stern, President and Chief Executive Officer, Federal Reserve Bank of Minneapolis
3:10 PM
Break
3:30 PM
Future Directions for Financial Markets
Moderator
Craig Furfine, Federal Reserve Bank of Chicago
Assessing the Profitability and Riskiness of Small Business Lenders in the Banking Industry
James W Kolari, Texas A&M University
Bent Vale, Norges Bank
Scale Economies, Bank Mergers and Electronic Payments
David Humphrey, Florida State University
Gary D Ferrier, University of Arkansas
The Cost Structure and Efficiency of Mutual Funds: Implications for Funded, Individual Retirement Accounts
James H Smalhout, Washington-based Financial Writer
5:15 PM
Reception
05/09/03
7:30 AM
Continental Breakfast
8:15 AM
Concurrent Sessions
8:15 AM
Session A: Housing Market Economics
Moderator
Richard Rosen, Federal Reserve Bank of Chicago
Do Households Benefit from Financial Deregulation and Innovation? The Case of the Mortgage Market
Kristopher Gerardi, Federal Reserve Bank of Boston
Harvey S Rosen, Princeton University
Paul S Willen, Federal Reserve Bank of Boston
Explaining House Price Fluctuations
Christian Hott, Swiss National Bank
Interest Rates and Consumer Choice in the Residential Mortgage Market
James Vickery, Federal Reserve Bank of New York
8:15 AM
Session B: Bank Risk Taking
Moderator
Hesna Genay, Federal Reserve Bank of Chicago
Federal Home Loan Bank Advances and Commercial Bank Portfolio Composition
W Scott Frame, Federal Reserve Bank of Atlanta
Diana Hancock, Board of Governors of the Federal Reserve System
Wayne Passmore, Board of Governors of the Federal Reserve System
How Does Competition Impact Bank Risk?
Gabriel Jiménez, Banco de España
Jose A Lopez, Federal Reserve Bank of San Francisco
Jesús Saurina, Banco de España
Bank Ownership, Market Structure and Risk
Gianni De Nicolò, International Monetary Fund
Elena Loukoianova, International Monetary Fund
10:00 AM
Break
10:45 AM
Basel II and Risk Management in Financial Markets
Moderator
David A Dodge, Governor and Chairman of the Board of Directors, Bank of Canada
Speakers
Roger Cole, Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System
Jaime Caruana, Counselor and Director, International Monetary Fund
Gary Wilhite, Senior Vice President, Wachovia Bank
Robert R Davis, Executive Vice President and Management Director of Government Relations, America's Community Bankers
12:00 PM
Luncheon
Introduction
Michael H Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Keynote
Christopher Cox, Chairman, U.S. Securities and Exchange Commission

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A Brief History of the Conference


Since the early 1960s the Federal Reserve Bank of Chicago’s Conference on Bank Structure and Competition has served as a forum for academics, regulators and industry participants to debate current issues affecting the financial services industry. Each year the purpose of the conference is to continue that tradition. This retrospective on the history and evolution of the conference reviews the past four decades of conferences.


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