The 43rd Annual Conference on Bank Structure & Competition

On May 16–18, 2007, the Federal Reserve Bank of Chicago held its 43rd annual Conference on Bank Structure and Competition at the Westin Hotel in Chicago. Since its inception, the conference has encouraged an ongoing dialogue and debate on current public policy issues affecting the financial services industry. Each year, the conference brings together several hundred financial institution executives, regulators, and academics to examine current policy issues.


The 2007 conference addressed a number of issues including Basel II capital regulation, payday lending activity, the changing real estate markets, risk management, financial stability, banking industry structure and government-sponsored enterprises. However, a number of sessions were dedicated to the conference theme: The Mixing of Banking and Commerce.


As usual, the Wednesday sessions (May 16) showcased more technical research that is of primary interest to research economists in academia and research agencies. The Thursday and Friday sessions were designed to address the interests of a broader audience.


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05/16/07
7:30 AM
Registration and Continental Breakfast
8:15 AM
Welcoming Remarks
Douglas D Evanoff, Senior Financial Economist and Vice President, Federal Reserve Bank of Chicago
8:30 AM
Banking and "Distance" to the Customer
Moderator and Discussant
Gregory F Udell, Indiana University
Speakers - Distance and Information Asymmetries in Lending
Sumit Agarwal, Federal Reserve Bank of Chicago
Robert Hauswald, American University
Speakers - Banks, Distances and Financing Constraints for Firms
Pietro Alessandrini, Universita Politecnica delle Marche
Andrea F Presbitero, Universita Politecnica delle Marche
Alberto Zazzaro, Universita Politecnica delle Marche
Speakers - Rules versus Discretion in Loan Rate Setting
Geraldo Cerquiero, Tilburg University
Hans Degryse, Tilburg University
Steven Ongena, Tilburg University
10:00 AM
Break
10:15 AM
Private and Public Debt
Moderator and Discussant
James R Booth, Arizona State University
Speakers - The Bank as Grim Reaper: Debt Composition and Recoveries on Defaulted Debt
Mark S Carey, Board of Governors of the Federal Reserve System
Michael Gordy, Board of Governors of the Federal Reserve System
Speakers - The Information Content of Bank Loan Covenants
Cem Demiroglu, University of Florida
Christopher James, Christopher James
Speakers - Creditor Control Rights and Firm Investment Policy
Gregory Nini, Board of Governors of the Federal Reserve System
David C Smith, University of Virginia
Amir Sufi, University of Chicago
12:00 PM
Luncheon
1:30 PM
Relationship Lending
Moderator and Discussant
Andrew Winton, University of Minnesota
Speakers - On Loan Sales, Loan Contracting and Lending Relationships
Steven Drucker, Columbia Business School
Manju Puri, Duke University
Speakers - Lending Relationships and Loan Contract Terms: Does Size Matter?
Sreedhar Bharath, University of Michigan
Sandeep Dahiya, Georgetown University
Anand Srinivasan, National University of Singapore
Anthony Saunders, New York University
Speaker - The Impact of Information Asymmetry on Debt Pricing and Maturity
Regina Wittenberg-Moerman, University of Pennsylvania
3:00 PM
Break
3:15 PM
Federal Reserve Bank of Chicago Conference on Bank Structure and Competition—Special Session (Sponsored by the Journal of Financial Services Research)
Moderator
Haluk Ünal, University of Maryland and Journal of Financial Services Research
Speakers - Bank Structure Conference Impact Study
Douglas D Evanoff, Federal Reserve Bank of Chicago
Philip F Bartholomew, International Monetary Fund
Robert DeYoung, Federal Deposit Insurance Corporation
Cosmin Lucaci, Brownson, Rehmus & Foxworth, Inc.
Ronnie J Phillips, Colorado State University
Speakers - Equity Cushions at Large U.S. Banks
Allen N Berger, Board of Governors of the Federal Reserve System
Robert DeYoung, Federal Deposit Insurance Corporation
Mark J Flannery, University of Florida
Discussant
Philip Strahan, Boston College
Speakers - Do Capital Ratios Affect Large Bank Profitability? An International Comparison
Elijah Brewer III, DePaul University
George G Kaufman, Loyola University Chicago and Federal Reserve Bank of Chicago
Larry D Wall, Federal Reserve Bank of Atlanta
Discussants
Diana Hancock, Board of Governors of the Federal Reserve System
Wayne Passmore, Board of Governors of the Federal Reserve System
Speakers - Evidence of Differences in the Effectiveness of Safety Net Management in European Union Countries
Santiago Carbó Valverde, University of Granada and Fundación de las Cajas de Ahorros
Edward J Kane, Boston College
Francisco Rodríguez Fernández, University of Granada and Funcas
Discussant
Robert A Eisenbeis, Economic Consultant
5:15 PM
Reception
05/17/07
3:30 AM
Break
3:45 AM
Evaluating the Potential Impact of Mixing Banking and Commerce
Moderator
Craig Furfine, Federal Reserve Bank of Chicago
Speakers - The Last Frontier: The Integration of Banking and Commerce in the U.S.
Larry D Wall, Federal Reserve Bank of Atlanta
Alan K Reichert, Cleveland State University
Hsin-Yu Liang, Cleveland State University
Speakers - The Value of Location in Bank Competition: Examining the Effect of Wal-Mart Branches
Robert M Adams, Board of Governors of the Federal Reserve System
Robert B Avery, Board of Governors of the Federal Reserve System
Ron Borzekowski, Board of Governors of the Federal Reserve System
Speakers - How Bank Regulation, Supervision and Lender Identity Impact Loan Pricing: A Cross–Country Comparison
Li Hao, York University
Debarshi Nandy, York University
Gordon S Roberts, York University
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
Ben S Bernanke, Chairman, Board of Governors of the Federal Reserve System
9:30 AM
Break
9:45 AM
Theme Panel: The Mixing of Commerce and Banking
Moderator
Charles L Evans, Senior Vice President and Director of Research, Federal Reserve Bank of Chicago
Speakers
Charles W Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia University
Camden R Fine, President and Chief Executive Officer, Independent Community Bankers of America
Cantwell F Muckenfuss III, Partner, Washington, DC, Office, Gibson, Dunn & Crutcher LLP
Mark J Tenhundfeld, Director, Office of Regulatory Policy, American Bankers Association
Thomas F Huertas, Director of Wholesale Firms Division and Banking Sector Leader, Financial Services Authority, UK
12:15 PM
Luncheon
Introduction
Michael H Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Keynote
Sheila C Bair, Chairman, Federal Deposit Insurance Corporation
1:45 PM
Payday Lending
Moderator
Anna Paulson, Federal Reserve Bank of Chicago
Speakers - Payday Lending: Assessing the Importance of Scale to Store Performance
Mark J Flannery, University of Florida
Katherine A Samolyk, Federal Deposit Insurance Corporation
Speakers - Strategic Pricing of Payday Loans
Robert DeYoung, Federal Deposit Insurance Corporation
Ronnie J Phillips, Colorado State University
Speakers - Measuring the Individual Level Effects of Access to Credit: Evidence from Payday Loans
Paige Marta Skiba, University of California, Berkeley
Jeremy Tobacman, University of Oxford
05/18/09
7:30 AM
Continental Breakfast
8:30 AM
Keynote Address
Introduction
, Chairman and Chief Executive Officer, Madison Dearborn Partners, Inc., Chairman and Chief Executive Officer, Madison Dearborn Partners, Inc.
Keynote
James A Leach, Lecturer and John L. Weinberg/Goldman Sachs Visiting Professor, Princeton University and Former Chairman, Committee on Banking and , Financial Services, U.S. House of Representatives
9:15 AM
Break
9:45 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
1:45 PM
Concurrent Sessions
1:45 PM
Session A: Housing Market Economics
Moderator
Richard Rosen, Federal Reserve Bank of Chicago
Speakers - 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
Speaker - Explaining House Price Fluctuations
Christian Hott, Swiss National Bank
Speaker - Interest Rates and Consumer Choice in the Residential Mortgage Market
James Vickery, Federal Reserve Bank of New York
1:45 PM
Session B: Bank Risk Taking
Moderator
Hesna Genay, Federal Reserve Bank of Chicago
Speakers - 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
Speakers - 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
Speakers - Bank Ownership, Market Structure and Risk
Gianni De Nicolò, International Monetary Fund
Elena Loukoianova, International Monetary Fund

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