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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Center for Financial Research

12thAnnual Bank Research Conference

Performance of Financial Services in the Current Environment

Sponsored by the Federal Deposit Insurance Corporation's Center for Financial Research and the Journal of Financial Services Research

October 11-12, 2012


L. William Seidman Center
Hove Auditorium
3501 Fairfax Drive
Arlington, Virginia
Program Committee:
Allen Berger, Simon Johnson, Paul Kupiec,
Christopher James, David Musto,
Mitchell Petersen, Richard Rosen,
Joao Santos and Haluk Ünal



Thursday, October 11, 2012

8:30-8:55 - Registration & Continental Breakfast -

8:55

Opening Remarks

9:00-10:30 Systemic Risk
Session Chair and Discussant: Paul Glasserman, Columbia University
  • Presentation - PDF (PDF Help)


  • The "Greatest" Carry Trade Ever? Understanding Eurozone Bank Risks
    Viral V.Viral V. Acharya, New York University
    Sascha Steffen, European School of Management and Technology

  • Presentation - PDF (PDF Help)


  • The Systemic Risk of European Banks during the Financial and Sovereign Debt Crises
    Lamont Black, Federal Reserve Board
    Ricardo Correa, Federal Reserve Board
    Xin Huang, University of Oklahoma
    Hao Zhou, Federal Reserve Board

  • Presentation - PDF (PDF Help)


  • Information Contagion and Systemic Risk - PDF 393 K (PDF Help)
    Toni Ahnert, London School of Economics and Political Science and Financial Markets Group
    Co-Pierre Georg, Oxford University

  • Presentation - PDF (PDF Help)


  • 10:30-11:00 - Break -

    11:00-12:00 Consequences of Government Intervention
    Session Chair and Discussant: Allen Berger, University of South Carolina

    International Evidence on Government Support and Risk-Taking in the Banking Sector
    Luis Brandao-Marques, International Monetary Fund
    Ricardo Correa, Federal Reserve Board
    Horacio Sapriza, Federal Reserve Board

  • Presentation - PDF (PDF Help)


  • Bank Bailouts, Competitive Distortions, and Consumer Welfare
    Cesar Calderon, World Bank
    Klaus Schaeck, Bangor Business school

  • Presentation - PDF (PDF Help)


  • 12:00-1:00 - Lunch -

    1:00-2:00

    Keynote Address: Macro-Prudential Regulatory Challenges

    Anil Kashyap, Booth School of Business, University of Chicago
  • Presentation - PDF (PDF Help)


  • 2:00-2:15
    - Break -

    2:15-3:45
    Resolution of Financial Distress
    Session Chair and Discussant: Christopher James, University of Florida
  • Presentation - PDF (PDF Help)


  • Debt Structure and the Protections Offered by Bankruptcy Law to Creditors, Debtors and the Firm
    Kose John, New York University
    Padma Kadiyala, Pace University


    Catharsis in the Financial Sector? Tracing the Real Effects of Bank Insolvency and Resolution
    Josef Korte, Goethe University Frankfurt
  • Presentation - PDF (PDF Help)


  • Asset Fire Sale or Cherry Picking: Evidence from Commercial REO Sales
    Yongqiang Chu, University of South Carolina
  • Presentation - PDF (PDF Help)


  • 3:45-4:00
    - Break -

    4:00-5:30
    Bank Lending
    Session Chair and Discussant: Robert DeYoung, University of Kansas
  • Presentation - PDF (PDF Help)


  • What is Special about Bank Loans?
    Greg Nini, University of Pennsylvania

    How Committed are Bank Corporate Line Commitments?
    Irina Barakova, Office of the Comptroller of the Currency
    Harini Parthasarathy, Office of the Comptroller of the Currency

  • Presentation - PDF (PDF Help)


  • Information or Insurance? On the Role of Loan Officer Discretion in Credit Assessment

    Martin Brown, University of St. Gallen
    Matthias Schaller, University of St. Gallen
    Simone Westerfeld, University of Applied Sciences Northwestern Switzerland
    Markus Heusler, Risk Solution Network AG

  • Presentation - PDF (PDF Help)


  • 5:30-6:30
    - Reception -

    Friday, October 12, 2012

    8:30-9:00AM -- Continental Breakfast --

    9:00-10:00

    Bank Capital

    Session Chair and Discussant: Richard Rosen, Federal Reserve Bank of Chicago
  • Presentation - PDF (PDF Help)


  • Banking and Trading
    Arnoud Boot, University of Amsterdam and CEPR
    Lev Ratnovski, International Monetary Fund

  • Presentation - PDF (PDF Help)


  • Deferred Tax Assets and Bank Regulatory Capital - PDF 664K (PDF Help)
    John Gallemore, University of North Carolina at Chapel Hill,

    10:00-10:30 -- Break --

    10:30-12:00

    Systemic Risk II
    Session Chair and Discussant: Simon Johnson, MIT

  • Presentation - PDF (PDF Help)


  • Variation in Systemic Risk at US Banks During 1974-2010
    Armen Hovakimian, Baruch College
    Edward Kane, Boston College
    Luc Laeven, International Monetary Fund

  • Presentation - PDF (PDF Help)


  • Financial Crisis, Temporary Liquidity Guarantee Program, and Impacts on the Fixed Income Markets
    Brent W. Ambrose, The Pennsylvania State University
    Yiying Cheng, University of North Carolina at Charlotte
    Tao-Hsien Dolly King, University of North Carolina at Charlotte

  • Presentation - PDF (PDF Help)


  • Systemic Size, Bank Risk and Systemic Crises
    Jens Hagendorff, University of Edinburgh
    Kevin Keasey, University of Edinburgh
    Francesco Vallascas, University of Leeds

  • Presentation - PDF (PDF Help)


  • 12:00-1:00 - Lunch -

    1:00-2:30 Liquidity
    Session Chair and Discussant: Albert Kyle,University of Maryland

    To Sell or to Borrow?
    Michal Kowalik, Federal Reserve Bank of Kansas City

    Capital Regulation, Liquidity Requirements and Taxation in a Dynamic Model of Banking
    Gianni De Nicolo, International Monetary Fund
    Andrea Gamba, Warwick Business School
    Marcella Lucchetta, University Ca' Foscari of Venice

  • Presentation - PDF (PDF Help)


  • Pushing on a String: Did Borrowing from the Federal Reserve Help Resolve the Financial Crisis?
    Allen N. Berger, University of South Carolina
    Lamont K. Black, Federal Reserve Board
    Christa H.S. Bouwman, Case Western Reserve University
    Jennifer L. Dlugosz, Federal Reserve Board



    2:30-3:00

    - Break -

    3:00 - 4:30

    Bank Behavior
    Session Chair and Discussant: Joao Santos, Federal Reserve Bank of New York

  • Presentation - PDF (PDF Help)


  • Bank Regulation, Credit Ratings, and Systematic Risk
    Giuliano Iannotta, Universita Bocconi
    George Pennacchi, University of Illinois

  • Presentation - PDF (PDF Help)


  • Interest Rate Risk and Bank Equity Valuations
    William B. English, Federal Reserve Board
    Skander J. Van den Heuvel, Federal Reserve Board
    Egon Zakrajsek, Federal Reserve Board

  • Presentation - PDF (PDF Help)