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Center for Financial Research

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Friday, September 13, 2019
8:30-9:00 AM
Registration & Continental Breakfast
Opening Remarks Jelena McWilliams, Chairman of the FDIC
Keynote Address Regulating Banks in the Era of Fintech Shadow Banks
Amit Seru, Stanford University
Break and Poster Session*
Price and Quantity Effects of Capital Regulations Session Chair and Discussant: Mark Flannery, University of Florida

The Effects of Bank Capital Buffers in Bank Lending and Firm Activity: What Can We Learn from Five Years of Stress-Test Results
Jose M. Berrospide, Federal Reserve Board
Rochelle M. Edge, Federal Reserve Board

Bank Funding Costs and Capital Structure
Andrew R. Gimber, Bank of England
Aniruddha Rajan, Bank of England

The Bond Pricing Implications of Rating-Based Capital Requirements
Scott Murray, Georgia State University
Stanislava Nikolova, University of Nebraska-Lincoln

The Impact of Regulation on Banks Session Chair and Discussant: Anna Kovner, Federal Reserve Bank of New York

Regulators’ Disclosure Decisions: Evidence from Bank Enforcement Actions
Anna Kleymenova, University of Chicago
Rimmy E. Tomy, University of Chicago

Impact of Higher Capital Buffers on Banks’ Lending: Evidence from the Euro Area Experiments
Giuseppe Cappelletti, European Central Bank
Aurea Ponte Marques, European Central Bank
Paolo Varraso, New York University

Dressing up for the Regulators: Evidence from the Largest-Ever Supervisory Review
Puriya Abbassi, Deutsche Bundesbank
Rajkamal Iyer, Imperial College London
José-Luis Peydró, ICREA-Universitat Pompeu Fabra
Paul E. Soto, Federal Deposit Insurance Corporation

Deposit Insurance and Resolution of Failed Banks Session Chair and Discussant: Amiyatosh Purnanandam, University of Michigan

Deposit Insurance Premiums and Arbitrage
Edward Kim, University of California at Los Angeles
Marcelo Rezende, Federal Reserve Board

Resolving Failed Banks: Uncertainty, Multiple Bidding & Auction Design
Jason Allen, Bank of Canada
Robert Clark, Queen’s University
Brent Hickman, Washington University St. Louis
Eric Richert, Queen’s University

Fast Track Session
Designing Central Bank Digital Currencies
Itai Agur, International Monetary Fund
Anil Ari, International Monetary Fund
Giovanni Dell’Ariccia, International Monetary Fund

Does Increased Shareholder Liability Always Reduce Bank Risk-Taking?
Haelim Anderson, Federal Deposit Insurance Corporation
Daniel Barth, U.S. Department of Treasury
Dong Beom Choi, Seoul National University


Endogenous Risk-Exposure and Systemic Instability
Chong Shu, University of Southern California

Do Distressed Banks Really Gamble for Resurrection?
Itzhak Ben-David, The Ohio State University
Ajay A. Palvia, Office of the Comptroller of the Currency
René M. Stulz, The Ohio State University


Loan Guarantees and Credit Supply
Natalie Bachas, Princeton University
Olivia S. Kim, Massachusetts Institute of Technology
Constantine Yannelis, University of Chicago


Saturday, September 14, 2019
8:00-8:30 AM
Continental Breakfast
The Effects of Bank Capital and Liquidity Regulation on Bank Lending and Risk Taking Session Chair and Discussant: Christa Bouwman, Texas A&M University

Liquidity Requirements and Deposit Competition
Junho Park, Singapore Managment University
Kwangwoo Park, Korea Advanced Institute of Science and Technology
George G. Pennacchi, University of Illinois

The Cost and Benefits of Liquidity Regulations: Lessons from an Idle Monetary Policy Tool
Christopher J. Curfman, University of Texas at Austin
John Kandrac, Federal Reserve Board

Tests of the New Intermediary Asset Pricing Theory: The Role of Lead Bank Capital in the Liquidity of Syndicated Loans
Allen N. Berger, University of South Carolina
Donghang Zhang, University of South Carolina
Yijia (Eddie) Zhao, University of Massachusetts

Interconnectedness, Systemic Risk, and Policy Implications Session Chair and Discussant: Celso Brunetti, Federal Reserve Board

Central Counterparty Default Waterfalls and Systemic Loss
Mark Paddrik, Office of Financial Research
Simpson Zhang, Office of the Comptroller of the Currency

Financial Networks over the Business Cycle
Alexandr Kopytov, Princeton University

Externalities in New Financing Platforms Session Chair and Discussant: Christine Parlour, University of California, Berkeley

Can Technology Undermine Macroprudential Regulation? Evidence from Peer-to-Peer Credit in China
Fabio Braggion, Tiburg University
Alberto Manconi, Bocconi University
Haikun Zhu, Erasmus University Rotterdam

The Effect of Secondary Market Liquidity on Primary Market Liquidity: A Natural Experiment in Peer-to-Peer Lending
Craig Holden, Indiana University
Mingfeng Lin, Georgia Institute of Technology
Kai Lu, University of Science and Technology of China
Zaiyan Wei, Purdue University
Jun Yang, Indiana University

Bank Activities and Risk Session Chair and Discussant: Bernadette Minton, The Ohio State University

Holding Company Affiliation and Risk: Evidence from the U.S. Banking Sector
Radoslav Raykov, Bank of Canada
Consuelo Silva-Buston, La Pontificia Universidad Católica de Chile

Banks as Regulated Traders
Antonio Falato, Federal Reserve Board
Diana Iercosan, Federal Reserve Board
Filip Zikes, Federal Reserve Board

The Information Value of Past Losses in Operational Risk
Filippo Curti, Federal Reserve Bank of Richmond
Marco Migueis, Federal Reserve Board

High Yield Debt Session Chair and Discussant: Justin Murfin, Cornell University

Lending Standards and Output Growth
Divya Kirti, International Monetary Fund

Securities Laws and the Choice Between Loans and Bonds for Highly Levered Firms
Robert Prilmeier, Tulane University
René M. Stulz, The Ohio State University

* Poster Session
Evaluating Regulatory Reform: Banks' Cost of Capital and Lending
Anna Kovner, Federal Reserve Bank of New York
Peter Van Tassel, Federal Reserve Bank of New York


Why Do Banks Hide Losses?
Thomas Flanagan, University of Michigan
Amiyatosh Purnanandam, University of Michigan

René M. Stulz, The Ohio State University

Collateral Runs
Sebastian Infante, Federal Reserve Board
Alexandros P. Vardoulakis, Federal Reserve Board


The Profit-Credit Cycle
Björn Richter, University of Bonn
Kaspar Zimmermann, University of Bonn


Liquidity Regulation and Financial Intermediaries
Marco Macchiavelli, Federal Reserve Board
Luke Pettit, Federal Reserve Board


Unintended Consequences of Post-Crisis Liquidity Regulation
Suresh Sundaresan, Columbia Business School
Kairong Xiao, Columbia Business School