Sponsored by:


Organized by: Franklin Allen, Itay Goldstein and Guillermo Ordonez

Wharton School,
8th Floor, Jon M. Huntsman Hall,
3730 Walnut Street, Philadelphia PA 19104

Friday, October 9th 2015

8:30 – 9:30 Breakfast
9:30 – 11:10 Session 1: Delegation and Trading in Financial Markets
Vincent Glode (UPenn)

Delegated Information Acquisition and Asset Pricing.
Shiyang Huang (HKU)
Discussant: Bradyn Breon-Drish (Stanford)

Efficiently Inefficient Markets for Assets and Asset Management
Nicolae Garleanu (Berkeley) and Lasse Pedersen (Copenhagen)
Discussant: Larry Glosten (Columbia)
11:10 – 11:30 Break
11:30 – 13:10 Session 2: Housing Markets and Government Policy
Venky Venkateswaran (NYU)

Phasing Out the GSEs.
Vladim Elenev (NYU), Tim Landvoigt (UT Austin) and Stijn Van Nieuwerburgh (NYU).
Discussant: Dirk Krueger (UPenn)

Mortgages and Monetary Policy
Carlos Garriga (St. Louis Fed), Finn Kydland  (UC Santa Barbara) and Roman Sustek (Queen Mary).
Discussant: Matteo Iacovello (Federal Reserve Board)
13:10 – 14:30 Lunch
14:30 – 17:20 Session 3: Collateral
Guillermo Ordonez (UPenn)

Mobile Collateral versus Immobile Collateral
Gary Gorton (Yale) and Tyler Muir (Yale)
Discussant: George Pennacchi (Illinois)

Collateral Shortages and Intermediation
Marco Di Maggio (Columbia) and Alireza Tahbaz-Salehi (Columbia).
Discussant: Douglas Gale (NYU)
Collateralizing Liquidity
Cecilia Parlatore (NYU)
Discussant: Bengt Holmstrom (MIT)
17:20 – 19:00 Drinks & hors-d’oeuvres
19:00 Dinner – Speaker: Mark Gertler (NYU)

Saturday, October 10th 2015

7:30 – 8:30 Breakfast
8:30 – 10:10 Session 4: International Financing
Christian Opp (UPenn)

Global dollar credit and carry trades: a firm-level analysis
Valentina Bruno (American University) and Hyun Song Shin (BIS)
Discussant: Sergio Schmukler (World Bank)

Financial Frictions, Foreign Currency Borrowing, and Systemic Risk
Giovanni Dell’Ariccia (IMF), Luc Laeven (ECB) and Robert Marquez (UC Davis).
Discussant: Pierre-Olivier Gourinchas (Berkeley)
10:10 – 10:30 Break
10:30 – 12:10 Session 5: Risk Taking in Financial Institutions
Daniel Sanches (Philadelphia Fed)

Risk Management Failures
Matthieu Bouvard (McGill University) and Samuel Lee (NYU).
Discussant: Adriano Rampini (Duke)

The Stock Market and Bank Risk-Taking
Antonio Falato (Federal Reserve Board) and David Scharfstein (Harvard)
Discussant: Todd Gormley (UPenn)
12:10 – 13:10 Lunch
13:10 – 16:00 Session 6: Coordination Failures and Runs
Itay Goldstein (UPenn)

Insecure Debt
Rafael Matta (University of Amsterdam) and Enrico Perotti (University of Amsterdam)
Discussant: Zighuo He (Chicago)

Self-fulfilling Runs: Evidence from the U.S. Life Insurance Industry.
Nathan Foley-Fisher (Federal Reserve Board), Borghan Narajabad (Federal Reserve Board) and Stephane Verani (Federal Reserve Board).
Discussant: Motohiro Yogo (Princeton)
Coordinating Business Cycles
Edouard Schaal (NYU) and Mathieu Taschereau-Dumouchel (UPenn)
Discussant: Eduardo Davila (NYU)
16:00 Adjourn

Program Committee

Stijn Claessens (Federal Reserve Board)
Doug Diamond (Chicago)
Itamar Drechsler (NYU)
Huberto Ennis (Richmond Fed)
Vincent Glode (Wharton)
Gary Gorton (Yale)
Todd Keister (Rutgers)
Pablo Kurlat (Stanford)
Robert McDonald (Northwestern)
Jaromir Nosal (Columbia)
Martin Oehmke (Columbia GSB)
Christian Opp (Wharton)
George Pennacchi (Illinois)
Adriano Rampini (Duke)
Philipp Schnabl (NYU)
Luke Taylor (Wharton)
Venky Venkateswaran (NYU Stern)
Annete Vissing-Jorgensen (Berkeley)
Randy Wright (Wisconsin)
Wei Xiong (Princeton)
Motohiro Yogo (Princeton)