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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

 

SUMMER INSTITUTE 2009

 

Project on Market Institutions and Financial Market Risk

 

Mark Carey, Anil Kashyap, Raghuram Rajan and René Stulz, Organizers

 

Royal Sonesta Hotel

Ballroom A

40 Edwin H. Land Boulevard

Cambridge, Massachusetts

 

PROGRAM

 

TUESDAY JULY 7:

 

 

12:00 n

Lunch

 

 

 1:15 pm

WEI JIANG, Columbia University

 

ASHLYN NELSON, Stanford University

 

EDWARD VYTLACIL, Yale University 

 

Liar’s loan? --Effects of Loan Origination Channel and Loan Sale on Delinquency

 

 

 

TOMASZ PISKORSKI, Columbia University

 

AMIT SERU and VIKRANT VIG, University of Chicago

 

Securitization and Distressed Loan Renegotiation: Evidence from the Subprime Mortgage Crisis

 

 

 

Discussants:  DAVID SCHARFSTEIN, Harvard University and NBER

 

 

 2:45 pm

Break

 

 

 3:00 pm

VASSO IOANNIDOU and STEVEN ONGENA, Tilbur University

 

JOSÉ LUIS PEYDRÓ, European Central Bank

 

Monetary Policy, Risk-Taking and Pricing: Evidence from a Quasi-Natural Experiment

 

 

 

Discussants:  HYUN SHIN, Princeton University

 

 

 3:50 pm

SUMIT AGARWAL and GENE AMROMIN, Federal Reserve Bank of Chicago

 

ITZHAK BEN-DAVID, Ohio State University

 

SOUPHALA CHOMSISENGPHET, Office of the Comptroller of the Currency

 

DOUG EVANOFF, Federal Reserve Bank of Chicago

 

Do Financial Counseling Mandates Improve Mortgage Choice and Performance? Evidence from a Legislative Experiment

 

 

 

Discussants:  LUIGI ZINGALES, University of Chicago and NBER

 

 

 4:40 pm

Break

 

 

5:00 pm

MARIASSUNTA GIANNETTI, Stockholm School of Economics

 

ANDREI SIMONOV, Michigan State University

 

On the Real Effects of Bank Bailouts: Micro Evidence from Japan

 

 

 

Discussants: ERIC ROSENGREN, Federal Reserve Bank of Boston

 

 

5:50 pm

Adjourn

 

 

WEDNESDAY JULY 8:

 

 

 8:00 am

Coffee and Pastries

 

 

 8:30 am

Proposal session 1:  Closed.  Proposal authors and organizers only.

 

 

10:00 am

Proposal discussion session 2:

 

 

 

Franklin Allen, University of Pennsylvania

 

Ana Babus, Cambridge University

 

Financial Connections and Systemic Risk.

 

 

 

Mila Getmansky, University of Massachusetts

 

Monica Billio, University of Venice

 

Andrew Lo, MIT and NBER

 

Loriana Pelizzon, University of Venice

 

Funding Liquidity, Crises, and Systemic Risk.

 

 

 

Markus Brunnermeier Princeton University and NBER

 

Martin Oehmke, Columbia University

 

The Maturity Rat Race.

 

 

 

Alexander Bleck and Pingyang Gao, University of Chicago

 

Where does the Information in Mark-to-Market Accounting Come From?

 

 

 

Antje Berndt, Burton Hollifield, Carnegie Mellon University

 

Patrik Sandas University of Virginia

 

The Role of Mortgage Brokers in the Subprime Crisis.

 

 

11:20 am

Break

 

 

11:40 am

Proposal discussion session 3:

 

 

 

Anand M. Goel, DePaul University,

 

Fenghua Song, Pennsylvania State University

 

Anjan V. Thakor, Washington University in St. Louis

 

Infectious Leverage.

 

 

 

Kenneth Froot, Harvard University and NBER

 

Evidence on the Underpricing of Illiquid Debt Securities.

 

 

 

Massimo Massa and Alberto Manconi, INSEAD

 

Ayako Yasuda, University of Pennsylvania

 

The Role of Institutional Investors in Propagating the Financial Crisis.

 

 

 

Andrew Ellul, and Vijay Yerramili, Indiana University

 

Greater Risk, Weaker Risk Management: Evidence from bank holding Compaines.

 

 

 

Edie Hotchkiss, Boston College

 

David C. Smith, University of Virginia

 

Per Stromberg, Stockholm Institute for Financial Research and NBER

 

Private Equity Sponsors and the Resolution of Financial Distress.

 

 

 1:00 pm

Lunch

 

 

 1:50 pm

DOUGLAS DIAMOND and RAGHURAM RAJAN, University of Chicago and NBER

 

Fear of Fire Sales and the Credit Freeze

 

 

 

Discussant:  FRANKLIN ALLEN, University of Pennsylvania

 

 

 

ANDREI SHLEIFER, Harvard University and NBER

 

ROBERT VISHNY, University of Chicago and NBER

 

Unstable Banking

 

 

 

Discussant:  GARY GORTON, Yale University and NBER

 

 

 3:40 pm

Break

 

 

 4:00 pm

ATIF MIAN and AMIR SUFI, University of Chicago and NBER

 

House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis

 

 

 

Discussant: ANDREAS LEHNERT, Federal Reserve Board

 

 

 

ADAM ASHCRAFT, PAUL GOLDSMITH-PINKHAM, and JAMES VICKERY, Federal Reserve Bank of New York

 

MBS Ratings and the Mortgage Credit Boom

 

 

 

Discussant: JOSH COVAL, Harvard University and NBER

 

 

 5:50 pm

Adjourn

 

 

 6:00 pm

Clambake, Harvard Faculty Club, 20 Quincy Street, Cambridge, MA

 

 

THURSDAY JULY 9:

 

8:30 am

Coffee and Pastries

 

 

9:00 am

DARRELL DUFFIE, Stanford University and NBER

 

HAOIANG ZHU, Stanford University

 

Does a Central Clearing Counterparty Reduce Counterparty Risk?

 

 

 

Discussant:  CRAIG PIRRONG, University of Houston

 

 

10:00 am

Break

 

 

10:15 am

VIRAL ACHARYA, New York University and NBER

 

OUARDA MERROUCHE, Bank of England

 

Precautionary Hoarding of Liquidity and Inter-Bank Markets: Evidence from the Sub-prime Crisis

 

 

 

Discussant:  ARVIND KRISHNAMURTHY, Northwestern University and NBER

 

 

11:10 am

RAVI BANSAL, Duke University and NBER,

 

WILBUR JOHN COLEMAN, Duke University,

 

CHRISTIAN LUNDBLAD, University of North Carolina at Chapel Hill

 

Liquidity and Financial Intermediation

 

 

 

Discussant: HANNO LUSTIG, UC, Los Angeles and NBER

 

 

12:00 n

Lunch and Adjourn

 

 

 

 

 

 

5/28/09