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v:ext="edit" spidmax="1026"/> </xml><![endif]--><!--[if gte mso 9]><xml> <o:shapelayout v:ext="edit"> <o:idmap v:ext="edit" data="1"/> </o:shapelayout></xml><![endif]--> </head> <body style="tab-interval:.5in" lang="EN-US" link="blue" vlink="purple"> <div class="WordSection1"> <table class="MsoNormalTable" style="width:468.75pt;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 5.4pt 0in 5.4pt" border="0" cellpadding="0" cellspacing="0" width="625"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="padding:.75pt .75pt .75pt .75pt" valign="top"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">Authors, please upload your paper <a href="http://www.nber.org/confsubmit/backend/form?id=SI14risk">here</a>. <br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="padding:.75pt .75pt .75pt .75pt" valign="top"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal" align="center"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family:&quot;Times New Roman&quot;">NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. <br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="padding:.75pt .75pt .75pt .75pt" valign="top"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal" align="center"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family:&quot;Times New Roman&quot;">SI 2014 Risks of Financial Institutions <br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="padding:.75pt .75pt .75pt .75pt" valign="top"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal" align="center"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family:&quot;Times New Roman&quot;">Mark Carey and René <span class="SpellE">Stulz</span>, Organizers <br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="padding:.75pt .75pt .75pt .75pt" valign="top"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal" align="center"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family:&quot;Times New Roman&quot;">July 8-9, 2014 <br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="padding:.75pt .75pt .75pt .75pt" valign="top"> <table class="MsoNormalTable" style="border-collapse:collapse;mso-yfti-tbllook:1184;mso-padding-alt:0in 5.4pt 0in 5.4pt" border="0" cellpadding="0" cellspacing="0"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="width:467.25pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="623"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom: .0001pt;text-align:center;line-height:normal" align="center"><span style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family:&quot;Times New Roman&quot;">Ballroom A<o:p></o:p></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom: .0001pt;text-align:center;line-height:normal" align="center"><span style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family:&quot;Times New Roman&quot;">Royal Sonesta Hotel<o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:467.25pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="623"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom: .0001pt;text-align:center;line-height:normal" align="center"><span style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family:&quot;Times New Roman&quot;">40 Edwin H. Land Boulevard<o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:2;mso-yfti-lastrow:yes"> <td style="width:467.25pt;padding:0in 5.4pt 0in 5.4pt" valign="top" width="623"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom: .0001pt;text-align:center;line-height:normal" align="center"><span style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family:&quot;Times New Roman&quot;">Cambridge, Massachusetts<br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--><o:p></o:p></span></p> </td> </tr> </tbody></table> </td> </tr> <tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes"> <td style="padding:.75pt .75pt .75pt .75pt" valign="top"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;mso-outline-level:2" align="center"><b><u><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family:&quot;Times New Roman&quot;">PRELIMINARY PROGRAM</span></u></b><b><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family:&quot;Times New Roman&quot;"><o:p></o:p></span></b></p> </td> </tr> </tbody></table> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">&nbsp;<o:p></o:p></span></p> <table class="MsoNormalTable" style="mso-cellspacing:1.5pt; mso-yfti-tbllook:1184;mso-padding-alt:0in 5.4pt 0in 5.4pt" border="0" cellpadding="0"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="2" style="width:483.0pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="644"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><b style="mso-bidi-font-weight:normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family:&quot;Times New Roman&quot;">Tuesday, July 8</span></b><u><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family:&quot;Times New Roman&quot;">:</span></u><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family:&quot;Times New Roman&quot;"><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;"><br> 12:00 n<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;"><br> Lunch<o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"></td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"></td> </tr> <tr style="mso-yfti-irow:3"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"></td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><b style="mso-bidi-font-weight:normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family:&quot;Times New Roman&quot;">Joint Session with Corporate Finance Group<br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--></span></b><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family:&quot;Times New Roman&quot;"><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">1:00 pm<br> <br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--><o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">Milton Harris, University of Chicago<br> Christian <span class="SpellE">Opp</span>, University of Pennsylvania<br> Marcus <span class="SpellE">Opp</span>, University of California at Berkeley<br> <i style="mso-bidi-font-style:normal">Higher Capital Requirements, Safer Banks? <span class="SpellE">Macroprudential</span> Regulation in a Competitive Financial System</i><br> <br> <span style="mso-bidi-font-weight:bold">Discussant: Jeremy Stein, Federal Reserve Board<br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--></span><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">1:50 pm<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">Markus <span class="SpellE">Behn</span>, Bonn Graduate School of Economics<br> Rainer <span class="SpellE">Haselmann</span>, Bonn Graduate School of Economics<br> Vikrant <span class="SpellE">Vig</span>, London Business School<br> <i style="mso-bidi-font-style:normal">The Limits of Model Based Regulation</i><br> <br> <span style="mso-bidi-font-weight:bold">Discussant: Johannes <span class="SpellE">Stroebel</span>, New York University<br style="mso-special-character: line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--></span><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">2:40 pm<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">Break<br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:7"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">3:00 pm<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">Ralph <span class="SpellE">Koijen</span>, London Business School<br> <span class="SpellE">Motohiro</span> <span class="SpellE">Yogo</span>, Federal Reserve Bank of Minneapolis<br> </span><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;"><a href="http://ssrn.com/abstract=2320921"><i>Shadow Insurance </i></a></span><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family:&quot;Times New Roman&quot;"><br> <br> <span style="mso-bidi-font-weight:bold">Discussant: Andrew <span class="SpellE">Metrick</span>, Yale University and NBER<br style="mso-special-character: line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--></span><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:8"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">3:50 pm<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">Oliver Hart, Harvard University and NBER<br> Luigi <span class="SpellE">Zingales</span>, University of Chicago and NBER<br> </span><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;"><a href="http://www.nber.org/confer/2014/SI2014/Risk/Hart_Zingales.pdf"><i>Banks Are Where The Liquidity Is </i></a></span><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family:&quot;Times New Roman&quot;"><br> <br> <span style="mso-bidi-font-weight:bold">Discussant: Rene <span class="SpellE">Stulz</span>, Ohio State University and NBER<br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--></span><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:9"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">4:40 pm<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">Adjourn<br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:10"> <td colspan="2" style="width:483.0pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="644"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><b style="mso-bidi-font-weight:normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family:&quot;Times New Roman&quot;">Wednesday, July 9</span></b><u><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family:&quot;Times New Roman&quot;">:<br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--></span></u><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family:&quot;Times New Roman&quot;"><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:11"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">8:00 am<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">Coffee and Pastries<o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:12"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;"><br> 8:30 am<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;"><br> Charles <span class="SpellE">Calomiris</span>, Columbia University and NBER<br> Mark Carlson, <span class="SpellE">Federa</span> Reserve Board<br> <i>Corporate Governance and Risk Management at Unprotected Banks: National Banks in the 1890s</i><br> <br> Discussant:<span style="mso-spacerun:yes">&nbsp; </span>Philip <span class="SpellE">Strahan</span>, Boston College and NBER<o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:13"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;"><br> 9:25 am<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;"><br> <span class="SpellE">Efraim</span> <span class="SpellE">Benmelech</span>, Northwestern University and NBER<br> Rodney <span class="SpellE">Ramcharan</span>, Federal Reserve Board<br> Ralf <span class="SpellE">Meisenzahl</span>, Board of Governors of the Federal Reserve System<br> <br> <i>Liquidity, Non-Bank Credit and the Financial Crisis: Evidence from Automobiles</i><br> <br> Discussant:<span style="mso-spacerun:yes">&nbsp; </span>Philipp <span class="SpellE">Schnabl</span>, New York University and NBER<br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:14"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">10:15 am<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">Break<o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:15"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;"><br> 10:40 am<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;"><br> Robert Merton, MIT and NBER<i style="mso-bidi-font-style:normal"><br> </i>Zoe <span class="SpellE">Tsesmelidakis</span>, University of Oxford<br> <i style="mso-bidi-font-style:normal">The Value of Implicit Guarantees</i><br> <br> Discussant:<span style="mso-spacerun:yes">&nbsp; </span>Charles <span class="SpellE">Himmelberg</span>, Goldman Sachs<o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:16"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;"><br> 11:30 am<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;"><br> Joao Granja, MIT<br> <span class="SpellE">Gregor</span> <span class="SpellE">Matvos</span>, University of Chicago and NBER<br> <span class="SpellE">Amit</span> <span class="SpellE">Seru</span>, University of Chicago and NBER<br> <i>Selling Failed Banks</i><br> <br> Discussant:<span style="mso-spacerun:yes">&nbsp; </span>Christopher James, University of Florida<br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:17"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">12:20 pm<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">Lunch<br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:18"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">1:20 pm<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">Darrell <span class="SpellE">Duffie</span>, Stanford University and NBER<i style="mso-bidi-font-style:normal"><br> </i>Martin <span class="SpellE">Scheicher</span>, European Systemic Risk Board<br> Guillaume <span class="SpellE">Vuillemey</span>, Sciences-Po Paris<br> </span><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;"><a href="http://www.nber.org/confer/2014/SI2014/Risk/Duffie_Scheicher_Vuillemey.pdf"><i>Central Clearing and Collateral Demand </i></a></span><i style="mso-bidi-font-style: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;"><br> <br> </span></i><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">Discussant:<span style="mso-spacerun:yes">&nbsp; </span>Gary Gorton, Yale University and NBER<o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:19"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;"><br> 2:10 pm<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;"><br> Sergey <span class="SpellE">Chernenko</span>, Ohio State University<br> Samuel Hanson, Harvard University and NBER<br> <span class="SpellE">Adi</span> <span class="SpellE">Sunderam</span>, Harvard University and NBER<br> </span><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;"><a href="http://www.nber.org/confer/2014/SI2014/Risk/Chernenko_Hanson_Sunderam.pdf"><i>The Rise and Fall of Securitization </i></a></span><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family:&quot;Times New Roman&quot;"><br> <br> Discussant:<span style="mso-spacerun:yes">&nbsp; </span>Manuel <span class="SpellE">Adelino</span>, Duke University<br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:20"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">3:00 pm<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">Break<o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:21"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;"><br> 3:20 pm<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;"><br> <span class="SpellE">Massimiliano</span> <span class="SpellE">Caporin</span>, University of Padua<br> <span class="SpellE">Loriana</span> <span class="SpellE">Pelizzon</span>, Ca' <span class="SpellE">Foscari</span> <span class="SpellE">Univesity</span> of Venice<br> Francesco <span class="SpellE">Ravazzolo</span>, <span class="SpellE">Norges</span> Bank<br> Roberto <span class="SpellE">Rigobon</span>, MIT and NBER<br> </span><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;"><a href="http://www.nber.org/confer/2014/SI2014/Risk/Caporin_Pelizzon_Ravazzolo_Rigobon.pdf"><i>Measuring Sovereign Contagion in Europe </i></a></span><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family:&quot;Times New Roman&quot;"><br> <br> Discussant:<span style="mso-spacerun:yes">&nbsp; </span>Marcel <span class="SpellE">Fratzscher</span>, DIW Berlin<br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:22"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">4:10 pm<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Thomas <span class="SpellE">Philippon</span>, New York University and NBER<br> Miguel de <span class="SpellE">Faria</span> e Castro, New York University<br> <span class="SpellE">Joseba</span> <span class="SpellE">Melchor</span> Martinez, New York University<br> <i>Runs versus Lemons: Fiscal Capacity and Financial Stability</i><br> </span><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;"><br> Discussant:<span style="mso-spacerun:yes">&nbsp; </span><span class="SpellE">Harald</span> <span class="SpellE">Uhlig</span>, University of Chicago and NBER<br style="mso-special-character:line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:23"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">5:00 pm<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">Adjourn<o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:24"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"></td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"></td> </tr> <tr style="mso-yfti-irow:25;mso-yfti-lastrow:yes"> <td style="width:1.0in;padding:.75pt .75pt .75pt .75pt" valign="top" width="96"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">6:00 pm<o:p></o:p></span></p> </td> <td style="width:409.5pt;padding:.75pt .75pt .75pt .75pt" valign="top" width="546"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Clambake - Royal <span class="SpellE">Sonesta</span> Hotel, 40 Edwin H. Land Boulevard, Cambridge, MA</span><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family:&quot;Times New Roman&quot;"><o:p></o:p></span></p> </td> </tr> </tbody></table> <p class="MsoNormal"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family: &quot;Times New Roman&quot;">&nbsp;<br> </span><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;"><br style="mso-special-character: line-break"> <!--[if !supportLineBreakNewLine]--><br style="mso-special-character:line-break"> <!--[endif]--><o:p></o:p></span></p> </div> </body></html>