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v:ext="edit" data="1"/> </o:shapelayout></xml><![endif]--> </head> <body lang=EN-US link=blue vlink=purple style='tab-interval:.5in'> <div class=WordSection1> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=625 style='width:468.75pt;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>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 valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>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 valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>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 valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>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 valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>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 valign=top style='padding:.75pt .75pt .75pt .75pt'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 style='border-collapse:collapse;mso-yfti-tbllook:1184;mso-padding-alt:0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=623 valign=top style='width:467.25pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom: .0001pt;text-align:center;line-height:normal'><span style='font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Ballroom A<o:p></o:p></span></p> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom: .0001pt;text-align:center;line-height:normal'><span style='font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Royal Sonesta Hotel<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=623 valign=top style='width:467.25pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom: .0001pt;text-align:center;line-height:normal'><span style='font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>40 Edwin H. Land Boulevard<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes'> <td width=623 valign=top style='width:467.25pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom: .0001pt;text-align:center;line-height:normal'><span style='font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>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> </table> </td> </tr> <tr style='mso-yfti-irow:6;mso-yfti-lastrow:yes'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;mso-outline-level:2'><b><u><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>PRELIMINARY PROGRAM</span></u></b><b><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></b></p> </td> </tr> </table> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>&nbsp;<o:p></o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 style='mso-cellspacing:1.5pt; mso-yfti-tbllook:1184;mso-padding-alt:0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=644 colspan=2 valign=top style='width:483.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><b style='mso-bidi-font-weight:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Tuesday, July 8</span></b><u><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>:</span></u><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> 12:00 n<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> Lunch<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'></td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:3'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'></td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><b style='mso-bidi-font-weight:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>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:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>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 width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>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 width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>1:50 pm<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>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 width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>2:40 pm<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>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 width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>3:00 pm<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>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:"Arial","sans-serif"'><a href="http://ssrn.com/abstract=2320921"><i>Shadow Insurance </i></a></span><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><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 width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>3:50 pm<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Oliver Hart, Harvard University and NBER<br> Luigi <span class=SpellE>Zingales</span>, University of Chicago and NBER<br> </span><span style='font-family:"Arial","sans-serif"'><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:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><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 width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>4:40 pm<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>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 width=644 colspan=2 valign=top style='width:483.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><b style='mso-bidi-font-weight:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Wednesday, July 9</span></b><u><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>:<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span></u><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>8:00 am<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Coffee and Pastries<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> 8:30 am<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><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'>  </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 width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> 9:25 am<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><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'>  </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 width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>10:15 am<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> 10:40 am<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><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'>  </span>Charles <span class=SpellE>Himmelberg</span>, Goldman Sachs<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:16'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> 11:30 am<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><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'>  </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 width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>12:20 pm<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>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 width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>1:20 pm<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>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:"Arial","sans-serif"'><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:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> <br> </span></i><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Discussant:<span style='mso-spacerun:yes'>  </span>Gary Gorton, Yale University and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:19'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> 2:10 pm<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><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:"Arial","sans-serif"'><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:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant:<span style='mso-spacerun:yes'>  </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 width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>3:00 pm<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:21'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> 3:20 pm<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><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:"Arial","sans-serif"'><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:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant:<span style='mso-spacerun:yes'>  </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 width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>4:10 pm<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif"'>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:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> Discussant:<span style='mso-spacerun:yes'>  </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 width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>5:00 pm<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Adjourn<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:24'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'></td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:25;mso-yfti-lastrow:yes'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>6:00 pm<o:p></o:p></span></p> </td> <td width=546 valign=top style='width:409.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif"'>Clambake - Royal <span class=SpellE>Sonesta</span> Hotel, 40 Edwin H. Land Boulevard, Cambridge, MA</span><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>&nbsp;<br> </span><span style='font-family:"Arial","sans-serif"'><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>