The Eighth New York Fed/NYU Stern Conference on Financial Intermediation

May 2-3, 2013


Agenda


Thursday, May 2, 2013

8:00 a.m.	Continental Breakfast

8:50 a.m.	Welcoming Remarks, Jamie McAndrews, Executive Vice President and Director of Research, Federal Reserve Bank of New York
	Session 1: Session Chair: Stavros Peristiani
9:00 a.m.	Maturity Rationing and Collective Short-Termism Konstantin Milbradt, Massachusetts Institute of Technology Martin Oehmke, Columbia University *Discussant*: Christian Opp, University of Pennsylvania

10:00 a.m.	Granularity of Corporate Debt: Theory and Tests Jaewon Choi, University of Illinois Dirk Hackbarth, University of Illinois Josef Zechner, Vienna University of Economics and BusinessDiscussant: Zhiguo He, University of Chicago

11:00 a.m.	Break

11:20 a.m.	Are Mutual Funds Active Voters? Peter Iliev, Penn State University Michelle Lowry, Penn State University *Discussan*t: Marcin Kacperczyk, New York University

12:30 p.m.	Lunch
	Session 2: Session Chair: Philipp Schnabl
2:00 p.m.	The Effect of Industrial Sector Transparency on Bank Risk-Taking and Banking System Fragility Sudarshan Jayaraman, Washington University in St. Louis S.P. Kothari, Massachusetts Institute of Technology *Discussant*: Cathy Schrand, University of Pennsylvania

3:00 p.m.	Government Guarantees and Financial Stability Frank Allen, University of Pennsylvania Elena Carletti, European University Institute and CEPR Itay Goldstein, University of Pennsylvania Agnese Leonello, University of Pennsylvania *Discussant*: Robert McDonald, Northwestern University

4:00 p.m.	Break

4:20 p.m.	Government Guarantees and Risk Taking Incentives Markus Fischer, Goethe University Frankfurt Christa Hainz, ifo Institute for Economic Research Jörg Rocholl, European School of Management and Technology Sascha Steffen, European School of Management and Technology *Discussant*: Larry Wall, Federal Reserve Bank of Atlanta

5:40 p.m.	Reception


Friday, May 3
	Session 3: Session Chair: Hamid Mehran
8:15 a.m.	Continental Breakfast

9:00 a.m.	Did Capital Requirements and Fair Value Accounting Spark Fire Sales in Distressed MBS? Taylor D. Nadauld, Brigham Young University René M. Stulz, The Ohio State University Craig B. Merrill, Brigham Young University Shane Sherlund, Federal Reserve Board *Discussant*: Til Schuermann, Oliver Wyman

10:00 a.m.	Runs on Money Market Mutual Funds Russ Wermers, University of Maryland at College Park Allan Timmermann, University of California, San Diego Lawrence Schmidt, University of California, San Diego *Discussant*: Marco Cipriani, Federal Reserve Bank of New York

11:00 a.m.	Break
11:20 a.m.	How do Global Banks Scramble for Liquidity? Evidence from the ABCP Freeze of 2007 Viral V. Acharya, New York University Gara Afonso, Federal Reserve Bank of New York Anna Kovner, Federal Reserve Bank of New York *Discussant*: Phil Strahan, Boston College

12:15 p.m.	Lunch and Adjournment