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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SI 2014 Capital Markets and the Economy

Deborah J. Lucas, Amir Yaron, and Janice C. Eberly, Organizers

July 14-16, 2014

Charles Room B
Royal Sonesta Hotel
40 Edwin H. Land Boulevard
Cambridge, MA

PROGRAM

 

Monday, July 14


12:00 pm


Lunch


1:00 pm


Valery Polkovnichenko, University of Texas at Dallas
Michael J. Rebello, University of Texas--Dallas
Seong Byun, UT at Dallas
Corporate Cash Holdings and Uncertainty of Investment Opportunities

Discussant: Toni Whited, University of Rochester and NBER


1:50 pm


Eric Zwick, Harvard University
James F. Mahon, Harvard University
Do Financial Frictions Amplify Fiscal Policy? Evidence from Business Investment Stimulus

Discussant: Motohiro Yogo, Federal Reserve Bank of Minneapolis


2:40 pm


Break


2:55 pm


Randall Morck, University of Alberta and NBER
M. Deniz Yavuz, Washington University in St Louis
Bernard Yeung, National University of Singapore
State-controlled Banks and the Effectiveness of Monetary Policy

Discussant: Ali Ozdagli, Federal Reserve Bank of Boston


3:45 pm


Thomas Philippon, New York University and NBER
Miguel de Faria e Castro, New York University
Joseba Melchor Martinez, New York University
Runs versus Lemons: Information Disclosure, Fiscal Capacity and Financial Stability

Discussant: Wei Xiong, Princeton University and NBER


4:35 pm


Adjourn


Tuesday, July 15


12:00 pm


Lunch


1:00 pm


Hengjie Ai, University of Minnesota
Kai Li, Hong Kong University of Science and Technology
Junyan O. Shen, University of Minnesota
Financial Intermediation and Capital Reallocation

Discussant: Andrea L. Eisfeldt, University of California at Los Angeles and NBER


1:50 pm


Russell Cooper, Pennsylvania State University and NBER
Jonathan Willis, Federal Reserve Bank of Kansas City
Discounting: Investment Sensitivity and Aggregate Implications

Discussant: Ian Dew-Becker, Duke University


2:40 pm


Break


2:55 pm


Antonio Falato, Federal Reserve Board
Nellie Liang, Federal Reserve Board of Governors
Do Creditor Rights Increase Employment Risk? Evidence from Loan Covenants

Discussant: Steven J. Davis, University of Chicago and NBER


3:45 pm


Michael Siemer, Board of Governors of the Federal Reserve System
Firm Entry and Employment Dynamics in the Great Recession

Discussant: Gabriel Chodorow-Reich, Harvard University and NBER


4:35 pm


Adjourn


Wednesday, July 16


12:00 pm


Lunch


1:00 pm


Pablo Fajgelbaum, University of California at Los Angeles and NBER
Edouard Schaal, NYU
Mathieu Taschereau-Dumouchel, University of Pennsylvania
Uncertainty Traps

Discussant: Laura Veldkamp, New York University and NBER


1:50 pm


Francois Gourio, Federal Reserve Bank of Chicago and NBER
Financial Distress and Endogenous Uncertainty

Discussant: Ruediger Bachmann, Goethe University Frankfurt


2:40 pm


Break


2:55 pm


Christian C. Opp, University of Pennsylvania
Venture Capital Cycles

Discussant: Arthur Korteweg, Stanford University


3:45 pm


Hui Chen, Massachusetts Institute of Technology and NBER
Rui Cui, University of Chicago
Zhiguo He, University of Chicago and NBER
Konstantin Milbradt, Northwestern University and NBER
Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle

Discussant: Joao Gomes, University of Pennsylvania


4:35 pm


Adjourn