NATIONAL BUREAU OF
ECONOMIC RESEARCH, INC. |
|
|
|
SUMMER INSTITUTE
2010 |
|
|
|
Workshop on the Economics
of Credit Rating Agencies |
|
|
|
|
|
|
|
July 15 and 16,
2010 |
|
|
|
Royal Sonesta Hotel |
|
Skyline Suite |
|
|
|
|
|
|
|
Program |
|
|
|
Thursday,
July 15: |
|
|
|
|
Coffee
and Pastries |
|
|
|
Patrick
Bolton, |
|
Xavier
Freixas, Universitat Pompeu Fabra |
|
Joel
Shapiro, |
|
|
|
|
|
Discussant: Itay Goldstein, |
|
|
|
Anand Goel,
Federal Reserve Bank of |
|
|
|
|
|
|
|
Discussant: Roberta Romano, |
|
|
|
Break |
|
|
|
Bo
Becker, |
|
Todd
Milbourn, |
|
|
|
|
|
Discussant: |
|
|
|
Neil
Doherty, |
|
Anastasia
Kartasheva, |
|
Richard
Phillips, |
|
Information
Effect of Entry into Credit Ratings Market: The Case of Insurers' Ratings |
|
|
|
Discussant: Christine Parlour,
UC, Berkeley |
|
|
|
Lunch |
|
|
|
Sergey
Chernenko, |
|
Adi Sunderam,
|
|
|
|
|
|
Discussant: Andrew Ellul, |
|
|
|
Zhihua Chen, |
|
Aziz
Lookman, Moody's Investors Service |
|
Norman
Schürhoff, University of Lausanne, Swiss Finance
Institute, and CEPR |
|
Duane Seppi, Carnegie Mellon University |
|
Why Ratings Matter: Evidence from
Lehmans Index Rating Rule Change |
|
|
|
Discussant: Jean Helwege, |
|
|
|
Break |
|
|
|
Dion
Bongaerts, |
|
K. J. Martijn Cremers, Yale University |
|
William Goetzmann, Yale University and NBER |
|
|
|
|
|
Discussant:
Michael Brennan, UC, Los Angeles |
|
|
|
Break |
|
|
|
Panel
Discussion - The Credit Rating Agency Problem |
|
|
|
Panelists: |
|
Richard
Cantor, Moody's Investors Service |
|
Richard
Portes, |
|
Stephen
Ross, MIT and NBER |
|
Jonathan
Sokobin, Securities and Exchange Commission |
|
|
|
|
|
Moderator:
|
|
|
|
Discussion
of Potential Creation of Research Network |
|
|
|
Adjourn |
|
|
|
Reception
and Dinner Riverfront Room |
|
Speaker - Harvey Pitt, Kalorama Partners |
|
|
Friday,
July 16: |
|
|
|
|
Coffee
and Pastries |
|
|
|
John
Griffin, |
|
Dragon
Yongjun Tang, |
|
|
|
|
|
Discussant: Nancy Wallace, UC, Berkeley |
|
|
|
Adam
Ashcraft, Federal Reserve Bank of |
|
Paul
Goldsmith-Pinkham, |
|
James
Vickery, Federal Reserve Bank of |
|
|
|
|
|
Discussant:
|
|
|
|
Break |
|
|
|
Marco
Pagano, |
|
Paolo
Volpin, |
|
|
|
|
|
Discussant: Timothy Riddiough,
|
|
|
|
Pepa Kraft, |
|
Do Rating
Agencies Cater? Evidence from Rating-Based Contracts |
|
|
|
Discussant: Robert Dammon, |
|
|
|
Lunch |
|
|
|
Christian
Opp, |
|
Marcus
Opp, UC, Berkeley |
|
Milton
Harris, |
|
|
|
|
|
Discussant: Paolo Fulghieri, |
|
|
|
Francesco
Sangiorgi, |
|
|
|
|
|
|
|
Discussant: Anat Admati, |
|
|
2:55 pm |
Break |
|
|
3:10 pm |
Seung Hun Han, KAIST |
|
Michael Pagano, Villanova University |
|
Yoon
Shin, |
|
Rating Agency
Reputation, the Global Financial Crisis, and the Cost of Debt |
|
|
|
Discussant: Bruce Lehmann, UC, |
|
|
|
Adjourn |