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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

 

SUMMER INSTITUTE 2012

 

Corporate Finance Workshop

 

Andrei Shleifer, Organizer

 

July 9 - 10, 2012

 

Royal Sonesta Hotel

Ballroom A

40 Edwin H. Land Boulevard

Cambridge, Massachusetts

 

PROGRAM

 

Monday, July 9:

 

 

8:30 am

Coffee and Pastries

 

 

 

Does Finance Create Value?

 

 

9:00 am

Robin Greenwood, Harvard University and NBER

 

David Scharfstein, Harvard University and NBER

 

The Growth of Modern Finance

 

 

 

Thomas Philippon, New York University and NBER

 

Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation

 

 

 

Discussant: John Campbell, Harvard University and NBER

 

 

10:40 am

Break

 

 

11:10 am

Robert S. Harris, University of Virginia

 

Tim Jenkinson, University of Oxford

 

Steven N. Kaplan, University of Chicago and NBER

 

Private Equity Performance: What Do We Know?

 

 

 

Discussant: David Robinson, Duke University and NBER

 

 

12:00 n

Lunch

 

 

 

Reaching for Risk and Credit Cycles

 

 

1:30 pm

Bo Becker, Harvard University and NBER

 

Victoria Ivashina, Harvard University and NBER

 

Reaching for Yield in the Corporate Bond Market

 

 

 

Discussant: Marcin Kacperczyk, New York University and NBER

 

 

2:20 pm

Raghuram Rajan, University of Chicago and NBER

 

Rodney Ramcharan, Federal Reserve Board

 

The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s

 

 

 

Discussant: Nittai Bergman, Massachusetts Institute of Technology and NBER

 

 

3:10 pm

Break

 

 

3:40 pm

Daniel Carvalho, University of Southern California

 

Financing Constraints and the Amplification of Aggregate Downturns

 

 

 

Discussant: Heitor Almeida, University of Illinois and NBER

 

 

4:30 pm

Adjourn

 

 

6:00 pm

Group Dinner: Royal Sonesta Hotel – Ballroom B

 

 

Tuesday, July 10:

 

 

8:00 am

Coffee and Pastries

 

 

 

Lessons From the Crisis

 

 

8:30 am

Isil Erel, Ohio State University

 

Taylor Nadauld, Brigham Young University

 

Rene. Stulz, Ohio State University and NBER

 

Why did U.S. Banks Invest in Highly-Rated Securitization Tranches?

 

 

 

Discussant: Sam Hanson, Harvard University

 

 

9:20 am

Ing-Haw Cheng, University of Michigan

 

Sahil Raina, University of Michigan

 

Wei Xiong, Princeton University and NBER

 

Wall Street and the Housing Bubble

 

 

 

Discussant: Atif Mian, University of California at Berkeley and NBER

 

 

10:10 am

Break

 

 

 

Tax Evasion

 

 

10:30 am

Andrew Ellul, Indiana University

 

Tullio Jappelli, University of Naples Federico II

 

Marco Pagano, University of Naples Federico II

 

Fausto Panunzi, Universita Bocconi

 

Transparency, Tax Pressure and Access to Finance

 

 

 

Discussant: Paola Sapienza, Northwestern University and NBER

 

 

11:20 am

Nikolaos Artavanis, Virginia Polytechnic Institute and State University

 

Adair Morse, University of Chicago and NBER

 

Margarita Tsoutsoura, University of Chicago

 

Tax Evasion Across Industries: Soft Credit Evidence from Greece

 

 

 

Discussant: Elias Papaioannou, Dartmouth College and NBER

 

 

12:10 pm

Lunch

 

 

 

Decision-Making Inside Firms

 

 

1:10 pm

Xavier Giroud, Massachusetts Institute of Technology

 

Holger Mueller, New York University and NBER

 

Capital and Labor Reallocation Inside Firms

 

 

 

Discussant: Owen Lamont, Harvard University

 

 

2:00 pm

Jose Liberti, DePaul University

 

Amit Seru, University of Chicago and NBER

 

Vikrant Vig, London Business School

 

Information, Credit and Organization

 

 

 

Discussant: Philipp Schnabl, New York University and NBER

 

 

2:50 pm

Break

 

 

3:10 pm

Antoinette Schoar, Massachusetts Institute of Technology and NBER

 

The Personal Side of Relationship Banking

 

 

 

Discussant: John Beshears, Stanford University and NBER

 

 

4:00 pm

Adjourn