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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SUMMER INSTITUTE 2009

Project on Market Institutions and Financial Market Risk

Mark Carey, Anil Kashyap, Raghuram Rajan and René Stulz, Organizers

Royal Sonesta Hotel

40 Edwin H. Land Boulevard

Cambridge, Massachusetts

PRELIMINARY PROGRAM

TUESDAY JULY 7:
12:00 n		Lunch
1:15 pm		WEI JIANG, Columbia University
		ASHLYN NELSON, Stanford University
		EDWARD VYTLACIL, Yale University
		Liar Loans? Effects of Loan Origination Channel and Loan Sale on Delinquency
		TOMASZ PISKORSKI, Columbia University
		AMIT SERU and VIKRANT VIG, University of Chicago
		Securitization and Distressed Loan Renegotiation: Evidence from the Subprime Mortgage Crisis
		Discussants: DAVID SCHARFSTEIN, Harvard University and NBER
2:45 pm		Break
3:00 pm		VASSO IOANNIDOU and STEVEN ONGENA, Tilbur University
		JOSÉ LUIS PEYDRÓ, European Central Bank
		Monetary Policy, Risk-Taking and Pricing: Evidence from a
		Quasi-Natural Experiment
		Discussants: HYUN SHIN, Princeton University
3:50 pm		SUMIT AGARWAL and GENE AMROMIN, Federal Reserve Bank of Chicago
		ITZHAK BEN-DAVID, Ohio State University
		SOUPHALA CHOMSISENGPHET and DOUG EVANOFF, Office of the Comptroller of the Currency
		Do Financial Counseling Mandates Improve Mortgage Choice and Performance? Evidence from a Natural Experiement
		Discussants: LUIGI ZINGALES, University of Chicago and NBER
4:40 pm		Break
5:00 pm		MARIASSUNTA GIANNETTI, Stockholm School of Economics
		ANDREI SIMONOV, Michigan State University
		On the Real Effects of Bank Bailouts: Micro Evidence from Japan
		Discussants: ERIC ROSENGREN, Federal Reserve Bank of Boston
WEDNESDAY JULY 8:
8:00 am		Coffee and Pastries
8:30 am		Proposal session 1: Closed. Proposal authors and organizers only.
		Andrei Shleifer, Harvard University and NBER
		Rob Vishny, University of Chicago
		Bubbles and Banking Instability
		Efraim Benmelech, Harvard University and NBER
		Nittai K. Bergman, MIT and NBER
		Credit Traps
		Vojislav Maksimovic, University of Maryland
		Meghana Ayyagari, The George Washington University
		Asli Demirguc-Kunt, World-Bank
		Will there be a phoenix miracle? Firm-level evidence from Financial Crises
		Harrison Hong and Jose Scheinkman, Princeton University
		Ing-Haw Cheng, University of Michigan
		Yesterday’s Heroes: Compensation and Performance of Financial Firms
9:40 am		Break
10:00 am		Proposal discussion session 2:
		Arvind Rajan, Franklin Allen, University of Pennsylvania
		Ana Babus, Cambridge University
		Financial Connections and Systemic Risk.
		Mila Getmansky, University of Massachusetts
		Monica Billio, University of Venice
		Andrew Lo, MIT and NBER
		Loriana Pelizzon, University of Venice
		Funding Liquidity, Crises, and Systemic Risk.
		Markus Brunnermeier Princeton University and NBER
		Martin Oehmke, Columbia University
		The Maturity Rat Race.
		Alexander Bleck and Pingyang Gao, University of Chicago
		Where does the Information in Mark-to-Market Accounting Come From?
		Antje Berndt, Burton Hollifield, Carnegie Mellon University
		Patrik Sandas University of Virginia
		The Role of Mortgage Brokers in the Subprime Crisis.
11:20 am		Break
11:40 am		Proposal discussion session 3:
		Anand M. Goel, DePaul University,
		Fenghua Song, Pennsylvania State University
		Anjan V. Thakor, Washington University in St. Louis
		Infectious Leverage.
		Kenneth Froot, Harvard University and NBER
		Evidence on the Underpricing of Illiquid Debt Securities.
		Massimo Massa and Alberto Manconi, INSEAD
		Ayako Yasuda, University of Pennsylvania
		The Role of Institutional Investors in Propagating the Financial Crisis.
		Andrew Ellul, and Vijay Yerramili, Indiana University
		Greater Risk, Weaker Risk Management: Evidence from bank holding Compaines.
		Edie Hotchkiss, Boston College
		David C. Smith, University of Virginia
		Per Stromberg, Stockholm Institute for Financial Research and NBER
		Private Equity Sponsors and the Resolution of Financial Distress.
1:00 pm	Lunch
1:50 pm	DOUGLAS DIAMOND and RAGHURAM RAJAN, University of Chicago and NBER
	Fear of Fire Sales and the Credit Freeze
	Discussant: FRANKLIN ALLEN, University of Pennsylvania
	ANDREI SHLEIFER, Harvard University and NBER
	ROBERT VISHNY, University of Chicago and NBER
	Unstable Banking
	Discussant: GARY GORTON, Yale University and NBER
3:40 pm	Break
4:00 pm	ATIF MIAN and AMIR SUFI, University of Chicago and NBER
	House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
	Discussant: ANDREAS LEHNERT, Federal Reserve Board
	ADAM ASHCRAFT, Paul Goldsmith-Pinkham
	JAMES VICKERY, Federal Reserve Bank of New York
	Incentives and Inflation in Structured Finance Credit Ratings
	Discussant: JOSH COVAL, Harvard University and NBER
5:50 pm	Adjourn
THURSDAY JULY 9:
9:00 am	DARRELL DUFFIE, Stanford University and NBER
	HAOIANG ZHU, Stanford University
	Does a Central Clearing Counterparty Reduce Counterparty Risk?
	Discussant: CRAIG PIRRONG, University of Houston
10:00 am	Break
10:15 am	VIRAL ACHARYA, New York University and NBER
	OUARDA MERROUCHE, Bank of England
	LEV RATNOOVSKI, International Monetary Fund
	Are Interbank markets Special?
	Discussant: ARVIND KRISHNAMURTHY, Northwestern University and NBER
11:10 am	RAVI BANSAL, Duke University and NBER,
	WILBUR JOHN COLEMAN, Duke University,
	CHRISTIAN LUNDBLAD, University of North Carolina at Chapel Hill
	Liquidity and Financial Intermediation
	Discussant: HANNO LUSTIG, UC, Los Angeles and NBER
12:00 n	Lunch and Adjourn
5/28/09