May 16-May 17, 2014

New York University
Lester Pollack Colloquium Room, Furman Hall 9th Floor
245 Sullivan Street (Sullivan between West Fourth and West Third Streets)

Program and List of Participants as of May 1, 2014

Friday, May 16, 2014

08:30  Continental breakfast

09:00  Welcome

09:15  Thorsten Beck (Cass Business School), Lending Concentration, Bank Performance and Systemic Risk:  Exploring Cross-Country Variation
              Discussant: Geoffrey Miller (NYU)

10:00  Ryan Bubb (NYU), Mortgage Regulation for Bubbles
               Discussant: Barry Adler (NYU)

10:45  Coffee Break

11:00  Charles Calomiris (Columbia), Corporate Governance and Risk Management by Unprotected Banks: National Banks in the 1890s
              Discussant: Roberta Romano (Yale)

11:45  Hans Gersbach (ETH Zurich), On the Economics of Crisis Contracts
              Discussant: Jan-Pieter Krahnen (Frankfurt)

12:30  Lunch

13:45  Jean-Charles Rochet (Zurich), How to Finance SIFIs: A Critique of Coco Bonds
              Discussant: Mark Roe (Harvard)

14:30  Enrico Perotti (Amsterdam), Cheap but flighty: how global imbalances create financial fragility
             Discussant: Hans Gersbach (ETH Zurich)

15:15  Coffee break

15:30  Viral V. Acharya (NYU) and Bruce Tuckman (NYU), Unintended Consequences of LOLR Facilities: The Case of Illiquid Leverage
              Discussant: Morgan Ricks (Vanderbilt)

16:30  Marco Pagano (Napoli), Short-Selling Bans and Bank Stability: Evidence from Two Crises
              Discussant: Thorsten Beck (Cass Business School)

17:15  Gerard Hertig (ETH Zurich), Decision Making during the Credit Crisis: Why did the Treasury Let Commercial Banks Fail?
             Discussant: David Skeel (Penn)

18:30  Drinks and Dinner (Snow Dining room, 4th floor Vanderbilt Hall)

20:00  Keynote speech on Restructuring Risks in Financial Firms Portfolios by Mark J. Roe (Harvard), followed by a general discussion
             Portfolio Value Destruction in the Lehman Bankruptcy

Saturday, May 17, 2014

08:30  Continental breakfast

09:00  Does Bank Governance Matter?
               Introductory Presentations

  • John Armour (Oxford), Governance Goals and Mechanisms
  • Jeff Gordon (Columbia), Modeling Governance
  • Jan-Pieter Krahnen (Frankfurt), Systemic Risk and Governance
  • Lev Ratnovski (IMF), Can Market Discipline and Corporate Governance Make Banks Safer?

10:00  Coffee break

10:30  Does Bank Governance Matter?

13:00  Lunch

18:30  Dinner at Spice Market, 403 W 13th Street, New York


List of Participants

  1. Viral Acharya (NYU/Finance)
  2. Barry E. Adler (NYU/Law)
  3. John Armour (Oxford/Law)
  4. Thorsten Beck (London/Finance)
  5. Ryan Bubb (NYU/Law)
  6. Charles Calomiris (Columbia/Finance)
  7. Hans Gersbach (ETH Zurich/Finance)
  8. Jeffrey Gordon (Columbia/Law)
  9. Gerard Hertig (ETH Zurich/Law)
  10. Kathryn Judge (Columbia/Law)
  11. Jan Peter Krahnen (Frankfurt/Finance)
  12. Geoffrey Miller (NYU/Law)
  13. Marco Pagano (Napoli/Finance)
  14. Enrico Perotti (Amsterdam/Finance)
  15. Mark Roe (Harvard/Law)
  16. Morgan Ricks (Vanderbilt/Law)
  17. Lev Ratnovsky (IMF)
  18. Jean-Charles Rochet (Zurich & Toulouse/Finance)
  19. Roberta Romano (Yale/Law)
  20. David Skeel (Penn/Law)
  21. Bruce Tuckman (NYU/Finance)

Funds for this conference were generously provided by the Comfort Family Fund.