CEPR Second Annual Spring Symposium in Financial Economics - 24 & 25 April 2017

The CEPR Second Annual Spring Symposium is a two-day event, taking place from Monday 24 April to Tuesday 25 April 2017.

The conference is organised by the Brevan Howard Centre for Financial Analysis at Imperial College Business School and the Centre for Economic Policy Research.

The full programme can be found here.

Day One: Monday 24 April

Time Activity
9.00-10.00 Registration
10.00-10.30 Sharing the Pain? Credit Supply, Lending Relationship Dynamics and the Real Effects of Bank Bail-ins

Authors: Thorsten Beck (Cass Business School), Samuel Da-Rocha-Lopes (European Banking Authority, Nova SBE and Banco de Portugal), and Andre Silva (Cass Business School)

10.30-11.00  The Real Effects of Financial Networks
Authors: Christian Bittnery (Deutsche Bundesbank) Falko Fechtz (Frankfurt School of Management and Finance) and Co-Pierre Georg (University of Cape Town and Deutsche Bundesbank)
11.00-11.30  Identifying Contagion in a Banking Network
Authors: Alan Morrison (University of Oxford), Michalis Vasios (Bank of England), Mungo Wilson (University of Oxford), and Filip Zikes (Federal Reserve Board)
11.30-12.00  Shock Propagation and Banking Structure
Authors: Mariassunta Giannetti (Stockholm School of Economics) and Farzad Saidi (Stockholm School of Economics)
 12.00-13.15 Lunch
 13.15-13.45  What is the Expected Return on a Stock?

Presentation slides

Authors: Ian Martin (London School of Economics) and Christian Wagner (Copenhagen Business School)

13.45-14.15  The term-structure of systematic risk

Presentation slides

Author: Nuno Clara (London Business School)

14.15-14.45  The Lost Capital Asset Pricing Model

Presentation slides
Authors: Daniel Andrei (UCLA), Julien Cujean (University of Maryland), Mungo Wilson (University of Oxford)

14.45-15.15  Incentive Constrained Risk Sharing, Segmentation, and Asset Pricing
Authors: Bruno Biais (Toulouse School of Economics and Imperial College), Johan Hombert (HEC Paris), and Pierre-Olivier Weill (UCLA)
 15.15-15.35 Tea/Coffee
15.35-16.05  Transitory versus permanent shocks: Explaining corporate savings and investment
Authors: Sebastian Gryglewicz (Erasmus University), Loriano Mancini (Ecole Polytechnique, Lausanne and Swiss Finance Institute ), Erwan Morellec ((Ecole Polytechnique, Lausanne and Swiss Finance Institute), Enrique Schroth (Cass Business School ), and Philip Valta (University of Bern, University of Geneva, and Swiss Finance Institute )
16.05-16.35  Governing Multiple Firms
Authors: Alex Edmans (London Business School), Doron Levit (Wharton) and Devin Reilly (University of Pennsylvania)
16.35-17.05  Habits and Leverage
Authors: Tano Santos (Columbia University) and Pietro Veronesi (University of Chicago)


Time Activity
9.00-10.00 Registration
10.00-10.30  Market maker pricing in anticipation of prospective order flow
Author: Ailsa Roell (Columbia University)
10.30-11.00  Heterogeneity and Persistence in Returns to Wealth
Authors: Andreas Fagereng (Statistics Norway), Luigi Guiso (EIEF), Davide Malacrino (Stanford University), and Luigi Pistaferri (Stanford University)
11.00-11.30  Do Individual Behavioral Biases Affect Financial Markets and the Macroeconomy?
Authors: Harjoat Bhamra (Imperial College) and Raman Uppal (Edhec Business School)
11.30-12.00  Institutional Investors and Information Acquisition: Implications for Asset Prices and Informational Efficiency

Authors: Matthijs Breugem (Frankfurt School of Finance & Management gemeinnützige GmbH), Adrian Buss (INSEAD)

 12.00-13.15 Lunch
 13.15-13.45  Financial Literacy Externalities
Authors: Michael Haliassos (Goethe University Frankfurt), Thomas Jansson (Sveriges Riksbank), and Yigitcan Karabulut (Rotterdam School of Management).
13.45-14.15  Politicizing Consumer Credit
Authors: Pat Akey (University of Toronto), Rawley Z. Heimer (Cleveland Fed), and Stefan Lewellen (London Business School)
14.15-14.45  Import Competition and Household Debt
Authors: Jean-Noel Barrot (MIT), Erik Loualiche (MIT), Matthew Plosser (Federal Reserve Bank of New York), and Julien Sauvagnat (Bocconi University)
14.45-15.15  Identifying the Benefits from Home Ownership: A Swedish Experiment
Authors: Paolo Sodini (Stockholm School of Economics), Stijn Van Nieuwerburgh (New York University), Roine Vestman (Stockholm University), and Ulf von Lilienfeld-Toal (University of Luxembourg).
 15.15-15.35 Tea/Coffee
15.35-16.05  Central Bank Communication and the Yield Curve
Authors: Matteo Leombroni (Stanford University), Andrea Vedolin (London School of Economics), Gyuri Venter (Copenhagen Business School) and Paul Whelan (Copenhagen Business School)
16.05-16.35  Life Below Zero: Bank Lending Under Negative Policy Rates

Presentation slides
Authors: Florian Heider (European Central Bank), Farzad Saidi (Stockholm School of Economics), and Glenn Schepens (European Central Bank)

16.35-17.05  Bank Lending and the European Sovereign Debt Crisis

Presentation slides

Author: Filippo De Marco (Bocconi University)


Time Activity
 17.15-19.15  PhD Poster Session and Drinks Reception



Day Two: Tuesday 25 April

Time Activity
 9.00-9.30 Distorted Advice in the Mortgage Market: Theory and Structural Estimation
Authors: Luigi Guiso (EIEF), Andrea Pozzi (EIEF), Anton Tsoy (EIEF), Leonardo Gambacorta (BIS), and Paolo Mistrulli (Bank of Italy)
 9.30-10.00  Macroeconomics of Bank Capital and Liquidity Regulations
Authors: Frederic Boissay (BIS) and Fabrice Collard (University of Bern)
 10.00-10.30  Labour Unemployment Risk and CEO Incentive Compensation
Authors: Andrew Ellul (Indiana University), Cong Wang (CEIBS), and Kuo Zhang (Xiamen University)
 10.30-11.00 Careers in Finance
 Authors: Marco Pagano (University of Naples Federico II ), Andrew Ellul (Indiana University), and Annalisa Scognamiglio (University of Naples Federico II).
 11.00-11.20  Tea/Coffee
 11.20-11.50  Relative Performance, Banker Compensation, and Systemic Risk
Authors: Rui Albuquerque (Boston College), Luıs Cabral (New York University) and Jose Correia Guedes (Catolica Lisbon School of Business and Economics)
 11.50-12.20  Contracting with Feedback
Authors: Tse-Chun Lin (University of Hong Kong), Qi Liu (Peking University) and Bo Sun (Federal Reserve Board)
 12.20-13.30 Lunch & Conference concludes


Time Activity
 9.00-9.30  Differences in Expectations and the Cross-Section of Stock Returns
Authors: Panayiotis C. Andreou (Cyprus University of Technology), Anastasios Kagkadis (Lancaster University), Dennis Philip (Durham University),and Ruslan Tuneshev (Durham University)
 9.30-10.00  Show Us Your Shorts!
Bige Kahraman (University of Oxford) and Salil Pachare (U.S. Securities and Exchange Commission)
 10.00-10.30  Access to Collateral and The Democratization of Credit: France’s Reform of The Napoleonic Security Code
Authors: Kevin Aretz (Manchester Business School), Murillo Campello (Cornell University) and Maria-Teresa Marchica (Manchester Business School)
 10.30-11.00 Creditor Control Rights and Resource Allocation within Firms
Authors: Nuri Ersahin (University of Illinois at Urbana-Champaign), Rustom M. Irani (University of Illinois at Urbana-Champaign), and Hanh Le (University of Illinois at Chicago)
 11.00-11.20  Tea/Coffee
 11.20-11.50  Loan Sales and Bank Liquidity Management: Evidence from a US Credit Register
Authors: Rustom Irani (University of Illinois at Urbana-Champaign) and Ralf Meisenzahl (Board of Governors, FRS)
 11.50-12.20  Are Lemons Sold First? Dynamic Signaling in the Mortgage Market
Authors: Manuel Adelino (Duke University), Kristopher Gerardi (Federal Reserve Bank of Atlanta) and Barney Hartman-Glaser (UCLA)
 12.20-13.30 Lunch & Conference concludes





Local Arrangements:

Jas Gill (j.gill@imperial.ac.uk)

Rebecca Moody (r.moody@imperial.ac.uk)