Event details
23 April 2018 - 24 April 2018
08:00 - 18:15
The CEPR Third Annual Spring Symposium is a two-day event, taking place from Monday 23 April to Tuesday 24 April 2018.
The conference is organised by the Brevan Howard Centre for Financial Analysis at Imperial College Business School and the Centre for Economic Policy Research.
Watch the video interviews from the event:
| Time | Activity |
|---|---|
| 9.00-10.00 | Registration |
| LECTURE THEATRE LOWER GROUND S | |
| Banking Session Chair: Franklin Allen | |
| 10.00-10.30 | Filippo Ippolito (Universitat Pompeu Fabra and CEPR), Viral Acharya (New York University and CEPR), Heitor Almeida (University of Illinois), Ander Pérez-Orive (Federal Reserve Board) A New Perspective on Bank-Dependency: The Liquidity Insurance Channel |
| 10.30-11.00 | Rustom M. Irani (University of Illinois and CEPR), Rajkamal Iyer (Imperial College, London and CEPR), Ralf R. Meisenzahl (Federal Reserve Board), José-Luis Peydró (ICREA-Universitat Pompeu Fabra, and CREI, Barcelona GSE, and CEPR) The Rise of Shadow Banking: Evidence from Capital Regulation |
| 11.00-11.30 | Mike Mariathasan (KU Leuven), Sergey Zhuk (University of Vienna) Rational Inattention and Counter-cyclical Lending Standards |
| 11.30-12.00 | Vasso Ioannidou (Lancaster University and CEPR), Igor Goncharov (Lancaster University), Martin Schmalz (University of Michigan and CEPR) (Why) do central banks care about their profits? |
| 12.00-13.15 | Lunch at Ognisko |
| Asset Pricing Session Chair: Marcin Kacperczyk | |
| 13.15-13.45 | Thomas Gehrig (University of Vienna and CEPR) Crossing Networks, Proprietary Trading and the Price Discovery |
| 13.45-14.15 | Enrique Schroth (Cass Business School and CEPR), Rui Albuquerque (Boston College and CEPR), Johan Cassel (Saïd Business School, Oxford), Ludovic Phalippou (Saïd Business School, Oxford) Liquidity Provision in the Secondary Market for Private Equity Fund Stakes |
| 14.15-14.45 | Adrian Buss (INSEAD and CEPR), Raman Uppal (Edhec Business School and CEPR), Grigory Vilkov (Frankfurt School of Finance and Management) Financial Innovation and Asset Prices |
| 14.45-15.15 | Pietro Veronesi (University of Chicago, Booth School of Business and CEPR), Luboš Pástor (University of Chicago, Booth School of Business and CEPR) Political Cycles and Stock Returns |
| 15.15-15.35 | Tea/Coffee |
| Corporate Finance Session Chair: Katrin Tinn | |
| 15.35-16.05 | Alejandro Rivera (University of Texas at Dallas), Dirk Hackbarth (Boston University and CEPR), Tak-Yuen Wong (Shanghai University of Finance and Economics) Optimal Short-Termism |
| 16.05-16.35 | Erwan Morellec (EPFL and Swiss Finance Institute and CEPR), Sebastian Gryglewicz (Erasmus University), Simon Mayer (Erasmus University) Agency Conflicts over the Short- and the Long-Run: Short-Termism, Long-Termism, and Pay-for-Luck |
| 16.35-17.05 | Boris Nikolov (University of Lausanne and Swiss Finance Institute), Lukas Schmid (Duke University and CEPR), Roberto Steri (University of Lausanne) Dynamic Financial Constraints: Which Frictions Matter for Corporate Policies? |
| Time | Activity |
|---|---|
| 9.00-10.00 | Registration |
| LECTURE THEATRE LOWER GROUND ROUND (LGR) | |
| Investments and Asset Pricing Session Chair: Tarun Ramadorai | |
| 10.00-10.30 | Michaela Pagel (Columbia Business School and CEPR), Steffen Meyer (Leibniz University of Hanover), Alessandro Previtero (Indiana University) The Consumption Response to Capital Gains: Evidence from Forced Fund Sales |
| 10.30-11.00 | Rui Albuquerque (Boston College and CEPR), Shiyun Song (Warwick Business School) Chen Yao (Chinese University of Hong Kong) The Price Effects of Liquidity Shocks: A Study of SEC’s Tick-Size Experiment |
| 11.00-11.30 | Andrew Ellul (Indiana University and CEPR), Chotibhak Jotikasthira (Southern Methodist University), Anastasia Kartasheva (Bank for International Settlements), Christian T. Lundblad (University of North Carolina, Chapel Hill), Wolf Wagner (Rotterdam School of Management and CEPR) Insurers as Asset Managers and Systemic Risk |
| 11.30-12.00 | Tomas Williams (George Washington University), Nathan Converse (Federal Reserve Board), and Eduardo Levy-Yeyati (Universidad Torcuato di Tella) How ETFs Amplify the Global Financial Cycle in Emerging Markets |
| 12.00-13.15 | Lunch at Ognisko |
| Corporate Finance Session Chair: Sudipto Dasgupta | |
| 13.15-13.45 | Dirk Jenter (London School of Economics and CEPR), Thomas Schmid (Hong Kong University), Daniel Urban (Technical University of Munich) Does Board Size Matter? |
| 13.45-14.15 | Denis Sosyura (Arizona State University), Ran Duchin (University of Washington), and Mike Simutin (University of Toronto) The Origins and Real Effects of the Gender Gap: Evidence from CEOs’ Formative Years |
| 14.15-14.45 | Alvaro Remesal (CEMFI) How important are dismissals in CEO incentives? Evidence from a dynamic agency model |
| 14.45-15.15 | Ramin P. Baghai (Stockholm School of Economics and CEPR), Rui C. Silva (London Business School), and Luofu Ye (London Business School) Bankruptcy, Team-specific Human Capital, and Productivity: Evidence from U.S. Inventors |
| 15.15-15.35 | Tea/Coffee |
| Banking Session Chair: Vasso Ioannidou | |
| 15.35-16.05 | Martina Jasova (European Central Bank), Dominik Supera (The Wharton School), Caterina Mendicino (European Central Bank) Rollover Risk and Bank Lending Behaviour: Evidence from Unconventional Central Bank Liquidity |
| 16.05-16.35 | Pedro Gete (IE Business School) and Franco Zecchetto (ITAM Business School) Mortgage Design and Slow Recoveries. The Role of Recourse and Default |
| 16.35-17.05 | Filippo De Marco (Bocconi University), Elena Carletti (Bocconi University), Vasso Ioannidou (Lancaster University and CEPR), Enrico Sette (Bank of Italy) Banks as Patient Lenders: Evidence from a Tax Reform |
| Time | Activity |
|---|---|
| 17.15-19.15 | PhD Poster Session and Drinks Reception |
| Time | Activity |
|---|---|
| LECTURE THEATRE LOWER GROUND S (LGS) | |
| Labour, Finance and Employment Session Chair: Mariassunta Giannetti | |
| 9.00-9.30 | Dong Lou (London School of Economics and CEPR), Darwin Choi (Chinese University of Hong Kong), Abhiroop Mukherjee (HKUST). The Effect of Superstar Firms on College Major Choice |
| 9.30-10.00 | Annalisa Scognamiglio (University of Naples Federico II), Marco Pagano (University of Naples Federico II), and Andrew Ellul (Indiana University and CEPR). Career Risk and Market Discipline in Asset Management |
| Corporate Finance Session Chair: Gilles Chemla | |
| 10.00-10.30 | Anton Tsoy (Einaudi Institute for Economics and Finance), Andrei Malenko (MIT) Asymmetric Information and Security Design under Knightian Uncertainty |
| 10.30-11.00 | Paolo Fulghieri (University of North Carolina and CEPR), David Dicks (Baylor University) Uncertainty and Contracting within an Organization |
| 11.00-11.20 | Tea/Coffee |
| 11.20-11.50 | Taehyun Kim (Notre Dame University) Heitor Almeida (University of Illinois at Urbana-Champaign) and Daniel Carvalho (Indiana University) and Understanding the Credit Multiplier: The Working Capital Channel |
| 11.50-12.20 | Mariassunta Giannetti (Stockholm School of Economics and CEPR), Giovanni Favara (Federal Reserve Board), Janet Gao (Indiana University), Uncertainty, Creditor Rights, and Firm Precautionary Behaviour |
| 12.20-13.30 | Lunch |
| Banking Session Chair: Ansgar Walther | |
| 13.30-14.00 | Nina Boyarchenko (Federal Reserve Bank of New York), Anna M. Costello (University of Michigan), Jennifer La’O (Columbia University), and Or Shachar (Federal Reserve Bank of New York) Credit Market Choice |
| 14.00-14.30 | Guillaume Vuillemey (HEC Paris and CEPR), Marina Traversa (HEC Paris) Entry in banking markets |
| 14.30-14.50 | Tea/Coffee |
| 14.50-15.20 | Paul Schempp (University of Cologne and Max Planck Institute), Stephan Luck (Federal Reserve Board) Inefficient Liquidity Creation |
| 15.20-15.50 | Sotirios Kokas (University of Essex), Abhimanyu Gupta (University of Essex) and Alexander Michaelides (Imperial College, London and CEPR) Credit Market Spillovers: Evidence from a Syndicated Loan Market Network |
| 15.50 | Conference Concludes |
| Time | Activity |
|---|---|
| LECTURE THEATRE LOWER GROUND R (LGR) | |
| Finance, Moral Incentives, and Environment Session Chair: Farzad Saidi | |
| 9.00-9.30 | Ralph De Haas (EBRD and Tilburg University), Alexander Popov (European Central Bank) Financial Development and Industrial Pollution |
| 9.30-10.00 | Martin Kanz (World Bank and CEPR), Leonardo Bursztyn (University of Chicago), Stefano Fiorin (UCSD Rady), Daniel Gottlieb (Washington University in St. Louis) Moral Incentives in Credit Card Debt Repayment: Evidence from a Field Experiment |
| Asset Pricing Session Chair: Harjoat Bhamra | |
| 10.00-10.30 | Hans Degryse (KU Leuven and IWH-Halle), Nikolaos Karagiannis (KU Leuven) Once upon a broker time? Order preferencing and market quality |
| 10.30-11.00 | Alberto Teguia (Ecole Polytechnique Fédérale de Luasanne), Florent Gallien (Swissquote), Donghe Kang (Swissquote), Serge Kassibrakis (Swissquote), Nataliya Klimenko (Swissquote, Swiss Finance Institute and University of Zurich), Semyon Malamud (Swiss Finance Institute and Ecole Polytechnique Fédérale de Luasanne and CEPR) Liquidity Provision in the Foreign Exchange Market |
| 11.00-11.20 | Tea/Coffee |
| 11.20-11.50 | Andreas Uthemann (London School of Economics) and Lerby M. Ergun (Bank of Canada) Information Flows in Over-the-Counter Markets: Evidence from a Consensus Pricing Service for Equity Index Options. |
| 11.50-12.20 | Peter Hoffmann (European Central Bank), Harald Hau (University of Geneva and Swiss Finance Institute and CEPR), Sam Langfield (European Systemic Risk Board), Yannick Timmer (European Systemic Risk Board and Trinity College, Dublin) Discriminatory Pricing of Over-the-Counter FX Derivatives |
| 12.20-13.30 | Lunch |
| Corporate Finance Session Chair: Claudia Custodio | |
| 13.30-14.00 | Alminas Žaldokas (HKUST), Thomas Bourveau (Columbia University), and Guoman She (HKUST) Naughty Firms, Noisy Disclosure: The Effects of Cartel Enforcement on Corporate Disclosure |
| 14.00-14.30 | Mariassunta Giannetti (Stockholm School of Economics and CEPR), Guanmin Liao (Central University of Finance and Economics), Jiaxing You (School of Management, Xiamen University), Xiaoyun Yu (Indiana University) The Externalities of Corruption: Evidence from Entrepreneurial Activity in China |
| 14.30-14.50 | Tea/Coffee |
| 14.50-15.20 | Farzad Saidi (Stockholm School of Economics and CEPR) and Daniel Streitz (Copenhagen Business School) Common Lenders and Product Market Competition |
| 15.20-15.50 | Yi Huang (The Graduate Institute Geneva), Marco Pagano (University of Naples Federico II and CEPR), Ugo Panizza (The Graduate Institute Geneva and CEPR) Local Crowding Out in China |
| 15.50 | Conference Concludes |
Event details
Date:
23 April 2018 - 24 April 2018
Time:
08:00 - 18:15