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Conference Programme

Wednesday 17 May 2017

9:00-9:30 Registration and Coffee


9:30-10:30 Keynote Talk 1

Room: East Lecture Theatre Franklin Allen (Imperial College Business School)
“Liquidity Regulation, Extended Repo and the Real Economy”


10:30-11:00 Refreshment Break


11:00-13:00 Contributed Sessions (25 min presentation, 12 min discussion, 3 min questions)

Session: Banking I

Room: East Lecture Theatre Chair: Ansgar Walther (Warwick Business School)

John Chi-Fong Kuong (INSEAD) ‘Self-fulfilling Fire Sales: Fragility of Collateralised Short-Term Debt Markets’
Discussant: Ansgar Walther (Warwick Business School)
Gazi Ishak Kara (Fed Board) ‘Bank Regulation under Fire Sale Externalities’, with S. Mehmet Oszoy (Ozyegin University).
Discussant: Ettore Panetti (Banco do Portugal)
Zhen Zhou (Tsinghua University) ‘Systemic Bank Panics in Financial Networks’
Discussant: Cecilia R. Caglio (Fed Board)

Session: Market Microstructure I

Room: South Lecture Theatre Chair: Roman Kozhan (Warwick Business School)

Gino Cenedese (Bank of England) ‘Limits to Arbitrage in the Foreign Exchange Market: Evidence from FX Trade Repository Data’ with Pasquale Della Corte (Imperial College London) and Tianyu Wang (Imperial College London)
Discussant: Michael Moore (Warwick Business School)
Christoph Aymanns (London School of Economics) ‘Illiquidity Spirals in Coupled Over-the-Counter Markets’ with Co-Pierre Georg (University of Cape Town and Deutsche Bundesbank) and Benjamin Gobul (Harvard)
Discussant: Adam Copeland (Fed Board)
Björn Hagströmer (Stockholm Business School) ‘Overestimated effective spreads: Implications for investors’
Discussant: Ioanid Rosu (HEC Paris)


13:00-15:00 Lunch and Poster Session


15:00-17:00 Contributed Sessions (25 min presentation, 12 min discussion, 3 min questions)

Session: Corporate Finance I

Room: South Lecture Theatre Chair: Danmo Lin (Warwick Business School)

S. Katie Moon (University of Colorado) ‘Well Begun is Half Done: Initial R&D Competence and Firm Growth’, with Kyungran Lee (The University of Hong Kong) and Seungjoon Oh (Peking University)
Discussant: Danmo Lin (Warwick Business School)
Hongda Zhong (London School of Economics) ‘Debt Structure under Limited Commitment’, with Chong Huang (UC Irvine) and Martin Oehmke (Columbia University)
Discussant: Jing Zeng (Frankfurt School of Finance & Management)
Günter Strobl (Frankfurt School of Finance & Management) ‘Credit Ratings: Strategic Issuer Disclosure and Optimal Screening’, with Jonathan Cohn (UT Austin) and Uday Rajan (University of Michigan)
Discussant: Alessio Piccolo (University of Oxford)

Session: Asset Pricing I

Room: East Lecture Theatre Chair: Daniele Bianchi (Warwick Business School)

Yizhou Xiao (Chinese University of Hong Kong) ‘Persistent Blessings of Luck: Capital and Deal Flows in Venture Investment’, with Lin William Cong (Chicago Booth School of Business)
Discussant: Idan Hodor (Hebrew University)
Andrea M. Buffa (Boston University) ‘Institutional Investors, Heterogeneous Benchmarks and the Comovement of Asset Prices’, with Idan Hodor (Hebrew University)
Discussant: Paul Ehling (BI Norwegian Business School)
Carlos Ramirez (Fed Board) ‘Inter-firm Relationships and Asset Prices’
Discussant: Tatsuro Senga (Queen Mary University of London)


17:45 Champagne Experience at The View from The Shard

20:00 Conference Reception and Dinner, Balls Brothers, Hays Galleria


Thursday 18 May 2017

9:00-9:30 Registration and Coffee


9:30-10:30 Keynote Talk 2

Room: East Lecture Theatre Bruno Biais (Toulouse School of Economics)
“Incentive Constrained Risk Sharing, Segmentation, and Asset Pricing” with Johan Hombert (HEC Paris) and Pierre-Olivier Weill (UCLA)


10:30-11:00 Refreshment Break


11:00-13:00 Contributed Sessions (25 min presentation, 12 min discussion, 3 min questions)

Session: Banking II

Room: South Lecture Theatre Chair: Sarah Qian Wang (Warwick Business School)

Andreas Barth (Goethe University Frankfurt) ‘Syndicated Loans and CDS Insurance’, with Inaki Aldasoro (BIS)
Discussant: Max Bruche (Cass Business School)
Cecilia R. Caglio (Fed Board) ‘Half-full or Half-empty? A Direct Test of the Impact of CDS Trading on Corporate Credit Risk’, with R. Matthew Darst (Fed Board) and Eric Parolin (Fed Board).
Discussant: Sarah Qian Wang (Warwick Business School)
Ralf Meisenzahl (Fed Board) ‘Pipeline Risk in Leveraged Loan Syndication’, with Max Bruche (Cass Business School) and Frederic Malherbe (London Business School)
Discussant: Bálint L. Horváth (University of Bristol)

Session: Asset Pricing II

Room: East Lecture Theatre Chair: Daniele Bianchi (Warwick Business School)

Marcin Kacperczyk (Imperial College London) ‘Market Power and Informational Efficiency’, with Jaromir Nosal (Boston College) and Savitar Sundaresan (Imperial College)
Discussant: Yizhou Xiao (Chinese University of Hong Kong)
Andrea Vedolin (London School of Economics) ‘The Unintended Consequences of Central Bank Communication’, with Matteo Lambroni (Stanford), Gyuri Venter (Copenhagen Business School), and Paul Whelan (Copenhagen Business School)
Discussant: Gabor Pinter (Bank of England)
Dong Lou (London School of Economics) ‘Leverage Network and Market Contagion’, with Jiangze Bian (University of International Business and Economics), Zhi Da (University of Notre Dame), and Hao Zhou (Tsinghua University).
Discussant: Carlos Ramirez (Fed Board)


13:00-14:00 Lunch


14:00-16:00 Contributed Sessions (25 min presentation, 12 min discussion, 3 min questions)

Session: Corporate Finance II

Room: East Lecture Theatre Chair: Onur Tosun (Warwick Business School)

Erik P. Gilje (Wharton) ‘Drilling and Debt’, with Elena Loutskina (Univ. of Virginia) and Daniel Murphy (Univ. of Virginia).
Discussant: Hongda Zhong (London School of Economics)
Maria Cecilia Bustamante (University of Maryland) ‘Do Firm Investment Respond to Peers’ Investment?’, with Laurent Frésard (University of Maryland)
Discussant: S. Katie Moon (University of Colorado)
Ekaterina Volkova (Cornell University) ‘Blockholders Diversity and Company Value’
Discussant: Claudia Custodio (Imperial College London)

Session: Market Microstructure II

Room: South Lecture Theatre Chair: Chen Yao (Warwick Business School)

Ioanid Rosu (HEC Paris), ‘Quotes, Trades and the Cost of Capital’ with Elvira Sojli (UNSW) and Wing Wah Tham (UNSW)
Discussant: Rohit Rahi (London School of Economics)
Adam Copeland (Fed Board) ‘The Use of Collateral in Bilateral Repurchase and Securities Lending Agreements’ with Viktoria Baklanova (Office of Financial Research), Cecilia Caglio (Fed Board), Marco Capriani (Fed Board)
Discussant: Matteo Aquilina (FCA)
Peter O'Neill (FCA) ‘Dark Pool Reference Price Latency Arbitrage’ with Matteo Aquilina (FCA), Sean Foley (University of Sydney), Thomas Ruf (UNSW)
Discussant: Richard Payne (Cass Business School)


Posters:

Hsuan Fu (Imperial College London) ‘International Spill-overs of Monetary Policy to Asset Prices’
Bálint Horváth (University of Bristol) ‘Foreign banks and International Transmission of Monetary Policy: Evidence from the Syndicated Loan Market’ with Asli Demirgüç-Kunt (World Bank) and Harry Huizinga (Tilburg University)
Kaushalendra Kishore (University of Minnesota) ‘Why Can’t Banks Foresee a Crisis?’
Ettore Panetti (Banco do Portugal) ‘A Theory of Government Bailouts in a Heterogeneous Banking Union’ with Filomena Garcia (Indiana University)
Ilaria Piatti (University of Oxford) ‘Expected Term Structures’ with Andrea Buraschi (Imperial College) and Paul Whelan (Copenaghen Business School)
Jacopo Piana (Cass Business School) ‘Expectations, Fundamentals, and Asset Returns: Evidence from the Commodity Markets’ with Alessandro Beber (Cass Business School)
Alessio Piccolo (University of Oxford) ‘Credit Ratings and Market Information’ with Joel Shapiro (University of Oxford)
Gabor Pinter (Bank of England) ‘The Macroeconomic Shock with the Highest Price of Risk’
Alessandro Scopelliti (ECB and University of Warwick) ‘Rules and Discretion(s) in Prudential Regulation and Supervision: Evidence from EU Banks in the Run-Up to the Crisis’ with Angela Maddaloni (ECB)
Tatsuro Senga (Queen Mary University of London) 'Uncertainty Shocks and Liquidity Crisis with Adverse Selection'
Jing Zeng (Frankfurt School of Finance) ‘Portfolio Size and the Incentives for Shareholder Activism’ with Günter Strobl (Frankfurt School of Finance & Management)