Salomon Center for the Study of Financial Institutions

THE FIFTH NEW YORK FED/NYU STERN
CONFERENCE ON FINANCIAL INTERMEDIATION

November 13, 2009

NYU Stern School of Business

A conference jointly sponsored by
the Federal Reserve Bank of New York and
the Salomon Center at NYU Stern

Organized by Hamid Mehran and Stavros Peristiani (New York Fed)
and Alexander Ljungqvist and Philipp Schnabl (NYU)

PROGRAM

8:00 a.m.	Registration and Continental Breakfast

9:00 – 12:00	MORNING SESSION Chair: ALEXANDER LJUNGQVIST, New York University

9:00 a.m.	TOBIAS ADRIAN, Federal Reserve Bank of New York and MARKUS BRUNNERMEIER, Princeton University "CoVaR" Discussant: MATTHEW RICHARDSON, New York University
9:50 a.m.	MARIASSUNTA GIANNETTI, Stockholm School of Economics and ANDREI SIMONOV, Michigan State University "On the Real Effects of Bank Bailouts: Micro-Evidence from Japan" Discussant: PHILIPP SCHNABL, New York University

10:40 a.m.	Refreshment Break

11:10 a.m.	JOHN M. GRIFFIN, University of Texas at Austin and DRAGON YONGJUN TANG, University of Hong Kong "Did Subjectivity Play a Role in CDO Credit Ratings?" Discussant: TIL SCHUERMANN, Federal Reserve Bank of New York

12:00 p.m.	Lunch and Keynote Address

12:30-1.30	KEYNOTE ADDRESS Chair: MATTHEW RICHARDSON, New York University Speaker: RANDALL S. KROSZNER, University of Chicago

2:00 – 5:30	AFTERNOON SESSION Chair: HAMID MEHRAN, Federal Reserve Bank of New York

2:00 p.m.	ADAM ASHCRAFT, PAUL GOLDSMITH-PINKHAM and JAMES VICKERY, Federal Reserve Bank of New York "MBS ratings and the mortgage credit boom" Discussant: EFRAIM BENMELECH, Harvard University

2:50 p.m.	ROCCO HUANG, Federal Reserve Bank of Philadelphia and Wharton Financial Institutions Center "How Committed Are Bank Lines of Credit? Evidence from the Subprime Mortgage Crisis" Discussant: PAOLO FULGHIERI, University of North Carolina at Chapel Hill

3:40 p.m.	Refreshment Break

4:10 p.m.	ANNA KOVNER, Federal Reserve Bank of New York "Do Investment Banks Matter? The Impact of the Near Loss of an Equity Underwriter" Discussant: DANIEL PARAVISINI, Columbia University

5:00 p.m.	Drinks Reception

Note:
Revised versions of some papers will be available soon.

Registration Details:		Attendance is free of charge but seating is strictly limited and so registration is required. To register, please send an email to salomon@stern.nyu.edu before November 6, 2009. Indicate your name and university/affiliation in your response. We aim to confirm your registration by November 6, 2009.

Conference Venue:		New York University Stern School of Business Kaufman Management Center Room 1-70 44-50 West Fourth Street New York, NY 10012

Direction to Stern:		For directions, click here

Program Committee Members

Current Members:

Philip Bond, University of Pennsylvania

Andrew Hertzberg, Columbia University

Daniel Paravisini, Columbia University

Manju Puri, Duke University

João Santos, Federal Reserve Bank of New York

Philip Strahan, Boston College
Amir Sufi, Chicago Graduate School of Business

Greg Udell, Indiana University

2008 Program Committee

Mark Carey, Board of Governors

Victoria Ivashina, Harvard University

Ross Levine, Brown University

Massimo Massa, INSEAD

Daniel Paravisini, Columbia University

João Santos, Federal Reserve Bank of New York

Philip Strahan, Boston College

Amir Sufi, University of Chicago

2007 Program Committee

Adam Ashcraft, Federal Reserve Bank of New York

Sreedhar Bharath, University of Michigan

Philip Bond, University of Pennsylvania

Steven Drucker, Columbia University

Michael R. Roberts, University of Pennsylvania

Amir Sufi, University of Chicago

Ingo Walter, New York University

2006 Program Committee

Kenneth Ayotte, Columbia University

Sandeep Dahiya, Georgetown University

Enrichetta Ravina, New York University

Philip Strahan, Boston College

James Vickery, Federal Reserve Bank of New York