12th Annual Darden International Finance Conference 

 Managing in a Low-Growth World

 

Conference Agenda

April 4-5, 2013

All conference sessions will be held at the Darden School of Business, Room 260.

THuRsday, APRIL 4, 2013

7:30 – 8:30 am Breakfast and Registration, Abbott Center
8:30 – 8:45 am Welcome Remarks, Classroom 260
8:45 – 10:30 am SESSION 1: FINANCING DURING CRISIS

Chair: Elena Loutskina (UVA)

Paper #1: Who Borrows from the Lender of Last Resort? Evidence from the European Financial Crisis

Presented by Itamar Drechsier (NYU Stern)

Co-Author: Thomas Drechsel (LSE), David Marques-Ibanex (ECB) Philipp Schnabl (NYU Stern, CEPR and NBER)

Paper #2: Bank Bailouts, Competition, and the Disparate Effects for Borrower and Depositor Welfare

Presented by  Klaus Schaeck (Bangor Univ)

Co-Authors: Cesar Calderon (World Bank)

10:30 – 10:45 am Refreshment Break, Outside Room 260
10:45 – 12:30 pm SESSION 2: TRANSMISSIONS OF SHOCKS

Chair: Pedro Matos (UVA)

Paper #3: Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds

Presented by Sergey Chernenko (OSU)

Co-Author: Adi Sunderam (HBS)

Paper #4: The Impact of Sovereign Debt Exposure on Bank Lending: Evidence from the European Dept Crisis

Presented by Neeltje van Horen (De Nederlandsche Bank)

Co-Author: Alexander Popov (European Central Bank)
12:30 - 2:15 pm Lunch, Abbott Center

Keynote Speaker:
Viral Acharya (NYU), - "Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance"
2:15 – 2:30 pm Refreshment Break, Outside Room 260
2:30 - 4:00 pm SESSION 3: FRICTIONS IN INTERNATIONAL ASSET PRICING

Chair: Michael Gallmeyer (UVA)

Paper #5:
The Asset Pricing Implications of Government Economic Policy Uncertainty

Presented by Andrew Detzel (UW)

Co-Authors: Jonathan Brogaard (UW)

Paper #6: International Asset Allocation: The Benchmark Effect

Presented by Claudio Raddatz (World Bank) and Sergio L. Schmukler (World Bank)

Co-Author: Tomas Williams (World Bank)
4:00 – 5:30 pm Break
5:30 pm Bus Departs Darden Gatehouse for Pippin Hill Vineyards
6:00 – 7:00 pm Reception, Pippin Hill Vineyards
7:00 – 9:00 pm Dinner, Pippin Hill Vineyards

FRIday, APRIL 5, 2013

7:45 – 8:15 am Breakfast, Abbott Center
8:15 – 10:30 am Session 4:  MEASURING RISK

Chair: Yiorgos Allayannis (UVA)

Paper #7: The Systemic Risk of European Banks during the Financial and Sovereign Debt Crises

Presented by Xin Huang (Univ of Oklahoma)


Co-Author: Lamont Black (FRB), Richardo Correa (FRB), Hao Zhou (Tsinghua Univ)


Paper #8:
Default prediction Around the World: International Evidence on the Role of Corporate Transparency and Market Frictions

Presented by Mark Maffett (Chicago Booth)

Co-Authors: 
Edward Owens (Simon School of Business, Univ of Rochester), Anand Srinivasan (National Univ of Singapore)

Paper #9: Bank ratings: What determines their quality?

Presented by Sam Langfield (European Sysemic Rick Board Secretariat and UK FSA)

Co-Authors: Harald Hau (Univ of Geneva, SFI, and CEPR), David Marques-Ibanez (ECB)

Practitioner Talk: Stijn Claessen (IMF), - "Shadow Banking, Economics and Policy" 

10:30 – 10:45 am Refreshment Break, Outside Room 260
10:45 – 12:15 pm Session 5: THE ROLE OF THE FINANCIAL SECTORt

Chair: Mark Carey (FRB)

Paper #10: An International Look at the Growth of Modern Finance: Income and Human Capital Costs

Presented by Ariell Reshef (UVA)

Co-Authors: Thomas Philippon (NYU Stern, NBER and CEPR)

Paper #11: Real Volatilities and Financial Policies Around the World

Presented by Tanakorn Makaew (Univ of South Carolina)

Co-Authors: Vojislav Maksimovic (Univ of Maryland)

12:15 – 1:15 pm Lunch, Abbott Center (optional)