Jun 27 - Jun 29, 2016

Imperial College Business School
Rembrandt Sarova Hotel, Knightsbridge, London, SW7 2RS


Summer Conference 2016

Sponsor and Co-Organizer: Brevan Howard Centre for Financial Analysis, Imperial College Business School

Program Committee: Philip Bond (chair), Douglas Gale, Emiliano Pagnotta, Giorgia Piacentino, Günter Strobl, Katrin Tinn

Schedule

Monday, June 27, 2016
8:00am − 9:00am Registration / Tea and Coffee
9:00am − 10:00am Financing Durable Assets
by Adriano Rampini
10:00pm − 10:20am Tea and Coffee
10:20am − 11:20am Proxy Advisory Firms: The Economics of Selling Information to Voters
by Andrey Malenko and Nadya Malenko
11:20am − 11:40am Tea and Coffee
11:40am − 12:40pm Learning in Crowded Markets
by Péter Kondor and Adam Zawadowski
12:40pm − 2:00pm Lunch
2:00pm − 5:00pm No Sessions / Potential Time for Collaboration
5:00pm − 5:30pm Parallel Sessions
1. Snehal Banerjee (UCSD): “Conceal to Coordinate”
2. Yasser Boualam (UNC): “Bank Lending and Relationship Capital”
3. Andrea Buffa (Boston U.): “A Theory of Operational Risk”
5:30pm − 6:00pm Parallel Sessions
1. James Dow (London Business School): “The Paradox of Financial Fire Sales”
2. Chong Huang (UC Irvine): “Mutual Funds Reputation and Star Ratings”
3. Péter Kondor (London School of Economics): “Cursed Financial Innovation”
4. John Chi-Fong Kuong (INSEAD): “Credit Ratings and Market Information”
6:00pm − 6:30pm Parallel Sessions
1. Joel Shapiro (Oxford): “Credit Ratings and Market Information”
2. Martin Szydlowski (Minnesota): “Optimal Financing and Disclosure”
3. Jing Zeng (Frankfurt): “Portfolio Size and the Incentives for Shareholder Activism”
6:30pm − 7:00pm Parallel Sessions
1. Bart Lambrecht (Cambridge): “The Dynamics of Investment, Payout and Debt”
2. Alan Morrison (Oxford): “Ethical Standards and Cultural Assimilation in Financial Services”
3. Uday Rajan (Michigan): “Liquidity Transformation: Banks and the Payment System”
4. Eduardo Davila (NYU): “Optimal Joint Bond Design”
Tuesday, June 28, 2016
9:00am − 10:00am Volume, Liquidity and Volatility in OTC Markets Featuring Asset Heterogeneity
by Konstantin Milbradt
10:00pm − 10:20am Tea and Coffee
10:20am − 11:20am Over-the-Counter Markets with Bargaining Delays
by Anton Tsoy
11:20am − 11:40am Tea and Coffee
11:40am − 12:40pm Liquidity Fluctuations in Over the Counter Markets
by Vincent Maurin
12:40pm − 2:00pm Lunch
2:00pm − 5:00pm No Sessions / Potential Time for Collaboration
5:00pm − 5:30pm Parallel Sessions
1. Neil Brisley (Waterloo): “Market-Specific Human Capital: Talent Mobility, Compensation, and Shareholder Value”
2. Gilles Chemla (Imperial): “Learning through Crowdfunding”
3. Shaun Davies (Colorado): “The Price is Wrong: Mispricing Due to ETF Arbitrage”
4. Sivan Frenkel (Tel Aviv): “Dynamic Asset Sales with a Feedback Effect”
5:30pm − 6:00pm Parallel Sessions
1. Shiming Fu (Rochester): “Dynamic Financial Contracting with Persistent Private Information”
2. Seokwoo Lee (George Mason): “Robust Security Design”
3. Yaron Leitner (Philadelphia Fed): “Regulating a Model”
4. Guillem Ordonez-Calafi (Warwick): “M&A with an Entrenched Board: A Global Games Analysis”
6:00pm − 6:30pm Parallel Sessions
1. Giorgia Piacentino (Washington U): “The Paradox of Pledgeability”
2. Francesco Sangiorgi (Stockholm): “Investor Attention and Corporate Short-Termism”
3. Katrin Tinn (Imperial): “Rational Quantitative Trading in Efficient Markets”
6:30pm − 7:00pm Parallel Sessions
1. Vladimir Vladimirov (Amsterdam): “CEO Vision, Tenure, and Turnover”
2. Hongda Zhong (London School of Economics): “A Dynamic Model of Optimal Creditor Dispersion”
3. Yao Zeng (Harvard): “A Dynamic Theory of Mutual Fund Runs and Liquidity Management”
Wednesday, June 29, 2016
9:00am − 10:00am Trading Costs and Informational Efficiency
by Eduardo Dávila and Cecilia Parlatore
10:00pm − 10:20am Tea and Coffee
 10:20am − 11:20am A Theory of Repurchase Agreements, Collateral Re-Use, and Repo Intermediation
by Piero Gottardi, Vincent Maurin, and Cyril Monnet
11:20am − 11:40am Tea and Coffee
11:40am − 12:40pm Optimal Margins and Equilibrium Prices
by Bruno Biais, Florian Heider, and Marie Hoerova
12:40pm − 2:00pm Lunch
2:00pm − 5:30pm No Sessions / Potential Time for Collaboration
5:30pm − 6:30pm Talk by John Kay
6:30pm − 7:15pm Reception
7:30pm Conference Dinner at Ognisko