Jun 19 - Jun 21, 2017

London School of Economics and Political Science
Houghton Street
London WC2A 2AE


Summer Conference 2017

Sponsor and Co-Organizer: The Financial Markets Group at the London School of Economics

Program Committee: Péter Kondor (chair, London School of Economics), Ulf Axelson (London School of Economics), Amil Dasgupta (London School of Economics), Igor Makarov (London School of Economics), Martin Oehmke (Columbia, London School of Economics), Hongda Zhong (London School of Economics)

Schedule

Monday, June 19, 2017  (Room OLD 3.21, Old Building)
8:00am − 9:00am Registration / Tea and Coffee
9:00am − 10:00am Incentive Constrained Risk Sharing
by Bruno Biais, Johan Hombert, and Pierre‐Olivier Weill
10:00pm − 10:20am Tea and Coffee
10:20am − 11:20am Safe but Fragile: Information Acquisition and the Collapse of Shadow Banks
by Philipp Johann Koenig, and David Pothier
11:20am − 11:40am Tea and Coffee
11:40am − 12:40pm Information Aggregation in Dynamic Markets with Adverse Selection
by Vladimir Asriyan, William Fuchs, and Brett Green
12:40pm − 2:00pm Lunch
2:00pm − 5:00pm No Sessions / Potential Time for Collaboration
5:00pm − 7:00pm

Parallel Sessions (30-minute talks by participants)

Session 1 (room CLM 3.07, Clement House)
1. Liyan Yang (Toronto): “Commodity Financialization and Information Transmission”
2. Anton Tsoy (Einaudi)
3. Boris Nikolov (Lausanne): “Dynamic Financial Constraints: Which Frictions Matter for Corporate Policies?”
4. Edward Van Wesep (Colorado): “Clarifying by Discretizing”

Session 2 (room CLM 3.06, Clement House)
1. Florian Heider (European Central Bank): “Stock-Based Pay in an Efficient Stock Market”
2. Giorgia Piacentino (Wash U): “Money Runs”
3. Giulio Trigilia (Rochester): “Optimal Leverage and Transparency”
4. Gyuri Venter (Copenhagen): “Short-Sale Constraints and Credit Runs”

Session 3 (room CLM 2.06, Clement House)
1. Jing Zeng (Frankfurt): “Information Transmission by Banks and Regulators”
2. Joel Shapiro (Oxford): “Blockholder Voting”
3. Gilles Chemla (Imperial)
4. Moqi Xu (LSE): “Free-riders and Underdogs: Participation in Corporate Voting”

Session 4 (room CLM 2.05, Clement House)
1. Savitar Sundaresan (Imperial): “Market Power and Price Informativeness”
2. Sebastian Di Tella (Stanford): “Optimal Asset Management Contracts with Hidden Savings”
3. Selman Erol (Carnegie-Mellon): “Network Reactions to Banking Regulations”
4. Vincent Maurin (Stockholm): “Asset Scarcity and Collateral Rehypothecation”

Tuesday, June 20, 2017  (Room OLD 3.21, Old Building)
8:00am − 9:00am Registration / Tea and Coffee
9:00am − 10:00am The Equilibrium Value of Employee Ethics
by Brendan Daley and Simon Gervais
10:00pm − 10:20am Tea and Coffee
10:20am − 11:20am The Maturity Structure of Inside Money
by Burton Hollifield and Ariel Zetlin‐Jones
11:20am − 11:40am Tea and Coffee
11:40am − 12:40pm The Social Value of Expertise
by Pablo Kurlat
12:40pm − 2:00pm Lunch
2:00pm − 5:00pm No Sessions / Potential Time for Collaboration
5:00pm − 7:00pm

Parallel Sessions (30-minute talks by participants)

Session 1 (room CLM 3.07, Clement House)
1. Sergei Kovbasyuk (Einaudi): “Memory and Markets”
2. Philip Bond (Washington): “Silence is Safest: Equilibrium Non-Disclosure When the Audience’s Preferences Are Unknown”
3. Shiming Fu (Rochester): “Dynamic Capital Allocation and Managerial Compensation”
4. Silvio Petriconi (Bocconi): “The Redistributive Effects of Bank Capital Regulation”

Session 2 (room CLM 2.06, Clement House)
1. Sivan Frenkel (Tel Aviv University): “Strategic Disclosure, Analyst Coverage, and Price Efficiency”
2. Vladimir Vladimirov (Amsterdam): “Coordination with Public and Private Ownership and Innovation”
3. Ye Li (Columbia): “Procyclical Finance: The Money View”
4. Piero Gottardi (European University Institute): “Equilibrium Theory of Banks’ Capital Structure”

Session 3 (room CLM 2.05, Clement House)
1. Jason R. Donaldson (Wash U): “Netting”
2. Sebastian Gryglewicz (Erasmus): “Growth Options, Incentives, and Pay-for-Performance: Theory and Evidence”
3. Sergei Glebkin (INSEAD): “Liquidity vs Information Efficiency”
4. Peter DeMarzo (Stanford): “Test Design and Disclosure”

Wednesday, June 21, 2017  (Room OLD 3.21, Old Building)
8:00am − 9:00am Registration / Tea and Coffee
Focus Session − Core and Periphery: Sovereign Debt and the Real Economy
9:00am − 10:00am A Model of the International Monetary System
by Emmanuel Farhi and Matteo Maggiori
10:00pm − 10:20am Tea and Coffee
 10:20am − 11:20am Take the Short Route: Equilibrium Default and Debt Maturity
by Manuel Amador, Mark Aguiar, Hugo Hopenhayn, and Iván Werning
11:20am − 11:40am Tea and Coffee
11:40am − 12:40pm On the Origin of Core and Periphery Economies
by Maryam Farboodi and Péter Kondor
12:40pm − 2:00pm Lunch
2:00pm − 6:00pm No Sessions / Potential Time for Collaboration
6:00pm − 8:30pm Reception and Dinner at Coopers (49 Lincoln’s Inn Fields, London WC2A 3PF)