Aug 11 - Aug 15, 2015

Washington University
Olin Business School
St. Louis, MO


Summer School 2015

Organizing Committee: Itay Goldstein, Ohad Kadan (chair), Uday Rajan
Advisory Board: Simon Gervais, Adriano A. Rampini, Anjan V. Thakor
Program Coordinator: Marcianne Gagliardi

Schedule

Tuesday, August 11, 2015
 7:00pm − 9:00pm Welcome Reception
Wednesday, August 12, 2015
7:30am − 8:30am Breakfast
8:30am − 9:00am Opening Remarks
9:00am − 12:30pm Peter M. DeMarzo: Dynamic Financial Contracting
Notes Part 1: Discrete Time Models
Notes Part 2: Continuous-Time Agency
Notes Part 3: Using the Model
Video
12:30pm − 2:00pm Lunch
2:00pm − 5:30pm Gustavo Manso: Incentives for Innovation
Notes: Incentives for Innovation
Video
5:30pm − 7:00pm Dinner
7:00pm − 7:30pm Parallel Contributed Paper Sessions
1. Barney Hartman-Glaser (UCLA): Dynamic Agency and Real Options
2. Liyan Yang (Toronto): Back-Running: Seeking and Hiding Fundamental Information in Order Flows
3. Naveen Khanna (Michigan): Rewarding Disagreement: Optimal Contracts for Collective Decision Making
7:30pm − 8:00pm Parallel Contributed Paper Sessions
1. Alejandro Rivera (BU): Dynamic Moral Hazard, Risk Shifting, and Optimal Capital Structure
2. Hongda Zhong (Minnesota): A Dynamic Model of Optimal Creditor Dispersion
3. Jessie Jiaxu Wang (Arizona): Distress Dispersion and Systemic Risk in Networks 
8:00pm − 8:30pm Parallel Contributed Paper Sessions
1. Kaniska Dam (CIDE): A Two-Sided Matching Model of Monitored Finance
2. Doron Levit (Wharton): Governing Through Communication and Intervention
3. Ngoc-Khanh Tran (Washington): The Hirshleifer Effect Revisited: The Case of Disagreement
Thursday, August 13, 2015
8:00am − 9:00am Breakfast
9:00am − 12:30pm Adriano A. Rampini: Dynamic Collateralized Finance
Lecture Syllabus 
Notes: Dynamic Collateralized Finance 
Video
12:30pm − 2:00pm Lunch
2:00pm − 5:30pm Philip H. Dybvig: Bank Runs, Deposit Insurance, and Liquidity
Notes Part 1: Bank Runs, Deposit Insurance, and Liquidity 
Notes Part 2: Banking Theory, Deposit Insurance, and Bank Regulation
Notes Part 3: Some Thoughts On Doing Research
5:30pm − 7:00pm Dinner
7:00pm − 7:30pm Parallel Contributed Paper Sessions
1. Jason Donaldson (Washington): Warehouse Banking 
2. Francesco Sangiorgi (Stockholm): Searching for Information 
3. John Chi-Fong Kuong (INSEAD): Self-Fulfilling Fire Sales: Fragility of Collateralised Short-term Debt Markets 
7:30pm − 8:00pm Parallel Contributed Paper Sessions
1. Daniel Green (MIT): Misallocation, Investment, and Technology Choice When Borrowers Cannot Contract Exclusively 
2. Deniz Okat (Aalto): Deterring Fraud by Looking Away
3. Ye Li (Columbia): Fragile New Economy 
8:00pm − 8:30pm Parallel Contributed Paper Sessions
1. Yasser Boualam (Wharton): Bank Lending and Relationship Capital
2. Sascha Steffen (ESMT): Does Lack of Financial Stability Impair the Transmission of Monetary Policy? 
3. Dalida Kadyrzhanova (Georgia): Rising Intangible Capital, Shrinking Debt Capacity and the US Corporate Savings Glut
Friday, August 14, 2015
8:00am − 9:00am Breakfast
9:00am − 12:30pm Douglas W. Diamond: Short-term Debt, Bank Monitoring, and Liquidity Creation
Paper 1: Delegated Monitoring and Legal Protection 
Paper 2: Banks, Runs, and Liquidity Creation 
Notes: Delegated Monitoring, Legal Protection, Runs and Commitment
 12:30pm − 2:00pm Lunch
 2:00pm − 5:30pm Itay Goldstein: Financial Stability – A Global Games Approach
Notes: Financial Stability- A Global Games Approach 
Video
 5:30pm − 7:00pm Dinner
 7:00pm − 7:30pm Parallel Contributed Paper Sessions
1. Chong Huang (UC Irvine): Mutual Fund’s Reputation for Information Superiority 
2. Mahmoud Elamin (Cleveland Fed): The Effect of Safe Assets on Financial Fragility in a Bank-Run Model 
3. Jing Zeng (Frankfurt): Serve to Securitise: Mortgage Securitisation, Servicing and Foreclosures 
 7:30pm − 8:00pm Parallel Contributed Paper Sessions
1. Adrian Corum (Wharton): Corporate Control Activism 
2. Naveen Gondhi (Northwestern): When Transparency Improves, Must Prices Reflect Fundamentals Better? 
3. Hyunsoo Doh (Chicago): Dynamic Debt Runs with Strategic Complementarity 
 8:00pm − 8:30pm Parallel Contributed Paper Sessions
1. Kristle Cortes (Cleveland Fed): Tracing Out Capital Flows: How Financially Integrated Banks Respond to Natural Disasters 
2. Roni Kisin (Washington): Funding and Incentives of Regulators: Evidence from Banking 
3. Fenghua Song (Penn State): Blockholder Short-Term Incentives, Structures, and Governance 
Saturday, August 15, 2015
8:00am − 9:00am Breakfast
9:00am − 12:30pm Anjan V. Thakor: Bank Capital Structure and Financial Stability
Notes: Bank Capital and Financial Stabillity
Video
12:30pm − 2:00pm Lunch
2:00pm Adjourn