Summer Conference 2019

Jul 03 - Jul 04, 2019

Madrid, Spain, CEMFI's Campus in Madrid.

 After three successful summer meetings in the UK, we will be moving this year's summer conference to Madrid. William Fuchs and Rafael Repullo are jointly organizing the event with support from UC3M and CEMFI. The conference will take place at CEMFI's headquarters in downtown Madrid on July 3rd and 4th. This conference is open to non-FTG members so please spread the word.




Wednesday, 3 July 2019


9:30-10:00       Registration


10:00-11:30   Session 1       Chair: Rafael Repullo, CEMFI

Debt, Innovation, and Growth

Thomas Geelen, Copenhagen Business School

Jakub Hajda, HEC Lausanne

Erwan Morellec, EPF Lausanne


Financing Breakthroughs under Failure Risk

Simon Mayer, Erasmus University Rotterdam


11:30-12:00     Coffee


12:00-13:30 Session 2       Chair: Diego Garcia, University of Colorado Boulder


Choosing to Disagree in Financial Markets

Shehal Banerjee, University of California, San Diego

Jesse Davis, University of North Carolina

Naveen Gondhi, INSEAD


Endogenous Specialization and Dealer Networks

Batchimeg Sambalaibat, Indiana University


13:30-15:00     Lunch


15:00-16:30  Session 3       Chair: Sheridan Titman, University of Texas Austin


 Bank Capital Forbearance

Natalya Martynova, Deutsche Bundesbank

Enrico Perotti, University of Amsterdam

Javier Suarez, CEMFI


Equity Allocation and Risk-taking in the Intermediation Chain

Anatoli Segura, Bank of Italy

Alonso Villacorta, University of California, Santa Cruz


16:30-17:00     Coffee


17:00-18:30  Session 4       Chair: Andres Almazan, University of Texas at Austin


Dynamic Coordination with Flexible Security Design

Emre Ozdenoren, London Business School

Kathy Yuan, London School of Economics

Shengxing Zhang, London School of Economics


Dynamic Runs and Optimal Termination

Hongda Zhong, London School of Economics

Zhen Zhou, Tsinghua University


Thursday, 4 July 2019


9:00-10:30 Session 5       Chair: Javier Suarez, CEMFI

Self-enforcing Contracts with Persistence

Martin Dumav, Universidad Carlos III de Madrid

William Fuchs, University of Texas at Austin and UC3M

Jangwoo Lee, University of Texas at Austin


Dynamic Contracting under Soft Information

Guillaume Roger, University of Wollongong


10:30-11:00     Coffee


11:00-12:30     Session 6       Chair: Victoria Vanasco, CREI

Dealer Funding and Market Liquidity

Max Bruche, Humboldt University of Berlin

John Kuong, INSEAD


A Theory of Liquidity in Private Equity

Vincent Maurin, Stockholm School of Economics

David Robinson, Duke University

Per Strömberg, Stockholm School of Economics


12:30-13:30     Lunch


13:30-15:00  Session 7       Chair: Vladimir Asriyan, CREI

The economics of deferral and clawback requirements: An indirect tax approach to compensation regulation

Florian Hoffmann, Erasmus School of Economics

Roman Inderst, University of Frankfurt

Marcus Opp, Stockholm School of Economics


A Dynamic Theory of Learning and Relationship Lending

Yunzhi Hu, University of North Carolina, Chapel Hill

Felipe Varas, Duke University


15:00-15:30     Coffee


15:30-17:00  Session 8       Chair: William Fuchs, University of Texas at Austin and UC3M


Funding Constraints and Informational Efficiency

Sergei Glebkin, INSEAD

Naveen Gondhi, INSEAD

John Kuong, INSEAD


Information Acquisition and Liquidity Traps in Over-the-Counter Markets

Junyuan Zou, University of Pennsylvania


Scientific Committee  

                        Andres Almazan, University of Texas at Austin

                        William Fuchs, University of Texas at Austin and UC3M

                        Christine Parlour, University of California, Berkeley

                        Rafael Repullo, CEMFI

                        Javier Suarez, CEMFI

                        Victoria Vanasco, CREI


Logo of the Center for Monetary and Financial Studies (CEMFI), go to Home


A block of rooms are on hold at the TRYP Atocha Hotel in downtown Madrid. The cost is 98.95 euros for a single occupancy room + breakfast inclusive of taxes. To get your room you need to contact Paqui at the Corte Ingles travel agency in UC3M. Her email is and her telephone numbers are (+34) 916 963 314 and (+34) 916 245 791. Use FTG Summer Conference (and William Fuchs if that fails) as a reference. FYI Gay Pride is that week (a very busy time in Madrid) so we strongly suggest you book early. 

Looking forward to seeing you in Madrid!!

William Fuchs and Rafael Repullo