XXV Edition

1-2 December 2016"

Thursday, December 1, 2016
08:00 - 09:00

Registration

09:00 - 09:10

Opening Remarks

09:10 - 09:55

Keynote speech: Andrea Enria

Chairperson, European Banking Authority, U.K.
10:00 - 11:30
Session: A1

Asset Pricing and Derivatives

Chairperson: Thorsten  Lehnert  Luxembourg School of Finance
Location: Room 16
Nominal Rigidities and the Term Structures of Equity and Bond Returns
Vazquez-Grande Francisco, Lopez Pierlauro
Presenter: Vazquez-Grande  Francisco  Federal Reserve Board
Discussant: Alain  Coen  University of Québec at Montreal
Bonds, Stocks, and Sources of Mispricing
Jostova Gergana
Presenter: Jostova  Gergana  George Washington University
Discussant: Nikolopoulos  Konstantinos   Bangor University
Consumption-Based Asset Pricing and the Cross-Section of Returns: the Role of Leverage
Dam Lammertjan
Presenter: Dam  Lammertjan  University of Groningen
Discussant: Thorsten  Lehnert  Luxembourg School of Finance
Session: A2

Financial Education

Chairperson: Previati  Daniele Angelo  University of Rome III
Location: Room 17
Exposure to Bankers: Networks and Stock Market Participation
Borgers Arian, Pownall Rachel, Raes Louis
Presenter: Pownall  Rachel  Maastricht University and Tilburg University
Discussant: Previati  Daniele Angelo  University of Rome III
A Contribution to the Empirics Of Consumers’ Anxiety Behavior on and in Credit Card Repayment. Credit Card Management and Financial Literacy among College Students
Barboza Gustavo, Smith Chad, Boubacar Inoussa
Presenter: Barboza  Gustavo  Clarion University of Pennsylvania
Discussant: Fattobene  Lucrezia  University of Rome Tor Vergata
Can Words Breed or Kill Investment? Metaphors, Imagery, Affect and Investor Behaviour
Prast Henriëtte, Sanders José, Leonhard Olga
Presenter: Prast  Henriëtte  Tilburg University
Discussant: Caratelli  Massimo  University of Rome III
Session: A3

Microfinance and Foreign Investments

Chairperson: Hoesli  Martin  University of Geneva
Location: Room 18
Impact-Oriented Microfinance Investment Vehicles: Are They Performing in Line or Below the Market Rate of Return?
La Torre Mario, Chiappini Helen
Presenter: La Torre  Mario  Sapienza University of Rome
Discussant: Leoni  Patrick  Kedge Business School
Globalisation and the Foreign Exchange Constraint in Developing Countries
Bhattacharyya Ranajoy
Presenter: Bhattacharyya  Ranajoy  Indian Institute Of Foreign Trade
Discussant: Hoesli  Martin  University of Geneva
A Market-Based Indicator of Currency Risk: Evidence from American Depositary Receipts
Roevekamp Ingmar, Eichler Stefan
Presenter: Roevekamp  Ingmar  University of Hannover
Discussant: Santos  Dinis  University of Coimbra
Session: A4

Banking

Chairperson: Piatti  Domenico  University of Bergamo
Location: Room 19
External financing and economic activity in the euro area -- Why are bank loans special?
Aldasoro Iñaki, Unger Robert
Presenter: Aldasoro  Iñaki  Bank for International Settlements
Discussant: Piatti  Domenico  University of Bergamo
Loan Loss Accounting Rules and Bank Lending over the Cycle: Evidence from a Global Sample
Pramor Marcus, Domikowsky Christian, Foos Daniel
Presenter: Pramor  Marcus  Deutsche Bundesbank
Discussant: Benetton  Matteo  London School of Economics
Nothing Special about Banks: Competition and Bank Lending in Britain, 1885-1925
Dwarkasing Narly, Braggion Fabio, Moore Lyndon
Presenter: Dwarkasing  Narly  University of Bonn
Discussant: Benjamin  Klaus  European Central Bank
Session: A5

Banking

Chairperson: Deglinnocenti  Marta  University of Southampton
Location: Room 20
The Impact of Independent and ‘‘Busy” Board Directors on Risk and Shareholder Value of US Complex Bank Holding Companies
Deglinnocenti Marta
Presenter: Deglinnocenti  Marta  University of Southampton
Discussant: Gilani  Usman  University of Leeds
Bank Efficiency: Does Education of Bank Employees Matter?
Tzeremes Nickolaos, Matousek Roman
Presenter: Tzeremes  Nickolaos  University of Thessaly
Discussant: Bianchi  Nicola  University of Rome Tor Vergata
The Effects of Taxation on Bank Margins: Evidence from a Quasi-Natural Experiment
Sobiech Anna Lucia, Banerji Sanjay , Wilson John O. S., Chronopoulos Dimitris K.
Presenter: Sobiech  Anna Lucia  University of St Andrews
Discussant: Sist  Federica  LUMSA University
Session: A6

Financial Stability

This session sponsored by Elsevier.
Chairperson: Ayadi  Rym  HEC Montreal
Location: Room 21
Financial Development, Bond Market Returns, and Stability: International Evidence
Boubaker Sabri, Nguyen Duc Khuong, Piljak Vanja, Savvides Andreas
Presenter: Piljak  Vanja  University of Vaasa
Discussant: Park  Kyounghoon  Bank of Korea
Funding Risk and Collateralized Lending
Koenig Philipp, Daniels Tijmen
Presenter: Koenig  Philipp  German Institute for Economic Research (DIW Berlin)
Discussant: Kukk  Merike  Tallinn University of Technology and Bank of Estonia
11:30 - 12:00

Coffee break

12:00 - 13:30
Session: B1

Asset Pricing and Derivatives

Chairperson: Vazquez-Grande  Francisco  Federal Reserve Board
Location: Room 16
Mutual Funds, Price Pressure and Index Options
Thorsten Lehnert
Presenter: Thorsten  Lehnert  Luxembourg School of Finance
Discussant: Vazquez-Grande  Francisco  Federal Reserve Board
Real Estate as a Common Risk Factor in Bank Stocks
Alain Coen, Carmichael Benoit
Presenter: Alain  Coen  University of Québec at Montreal
Discussant: Jostova  Gergana  George Washington University
A Horse for Almost Every Course; Forecasting in Banking and Finance with the Theta Method
Nikolopoulos Konstantinos
Presenter: Nikolopoulos  Konstantinos   Bangor University
Discussant: Dam  Lammertjan  University of Groningen
Session: B2

Young Economists Session (YES award)

Chairperson: Pownall  Rachel  Maastricht University and Tilburg University
Location: Room 17
Bank Risk-Taking and Misconduct
Sakalauskaite Ieva
Presenter: Sakalauskaite  Ieva  University of Amsterdam
Discussant: Pownall  Rachel  Maastricht University and Tilburg University
Banks' Leverage Procyclicality: does Currency Diversification Matter?
Pedrono Justine, Aurélien Violon
Presenter: Pedrono  Justine  Center for International Perspective Studies (CEPII)
Discussant: Prast  Henriëtte  Tilburg University
Drivers and Impact of R&D Internationalization
Cerulli Giovanni, Potì Bianca, Spallone Raffaele
Presenter: Spallone  Raffaele  National Research Council of Italy
Discussant: Sist  Federica  LUMSA University
Session: B3

Friedman and Macroeconomic Policy

Chairperson: Bagella  Michele  University of Rome Tor Vergata
Location: Room 18
How Friedman and Schwartz Became Monetarists
Lothian James R., Tavlas George
Presenter: Lothian  James R.  Fordham University
Friedman, Chicago, and Monetary Rules
Dellas Harris, Tavlas George
Presenter: Dellas  Harris  University of Bern, NBER and CEPR
Session: B4

Banking

Chairperson: Benzoni  Luca  Federal Reserve Bank of Chicago
Location: Room 19
Ceo Directors on Banks’ Boards; Does Financial Expertise Matter?
Gilani Usman, Keasey Kevin, Vallascas Francesco
Presenter: Gilani  Usman  University of Leeds
Discussant: Tzeremes  Nickolaos  University of Thessaly
Risk Culture in Banks: Just Words?
Bianchi Nicola, Fiordelisi Franco, Farina Vincenzo
Presenter: Bianchi  Nicola  University of Rome Tor Vergata
Discussant: Benzoni  Luca  Federal Reserve Bank of Chicago
Firms’ Market Culture: The Role of Institutional Ownership, Earnings Management and Crash Risk
Harris Terry, Philip Dennis, Andreou Panayiotis C., Fiordelisi Franco
Presenter: Harris  Terry  Durham University
Discussant: Gilani  Usman  University of Leeds
Session: B5

Banking

Chairperson: Ferri  Giovanni  LUMSA University
Location: Room 20
Financial Development and Economic Growth: the Role of Foreign-Owned Banks in Cesee Countries
Bongini Paola, Iwanicz-Drozdowska Małgorzata, Smaga Paweł, Witkowski Bartosz
Presenter: Bongini  Paola  University of Milan-Bicocca
Discussant: Leon  Florian  University of Luxembourg
Will Strangers Help You Enter? The Effect of Foreign Bank Presence on New Firm Entry
Kalyvas Antonios, Bermpei Theodora, Neri Lorenzo
Presenter: Kalyvas  Antonios  University of Greenwich
Discussant: d'Udekem  Benoit  Free University of Bruxelles
A functional perspective to financial networks
Molinari Massimo, Gaffeo Edoardo
Presenter: Molinari  Massimo  Sapienza University of Rome
Discussant: Cerulli  Giovanni  National Research Council of Italy
Session: B6

Financial Stability

This session is sponsored by Elsevier
Chairperson: Piljak  Vanja  University of Vaasa
Location: Room 21
Heterogeneous Procyclicality of Bank Leverage: Empirical Evidence of U.S. Bank Holding Companies
Park Kyounghoon
Presenter: Park  Kyounghoon  Bank of Korea
Bridging Tlac and Mrel: Do Bank Business Models Matter?
Ayadi Rym, Ferri Giovanni, Michel Keoula
Presenter: Ayadi  Rym  HEC Montreal
Discussant: Koenig  Philipp  German Institute for Economic Research (DIW Berlin)
What are the Triggers for Arrears on Debt? Evidence from Quarterly Panel Data
Kukk Merike
Presenter: Kukk  Merike  Tallinn University of Technology and Bank of Estonia
Discussant: Piljak  Vanja  University of Vaasa
13:30 - 14:30

Lunch

14:30 - 16:00
Session: C1

Asset Pricing and Derivatives

Chairperson: Nucci  Francesco  Sapienza University of Rome
Location: Room 16
The Determinants of CDS Spreads: Evidence from the Model Space
Pelster Matthias, Vilsmeier Johannes
Presenter: Pelster  Matthias  Leuphana University
Discussant: Nucci  Francesco  Sapienza University of Rome
The Determinants of Cds Premium: What is the Impact of the Financial Crisis?
Di Tommaso Caterina, Drago Danilo
Presenter: Di Tommaso  Caterina  University of Calabria
Discussant: Vitale  Paolo  G. d'Annunzio University
Estimating the Tax and Credit-Event Risk Components of Credit Spreads
Benzoni Luca
Presenter: Benzoni  Luca  Federal Reserve Bank of Chicago
Discussant: Goyenko  Ruslan   McGill University
Session: C2

Young Economists Session (YES award)

Chairperson: La Torre  Mario  Sapienza University of Rome
Location: Room 17
Long-run Unemployment and Macroeconomic Volatility
Fasani Stefano
Presenter: Fasani  Stefano  University of Rome Tor Vergata
Discussant: Bhattacharyya  Ranajoy  Indian Institute Of Foreign Trade
Borrowing constrained Agents and Redistributive Effect of a Money-Financed Fiscal Stimulus
Punzo Chiara
Presenter: Punzo  Chiara  Lombardy Advanced School of Economic Research
Discussant: Roevekamp  Ingmar  University of Hannover
Portfolio Enhancement via Credit Default Swap Indices - Evidence from North America and Europe
Hippert Benjamin, Wengerek Sascha Tobias
Presenter: Wengerek  Sascha Tobias  University of Paderborn
Discussant: La Torre  Mario  Sapienza University of Rome
Session: C3

Miscellaneous

Chairperson: Leoni  Patrick  Kedge Business School
Location: Room 18
Information, Stochastic Dominance and Bidding: the Case of Treasury Auctions
Leoni Patrick
Presenter: Leoni  Patrick  Kedge Business School
Discussant: Ciciretti  Rocco  University of Rome Tor Vergata
High Frequency House Price Indexes with Scarce Data
Hoesli Martin, Bourassa Steven
Presenter: Hoesli  Martin  University of Geneva
Discussant: Uselli  Andrea  University of Insubria
Timing the Market with Own Stock. Evidence from a Bailout Country
Santos Dinis, Gama Paulo
Presenter: Santos  Dinis  University of Coimbra
Discussant: Castellani  Davide   University of Bergamo
Session: C4

Banking

Chairperson: Bongini  Paola  University of Milan-Bicocca
Location: Room 19
Non Performing Loans, Moral Hazard & Supervisory Authority: the Italian Banking System
Cincinelli Peter, Piatti Domenico
Presenter: Cincinelli  Peter  University of Bergamo
Discussant: Bongini  Paola  University of Milan-Bicocca
Specialising in Risky Mortgages: Unintended Consequences of Basel II
Benetton Matteo, Eckley Peter, Garbarino Nicola, Kirwin Liam, Latsi Georgia
Presenter: Benetton  Matteo  London School of Economics
Discussant: Sakalauskaite  Ieva  University of Amsterdam
How to Predict Financial Stress? An Assessment of Markov Switching versus Logit Models
Thibaut Duprey, Benjamin Klaus
Presenter: Benjamin  Klaus  European Central Bank
Discussant: Kalyvas  Antonios  University of Greenwich
Session: C5

Banking

Chairperson: Dwarkasing  Narly  University of Bonn
Location: Room 20
Explaining the Vanishing Effect in Finance-Growth Nexus: Does Credit Structure Matter?
Leon Florian
Presenter: Leon  Florian  University of Luxembourg
Discussant: Dwarkasing  Narly  University of Bonn
Rational Dividend Persistence in Banking
d'Udekem Benoit
Presenter: d'Udekem  Benoit  Free University of Bruxelles
Discussant: Aldasoro  Iñaki  Bank for International Settlements
Asset Sales and the Financial Conglomerate Discount
Curi Claudia, Murgia Maurizio
Presenter: Curi  Claudia  Free University of Bozen-Bolzano
Discussant: Carboni  Marika  University of Rome Tor Vergata
Session: C6

Financial Stability

This session is sponsored by Elsevier
Chairperson: Miklaszewska  Ewa  Cracow University of Economics
Location: Room 21
The Nexus of Financial Inclusion and Financial Stability: a Study of Tradeoffs and Synergies
Čihák Martin , Mare Davide, Melecky Martin
Presenter: Mare  Davide  University of Edinburgh
Discussant: Deglinnocenti  Marta  University of Southampton
International Banking and Cross-Border Effects of Prudential Regulation: Lessons from the Euro Area
Zochowski Dawid, Nocciola Luca, Franch Fabio
Presenter: Zochowski  Dawid  European Central Bank
Discussant: Florian  Kiesel  Technical University of Darmstadt
Stability of Banking Sectors in Cesee Countries. Is Foreign Capital Like a Mother Hen?
Iwanicz-Drozdowska Małgorzata, Smaga Paweł, Witkowski Bartosz
Presenter: Iwanicz-Drozdowska  Małgorzata  Warsaw School of Economics
Discussant: Miklaszewska  Ewa  Cracow University of Economics
16:00 - 16:45

Keynote Speech: Jordì Gali

Director, Center for Research in International Economics (CREI), Universitat Pompeu Fabra. Research Professor, Barcelona Graduate School of Economics, Spain
Location: Room 1
17:00 - 17:05

Shuttle service to Castel S. Angelo

The shuttle service is only for those who booked in advanced both the gala dinner and Castel S. Angelo guided tour. The pick up point is in front of the Univesity of Rome III (Via Silvio D'Amico 77) entrance.
20:30 - 23:00

Gala Dinner

The gala dinner will be held at Palazzo Patrizi, Piazza San Luigi dei Francesi, Roma The gala dinner is reserved for those who booked in advanced their ticket
Friday, December 2, 2016
08:45 - 10:45
Session: D1

Commercial and Asset-based Finance

(Assifact award)
Chairperson: Hamaui  Rony  Assifact
Location: Room 16
Securitization and Aggregate Investment Efficiency
Mirza Afrasiab, Stephens Eric
Presenter: Mirza  Afrasiab  University of Birmingham
Discussant: Pelliccia  Marco  Bangor University
Funding Volatility, Securitization and the Smes’ Access to Bank Credit
Castellani Davide , Caviezel Valeria, Viganò Laura
Presenter: Castellani  Davide   University of Bergamo
Discussant: Galloppo  Giuseppe  Tuscia University
Could Domestic Trade Credit Insurance Contracts be an Effective Collateral for Banks? A Quantitative Study on the Italian Market
Bazzana Flavio, De Laurentis Giacomo, Pisani Raoul, Trinca Colonel Renata
Presenter: Pisani  Raoul  University of Trento
Discussant: Hamaui  Rony  Assifact
Trade Credit in Times of Crisis: Evidence from European Smes
Bussoli Candida, Marino Francesca
Presenter: Bussoli  Candida  LUM Jean Monnet University
Discussant: Tavecchia  Diego  Assifact
Session: D2

Corporate Governance (Nedcommunity Award)

Chairperson: Feldman  David  UNSW Australia
Location: Room 17
All That Glitters is Not Gold: CEOs' celebrity beyond media content
Caiffa Marco, Farina Vincenzo, Fattobene Lucrezia
Presenter: Fattobene  Lucrezia  University of Rome Tor Vergata
Discussant: Yamada  Kazuo  Nagasaki University
Insider Sales and Future Stock Price Crash Risk: Firm-Level Analysis
He Guanming, Ren Helen, Taffler Richard
Presenter: He  Guanming  University of Warwick
Discussant: Curi  Claudia  Free University of Bozen-Bolzano
Diversity and Competence in Banks’ Boards. The Italian Case
Locatelli Rossella, Schena Cristiana Schena, Uselli Andrea, Tanda Alessandra
Presenter: Uselli  Andrea  University of Insubria
Discussant: Feldman  David  UNSW Australia
Session: D3

Banking

Chairperson: Pozzolo  Alberto Franco  Molise University
Location: Room 18
Does the Camel Bank Ratings System Follow a Procyclical Pattern?
Papanikolaou Nikolaos, Wolff Christian
Presenter: Papanikolaou  Nikolaos  University of Sussex
Discussant: Yildirim  Canan  Kadir Has University
Do Capital Adequacy and Credit Quality Affects Systematic Risk? An Investigation on a Sample of European Listed Banks at Light of Eba Stress Tests
Floreani Josanco, Miani Stefano, Paltrinieri Andrea
Presenter: Floreani  Josanco  University of Udine
Discussant: Sobiech  Anna Lucia  University of St Andrews
Credit Scores and Credit Market Outcomes: Evidence from the Ssbf and Kfs
Cole Rebel
Presenter: Cole  Rebel  Florida Atlantic University
Discussant: Pozzolo  Alberto Franco  Molise University
The Determinants of European Banks’ Capital Structure during the Last Decade and the Role Played by Regulation and Supervision: Do they really matter?
Oliveira Vitor, Raposo Clara
Presenter: Oliveira  Vitor  Bank of Portugal and University of Lisbon
Discussant: De Jonghe  Olivier  Tilburg University
Session: D4

Risk Management

Chairperson: Iwanicz-Drozdowska  Małgorzata  Warsaw School of Economics
Location: Room 19
On the Efficiency of Emu Sovereign Debt Pricing
Buschmann Christian, Heidorn Thomas
Presenter: Buschmann  Christian  Frankfurt School of Finance & Management
Discussant: Mare  Davide  University of Edinburgh
Reputational risk: understanding the concept and measuring the impact
Miklaszewska Ewa, Kil Krzysztof
Presenter: Miklaszewska  Ewa  Cracow University of Economics
Discussant: Fiordelisi  Franco  University of Rome III
Revaluating Firm Credit Risk – the Impact of the Rating Review Process on Credit Markets
Florian Kiesel, Sascha Kolaric, Dirk Schiereck
Presenter: Florian  Kiesel  Technical University of Darmstadt
Discussant: Iwanicz-Drozdowska  Małgorzata  Warsaw School of Economics
Portfolio Selection with Mental Accounts. An Alternative Approach Combining Loss Aversion and Hyperbolic Discounting
Martelli Duccio, Burchi Alberto, Ghisellini Fabrizio
Presenter: Burchi  Alberto  University of Perugia
Discussant: Zochowski  Dawid  European Central Bank
Session: D5

Financial Regulation and Supervision

Chairperson: Guedes  Jose  Catholic University of Portugal
Location: Room 20
Bank Regulation in a Complex Environment
Nielsen Carsten, Weinrich Gerd
Presenter: Weinrich  Gerd  Catholic University of the Sacred Heart, Milan
Discussant: Mukherjee  Abhik  Lausanne Polytechnic Federal School
Market Reactions to the Implementation of Banking Union in Europe
Pancotto Livia, ap Gwilym Owain , Williams Jonathan
Presenter: Pancotto  Livia  Bangor University
Discussant: Raviv  Alon  Bar-Ilan University
Bank Capital and Firm Lending: The Case for Switzerland
Mukherjee Abhik, Wunderli Dan, Lambertini Luisa, Bichsel Robert
Presenter: Mukherjee  Abhik  Lausanne Polytechnic Federal School
Discussant: Rajan  Sriram  United States Department of the Treasury
Rules and Discretion(s) in Prudential Regulation and Supervision: Evidence from EU Banks in the Run-Up to the Crisis
Maddaloni Angela, Scopelliti Alessandro Diego
Presenter: Maddaloni  Angela  European Central Bank
Discussant: Guedes  Jose  Catholic University of Portugal
Session: D6

Monetary Policy and Central Banking

Chairperson: Tirelli  Mario  University of Rome III
Location: Room 21
Equity Premium and Monetary Policy in a Model with Limited Asset Market Participation
Kaszab Lorant
Presenter: Kaszab  Lorant  Central Bank of Hungary
Discussant: Tirelli  Mario  University of Rome III
The Political Economy of Reforms in Central Bank Design: Evidence from a New Dataset
Romelli Davide
Presenter: Romelli  Davide  University of Dublin
Discussant: Tapia  Matias  Central Bank of Chile and The Pontifical Catholic University of Chile
A Public Broadcasting Service: Information Revelation through Central Bank Securities Lending Operations
Bulusu Narayan
Presenter: Bulusu  Narayan  Bank of Canada
Discussant: Weber  Christoph  Friedrich-Alexander University Erlangen-Nürnberg
10:45 - 11:15

Coffee break

11:15 - 13:15
Session: E1

Miscellaneous

Chairperson: Molyneux  Philip  Bangor University
Location: Room 16
Ceo Duality, Agency Costs, and Internal Capital Allocations
Isabella Karasamani, Aktas Nihat, Andreou Panayiotis C., Philip Dennis
Presenter: Isabella  Karasamani  Cyprus University of Technology and Durham University
Discussant: Shaban  Mais  University of Essex
Investor Relations and Ipo Performance
Hasan Iftekhar, Chahine Salim, Colak Gonul, Mazboudi Mohamad
Presenter: Mazboudi  Mohamad   American University of Beirut
Discussant: Stentella Lopes  Saverio  Bangor University
Do Creditor Control Rights Impact Corporate Tax Avoidance? Evidence from Debt Covenant Violations
Francis Bill, Shena Yinjie (Victor) , Wu Qiang
Presenter: Francis  Bill  Rensselaer Polytechnic Institute
Discussant: Molyneux  Philip  Bangor University
Session: E2

Corporate finance

Chairperson: Clark  Ephraim  Middlesex University
Location: Room 17
Capital Controls and the Cost of Debt
Andreasen Eugenia , Valenzuela Patricio , Schindler Martin
Presenter: Andreasen  Eugenia   University of Santiago
Discussant: Clark  Ephraim  Middlesex University
Financial Development and Reallocation of Capital in Business Group during the Global Financial Crisis
Yamada Kazuo, Shikimi Masayo
Presenter: Yamada  Kazuo  Nagasaki University
Discussant: He  Guanming  University of Warwick
Dividend Decisions of UK Firms: Beyond Agency Theory
Grosman Anna, Driver Ciaran, Scaramozzino Pasquale
Presenter: Scaramozzino  Pasquale  SOAS University of London
Discussant: Falconieri  Sonia  City, University of London
Politically Motivated Corporate Decisions: Evidence from China
Feldman David, Li Jiaming, Saxena Konark
Presenter: Feldman  David  UNSW Australia
Discussant: Scaramozzino  Pasquale  SOAS University of London
Session: E3

Banking

Chairperson: Cole  Rebel  Florida Atlantic University
Location: Room 18
Some Borrowers are More Equal than Others: Bank Funding Shocks and Credit Reallocation
De Jonghe Olivier, Dewachter Hans, Mulier Klaas, Ongena Steven, Schepens Glenn
Presenter: De Jonghe  Olivier  Tilburg University
Discussant: Papanikolaou  Nikolaos  University of Sussex
Bank Value and Geographic Diversification: Regional vs Global
Yildirim Canan, Efthyvoulou Georgios
Presenter: Yildirim  Canan  Kadir Has University
Discussant: Brighi  Paola  University of Bologna
Bank Size and Financial Cross-Border Linkages
Barba Navaretti Giorgio, Calzolari Giacomo, Pozzolo Alberto Franco, Trentinaglia De Daverio Maria Teresa
Presenter: Pozzolo  Alberto Franco  Molise University
Discussant: Cole  Rebel  Florida Atlantic University
Corporate culture and enforcement actions in banking
Fiordelisi Franco
Presenter: Fiordelisi  Franco  University of Rome III
Discussant: Derrien  Francois  HEC Paris
Session: E4

Financial Stability

This session is sponsored by Elsevier
Chairperson: Schaeck  Klaus  Lancaster University
Location: Room 19
Household Savings and Trust in the Financial System
Beckmann Elisabeth , Mare Davide
Presenter: Mare  Davide  University of Edinburgh
Discussant: Schaeck  Klaus  Lancaster University
Productivity Shocks and Uncertainty Shocks in a Model with Endogenous Firms Exit and Inefficient Banks
Rossi Lorenza
Presenter: Rossi  Lorenza  University of Pavia
Discussant: Cesarone  Francesco  University of Rome III
Disaster Risk and Preference Shifts in a New Keynesian Model
Isoré Marlène, Szczerbowicz Urszula
Presenter: Isoré  Marlène  University of Helsinki and Bank of Finland
Discussant: Mirza  Afrasiab  University of Birmingham
Session: E5

Financial Regulation and Supervision

Chairperson: Maddaloni  Angela  European Central Bank
Location: Room 20
Bank Risk Dynamics where Assets are Risky Debt Claims
Peleg Sharon, Raviv Alon
Presenter: Raviv  Alon  Bar-Ilan University
Discussant: Weinrich  Gerd  Catholic University of the Sacred Heart, Milan
Relative Performance Banker Compensation and Systemic Risk
Albuquerque Rui, Guedes Jose, Cabral Luis
Presenter: Guedes  Jose  Catholic University of Portugal
Discussant: Maddaloni  Angela  European Central Bank
How Do Firms Weather Increasing Legal Risk: Some New Evidence
Oliviero Tommaso, Park Min, Zou Joe Hong
Presenter: Oliviero  Tommaso  University of Naples Federico II
Discussant: Romelli  Davide  University of Dublin
Session: E6

Monetary Policy and Central Banking

Chairperson: Gobbi  Giorgio  Bank of Italy
Location: Room 21
The Unemployment Effect of Central Bank Transparency
Weber Christoph
Presenter: Weber  Christoph  Friedrich-Alexander University Erlangen-Nürnberg
Discussant: Horvath  Balint  University of Bristol
What Determines the International Transmission of Monetary Policy through the Syndicated Loan Market?
Horvath Balint, Huizinga Harry, Demirguc-Kunt Asli
Presenter: Horvath  Balint  University of Bristol
Discussant: Kaszab  Lorant  Central Bank of Hungary
The Response of Asset Prices to Monetary Policy Shocks: Stronger Than Thought
Alessi Lucia, Kerssenfischer Mark
Presenter: Alessi  Lucia  European Commission - Joint Research Centre
Discussant: Oliveira  Vitor  Bank of Portugal and University of Lisbon
Investor Protection and Corporate Control
Tapia Matias
Presenter: Tapia  Matias  Central Bank of Chile and The Pontifical Catholic University of Chile
Discussant: Bulusu  Narayan  Bank of Canada
13:15 - 14:15

Lunch

14:15 - 15.00

Keynote speech: Viral Acharya

Professor of Finance, New York University, Stern School of Business, U.S.
15:00 - 16:30
Session: F1

Asset Pricing and Derivatives

Chairperson: Vitale  Paolo  G. d'Annunzio University
Location: Room 16
When Bubble Meets Bubble: Contagion in Oecd Countries
Gomez-Gonzalez Jose, Gamboa-Arbelaez Juliana, Hirs-Garzón Jorge, Pinchao-Rosero Andrés
Presenter: Gomez-Gonzalez  Jose  Central Bank of Colombia
Discussant: Di Tommaso  Caterina  University of Calabria
Robust Trading for Ambiguity-Averse Insiders
Vitale Paolo
Presenter: Vitale  Paolo  G. d'Annunzio University
Discussant: Burchi  Alberto  University of Perugia
When Options Market Disagrees
Goyenko Ruslan , Fournier Mathieu , Grass Gunnar
Presenter: Goyenko  Ruslan   McGill University
Discussant: Pelster  Matthias  Leuphana University
Session: F2

Investments

Chairperson: Cerqueti  Roy  University of Macerata
Location: Room 17
How Does the Eurozone Crisis Affect Securities Portfolios?
Kick Thomas, Onali Enrico, Ruprecht Benedikt, Schaeck Klaus
Presenter: Schaeck  Klaus  Lancaster University
Discussant: Rossi  Lorenza  University of Pavia
Improving the Risk Parity Approach to Portfolio Selection
Cesarone Francesco, Tardella Fabio
Presenter: Cesarone  Francesco  University of Rome III
Discussant: Isoré  Marlène  University of Helsinki and Bank of Finland
A Reliability Model For Option Theory
Cerqueti Roy, Spizzichino Fabio
Presenter: Cerqueti  Roy  University of Macerata
Discussant: Molinari  Massimo  Sapienza University of Rome
Session: F3
Chairperson: Roggi  Oliviero  University of Florence
Location: Room 18
Does Primary Sovereignty Risk Matter for Bank Fragility? Evidence from Albanian Banking System
Shijaku Gerti
Presenter: Shijaku  Gerti  Bank of Albania
Discussant: Giannozzi  Alessandro  University of Florence
Fire Sale Bank Recapitalizations
Mariathasan Mike, Bertsch Christoph
Presenter: Mariathasan  Mike  KU Leuven
Discussant: Fosu  Samuel  University of Birmingham
Do Macroprudential Policy Instruments Affect the Link Between Lending and Capital Ratio? – A Cross Country Evidence
Olszak Małgorzata, Roszkowska Sylwia, Kowalska Iwona
Presenter: Olszak  Małgorzata  University of Warsaw
Discussant: Ozhan  Galip Kemal  University of St Andrews
Session: F4
Chairperson: Bonfim  Diana  Bank of Portugal
Location: Room 19
Determinants of Bank’s Interest Margin in the Aftermath of the Crisis: the Effect of Interest Rates and the Yield Curve Slope
Cruz-García Paula, Fernández de Guevara Juan, Maudos Joaquín
Presenter: Cruz-García  Paula  University of Valencia
Discussant: Floreani  Josanco  University of Udine
The Market Implied Probability of Government Intervention in Distressed Banks
Neuberg Richard, Glasserman Paul, Kay Benjamin, Rajan Sriram
Presenter: Rajan  Sriram  United States Department of the Treasury
Discussant: Sist  Federica  LUMSA University
The Strategic Use of Market Power in Banking
Stentella Lopes Saverio, Pelliccia Marco
Presenter: Stentella Lopes  Saverio  Bangor University
Discussant: Bonfim  Diana  Bank of Portugal
Session: F5

Capital Structure and Corporate Finance

Chairperson: Francis  Bill  Rensselaer Polytechnic Institute
Location: Room 20
Fragmentation, Ex-post Uncertainty and Ipo Underpricing
Falconieri Sonia, Bennouri Moez , Weaver Daniel
Presenter: Falconieri  Sonia  City, University of London
Discussant: Francis  Bill  Rensselaer Polytechnic Institute
Do Corporate Managers Herd? Evidence from Cross-Border M&A
Vasileva Kristina, Faelten Anna, Chan Ka Kei
Presenter: Vasileva  Kristina  University of Westminster
Discussant: Morresi  Ottorino  University of Rome III
The Determinants of Bank Capital Structure: a European Study
Shaban Mais
Presenter: Shaban  Mais  University of Essex
Discussant: Vasileva  Kristina  University of Westminster
Session: F6

Financial Stability

This session is sponsored by Elsevier
Chairperson: Hasan  Iftekhar  Fordham University
Location: Room 21
Systemic Risk in Financial Markets: How Systemically Important are Insurers?
Kaserer Christoph, Klein Christian
Presenter: Klein  Christian  Technical University of Munich
Discussant: Murtinu  Samuele  University of Groningen
What’s the Value of a Tbtf guaranty? Evidence from the G-sii designation for insurance companies
Riddick Leigh , Dewenter Kathryn
Presenter: Riddick  Leigh   American University
Discussant: Nieri  Laura  University of Genoa
Systemic Risk in Clearing Houses: Evidence from the European Repo Market
Derrien Francois, Boissel Charles, Örs Evren, Thesmar David
Presenter: Derrien  Francois  HEC Paris
Discussant: Hasan  Iftekhar  Fordham University
Session: F7

New challenges for the future of Italian and European banks (Minerva Bancaria Award)

Chairperson: Di Giorgio  Giorgio  LUISS University
Location: 22
Measuring the Ecb’s Monetary Policy Stance: a "Media-Based Automated Approach"
Pesci Francesco
Presenter: Pesci  Francesco  Unicredit
Discussant: Marzioni  Stefano  Niccolò Cusano University and CASMEF LUISS
The Other Side of the Rules: an Alternative Way to Look at the 2014 Comprehensive Assessment
Orlandi Jacopo, Raponi Jacopo, Zito Giuseppe
Presenter: Zito  Giuseppe  LUISS University
Discussant: Ricci  Ornella  University of Rome III
From the Rescue of Banks to the Single Resolution Mechanism: Institutional and Empirical Analysis
Rotondi Zeno, Donato Luigi, Scognamiglio Alessabdro
Presenter: Rotondi  Zeno  Unicredit
Discussant: Curcio  Domenico  Università degli Studi di Napoli "Federico II"
16:30 - 18:00
Session: G1

Young Economists Session (YES award)

Chairperson: Ciciretti  Rocco  University of Rome Tor Vergata
Location: Room 16
Can Parents Protect Their Children? Risk Comparison Analysis between Stand-Alone Commercial Banks and Bank Holding Companies’ Affiliates
Ly Kim Cuong, Liu Frank Hong, Opong Kwaku
Presenter: Ly  Kim Cuong  University of Glasgow
Discussant: Ciciretti  Rocco  University of Rome Tor Vergata
Macroeconomic and Bank-Specific Determinants of Non-Performing Loans in Albania
Kola Fatmira
Presenter: Kola  Fatmira  University of Rome Tor Vergata
Discussant: Bussoli  Candida  LUM Jean Monnet University
Endogenous Political Connections
Carboni Marika, Fiordelisi Franco
Presenter: Carboni  Marika  University of Rome Tor Vergata
Discussant: Ferri  Giovanni  LUMSA University
Session: G2

Monetary Policy and Central Banking

Chairperson: Bertsch  Christoph  Sveriges Riksbank
Location: Room 17
Subjective Interest Rate Uncertainty and the Macroeconomy: a Cross-Country Analysis
Mouabbi Sarah, Klodiana Istrefi
Presenter: Mouabbi  Sarah  Bank of France
Discussant: Bertsch  Christoph  Sveriges Riksbank
Regional Banking Instability and Fomc Voting
Eichler Stefan, Lähner Tom, Noth Felix
Presenter: Lähner  Tom  Leibniz University of Hanover
Discussant: Isabella  Karasamani  Cyprus University of Technology and Durham University
Fed Liftoff and Subprime Loan Interest Rates: Evidence from the Peer-to-Peer Lending Market
Bertsch Christoph, Hull Isaiah, Zhang Xin
Presenter: Bertsch  Christoph  Sveriges Riksbank
Discussant: Oliviero  Tommaso  University of Naples Federico II
Session: G3

Banking

Chairperson: Pisani  Raoul  University of Trento
Location: Room 18
Bank-Affiliated Venture Capital: Portfolio Selection and Impact on Performance, Capital Structure and Exit
Murtinu Samuele, Cumming Douglas J.
Presenter: Murtinu  Samuele  University of Groningen
Discussant: Ricci  Ornella  University of Rome III
Financial Intermediation, Resource Allocation, and Macroeconomic Interdependence
Ozhan Galip Kemal
Presenter: Ozhan  Galip Kemal  University of St Andrews
Discussant: Cerqueti  Roy  University of Macerata
Banks' Risk Appetite in Residential Mortgage and Cross-Selling Policies: Evidence from the Euro Area
Filotto Umberto, Giannotti Claudio, Mattarocci Gianluca, Scimone Xenia
Presenter: Scimone  Xenia  University of Rome Tor Vergata
Discussant: Pisani  Raoul  University of Trento
Session: G4

Banking

Chairperson: Previati  Daniele Angelo  University of Rome III
Location: Room 19
The Market Reaction to the Antitrust Investigation in the Payment System Sector
Battaglia Francesca, Leonelli Lucia, Ricci Ornella
Presenter: Battaglia  Francesca  University of Naples "Parthenope"
Discussant: Caiazza  Stefano  University of Rome Tor Vergata
The Existence of Securities Bubbles and the Relative Banking Context
Sist Federica, Centoni Marco
Presenter: Sist  Federica  LUMSA University
Discussant: Shijaku  Gerti  Bank of Albania
Drive the Transition from Traditional to Direct Banking: an Empirical Study
Filotto Umberto, Caratelli Massimo, Fornezza Fabrizio
Presenter: Caratelli  Massimo  University of Rome III
Discussant: Battaglia  Francesca  University of Naples "Parthenope"
Session: G5

Banking

Chairperson: Olszak  Małgorzata  University of Warsaw
Location: Room 20
“Sorry, We're Closed" Loan Conditions when Due to Branch Closure Firms Transfer to another Bank
Bonfim Diana, Nogueira Gil, Ongena Steven
Presenter: Bonfim  Diana  Bank of Portugal
Discussant: Cruz-García  Paula  University of Valencia
Bank Opacity, Competition and Risk-Taking: Evidence from Analysts' Forecasts
Fosu Samuel, Ntim Collins G., Coffie William, Murinde Victor
Presenter: Fosu  Samuel  University of Birmingham
Discussant: Olszak  Małgorzata  University of Warsaw
The Relative Predictive Strength of Different Lending Technologies
Brighi Paola, Lucarelli Caterina, Venturelli Valeria
Presenter: Brighi  Paola  University of Bologna
Discussant: Pesci  Francesco  Unicredit
Session: G6

Financial Stability

This session is sponsored by Elsevier
Chairperson: Riddick  Leigh   American University
Location: Room 21
Financial Companies' Failures: Early Warning Information from Systematic and Systemic Risk Measures
Giannozzi Alessandro, Roggi Oliviero, Cipollini Fabrizio, Menchetti Fiammetta
Presenter: Giannozzi  Alessandro  University of Florence
Discussant: Riddick  Leigh   American University
The Stock Market Reaction to Macroeconomic Forces: the Case of Financial and non-Financial Sectors
Galloppo Giuseppe, Previati Daniele Angelo, Fiordelisi Franco
Presenter: Galloppo  Giuseppe  Tuscia University
Discussant: Mariathasan  Mike  KU Leuven
Credit Risk in European Banks: Does Effective Risk Management Matter?
Cucinelli Doriana , Di Battista Maria Luisa , Marchese Malvina , Nieri Laura
Presenter: Nieri  Laura  University of Genoa
Discussant: Stentella Lopes  Saverio  Bangor University
18:00 - 18:30

End of Conference and Farewell Drinks

Best papers awards will be announced during the farewell drink

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