Corporate Finance of Financial Intermediaries - FEDERAL RESERVE BANK of NEW YORK

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Corporate Finance of Financial Intermediaries

September 29 and 30, 2006

A conference jointly sponsored by the Federal Reserve Bank of New York, the Wharton Financial Institutions Center of the University of Pennsylvania, and the Review of Financial Studies. Overview The goal of the conference is to promote a better understanding of corporate decisions at the intermediary level. This understanding in turn may help regulators promote efficiency and financial stability. Seating is very limited; attendance is by invitation only.Conference Location The Wharton School, University of Pennsylvania Philadelphia, Pennsylvania Conference Organizers Franklin Allen, University of Pennsylvania Hamid Mehran, Federal Reserve Bank of New York Maureen O’Hara, Cornell University

Program


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Friday, September 29

7:30 a.m.	Continental Breakfast

8:10 a.m.	Welcoming Remarks

Session 1:	Credit Market and Corporate Decisions Chair: Kose John, New York University

8:15 a.m.	Credit Market Competition and Capital Regulation

		Speakers: Franklin Allen, University of Pennsylvania Elena Carletti, University of Frankfurt Robert Marquez, Arizona State University
	Discussant: Anjan Thakor, Washington University in St. Louis

9:15 a.m.	Asset-Backed Securities: Costs and Benefits of “Bankruptcy Remoteness”

	Speakers: Kenneth M. Ayotte, Columbia University Stav Gaon, Columbia University
	Discussant: Robert Marquez, Arizona State University

10:15 a.m.	Break

Session 2:	Relationship Lending Chair: Franklin Allen, University of Pennsylvania

10:35 a.m.	International Evidence on Relationship and Transactional Banks as Delegated Monitors

	Speakers: Kathryn L. Dewenter, University of Washington Alan C. Hess, University of Washington Discussant: Mark Flannery, University of Florida

11:35 a.m.	Lending Relationships and Loan Contract Terms: Does Size Matter?

	Speakers: Sreedhar Bharath, University of Michigan Sandeep Dahiya, Georgetown University Anthony Saunders, New York University Anand Srinivasan, National University of Singapore Discussant: Douglas Diamond, University of Chicago

12:35 p.m.	Lunch

Session 3:	Consolidation and Corporate Policies Chair: Mark Flannery, University of Florida

1:45 p.m.	The Effect of Bank Mergers on Loan Prices: Evidence from the U.S.

	Speaker: Isil Erel, Ohio State University Discussant: Steven Drucker, Columbia University

2:45 p.m.	Are Acquisitions an Operational Hedge? The Interaction of Financial and Operational Hedging

	Speaker: Kristine Watson Hankins, University of Kentucky Discussant: Kose John, New York University

2:45 p.m.	Break

Session 4:	Corporate Governance and Control Chair: Maureen O’Hara, Cornell University

3:15 p.m.	Corporate Governance, Regulation, and Bank Risk Taking

	Speakers: Luc Laeven, International Monetary Fund Ross Levine, Brown University Discussant: Haluk Unal, University of Maryland

4:15 p.m.	Does Banks’ Corporate Control Benefit Firms? Evidence from U.S. Banks’ Control over Firms’ Voting Rights

	Speakers: João A. C. Santos, Federal Reserve Bank of New York Kristin E. Wilson, Harvard University Discussant: Manju Puri, Duke University

6:30 p.m.	Reception and Dinner Distinguished Speaker: Anthony M. Santomero, McKinsey & Company

Saturday, September 30

7:45 a.m.	Continental Breakfast

Session 5:	Relationship Lending and Certification Chair: Richard Herring, University of Pennsylvania

8:30 a.m.	What You Sell Is What You Lend? Explaining Trade Credit Contracts

	Speakers: Mike Burkart, Stockholm School of Economics Tore Ellingsen, Stockholm School of Economics Mariassunta Giannetti, Stockholm School of Economics Discussant: Ronald Masulis, Vanderbilt University

9:30 a.m.	The Real Effects of Debt Certification: Evidence from the Introduction of Bank Loan Ratings

	Speaker: Amir Sufi, University of Chicago Discussant: Anthony Saunders, New York University

10:30 a.m.	Break

10:50 a.m.	The Dark Side of Bank-Firm Relationships: The (Market) Liquidity Impact of Bank Lending

	Speakers: Nishant Dass, INSEAD Massimo Massa, INSEAD Discussant: Adriano Rampini, Duke University

12:00 p.m.	Lunch and Adjournment

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