The Fourth New York Fed/NYU Stern Conference on Financial Intermediation

Museum & Visits Regional Economy Data & Statistics Careers Blog Press Center

About the New York Fed
- About the New York Fed
- What We Do
- Who We Are
  - Bank Leadership
  - Diversity and Inclusion
- Communities We Serve
- Governance
- More About Us
- At the New York Fed, our mission is to make the U.S. economy stronger and the financial system more stable for all segments of society. We do this by executing monetary policy, providing financial services, supervising banks and conducting research and providing expertise on issues that impact the nation and communities we serve.
  
  The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
  
  Do you have a request for information and records? Learn how to submit it.
  
  Learn about the history of the New York Fed and central banking in the United States through articles, speeches, photos and video.
Markets & Policy Implementation

Economic Research
- Economic Research
- U.S. Economy
  - Consumer Expectations & Behavior
  - Growth & Inflation
  - Labor Market
  - Financial Stability
  - Banking
- REGIONAL ECONOMY
- RESEARCHERS
  - PUBLICATIONS
  - RESEARCH CENTERS
  - CALENDAR

Financial Institution Supervision
- Financial Institution Supervision
- Supervision & Regulation
  - Circulars
  - Regulations
- Reporting Forms & Instructions
  - Reporting Forms
  - Correspondence
- Bank Applications
- Consumer Protection
  - Community Reinvestment Act Exams
  - Frauds and Scams
- As part of our core mission, we supervise and regulate financial institutions in the Second District. Our primary objective is to maintain a safe and competitive U.S. and global banking system.
  
  The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
  
  Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
  
  The New York Fed works to protect consumers as well as provides information and resources on how to avoid and report specific scams.
Financial Services & Infrastructure
- Financial Services & Infrastructure
- Financial Services & Operations
- Financial Market Infrastructure & Reform
- The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
  
  The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
  
  The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
  
  The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
Community Development
& Education

The Fourth New York Fed/NYU Stern Conference on Financial Intermediation

November 14, 2008

A conference jointly sponsored by the Federal Reserve Bank of New York and the Salomon Center at New York University's Leonard N. Stern School of Business. Overview This one-day conference aims to promote and enhance the interaction among researchers interested in financial intermediation. Audience The conference is open to academics and other researchers in the fields of economics and finance. It is closed to the media. Conference Location Federal Reserve Bank of New York 33 Liberty Street New York, NY 10045 Conference Organizers Alexander Ljungqvist, New York University Hamid Mehran, Federal Reserve Bank of New York Stavros Peristiani, Federal Reserve Bank of New York Philipp Schnabl, New York University 2008 Program Committee Mark Carey, Board of Governors of the Federal Reserve System Victoria Ivashina, Harvard University Ross Levine, Brown University Massimo Massa, INSEAD Daniel Paravisini, Columbia University João Santos, Federal Reserve Bank of New York Philipp Schnabl, New York University Philip Strahan, Boston College Amir Sufi, University of Chicago

Registration Deadline November 7, 2008 Registration is closed.

Agenda


8:15 a.m.	Continental Breakfast

8:50 a.m	Welcoming Remarks Beverly Hirtle, Senior Vice President Financial Intermediation Function

9:00 a.m.	Competition and Specialization in Credit Markets Rebecca Zarutskie, Duke University, Fuqua School of Business Discussant: Philipp Schnabl, New York University, Stern School of Business

10:00 a.m.	Break

10:15 a.m.	Public Information and Coordination: Evidence from a Credit Registry Expansion Andrew Hertzberg, Columbia University, Graduate School of Business Jose Liberti, DePaul University, Graduate School of Business Daniel Paravisini, Columbia University, Graduate School of Business Discussant: Greg Nini, University of Pennsylvania, The Wharton School

11:15 a.m.	Internal Capital Markets: The Bright Side of Corporate Politics Martijn Cremers, Yale School of Management, International Center for Finance Rocco Huang, Federal Reserve Bank of Philadelphia Zacharias Sautner, University of Amsterdam, Finance Group Discussant: Andrew Hertzberg, Columbia University, Graduate School of Business

12:15 p.m.	Lunch

1:30 p.m.	A Gap-Filing Theory of Corporate Debt Maturity Choice Robin Greenwood, Harvard University Samuel Hanson, Harvard University Jeremy Stein, Harvard University and National Bureau of Economic Research Discussant: Mark Flannery, University of Florida

2:30 p.m.	Real Effects of the Subprime Mortgage Crisis: Is it a Demand or Finance Shock? Hui Tong, International Monetary Fund Shang-Jin Wei, Columbia University, Graduate School of Business Discussant: George Pennacchi, University of Illinois

3:30 p.m.	Break

4:00 p.m.	Bank Failures and the Cost of Systemic Risk: Evidence from 1900-1930 Paul Kupiec, Federal Deposit Insurance Corporation Carlos Ramirez, George Mason University, Department of Economics Discussant: Thomas Philippon, New York University, Stern School of Business

5:00 p.m	Reception