Disclosure, Transparency, and Financial Reporting in the Financial Services Industry

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Disclosure, Transparency, and Financial Reporting in the Financial Services Industry



September 20-21, 2012

Agenda



Thursday, September 20


8:00 a.m.	Continental Breakfast

8:45 a.m.	Welcoming Remarks, Jamie McAndrews, Executive Vice President and Director of Research, Federal Reserve Bank of New York

Session 1: Economic Consequences of Financial Reporting Session Chair: Abbie Smith, University of Chicago
9:00 a.m.	Delayed Expected Loss Recognition and the Risk Profile of Banks Robert Bushman, University of North Carolina Christopher Williams, University of Michigan Discussant: Mitchell Petersen, Northwestern University

9:55 a.m.	The Implications of Banks' Credit Risk Modeling Disclosures for Their Loan Loss Provision Timeliness and Loan Origination Procyclicality Gauri Bhat, Washington University at St. Louis Stephen Ryan, New York University Dushyantkumar Vyas, University of Minnesota Discussant: Anne Beatty, Ohio State University

10:50 a.m.	Break

11:10 a.m.	Mark-to-Market Accounting and Information Asymmetry in Banks Ray Ball, University of Chicago Sudarshan Jayaraman, Washington University at St. Louis Lakshmanan Shivakumar, London Business School Discussant: Robert McDonald, Northwestern University

12:15 p.m.	Lunch

Session 2: Information, Bank Regulation, and Supervision Session Chair: Hamid Mehran, Federal Reserve Bank of New York
1:25 p.m.	Information Disclosure and Fundamental Disagreement: Implications for Financial and Non-Financial Firms Anjan V. Thakor, Washington University at St. Louis Discussant: Martin Oehmke, Columbia University

2:20 p.m.	The Relation between Bank Resolutions and Information Environment: Evidence from the Auctions for Failed Banks João Granja, University of Chicago Discussant: James Vickery, Federal Reserve Bank of New York

3:15 p.m.	Break

3:35 p.m.	Inconsistent Regulators: Evidence from Banking Sumit Argarwal, Federal Reserve Bank of Chicago David Lucca, Federal Reserve Bank of New York Amit Seru, University of Chicago Francesco Trebbi, University of British Columbia Discussant: Adam Ashcraft, Federal Reserve Bank of New York

Session 3: Disclosure Panel Discussion Session Chair: Kevin Stiroh, Federal Reserve Bank of New York
4:30 p.m.	Panelists: Betsy Graseck, Morgan Stanley Darryll Hendricks, UBS John McDonald, Sanford Bernstein Jeffrey Rosenberg, BlackRock Douglas Simons, Credit-Suisse

6:15 p.m.	Reception



Friday, September 21


Session 4: Stress Tests and Supervisory Disclosure Session Chair: Beverly Hirtle, Federal Reserve Bank of New York
8:00 a.m.	Continental Breakfast

8:40 a.m.	Overview of Stress Tests Beverly Hirtle

8:55 a.m.	Should Banks' Stress Test Results Be Disclosed? An Analysis of the Costs and Benefits Itay Goldstein, University of Pennsylvania Haresh Sapra, University of Chicago Discussant: Tano Santos, Columbia University

9:50 a.m.	Capital Market Consequences of EU Bank Stress Tests Atif Ellahie, London Business School Discussant: Til Schuermann, Oliver Wyman

10:45 a.m.	Break

11:00 a.m.	Mandatory Supervisory Disclosure, Voluntary Disclosure, and Risk-Taking of Financial Institutions: Evidence from the EU-Wide Stress-Testing Exercises Jannis Bischof, University of Mannheim Holger Daske, University of Mannheim Discussant: Luc Laeven, International Monetary Fund

12:00 p.m.	Lunch and Adjournment