Keynotes:

 

 

 

Douglas M. Gale, New York University

Douglas M. Gale is the Research Director of the Brevan Centre for Financial Analysis at Imperial College Business School and Silver Professor and Professor of Economics at New York University, where he has also served as chairman of the Department of Economics. He has taught at the University of Cambridge, where he obtained his PhD, and at the London School of Economics, the University of Pennsylvania and MIT. He was made a Fellow of the Econometric Society in 1987, was an Extraordinary Fellow of Churchill College, Cambridge from 2003-06, and is currently a Senior Fellow of the Financial Institutions Center at the Wharton School. He has served on the editorial boards of Econometrica, Economic Theory, Journal of Economic Theory, Journal of Mathematical Economics, Macroeconomic Dynamics, Games and Economic Behavior, and the Review of Economic Studies. His current research interests include the general equilibrium theory; financial economics; experimental economics and theories of bounded rationality. He is the author of several books, including Understanding Financial Crises (co-authored with Franklin Allen), and a large number of articles in leading journals on economic theory and financial economics.


 

 

 

Marco Pagano, University of Naples Federico II and CEPR

Marco Pagano is Professor of Finance at University of Naples Federico II, President of the Einaudi Institute for Economics and Finance (EIEF), and Director of the Centre for Studies in Economics and Finance (CSEF). He holds a B.A. from Cambridge University and a Ph.D. from MIT. From 2004 to 2011 he was managing editor of the Review of Finance, and in 2011 received an ERC Advanced Grant for a 5-year project on “Finance and Labor”. Currently he chairs the Advisory Scientific Committee of the European Systemic Risk Board (ESRB). His research focuses on banking, corporate finance and market microstructure.


 

 

 

George G. Pennacchi, University of Illinois

George G. Pennacchi is the IBE Professor of Finance at the University of Illinois at Urbana-Champaign. He is also a Research Associate at the Federal Reserve Bank of Cleveland and a Senior Fellow at the Federal Deposit Insurance Corporation’s Center for Financial Research. His research focuses on financial intermediaries and the valuation of fixed-income securities and government guarantees. He has served as President of the Financial Intermediation Research Society, the Managing Editor of the Journal of Financial Intermediation, and an editorial board member of the Journal of Finance, the Journal of Financial and Quantitative Analysis, the Journal of Financial Services Research, the Journal of Money, Credit and Banking, the Review of Financial Studies, and Management Science. His consulting experience includes work for the U.S. Office of Management and Budget, the World Bank, the International Monetary Fund, and the Federal Reserve Board of Governors. He has been a visiting professor at Università Bocconi and was a member of the finance faculty at the Wharton School of the University of Pennsylvania. Mr. Pennacchi received a Sc.B. degree in applied mathematics from Brown University in 1977 and a Ph.D. in economics from the Massachusetts Institute of Technology in 1984.

 

 

 

Amir Sufi, Booth School of Business, University of Chicago

Amir Sufi is the Bruce Lindsay Professor of Economics and Public Policy at the University of Chicago Booth School of Business. He is also a Research Associate at the National Bureau of Economic Research. He serves as an associate editor for the American Economic Review and the Quarterly Journal of Economics.

Professor Sufi's research focuses on finance and macroeconomics. He has articles published in the American Economic Review, the Journal of Finance, and the Quarterly Journal of Economics. His recent research on household debt and the economy has been profiled in the Economist, the Financial Times, the New York Times, and the Wall Street Journal. It has also been presented to policy-makers at the Federal Reserve, the Senate Committee on Banking, Housing, & Urban Affairs, and the White House Council of Economic Advisors. This research forms the basis of his book co-authored with Atif Mian: House of Debt: How They (and You) Caused the Great Recession and How We Can Prevent It from Happening Again, which was published by the University of Chicago Press in 2014.

Sufi earned a PhD in economics from the Massachusetts Institute of Technology, and joined the Chicago Booth faculty in 2005.

 

 

 

Speakers:

 


 

Leif B. Andersen, Bank of America Merrill Lynch

Leif B. G. Andersen is the Global Co-Head of the Quantitative Strategies Group at Bank of America Merrill Lynch. He holds MCs in Electrical and Mechanical Engineering from the Technical University of Denmark, an MBA from University of California at Berkeley, and a Ph.D. in Finance from Aarhus Business School. He was the co-recipient of Risk Magazine's 2001 Quant of the Year Award, and has worked for more than 20 years as a quantitative researcher in the derivatives pricing and risk management areas. He has authored influential research papers and books in all areas of quantitative finance, and is an associate editor of Journal of Computational Finance.

 

 

 

Victoria Ivashina, Harvard Business School

Victoria Ivashina is a Professor in the Finance Unit at Harvard Business School, a faculty research fellow at the National Bureau of Economic Research, and a visiting scholar at the Federal Reserve Bank of Boston and the European Central Bank. She also serves on the editorial boards of the Review of Financial Studies, the Review of Corporate Finance Studies, and the Journal of Financial Intermediation.


Professor Ivashina’s research is in applied corporate finance, with a focus on credit markets, financial institutions, and private equity. Professor Ivashina has made numerous presentations to academic and practitioner audiences. Her research has appeared in leading academic journals including the Quarterly Journal of Economics, the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the American Economic Review, and the Journal of Monetary Economics and has been covered in prominent media outlets including The Economist, The Wall Street Journal, and Financial Times. Professor Ivashina was awarded Harvard Business School’s Berol Fellowship and Hellman Family Fellowship for research excellence.


Professor Ivashina holds a Ph.D. in Finance from the Leonard N. Stern School of Business, New York University (2006) and a B.A. in Economics from Pontificia Universidad Católica del Perú (1998). Before beginning her doctoral studies, she worked at the Superintendency of Banks and Insurance of the Peruvian Ministry of Finance.
Professor Ivashina currently teaches Private Equity Finance, a second-year course in Harvard Business School’s MBA program.

 

 

 

 

 

 

Erwan Morellec, École Polytechnique Fédérale de Lausanne and CEPR

Erwan Morellec is Swiss Finance Institute professor and professor of finance at EPFL (Swiss Federal Institute of Technology), Switzerland. Formerly on the faculties of the University of Rochester (USA) and of the University of Lausanne (Switzerland), he holds a Ph.D. in finance from HEC Paris. He is the head of the Swiss Finance Institute (SFI) doctoral program, a CEPR research fellow, and a member of the Finance Theory Group. He has research interests in banking and corporate finance with a specific focus on financing decisions, credit risk, liquidity management and risk management. His papers have been published in a variety of academic journals including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Review of Finance, and the Journal of Economic Theory. He has received several research and teaching awards.

 

 

 

 

Kjell G. Nyborg, University of Zürich and CEPR

Professor Kjell G. Nyborg currently holds a Chair in Finance at the Department of Banking and Finance at the University of Zurich. He is also a Senior Chair of the Swiss Finance Institute and a Research Fellow of the CEPR.
He was educated at the University of Chicago (S.B.) and Stanford University (Ph.D). His recent work focuses on issues relating to liquidity and collateral, as, for example, represented by his forthcoming book on central bank collateral frameworks on Cambridge University Press.

 

 

 

Martin Oehmke, Columbia Business School

Martin Oehmke is the Roger F. Murray Associate Professor of Finance at Columbia Business School and a visiting Associate Professor of Finance at LSE. His research interests are in financial economics, financial intermediation theory, and corporate finance theory. In recent work, published in the Journal of Finance and the Review of Financial Studies, he has examined the maturity structure of financial institutions, the economics of credit default swap markets, and the bankruptcy treatment of derivative contracts. In his current work, he focuses on the efficient resolution of global banks. He received his PhD in economics from Princeton. He has won several awards for his work, including the Brattle Group Distinguished Paper awarded by the Journal of Finance.

 

 

Motohiro Yogo, Princeton University

Motohiro Yogo is a professor of economics at Princeton University and a research associate of the NBER. Prior to joining Princeton in 2015, he was a research economist at the Federal Reserve Bank of Minneapolis and taught finance at Wharton. He earned a Ph.D. in economics from Harvard in 2004 and an A.B. summa cum laude from Princeton in 2000.His fields of expertise are financial economics, insurance, and econometrics. His current research is on the implications of institutional demand for asset prices and on risk and regulation of the insurance industry. He has published in various economics and finance journals including American Economic Review, Econometrica, Journal of Political Economy, Journal of Finance, Journal of Financial Economics, and Review of Financial Studies

He has received various awards for his work including the Richard A. Crowell Memorial Prize, the Roger F. Murray Prize, Swiss Finance Institute Outstanding Paper Award, and the Zellner Thesis Award in Business and Economic Statistics.

 

 

Discussants:

 

 

 

Morten Linnemann Bech, Bank for International Settlements (BIS)

Morten Bech joined the BIS in mid-2011. Before taking up his current assignment in 2016, he held the position of Secretary to the Markets Committee, with responsibility for coordinating and contributing to the activities of the Committee and its various working groups. He previously worked for the Federal Reserve Bank of New York and the Danish central bank. In 2009, he was a visitor at the Monetary Affairs Division of the Federal Reserve Board in Washington DC. He holds a PhD in economics from the University of California, Santa Barbara. He has written on different issues relating to monetary policy implementation, money markets, network topology of financial markets, large-value payment systems and systemic risk.

 

 

 

Ulrich Bindseil, European Central Bank (ECB)

Ulrich Bindseil is the Director General of the ECB’s Directorate General Market Operations since May 2012. Previously he had been Deputy Director General, head of the ECB's Risk Management Division and the ECB’s Liquidity Management Section. The ECB’s DG Market Operations is responsible for implementing monetary policy (Eurosystem credit operations, collateral framework, asset purchase programmes, etc.) and for the management of the ECB’s foreign reserves and investment portfolios. He chairs the ECB’s Market Operations Committee, the ECB’s Money Market Contact Group and the ECB’s Bond Market Contact Group. He is a member of two BIS committees, the Markets Committee and the Committee on the Global Financial System (CGFS).

Ulrich has joined central banking in 1994, namely in the Economics Department of the Deutsche Bundesbank, after his Economics studies. His publications include: Monetary policy implementation (Oxford University Press, 2004); Risk Management for Central Banks and Other Public Investors (editor, together with F. González and E. Tabakis, Cambridge University Press, 2009), Monetary Policy Operations and the Financial System (2014, Oxford University Press).

 

 

David Lando, Copenhagen Business School and CEPR

David Lando is Professor of Finance at Copenhagen Business School and Director of the Center for Financial Frictions (FRIC) funded by the Danish National Research Foundation. He holds a Master's degree from the joint Mathematics-Economics program at the University of Copenhagen and a PhD in Statistics from Cornell University. His main area of research in finance is credit risk modelling and risk management and some of his work has appeared in Econometrica, Journal of Financial Economics and Review of Financial Studies. He is the author of a monograph on credit risk modeling published by Princeton University Press. He has been a visiting scholar at among other places Princeton University, the Federal Reserve Board in Washington, The Federal Reserve Bank of New York. Before joining the Copenhagen Business School, he was a professor at the Department of Applied Mathematics and Statistics at the University of Copenhagen.

 

 

 

Kristian Miltersen, Copenhagen Business School

Kristian R. Miltersen is professor of Finance at Copenhagen Business School, Denmark. Formerly Storebrand professor of Finance at Norwegian School of Economics and Danske Bank professor of Finance at Southern University of Denmark. He holds a Ph.D. in finance from Odense University in Denmark.  He has spent more than four years in the US on research stays at UCLA, Stanford, and Cornell Universities.  He has published work in fixed income modeling, commodity and energy markets, life-insurance and pension, R&D investments, real options, and dynamic capital structure modeling.  His current research interests focuses on dynamic models in corporate finance and credit risk.  His papers have been published in a variety of academic journals including the Journal of Finance, the Journal of Financial and Quantitative Analysis, Review of Finance, and Journal of Corporate Finance.

 

 

 

 

José-Luis Peydró, Universitat Pompeu Fabra, CREI and Barcelona GSE, CEPR

José-Luis Peydró is ICREA Professor of Economics at UPF, Barcelona GSE Research Professor and Research Associate of CREI. He is also Research Fellow of CEPR. Professor Peydró is Associate Editor of the Review of Finance (the journal of the European Finance Association). He is a member of the European Systemic Risk Board's Advisory Scientific Committee, has been an advisor to the Bank of Spain's Financial Stability Department since 2011, and consulted other central banks and international organizations since 2011. José Luis has written a book with Xavier Freixas and Luc Laeven on Systemic Risk, Crises and Macroprudential Policy, MIT Press, June 2015, and has published in top academic journals such as Review of Financial Studies, Journal of Financial Economics, Journal of Finance, American Economic Review, Econometrica and Journal of Political Economy. In 2015, he received a Consolidator Grant from the European Research Council (ERC) to study the persistence effects of financial crises.

 

 

 

Martin Summer, Austrian Central Bank (OeNB)

Martin Summer is head of the economic studies division at the Austrian Central Bank
(OeNB). Before he joined OeNB in 2000 he worked as a lecturer at University of Vienna,
University of Birmingham and the University of Regensburg. He has also worked as a visiting
researcher at the Bank of England and the Financial Markets Group of the London School of
Economics and as an academic advisor to the Bank of England. His research interests are
Banking Regulation and Systemic Risk, Financial Stability and Financial Economics. He
holds a PhD in economics from the University in Vienna.

 

 

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