- , Federal Reserve Bank of Chicago

Wednesday, May 8

7:30 a.m.		Registration & Continental Breakfast
8:25 a.m.		Welcoming Remarks William C. Hunter, Senior Vice President and Director of Research, Federal Reserve Bank of Chicago
8:30 a.m.		Relationship Lending Moderator and Discussant Gregory F. Udell, Bank One Chair of Banking and Finance, Indiana University Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks Allen Berger, Board of Governors of the Federal Reserve System Nathan Miller, Board of Governors of the Federal Reserve System Mitchell Petersen, Northwestern University Raghuram Rajan, University of Chicago Jeremy Stein, Harvard University Building Relationships Early: Banks in Venture Capital Thomas Hellmann, Stanford University Laura Lindsey, Stanford University Manju Puri, Stanford University Distance, Lending Relationships, and Competition Hans Degryse, Catholic University of Leuven and Tilburg University Steven Ongena, Tilburg University
10:00 a.m.		Break
10:20 a.m.		The Impact of Regulation and Regulatory Practices Moderator and Discussant Jean-Charles Rochet, Institut d'Économie Industrielle (IDEI) (Institute of Industrial Economics), Université des Sciences Sociales (Toulouse University) Liquidity Shortages and Crises Douglas Diamond, University of Chicago Raghuram Rajan, University of Chicago Capital Requirements, Market Power, and Risk-Taking in Banking Rafael Repullo, Center for Monetary and Financial Studies and Center for Economic Policy Research Market Forces at Work in the Banking Industry: Evidence from the Capital Buildup of the 1990s (PDF,729KB) Mark J. Flannery, University of Florida Kasturi P. Rangan, Case Western Reserve University
12:00 p.m.		Luncheon
1:20 p.m.		Banking Strategies Moderator and Discussant Mike Fishman, Northwestern University The Effects of Focus and Diversification on Bank Risk and Return: Evidence from Individual Bank Loan Portfolios (PDF,1.7MB) Viral V. Acharya, London Business School Iftekhar Hasan, New Jersey Institute of Technology Anthony Saunders, New York University Legal Risk as a Determinant of Syndicate Structure in the Project Finance Loan Market (PDF,164KB) Benjamin C. Esty, Harvard Business School William L. Megginson, The University of Oklahoma Do Banks Strategically Time Public Bond Issuance to Manipulate the Accompanying Disclosure, Due Diligence, and Investor Scrutiny? (PDF,414KB) Daniel Covitz, Board of Governors of the Federal Reserve System Paul Harrison, Board of Governors of the Federal Reserve System Price Ceilings as Focal Points for Tacit Collusion: Evidence from Credit Cards (PDF,374KB) Christopher Knittel, Boston University Victor Stango, Federal Reserve Bank of Chicago
3:10 p.m.		Break
3:30 p.m.		Optimal Regulatory Policies Moderator and Discussant Charles W. Calomiris, Columbia University Deposit Insurance, Moral Hazard, and Market Monitoring Reint Gropp, European Central Bank Jukka Vesala, European Central Bank A Real Options Approach to Bankruptcy Costs: Evidence from Failed Commercial Banks during the 1990s (PDF,375KB) Joseph Mason, Drexel University Moral Hazard and Optimal Subsidiary Structure for Financial Institutions Charles Kahn, University of Illinois at Urbana-Champaign Andrew Winton, University of Minnesota
5:15 p.m.		Reception
Thursday, May 9

7:00 a.m.		Registration
8:15 a.m.		Welcoming Remarks Michael Moskow, President and Chief Executive Officer Federal Reserve Bank of Chicago
8:25 a.m.		September 11th: Implications for the Financial Services Sector Moderator Robert Yohanan, Managing Director and Chief Executive Officer, First Bank & Trust; and Director, Federal Reserve Bank of Chicago Roger Ferguson, Governor, Board of Governors of the Federal Reserve System Alice Fisher, Deputy Assistant Attorney General, U.S. Department of Justice Alexander C. Frank, Managing Director and Global Treasurer, Morgan Stanley Dean Witter, Inc.
9:45 a.m.		Break
10:10 a.m.		Conference Theme Panel: Financial Market Behavior and Appropriate Regulation over the Business Cycle Moderator William C. Hunter, Senior Vice President and Director of Research, Federal Reserve Bank of Chicago Changes In Risk Through Time: Measurement and Policy Response (PDF,8KB) Charles Goodhart, Norman Sosnow Professor of Banking and Finance, London School of Economics Sean Ryan, Managing Director, Fulcrum Global Partners Taking Care With Capital Rules: Why Getting Them Right Matters So Much (PDF,11KB) Karen Shaw Petrou, Managing Partner, Federal Financial Analytics Richard Spillenkothen, Director of Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System
12:05 p.m.		Luncheon Moderator Robert J. Darnall, Chairman, Prime Advantage Chicago; and Director, Federal Reserve Bank of Chicago Keynote John D. Hawke, Jr., Comptroller of the Currency
1:50 p.m.		Bank Capital Reform: Current Status and Open Issues Moderator George Kaufman, John F. Smith, Jr. Professor of Economics and Finance, Loyola University Chicago Nicholas Le Pan, Canadian Superintendent of Financial Institutions and Head, Basel Capital Accord Implementation Group Capital Regulation: Full Speed Capital Regulation:Full Speed Ahead on the Wrong Track (PDF,37KB) Richard J. Herring, Jacob Safra Professor of International Banking, The Wharton School, University of Pennsylvania Michael Ong, Executive Vice President and Chief Risk Officer, Crédit Agricole Indosuez Quantification of Operational Risk (PPT,84KB) Eric Rosengren, Senior Vice President, Federal Reserve Bank of Boston
3:40 p.m.		Break
4:00 p.m.		Concurrent Sessions Session A: Regulatory Structure and Practices Moderator Hesna Genay, Federal Reserve Bank of Chicago What are the Advantages and Disadvantages of Having Responsibility for Macroeconomic Policy and Bank Regulation Combined within a Single Agency? (PPT,89KB) Ron Feldman, Federal Reserve Bank of Minneapolis Jangyroul Kim, Federal Reserve Bank of Minneapolis Preston Miller, Federal Reserve Bank of Minneapolis Jason Schmidt, Federal Reserve Bank of Minneapolis Does Monetary Policy Affect the Central Bank's Role in Bank Supervision? (PDF,302KB) Vasso P. Ioannidou, Tilburg University Is Three a Crowd? Competition among Regulators (PDF,180KB) Richard Rosen, Indiana University Session B: (De)Regulation and Consumer Welfare Moderator James T. Moser, Federal Reserve Bank of Chicago Are Mergers Beneficial to Consumers? (PDF,258KB) Dario Focarelli, Bank of Italy Fabio Panetta, Bank of Italy Does the Community Reinvestment Act (CRA) Cause Banks to Provide a Subsidy to Some Mortgage Borrowers? Glenn Canner, Board of Governors of the Federal Reserve System Elizabeth Laderman, Federal Reserve Bank of San Francisco Andreas Lehnert, Board of Governors of the Federal Reserve System Wayne Passmore, Board of Governors of the Federal Reserve System Who is Unbanked and Why? (PDF,77KB) Todd Vermilyea, Office of the Comptroller of the Currency James A. Wilcox, University of California, Berkeley
5:45 p.m.		Reception
Friday, May 10

7:30 a.m.		Continental Breakfast
8:45 a.m.		Welcoming Comments Michael Moskow, President and Chief Executive Officer Federal Reserve Bank of Chicago Michael Moskow's Introduction of Alan Greenspan
9:00 a.m.		Keynote Address Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System
9:50 a.m.		Break
10:20 a.m.		Concurrent Sessions Session C: Geographic Expansion and Market Concentration in Banking Moderator Elijah Brewer III, Federal Reserve Bank of Chicago Technological Progress and the Geographic Expansion of the Banking Industry Allen N. Berger, Board of Governors of the Federal Reserve System Robert DeYoung, Federal Reserve Bank of Chicago Market Concentration and Loan Portfolios in Commercial Banking Daniel Bergstresser, Massachusetts Institutes of Technology Does Bank Concentration Lead to Concentration in Industrial Sectors? (PDF,207KB) Nicola Cetorelli, Federal Reserve Bank of Chicago Session D: Bank Behavior and Macroeconomic Activity Moderator Mark Carey, Board of Governors of the Federal Reserve System Bank Integration and Business Volatility Donald P. Morgan, Federal Reserve Bank of New York Bertrand Rime, Swiss National Bank Philip E. Strahan, Boston College Do Borrowers' Financial Constraints Amplify the Impact of Monetary Policy? (PDF,163KB) Adam B. Ashcraft, Federal Reserve Bank of New York Murillo Campello, Michigan State University The Credit Cycle and the Business Cycle: New Findings Using the Survey of Senior Loan Officers (PDF,183KB) Cara S. Lown, Federal Reserve Bank of New York Donald P. Morgan, Federal Reserve Bank of New York
12:00 p.m.		Luncheon Presentation Moderator Michael Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago Keynote Donald E. Powell, Chairman, Federal Deposit Insurance Corporation
1:55 p.m.		Resolving Large Complex Financial Organizations Moderator Robert R. Bliss, Federal Reserve Bank of Chicago John Bovenzi, Deputy to the Chairman and Chief Operating Officer, Federal Deposit Insurance Corporation Mark Harding, Partner, Clifford Chance LLP Paul Wright, Head of Department in the Major Financial Groups Division, Financial Services Authority (UK) Robert Pickel, Executive Director and Chief Executive Officer, International Swaps and Derivatives Association, Inc. (ISDA) Kenneth Scott, Ralph M. Parsons Professor of Law and Business, Emeritus, Stanford Law School

Financial Market Behavior and Appropriate Regulation over the Business Cycle