- , Federal Reserve Bank of Chicago

Wednesday, May 7

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.		Corporate Governance: Management, Investors, and Analysts Moderator and Discussant Luigi Zingales, Robert C. McCormack Professor of Entrepreneurship and Finance, University of Chicago CEO Incentives and Earnings Management: Evidence from the 1990s Daniel Bergstresser, Harvard Business School Thomas Philippon, Massachusetts Institute of Technology Analysts' Weighting of Private and Public Information Qi Chen, Duke University Wei Jiang, Columbia University Which Investors Fear Expropriation? Evidence from Investors' Stock Picking Mariassunta Giannetti, Stockholm School of Economics Andrei Simonov, Stockholm School of Economics
10:00 a.m.		Break
10:20 a.m.		Bank Merger/Acquisition Effects Moderator and Discussant Richard J. Rosen, Indiana University Bank Mergers, Competition and Liquidity Elena Carletti, University of Mannheim Philipp Hartmann, European Central Bank Giancarlo Spagnolo, University of Mannheim Winners or Losers? The Effects of Banking Consolidation on Corporate Borrowers (PDF,160KB) Emilia Bonaccorsi di Patti, Bank of Italy Giorgio Gobbi, Bank of Italy Does Bank Competition Affect How Much Firms Can Borrow? New Evidence from the U.S. (PDF,425KB) Rebecca Zarutskie, Massachusetts Institute of Technology
12:00 p.m.		Luncheon
1:20 p.m.		Basel 2, Pillar 3: Striving for Safety and Soundness in the Financial System Moderator and Discussant Donald P. Morgan, Federal Reserve Bank of New York The Three Pillars of Basel II: Optimizing the Mix Jean-Charles Rochet, Toulouse University Jean-Paul DeCamp, Universite des Sciences Sociales Benoit Roger, Universite des Sciences Sociales Market Discipline, Disclosure and Moral Hazard in Banking (PDF,163KB) Erlend Nier, Bank of England Ursel Baumann, Bank of England Getting the Most Out of a Mandatory Subordinated Debt Joseph G. Haubrich, Federal Reserve Bank of Cleveland Rong Fan, Case Western Reserve University Peter Ritchken, Case Western Reserve University James B. Thomson, Federal Reserve Bank of Cleveland Using Securities Market Information for Supervisory Monitoring John Krainer, Federal Reserve Bank of San Francisco Jose Lopez, Federal Reserve Bank of San Francisco
3:10 p.m.		Break
3:30 p.m.		Bank Lending Behavior Moderator and Discussant Mark S. Carey, Board of Governors of the Federal Reserve System The Institutional Memory Hypothesis and the Procyclicality of Bank Lending Behavior Allen N. Berger, Board of Governors of the Federal Reserve System Gregory F. Udell, Indiana University Loan Characteristics and Credit Risk Gabriel Jimenez, Bank of Spain Jesus Saurina, Bank of Spain Politicians and Banks: Political Influences on Government-Owned Banks in Emerging Countries Serdar Dinc, University of Michigan Business School
5:15 p.m.		Reception
Thursday, May 8

7:00 a.m.		Registration
8:15 a.m.		Welcoming Remarks Michael H. Moskow, President and Chief Executive Officer Federal Reserve Bank of Chicago
8:30 a.m.		Keynote Address Alan Greenspan, Chairman Board of Governors of the Federal Reserve System Corporate Governance
9:25 a.m.		Break
9:50 a.m.		Conference Theme Panel: Corporate Governance: Implications for Financial Services Firms William C. Hunter, Senior Vice President and Director of Research, Federal Reserve Bank of Chicago Susan Schmidt Bies, Governor, Board of Governors of the Federal Reserve System Elizabeth A. Duke, Vice Chairman, American Bankers Association, and Senior Vice President, South Trust Corporation Randall S. Kroszner, Member, President's Council of Economic Advisors and University of Chicago Katherine Schipper, Board Member, Financial Accounting Standards Board Kenneth Scott, Ralph M. Parsons Professor of Law and Business, Emeritus, Stanford Law School
12:10 p.m.		Luncheon James Dimon, Chairman and Chief Executive Officer, Bank One Corporation
1:45 p.m.		Financial Services Regulatory and Legislative Agenda Items Thomas M. Hoenig, President and Chief Executive Officer, Federal Reserve Bank of Kansas City Fred H. Cate, Distinguished Professor and Ira. C. Batman Faculty Fellow, Indiana University School of Law Gary H. Stern, President and Chief Executive Officer, Federal Reserve Bank of Minneapolis
3:10 p.m.		Break
3:35 p.m.		Future Directions for Financial Markets Assessing the Profitability and Riskiness of Small Business Lenders in the Banking Industry(PDF,324KB) James W. Kolari, Texas A&M University Scale Economies, Bank Mergers, and Electronic Payments Bent Vale, Norges Bank David Humphrey, Florida State University The Cost Structure and Efficiency of Mutual Funds: Implications for Funded, Individual Retirement Accounts Gary D. Ferrier, University of Arkansas James H. Smalhout, Washington DC-Based Financial Writer
5:45 p.m.		Reception
Friday, May 9

7:30 a.m.		Continental Breakfast
8:30 a.m.		Concurrent Sessions Session A: Banking Relationships and Corporate Behavior Does the Source of Capital Affect Capital Structure? (PDF,100KB) Michael Faulkender, Washington University in St. Louis Mitchell A. Petersen, Northwestern University Bank Ties and Bond Market Access: Evidence on Investment-Cash Flow Sensitivity in Japan (PDF,653KB) Patrick M. McGuire, Bank for International Settlements The Role of Reputation Scope Economies in Bank Underwriting (PDF,234KB) Rajesh Narayanan, Ohio University Kasturi P. Rangan, Case Western Reserve University Nanda Rangan, Ohio University Session B: Extracting Information from Market and Accounting Data Transparency, Legal Structure and Value Relevance of Banks: Global Evidence Iftekhar Hasan, Rensselaer Polytechnic Institute Asokan Anandarajan, New Jersey Institute of Technology Bill Francis, University of South Florida Kose John, New York University The Pricing Effect of Certification on Bank Loans: Evidence from the Syndicated Credit Market (PDF,98KB) Luca Casolaro, Bank of Italy Dario Focarelli, Bank of Italy Alberto Franco Pozzolo, University of Molise Structured Financing: Using (and Abusing) Special Purpose Entities Janet Tavakoli, Adjunct Professor, University of Chicago
10:00 a.m.		Break
10:20 a.m.		Private and Public Sector Responses to Corporate Governance Issues Cynthia A. Glassman, Commissioner, U.S. Securities and Exchange Commission Michael H. Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago David J. Vitale, Former President, Chicago Board of Trade
11:50 a.m.		Luncheon Moderator Kenneth D. Lewis, Chairman, President, and Chief Executive Officer, Bank of America Corporation
1:20 p.m.		Concurrent Sessions Session C: The Composition, Structure and Activities of Bank Boards Throwing Good Money after Bad? Board Connections and Conflicts in Bank Lending Randall S. Kroszner, President's Council of Economic Advisors and University of Chicago Philip E. Strahan, Boston College Board Structure and Banking Firm Performance Renee B. Adams, Federal Reserve Bank of New York Hamid Mehran, Federal Reserve Bank of New York Incentive Compensation for Bank Directors: The Impact of Deregulation (PDF,118KB) Terry L. Campbell, University of Delaware David A. Becher, Northern Illinois University Melissa B. Frye, University of Central Florida Session D: Banking Strategies Moderator Philipp Hartmann, European Central Bank The Role of Advertising in Commercial Banking Evren Ors, Southern Illinois University Market Structure and Quality: An Application to the Banking Industry (PDF,1.2MG) Astrid Dick, Board of Governors of the Federal Reserve System Credit Card Securitization, Recourse, and Regulatory Arbitrage (PDF,333KB) Charles W. Calomiris, Columbia University and American Enterprise Institute What is the Value of Recourse to Assest Backed Securities? A Clinical Study of Credit Card Banks (PDF,1.3MG) Eric J. Higgins, Kansas State University Joseph R. Mason, Drexel University

Corporate Governance: Implications for Financial Services Firms