- , Federal Reserve Bank of Chicago

Wednesday, May 17

7:30 a.m.		Registration Continental Breakfast
8:25 a.m.		Welcoming Remarks Douglas D. Evanoff, Senior Financial Economist and Vice President, Federal Reserve Bank of Chicago
8:30 a.m.		Lender–Firm Relationships: Bank "Specialness" Moderator and Discussant Haluk Ünal, University of Maryland Loan Rates versus Public Debt Rates: Do Loan Rates Reflect Special Values to the Borrower or Information Intensive Lending (PDF,114KB) Douglas O. Cook, University of Alabama Lewis J. Spellman, University of Texas Bank Loan Supply, Lender Choice, and Corporate Capital Structure (PDF,323KB) Mark T. Leary, Duke University The Effect of Banking Crisis on Bank-Dependent Borrowers (PDF,332KB) Amiyatosh Purnanandam, University of Michigan Sudheer Chava, University of Houston
10:00 a.m.		Break
10:20 a.m.		The Impact of Banking Market Competition Moderator and Discussant Nicola Cetorelli, Federal Reserve Bank of New York Bank Market Power and Small- and Medium-Sized Enterprise Financing Constraints (PDF,218KB) Francisco Rodríguez Fernández, University of Granada Gregory F. Udell, Indiana University Santiago Carbó-Valverde, University of Granada Cross-Country Comparisons of Competition and Pricing Power in European Banking (PDF,258KB) David B. Humphrey, Florida State University Joaquín Maudos-Villaroya, University of Valencia and Valencian Institute of Economic Research (Instituto Valenciano de Investigaciones Económicas–Ivie) Philip Molyneux, University of Wales Santiago Carbó-Valverde, University of Granada The Effects of Banks on "Debt Sensitive" Small Businesses Allen N. Berger, Board of Governors of the Federal Reserve System Philip Ostromogolsky, Board of Governors of the Federal Reserve System
12:00 p.m.		Luncheon
1:20 p.m.		Federal Reserve Bank of Chicago Bank Structure Conference Impact Study The Impact of a Research Conference (PDF,49KB) Douglas D. Evanoff, Senior Financial Economist and Vice President, Federal Reserve Bank of Chicago
1:35 p.m.		Bank Products and Efficiency Moderator and Discussant Robert DeYoung, Federal Deposit Insurance Corporation Presentation (PDF,61.5KB) Managing Bank Liquidity Risk: How Deposit–Loan Synergies Vary with Market Conditions (PDF,104KB) Evan Gatev, Boston College, Carroll School of Management Til Schuermann, Federal Reserve Bank of New York Philip E. Strahan, Boston College, Carroll School of Management Does Securitization Affect Bank Lending? Evidence from Bank Responses to Funding Shocks (PDF,294KB) Elena Loutskina, Boston College Reconsidering the Degree of Inefficiency of Financial Institutions (PDF,200KB) David A. Becher, Drexel University George Deltas, University of Illinois at Urbana–Champaign George Pinteris, University of Illinois at Urbana–Champaign
3:05 p.m.		Break
3:30 p.m.		Bank Loans Moderator and Discussant Mark J. Flannery, University of Florida Presentation (PDF,110KB) Are Banks Still Special When There Is a Secondary Market for Loans? Amar Gande, Vanderbilt University Anthony Saunders, New York University The Role of Information Asymmetry and Financial Reporting Quality in Debt Contracting: Evidence from the Secondary Loan Market (PDF,219KB) Regina Wittenberg Moerman, University of Chicago Who Holds the Toxic Waste? An Investigation of Collateralized Mortgage Obligation Holdings (PDF,289KB) Joseph G. Haubrich, Federal Reserve Bank of Cleveland Deborah J. Lucas, Northwestern University
5:15 p.m.		Reception
Thursday, May 18

7:00 a.m.		Registration Continental Breakfast
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 Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System Remarks
9:25 a.m.		Break
9:50 a.m.		Theme Panel: Innovations in Real Estate Markets: Risks, Rewards, and the Role of Regulation Moderator Gordon Werkema, First Vice President, Federal Reserve Bank of Chicago Douglas G. Duncan, Senior Vice President and Chief Economist, Mortgage Bankers Association of America Lyle E. Gramley, Senior Economic Advisor, Stanford Washington Research Group Serious Deliquency Survival Analysis (PDF,104MB) John P. McMurray, Senior Managing Director and Chief Credit Officer, Countrywide Financial Corporation Homeownership: Patterns, Trends and Policies (PDF,152KB) John C. Weicher, Director, Hudson Institute Center for Housing and Financial Markets The Growth of Nontraditional Mortgage Products and Proposed Interagency Guidance (PDF,97KB) David M. Wright, Board of Governors of the Federal Reserve System
12:10 p.m.		Luncheon Introduction William A. Osborn, Chairman and Chief Executive Officer, Northern Trust Corporation and Northern Trust Company, and Board of Directors, Federal Reserve Bank of Chicago G. Kennedy (Ken) Thompson, Chairman, President, and Chief Executive Officer, Wachovia Corporation
1:55 p.m.		Analyzing Real Estate Markets Moderator George G. Kaufman, John F. Smith Professor of Economics and Finance, Loyola University and Federal Reserve Bank of Chicago Government Sponsored Enterprises, Mortgage Rates, and Secondary Market Activities (PDF,304KB) Wayne Passmore, Board of Governors of the Federal Reserve System Gillian Burgess, New York University Law School Diana Hancock, Board of Governors of the Federal Reserve System Andreas Lehnert, Board of Governors of the Federal Reserve System Shane M. Sherlund, Board of Governors of the Federal Reserve System Housing Activity and Values and Consumer Spending (PDF,347KB) Jonathan McCarthy, Federal Reserve Bank of New York Charles Steindel, Federal Reserve Bank of New York What's up (or Down) with Housing Prices Richard J. Rosen, Federal Reserve Bank of Chicago
3:25 p.m.		Break
3:50 p.m.		Targeted Financial Markets Moderator Charles L. Evans, Senior Vice President and Director of Research, Federal Reserve Bank of Chicago Community Reinvestment Act Agreements and Small Business Lending: Is There a "There" There? (PDF,76KB) Raphael W. Bostic, University of Southern California Breck L. Robinson, University Of Delaware Payments Innovations in Serving Low- and Moderate-Income Households: Policy, Practice, and Evidence from a New Survey (PDF,79KB) Edward L. Bachelder, Dove Consulting Michael S. Barr, University of Michigan Jane Dokko, University of Michigan Patterns in Higher-Priced Mortgage Loans by Race and Ethnicity Robert B. Avery, Board of Governors of the Federal Reserve System Kenneth Brevoort, Board of Governors of the Federal Reserve System Glenn B. Canner, Board of Governors of the Federal Reserve System
5:30 p.m.		Reception
Friday, May 19

7:30 a.m.		Continental Breakfast
8:30 a.m.		Keynote Address Introduction Michael H. Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago Asset Prices, Monetary Policy and Bank Regulation (PDF,109KB) Robert J. Shiller, Stanley B. Resor Professor of Economics, Yale University
9:20 a.m.		Break
9:50 a.m.		Federal Preemption of State Banking Regulation Moderator Douglas D. Evanoff, Senior Financial Economist and Vice President, Federal Reserve Bank of Chicago Session cosponsored with the University of Chicago, George J. Stigler Center for the Study of the Economy and the State What is the Proper Role of the States in the Regulation of Financial Firms? (PDF,12KB) Hal S. Scott, Nomura Professor of International Financial Systems, Harvard University Banking Report (PDF,286KB) Arthur E. Wilmarth, Jr., George Washington University Financial Openness and Regulatory Competition (PDF,152KB) Philip E. Strahan, Boston College, Carroll School of Management James Roselle, Associate General Counsel, Northern Trust Corporation Arthur J. Murton, Director, Federal Deposit Insurance Corporation
12:00 p.m.		Luncheon Introduction Michael H. Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago John C. Dugan, Comptroller of the Currency
1:45 p.m.		Concurrent Sessions Session A: Lessons from Banking History Moderator Hesna Genay, Federal Reserve Bank of Chicago Do Bank Failures Affect Real Economic Activity? State-Level Evidence from the Pre-Depression Era (PDF,1.02MB) Carlos D. Ramirez, George Mason University Philip A. Shivley, Federal Deposit Insurance Corporation Monetary Intervention Mitigated Banking Panics during the Great Depression Gary Richardson, University of California at Irvine William Troost, University of California at Irvine The Political Economy of Financial Regulation: Evidence from U.S. Usury Laws in the 19th Century (PDF,419KB) Efraim Benmelech, Harvard University Tobias J. Moskowitz, University of Chicago Session B: Underwriting Markets Moderator Craig H. Furfine, Federal Reserve Bank of Chicago Bank Relationships and Underwriter Competition: Evidence from Japan (PDF,10MB) Ayako Yasuda, University of Pennsylvania Banks and Bubbles: How Good Are Bankers at Spotting Winners? (PDF,16KB) Laura Gonzalez, University of Florida Christopher James, University of Florida Self-Dealing in Securities Issuance (PDF,1.86MB) Craig Brown, University of Michigan Last updated: June 22, 2006

2006 Conference on Bank Structure and Competition