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The 35th Annual Conference on Bank Structure & Competition

Since the early 1960s the Federal Reserve Bank of Chicago’s Conference on Bank Structure and Competition has served as a forum for academics, regulators and industry participants to debate current issues affecting the financial services industry. Each year the purpose of the conference is to continue that tradition. This retrospective on the history and evolution of the conference reviews the past four decades of conferences.

The primary motivating factor for the conference was the passage of the 1960 Bank Merger Act and the U.S. versus Philadelphia National Bank Supreme Court decision. Suddenly, bank regulatory agencies were required to consider competitive factors in addition to banking factors when evaluating bank merger applications. Each of the Federal Reserve Banks was encouraged to survey the existing literature on bank structure and develop its own research agendas on these issues. This year's theme was Global Financial Crises: Implications for Banking and Regulation.

Thursday, 05/06/99
8:00 AM
I. Special Addresses
Speaker - The American Economy in a World Context
Alan Greenspan, Board of Governors of the Federal Reserve System
Speaker - Global Financial Crises: Implications for Banking and Regulation: A Review of the Conference
Michael H. Moskow, Federal Reserve Bank of Chicago
Speaker - What We Have Learned from the Recent Crises: Implications for Banking Regulation
Joseph E. Stiglitz, The World Bank Group
Speaker - The Changing Landscape of the Banking Industry
John B. McCoy, Bank One Corporation
9:00 AM
II. Global Financial Crises: Implications for Banking and Regulation
Speaker - Reform of the Financial and Banking Regulatory Structures
Carter H. Golembe, CHG Consulting, Inc.
Speaker - Implications for Banking and Regulation: The Financial Stability Institute and Supervisory Organizations
John G. Heimann, Bank for International Settlements
Speaker - Recent Crises in Post-Crisis Perspective
Allan H. Meltzer, Carnegie Mellon University
Speaker - Global Financial Crisis: Implications for Financial Regulation
Andrew Sheng Len Tao, Hong Kong Securities and Futures Commission
11:00 AM
III. Transparency in Accounting Conventions and Loan Risk Ratings
Speaker - Whether and Why Banks Are Opaque
Donald P. Morgan, Federal Reserve Bank of New York
Speakers - International Implications of Disclosing Supervisory Information
John S. Jordan, Federal Reserve Bank of Boston
Joe Peek, Boston College
Eric S. Rosengren, Federal Reserve Bank of Boston
Speakers - The Determinants of Corporate Loan Liquidity
Vijay Bhasin, Federal Home Loan Mortgage Corporation
Mark S. Carey, Board of Governors of the Federal Reserve System
Speakers - Banks' Discretionary Loan Loss Provisions: How Important Are Constraints and Asymmetries?
Timothy W. Koch, University of South Carolina
Larry D. Wall, Federal Reserve Bank of Atlanta
Speakers - Staying Afloat in Japan: Discretionary Accounting and the Behavior of Banks under Financial Duress
Ronald E. Shrieves, University of Tennessee
Drew Dahl, Utah State University
Speakers - Bank Risk Rating of Business Loans
William B. English, Board of Governors of the Federal Reserve System
William R. Nelson, Board of Governors of the Federal Reserve System
2:00 PM
IV. Banking Relationships
Speakers - The Importance of Bank Seniority for Relationship Lending
Stanley D. Longhofer, Federal Reserve Bank of Cleveland
João A. C. Santos, Bank for International Settlements
Speaker - Daiwa Bank's Reputational Crisis: Valuation Effects on Bank–Firm Relationships
Ingyu Chiou, New York University
Speakers - Bankers' Role in Corporate Governance
Randall S. Kroszner, University of Chicago
Philip E. Strahan, Federal Reserve Bank of New York
3:00 PM
V. Credit Access Issues and Interbank Transactions
Speakers - Overages in Mortgage Pricing
Harold A. Black, University of Tennessee
Thomas P. Boehm, University of Tennessee
Ramon P. DeGennaro, University of Tennessee
Speakers - Community Reinvestment Act Rating Downgrades and Changes in Bank Lending Behavior
Drew Dahl, Utah State University
Douglas D. Evanoff, Federal Reserve Bank of Chicago
Michael F. Spivey, Clemson University
Speakers - What Caused the Recent Increase in Bankruptcy and Delinquency: Stigma or Risk-Composition?
David B. Gross, University of Chicago
Nicholas S. Souleles, University of Pennsylvania
Speakers - Are There Network Externalities in Electronic Payments?
Gautam Gowrisankaran, University of Minnesota
Joanna Stavins, Federal Reserve Bank of Boston
Speaker - Interbank Exposures: Quantifying the Risk of Contagion
Craig Furfine, Bank for International Settlements
Speaker - The Cross-Guarantee Concept: Eliminating Risk in Interbank Markets
Bert Ely, Ely & Company, Inc.
Friday, 05/07/99
8:00 AM
VI. The Performance of Banks and Banking Markets: Product Mix Innovations
Speakers - The Dynamics of Market Entry: The Effects of Mergers and Acquisitions on de Novo Entry in Banking
Allen N. Berger, Board of Governors of the Federal Reserve System
Seth D. Bonime, Yale University
Lawrence G. Goldberg, University of Miami
Lawrence J. White, New York University
Speaker - Adverse Selection, Market Structure and Competitive Pricing in Bank Lending
Sherrill Shaffer, University of Wyoming
Speakers - Why Do Banks Merge? Some Empirical Evidence from Italy
Dario Focarelli, Bank of Italy
Fabio Panetta, Bank of Italy
Carmelo Salleo, Bank of Italy
Speakers - Measuring the Efficiency of Capital Allocation in Commercial Banking
Joseph P. Hughes, Rutgers University
William W. Lang, Office of the Comptroller of the Currency
Choon-Geol Moon, Hanyang University
Michael S. Pagano, Rutgers University
Speaker - Circle Unbroken: Bank-Affiliated Money Market Mutual Funds
Gary D. Koppenhaver, Iowa State University
Speakers - Product Mix and Earnings Volatility at Commercial Banks: Evidence from a Degree of Leverage Model
Robert DeYoung, Federal Reserve Bank of Chicago
Karin P. Roland, Valdosta State University
11:00 AM
VII. Market Reaction to Financial Crises in Japan: Identifying Value in Bank Mergers
Speakers - Does the Japanese Stock Market Price Bank Risk? Evidence from Bank Failures
Elijah Brewer III, Federal Reserve Bank of Chicago
Hesna Genay, Federal Reserve Bank of Chicago
William C. Hunter, Federal Reserve Bank of Chicago
George G. Kaufman, Loyola University Chicago
Speakers - Factors Affecting the Japanese Premium
Joe Peek, Boston College
Eric S. Rosengren, Federal Reserve Bank of Chicago
Speakers - Corporate Governance of Japanese Banks
Christopher W. Anderson, University of Missouri-Columbia
Terry Campbell II, University of Delaware
Speakers - The Relationship between Mergers and CEO Compensation in Large Banks
Richard T. Bliss, Babson College
Richard J. Rosen, Indiana University
Speakers - Hidden Cost Reductions in Bank Mergers: Accounting or More Productive Banks
Simon H. Kwan, Federal Reserve Bank of San Francisco
James A. Wilcox, University of California, Berkeley
Speaker - Finding Value in Bank Mergers
Sean J. Ryan, Bear, Stearns & Co., Inc.
2:00 PM
VIII. Regulatory Reform Alternatives
Speaker - Reforming the Global Financial System
Charles W. Calomiris, Columbia University
Speaker - Straining Out Gnats and Swallowing Camels: The Question of Subsidy to Subsidiaries of Banks
Richard S. Carnell, United Stated Department of the Treasury
Speaker - Managing Moral Hazard with Market Signals: How Regulation Should Change with Banking
Gary H. Stern, Federal Reserve Bank of Minneapolis
Speaker - Meeting the Challenges of Supervising Banking Organizations' Cross-Border Activities
Lawrence R. Uhlick, Institute of International Bankers
4:00 PM
IX. Alternative Financial Crises Resolutions
Speaker - Debt Repudiation and Costs of Financial Distress: Evidence from the Great Depression
Randall S. Kroszner, University of Chicago
Speaker - "Enemy of None but a Common Friend of All?" An International Perspective on the Lender-of-Last-Resort Function
Curzio Giannini, Bank of Italy
Speaker - For Richer, for Poorer: Sovereign Debt Contracts in Crisis
Anna Gelpern, United States Department of Treasury
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