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The 38th 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 Financial Market Behavior and Appropriate Regulation over the Business Cycle.

Wednesday, 05/08/02
7:30 AM
Registration and Continental Breakfast
8:25 AM
Welcoming Remarks
William C. Hunter, Senior Vice President, Federal Reserve Bank of Chicago
8:30 AM
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 AM
Break
10:20 AM
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
Mark J. Flannery, University of Florida
Kasturi P. Rangan, Case Western Reserve University
12:00 PM
Luncheon
1:20 PM
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
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
Benjamin C. Esty, Harvard Business School
William L. Megginson, University of Oklahoma
Do Banks Strategically Time Public Bond Issuance to Manipulate the Accompanying Disclosure, Due Diligence and Investor Scrutiny?
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
Christopher Knittel, Boston University
Victor Stango, Federal Reserve Bank of Chicago
3:10 PM
Break
3:30 PM
Optimal Regulatory Policies
Moderator
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
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 PM
Reception
Thursday, 05/09/02
7:00 AM
Registration and Continental Breakfast
8:15 AM
Welcoming Remarks
Michael H. Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago
8:25 AM
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
Speakers
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 AM
Break
9:50 AM
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
Speakers
Susan Schmidt Bies, Governor, Board of Governors of the Federal Reserve System
Changes in Risk through Time: Measurement and Policy Response
Charles A. E. 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
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
12:10 PM
Luncheon
Introduction
Robert J. Darnall, Chairman, Prime Advantage Chicago; and Director, Federal Reserve Bank of Chicago
Keynote
John D. Hawke, Jr., Comptroller of the Currency
1:45 PM
Bank Capital Reform: Current Status and Open Issues
Moderator
George Kaufman, John F. Smith, Jr. Professor of Economics and Finance, Loyola University Chicago
Panelists
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
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
Eric Rosengren, Senior Vice President, Federal Reserve Bank of Boston
3:45 PM
Break
4:00 PM
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?
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?
Vasso P. Ioannidou, Tilburg University
4:00 PM
Concurrent Sessions
Session B: (De)Regulation and Consumer Welfare
Moderator
James T. Moser, Federal Reserve Bank of Chicago
Are Mergers Beneficial to Consumers?
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?
Todd Vermilyea, Office of the Comptroller of the Currency
James A. Wilcox, University of California, Berkeley
5:00 PM
Reception
Friday, 05/10/02
7:30 AM
Continental Breakfast
8:45 AM
Welcoming Comments
Introduction
Michael Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago
9:00 AM
Keynote Address
Keynote
Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System
9:45 AM
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?
Nicola Cetorelli, Federal Reserve Bank of Chicago
9:45 AM
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?
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
Cara S. Lown, Federal Reserve Bank of New York
Donald P. Morgan, Federal Reserve Bank of New York
9:50 AM
Break
12:00 PM
Luncheon
Introduction
Michael H. Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Keynote
Donald E. Powell, Chairman, Federal Deposit Insurance Corporation
1:55 PM
Resolving Large Complex Financial Organizations
Moderator
Robert R. Bliss, Federal Reserve Bank of Chicago
Panelists
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

 

A Brief History of the Conference

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.

Read More...


On May 8–10, 2002, the Federal Reserve Bank of Chicago held its thirty-eighth annual Conference on Bank Structure and Competition. Since the early 1960s the conference has served as a forum for academics, regulators and industry participants to debate current issues affecting the financial services industry. This year’s conference continued that tradition.

Read More...

Event Information
Event Contact
Blanca Sepulveda
(312) 322-8340
Email
Date
05/08/02  - 05/10/02
Location
The Fairmont Chicago Hotel
200 N Columbus Dr
Chicago, Illinois 60601
Map


Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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