Sixth Annual International Banking Conference

Market Discipline: The Evidence Across Countries and Industries

Sponsored by the Federal Reserve Bank of Chicago's Research Department.


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10/30/03
1:20 PM
Welcome
Malcolm D Knight, General Manager, Bank for International Settlements
Charles L Evans, Senior Vice President and Director of Research, Federal Reserve Bank of Chicago
1:30 PM
Session I: Theory of Market Discipline
Moderator
George G Kaufman, Loyola University Chicago and Federal Reserve Bank of Chicago
Market Discipline in Banking: Where Do We Stand?
Jean-Charles Rochet, Toulouse University
Market Discipline: Players, Processes and Purposes
Robert R Bliss, Federal Reserve Bank of Chicago
Market Discipline for Financial Institutions and Sovereigns
Hal S Scott, Harvard Law School
Discussant
Kostas Tsatsaronis, Bank for International Settlements
3:50 PM
Session II: Evidence of Market Discipline in Banking
Moderator
Anil Kashyap, University of Chicago
Market Discipline of U.S. Financial Firms: Recent Evidence and Research Issues
Mark Flannery, University of Florida
Stanislava Nikolova, University of Florida
Bank Market Discipline and Indicators of Banking System Risk: The European Evidence
Reint Gropp, European Central Bank
Weakening Market and Regulatory Discipline in Japanese Financial System
Mitsuhiro Fukao, Keio University
Market Discipline in Emerging Economics: Beyond Bank Fundamentals
Eduardo Levy-Yeyati, Universidad Torcuato Di Tella
Maria Soledad Martinez Peria, World Bank
Sergio L Schmukler, World Bank
Discussant
David Llewellyn, Loughborough University
7:00 PM
Dinner and Keynote
Introduction
Claudio Borio, Bank for International Settlements
Speaker
Thomas Jones, Vice Chairman, International Accounting Standards Board
10/31/03
7:30 AM
Breakfast and Keynote
Introduction
Michael H Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Speaker
Anne Krueger, First Deputy Managing Director, International Monetary Fund
8:45 AM
Session III: Evidence of Market Discipline in Other Industries
Moderator
David Marshall, Federal Reserve Bank of Chicago
Market Discipline in Insurance and Reinsurance
Scott E Harrington, University of South Carolina
Conflicts of Interest and Market Discipline among Financial Service Firms
Ingo Walter, New York University
Market Discipline and Corporate Control
, University of Rochester
Discussant
Luigi Zingales, University of Chicago
10:45 AM
Session IV: Evidence of Market Discipline for Countries
Moderator
Charles L Evans, Senior Vice President and Director of Research, Federal Reserve Bank of Chicago
Capital Controls: Mud in the Wheels of Market Discipline
Kristen Forbes, Member-Designate, President's Council of Economic Advisers
Equity Integration in Times of Crisis
Robert P Flood, International Monetary Fund
Andrew K Rose, University of California at Berkeley
Discussant
Andrew Haldane, Bank of England
12:30 PM
Lunch and Keynote
Introduction
Michael H Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Speaker
Malcolm D Knight, General Manager, Bank for International Settlements
2:00 PM
Session V: Current State of Corporate Governance
Moderator
David Mayes, Bank of Finland
U.S. Corporate Governance: What Went Wrong and Can It Be Fixed?
Franklin R Edwards, Columbia University
The Agency Costs of Overvalued Equity and the Reform of Corporate Governance
Michael C Jensen, Monitor Group and Harvard University
Current Issues in European Corporate Governance
Marco Becht, Universite Libre de Bruxelles
Colin Mayer, Oxford University
Evolving Corporate Governance in Japan
Hugh Patrick, Columbia University
Quis Custodiet Ipsos Custodes? Controlling Conflicts of Interest in the Financial Industry
Eugene N White, Rutgers University
4:15 PM
Session VIa: Interaction of Market Discipline and Public Policy
Moderator
Randall Kroszner, University of Chicago
The Role and Limitations of Financial Accounting and Auditing for Market Discipline
George J Benston, Emory University
Fair Values and Financial Statement Volatility?
Mary Barth, Stanford University
The Enron Failure and Corporate Governance Reform
Charles M Elson, University of Delaware
Christopher J Gyves, Wake Forest University School of Law
Discussant
Shyam Sunder, Yale University
7:00 PM
Dinner and Keynote
Introduction
Jack B Evans, The Hall-Perrine Foundation
Speaker
Susan Schmidt Bies, Member, Board of Governors of the Federal Reserve System
11/01/03
7:30 AM
Breakfast and Keynote
Introduction
Malcolm D Knight, General Manager, Bank for International Settlements
Keynote
Jaime Caruana, Governor, Bank of Spain and Chairman, Basel Committee on Banking Supervision
8:45 AM
Session VIb: Interaction of Market Discipline and Public Policy
Moderator
James Nelson, Federal Reserve Bank of Chicago
Can the Unsophisticated Market Provide Discipline?
Gerard Caprio, World Bank
Patrick Honohan, World Bank
Can the Invisible Hand Strengthen Prudential Supervision?
Richard J Herring, University of Pennsylvania
Dealing with Destabilizing Market Discipline
Daniel Cohen, École Normale Supéricure and Cepremap
Richard Portes, London Business School and Columbia University
Discussant
Charles Freedman, Carleton University
10:45 AM
Session VII: Policy Panel
Moderator
William C Hunter, University of Connecticut and Federal Reserve Bank of Chicago
Panelists
Charles Calomiris, Columbia University
Christine Cumming, Federal Reserve Bank of Chicago
Lawrence Harris, Securities and Exchange Commission
Patricia Jackson, Bank of England and Basel Committee on Banking Supervision

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