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Fall 2004 Research Conference
FDIC/Journal of Financial Services Research: Risk Transfer and Governance in the Financial System Conference


Friday, September 17, 2004, morning sessions

8:00 – 8:30 Registration
8:30 – 8:45 Welcoming Remarks
8:45 – 10:30 Session I: Governance and Managerial Incentives
  Session Chair:   Allan Eberhart, Georgetown University
  The Governance of Banks: How Do Bank Capital and Monitoring Impact Post-Acquisition and Performance? - PDF 343k (PDF Help)
Christa Bouwman, University of Michigan
  Managerial Incentives and Risk-Taking - PDF 285k (PDF Help)
Jeffery Coles, Arizona State University, and
Naveen Daniel and Lalitha Naveen, Georgia State University University
  Whose Private Benefits of Control-Owners or Managers? - PDF 1,289k (PDF Help)
Joon Ho Hwang, Indiana University
  Discussant: Robert Marquez, University of Maryland
10:30 – 10:45   --- Coffee Break ---
10:45 – 12:30   Session II:  Managerial Actions
  Session Chair: Mark Flannery, University of Florida
  The Fall of ESO Repricing: Governance Reform or Reform Gone Awry? - PDF 180k (PDF Help)
N.K. Chidambaran, Rutgers University, and
Nagpurnanand Prabhala, University of Maryland
  Flows, Performance, and Managerial Incentives in Hedge Funds - PDF 305k (PDF Help)
Vikas Agarwal and Naveen Daniel, Georgia State University, and Narayan Naik, London Business School
  Incentive Effects of Illiquid Stock and Option Holdings of Target and Acquirer CEOs - PDF 2353k (PDF Help)
Jie Cai and Anand Vijh, University of Iowa
  Discussant:  Ben Esty , Harvard University
12:30 – 2:00 Luncheon Address: Richard Syron, Chairman, Freddie Mac

Friday, September 17, 2004, afternoon sessions

2:00 – 3:00 Session III:  Invited Paper
  Estimating the Value of Good Financial Policies
Ken Froot, Harvard University
3:00 – 3:15 --- Break ---
4:15 – 5:00 Session IV: Hedging
  Session Chair: Haluk Unal, University of Maryland

Corporate Governance and the Hedging Premium Around the World - PDF 340k (PDF Help)
George Allayannis, University of Virginia, and
Ugur Lel and Darius Miller, Indiana University

Does Hedging Really Increase Firm Value? Evidence from Oil and Gas-Producing Firms - PDF 329k (PDF Help)
Aziz Lookman, Carnegie Mellon University

Do Banks Hedge in Response to the Financial Distress Costs? - PDF 220k (PDF Help)
Amiyatosh Purnanandam, University of Michigan

Discussant: Cathy Schrand, University of Pennsylvania

5:30 – 7:00 --- Reception ---

Saturday, September 18, 2004, morning sessions

8:00 – 8:30 -- Coffee and breakfast –
8:30 – 10:15

Session V:  Issues in Banking Supervision

Session Chair:  Fred Carns, FDIC

Did FDICIA Enhance Market Discipline? A Look at Evidence from the Jumbo CD Market - PDF 320k (PDF Help)
John Hall, University of Arkansas, and
Thomas King, Andrew Meyer, and Mark Vaughan, Federal Reserve Bank of St. Louis

Use of Subordinated Debt in the Supervisory & Monitoring Process and To Enhance Market Discipline - PDF 218k (PDF Help)
Douglas Evanoff, Federal Reserve Bank of Chicago, and Julapa Jagtiani, Federal Reserve Bank of Kansas City

How Depositors Discipline Banks: A Micro-level Case Study of Hamilton Bank - PDF 315k (PDF Help)
Andrew Davenport and Kathleen McDill , FDIC

Discussant:  Joel Houston, University of Florida

10:15 – 10:30 --- Break ---
10:30 – 12:15

Session VI: Issues in Credit Risk

Session Chair: Paul Kupiec, FDIC

Understanding the Risk in Synthetic CDOs- PDF 164k (PDF Help)
Michael Gibson, Federal Reserve Board

Common Failings: How Corporate Defaults are Correlated - PDF 355k (PDF Help)
Sanjiv Das, Santa Clara University,
Darrell Duffie, Stanford University, and
Nikunj Kapadia, University of Massachusetts

An empirical comparison of credit spreads between the bond market and the credit-default-swap (CDS) market - PDF 469k (PDF Help)
Haibin Zhu, Bank for International Settlements

Discussant: Louis Scott, Morgan Stanley

12:15 – 1:15 --- Lunch ---

Saturday, September 18, 2004, afternoon sessions

1:15 – 3:00

Session VII: International

Session Chair: Mark Carey, Board of Governors of the Federal Reserve

Preemptive Distress Resolution through Bank Mergers - PDF 266k (PDF Help)
Ralf Elsas, Goethe-Universität Frankfurt

Testing for Opaqueness in the European Banking Industry: Evidence From Bond Credit Ratings - PDF 291k (PDF Help)
Giuliano Iannotta, Università Commerciale Luigi Bocconi

What Did the Credit Market Expect of Argentine Default? Evidence from Default Swap Data - PDF 454k (PDF Help)
Frank Zhang, Federal Reserve Board

Discussant: Clas Wihlborg, Copenhagen Business School

3:00 – 3:15

--- Break ---

3:15 – 5:00

Session VIII: Issues in Banking Performance

Session Chair: Art Murton, FDIC

The Theory of Bank Risk-Taking and Competition Revisited - PDF 191k (PDF Help)
John Boyd, University of Minnesota, and
Gianni De Nicoló, International Monetary Fund

Regulatory Capital and Earnings Management in Banks: The Case of Loan Sales and Securitizations - PDF 282k (PDF Help)
N. Emre Karaoglu, University of Southern California

Discussant: Robert DeYoung, Federal Reserve Bank of Chicago

--- Adjournment ---



Last Updated 9/16/2004 cfr@fdic.gov