The 2008 UniCredit Conference on Banking and Finance
Beyond the Illusion of Risk Diffusion
Vienna, 6-7 November 2008
Octagon room of Bank Austria, 1010 Vienna, Am Hof 2
Program
Thursday, 6 November
13:00 - 13:30 Registration
13:30 - 14:00 Welcome Speech
Alessandro Profumo (CEO, UniCredit Group)
14:00 - 16:00 SESSION 1
Chair: Marcello De Cecco (Scuola Normale Superiore di Pisa and Unicredit Re
search Board)
Credit Booms and Lending Standards: Evidence from the Subprime
Mortgage Market
Giovanni Dell'Ariccia (International Monetary Fund )
Deniz Igan (International Monetary Fund)
*Luc Laven (International Monetary Fund)
Discussant: Thorsten Beck (Tilburg University)
The Effect of CEO Stock Options on Bank Investment Choice, Borrowing, and C
apital
*Hamid Mehran (Federal Reserve Bank of New York)
Joshua Rosenberg (Federal Reserve Bank of New York)
Discussant: Joerg Rocholl (European School of Management and Technology)
16:00-16:30 Break
16:30 - 18:30 SESSION 2
Chair: Josef Zechner (Vienna University of Economics and Business Administr
ation)
Stochastic House Appreciation and Optimal Mortage Lending
*Tomasz Piskorski (Columbia University)
Alexei Tchistyi (New York University)
Discussant: Joao Cocco (London Business School)
Manipulation of Collateral Values by Borrowers and Intermediaries
Itzhak Ben-David (Ohio State University)
Discussant: Loriana Pelizzon (University of Venice)
19:00 Conference dinner
Friday, 7 November
9:00- 11:00 SESSION 3
Chair: Fabrizio Onida (Bocconi University and UniCredit Research Board)
Laying off Credit Risk: Loan Sales versus Credit Default Swaps
Christine A. Parlour (University of California, Berkeley)
*Andrew Winton (University of Minnesota)
Discussant: Alan Morrison (Oxford Said Business School)
Information asymmetries in the interbank market: theory and policy
responses
*Florian Heider (European Central Bank)
*Marie Hoerova (European Central Bank)
Cornelia Holthausen (European Central Bank)
Discussant: Ana Babus (University of Cambridge)
11:00 - 11:30 Break
11:30 - 12:30 Keynote lecture
Chair: Marco Pagano (University of Neaples and UniCredit Research Board)
Doug Diamond (University of Chicago)
12:30 - 14:00 Lunch
14:00 - 16:00 SESSION 4
Chair: Elena Carletti (European University Institute)
Does Monetary Policy Affect Bank Credit Standards?
*Angela Maddaloni (European Central Bank)
*Jose Luis Peydro (European Central Bank)
Silvia Scopel (European Central Bank)
Discussant: Martin Summer (Austrian Central Bank)
Financial Crises and Bank Liquidity Creation
Allen Berger (University of South Carolina)
*Christa Bouwman (Case Western Reserve University)
Discussant: Steven Ongena (Tilburg University)