Chicago Financial Institutions Conference 2019

Welcome to the registration page for the Chicago Financial Institutions Conference 2019. The CFIC is a day-and-a-half conference on April 11-12 that brings together academics from around the world to present their research on financial institutions. The conference is open to anyone who is interested.

The format of the conference is a traditional 3-papers and 3-discussants in parallell sessions.

Sessions on April 11 are at the Federal Reserve Bank of Chicago (230 S. LaSalle Street). Sessions on April 12 are at the Union League Club (65 W. Jackson Blvd.). The two locations are one block apart.

The conference begins on April 11 with a buffet lunch at 12pm, followed by the first sessions at 12:30pm. The last sessions end on April 12 at 5:30pm, followed by a reception.

The conference dinner on April 11 is at the Berghoff. If interested, please select the ticket that includes the dinner.

The CFIC is organized by the Department of Finance and the Keeley Center for Financial Services at DePaul University. Prior to this academic conference, attendees are invited to join the 12th annual Risk Management Conference with financial service professionals on April 10-11, which is co-sponsored with the Federal Reserve Bank of Chicago. Together, these two conferences offer a unique opportunity to connect academic and practitioner perspectives.

Below is the full CFIC 2019 program. We look forward to seeing you in Chicago!

Lamont Black and Elijah Brewer

CFIC Co-Organizers

THURSDAY, APRIL 11

SESSION 1 (A, B, and C): 12:30pm to 2:15pm (April 11)

1.A Liquidity Risk and Regulation

Chair: Pab Jotikasthira (SMU)

Alternative Pricing Rules to Prevent Runs on Funds?

  • Bige Kahraman (Oxford U)

  • Discussant: Sophie Shive (U of Notre Dame)

The Effect of NAV Flotation on the Management of Prime Money Fund Portfolios

  • David Musto (Wharton)

  • Discussant: Patrick McCabe (Federal Reserve Board)

Unintended Consequences of Post-crisis Liquidity Regulation

  • Kairong Xiao (Columbia U)

  • Discussant: Sergey Chernenko (Purdue U)

1.B Regulation, Technology, and Loan Supply

Chair: Joseph Mason (Louisiana State U)

The Impact of the Dodd-Frank Act on Small Business

  • Rebel Cole (Florida Atlantic U)

  • Discussant: William Keeton (U Missouri at Kansas City)

Macroprudential Policy and Household Leverage: Micro-Evidence

  • Rustom Irani (U Illinois at Urbana-Champaign)

  • Discussant: Matteo Crosignani (U Michigan)

Can technology undermine macroprudential regulation? Evidence from peer-to-peer lending in China

  • Alberto Manconi (U Bocconi)

  • Discussant: Zigan Wang (U Hong Kong)

1.C Politics and Credit

Chair: Pavel Savor (DePaul U)

Lending Cycles and Real Outcomes: Costs of Political Misalignment

  • Orkan Saka (London School of Economics)

  • Discussant: Brandon Julio (U Oregon)

African-American Mayors, Home Ownership and Mortgage Lending

  • Thomas Krause (Halle Institute for Economic Research)

  • Discussant: Adriana Robertson (U Toronto)

Electoral Cycles in Macroprudential Regulation

  • Karsten Mueller (Princeton U)

  • Discussant: Pat Akey (U Toronto)

SESSION 2 (A, B, and C): 2:30pm to 4:15pm (April 11)

2.A Interbank Market

Chair: Kose John (NYU)

Interbank Trading and Financial Regulation

  • Michael Gofman (U Rochester)

  • Discussant: Jing Zeng (Frankfurt School)

Repo market functioning: The role of capital regulation

  • Neeltje van Horen (Bank of England)

  • Discussant: Jun Kyung Auh (Yonsei U of Korea)

Contagious Bank Runs and Dealer of Last Resort

  • Kebin Ma (U Warwick)

  • Discussant: Andrew Winton (U Minnesota)

2.B Deposit Markets and Credit Availability

Chair: Randall Kroszner (U Chicago)

Market Competition, Production Technologies, and Regulatory Frictions: Evidence from the Banking Industry

  • Allen Berger (U South Carolina)

  • Discussant: Nicola Cetorelli (Federal Reserve Bank of New York)

Depositors Disciplining Banks: The Impact of Scandals

  • Mikael Homanen (U London Cass)

  • Discussant: Sergey Mityakov (Florida State U)

Banking for the Public Good: Access to Credit and the Nonprofit Sector

  • Nathan Dong (Columbia U)

  • Discussant: Anna Cororaton (SMU)

2.C Policy and Banking

Chair: Joseph Haubrich (Federal Reserve Bank of Cleveland)

Bank Taxation and Financial Intermediation

  • John Wilson (U St. Andrews)

  • Discussant: Masami Imai (Wesleyan U)

Effectiveness and (In)Effciencies of Compensation Regulation: Evidence from the EU Banker Bonus Cap

  • Konstantin Wagner (Halle Institute for Economic Research)

  • Discussant: Miriam Schwartz Ziv (Michigan State U)

Regulatory Integration of International Capital Markets

  • Jean-Marie Meier (U Texas at Dallas)

  • Discussant: Raymond Kim (U California at Riverside)

SESSION 3 (A, B, and C): 4:30pm to 6:15pm (April 11)

3.A Bank Fragility and Systemic Risk

Chair: Richard Rosen (Federal Reserve Bank of Chicago)

Rollover Risk, Bank Borrowing and Fragility

  • Toni Ahnert (Bank of Canada)

  • Discussant: Denis Gromb (HEC Paris)

Hedge Fund Credit Networks, Collateral, and Prime Broker Exposures

  • Sumudu Watugala (Cornell U)

  • Discussant: Marco Macchiavelli (Federal Reserve Board)

Systemic Risk and the Great Depression

  • Angela Vossmeyer (Claremont McKenna)

  • Discussant: Co-Pierre Georg (U Cape Town)

3.B Credit Cards and Cryptocurrencies

Chair: Andriy Bodnaruk (U Illinois at Chicago)

Shocked by Bank Funding Shocks: Evidence from Consumer Credit Cards

  • Nikhil Paradkar (Georgia Tech)

  • Discussant: Brian Wolfe (U Buffalo)

Managing Tokenized Platforms

  • Ye Li (Ohio State U)

  • Discussant: David Skeie (Texas A&M)

Cryptocurrency Pump-and-Dump Schemes

  • Tao Li (U Florida)

  • Discussant: Vladimir Mukharlyamov (Georgetown U)

3.C Reach for Yield and Nonbank Institutions

Chair: Hongjun Yan (DePaul U)

Reaching for yield and overpricing in bonds

  • Jaewon Choi (U Illinois at Urbana-Champaign)

  • Discussant: Stefania D’Amico (Federal Reserve Bank of Chicago)

Reach for Yield by U.S. Public Pension Funds

  • Andre Zlate (Federal Reserve Bank of Boston)

  • Discussant: Quan Wen (Georgetown U)

The Bond Pricing Implications of Rating-Based Capital Requirements

  • Stas Nikolova (U Nebraska at Lincoln)

  • Discussant: TBD

FRIDAY, APRIL 12

SESSION 4 (A and B): 8:15am to 10:00am (April 12)

4.A The Crisis and Credit

Chair: Michael Koetter (Halle Institute for Economic Research)

No Risk, No Growth: The Effects of Stress Testing on Entrepreneurship and Innovation

  • Sebastian Doerr (U Zurich)

  • Discussant: Yuliya Demyanyk (Federal Reserve Bank of Cleveland)

Do bank bailouts affect the provision of trade credit?

  • Greg Udell (Indiana U)

  • Raluca Roman (Federal Reserve Bank of Philadelphia)

Local Banks, Credit Supply, and House Prices

  • Kristian Blickle (Federal Reserve Bank of New York)

  • Discussant: Amanda Heitz (Tulane U)

4.B Relationships and the Corporate Debt Market

Chair: Mitchell Petersen (Northwestern U)

Primary Market Allocations in Corporate Bonds

  • Alex Zhou (Federal Reserve Board)

  • Discussant: Stas Nikolova (U Nebraska at Lincoln)

The Underwriter Relationship and Corporate Debt Maturity

  • Andrew MacKinlay (Virginia Tech)

  • Discussant: Ioannis Spyridopoulus (American U)

The Role of CDS Trading in the Commercialization of New Lending Relationships

  • Regina Wittenberg-Moerman (U Southern California)

  • Discussant: Paul Hanouna (Villanova U)

SESSION 5 (A and B): 10:15am to 12:00pm (April 12)

5.A Interest Rates and Regulation

Chair: Gene Amromin (Federal Reserve Bank of Chicago)

Disaster Lending: “Fair” Prices, but “Unfair” Access

  • Taylor Begley (Washington U at St. Louis)

  • Discussant: William Mullins (U California – San Diego)

Consumer Protection Laws in Auto Lending

  • Mark Jansen (U Utah)

  • Discussant: Janis Skrastins (Washington U at St. Louis)

The Real Effects of Financial Technology: Marketplace Lending and Personal Bankruptcy

  • Piotr Danisewicz (Bristol U)

  • Discussant: Sudheer Chava (Georgia Tech)

5.B Equity and Credit

Chair: Stephen Karolyi (Carnegie Mellon U)

Targeted by an Activist Hedge Fund, Do the Lenders Care?

  • Sandeep Dahiya (Georgetown U)

  • Discussant: Mehdi Beyhaghi (Federal Reserve Bank of Richmond at Charlotte)

Banks’ equity stakes in firms: A blessing or curse in credit markets?

  • Gunseli Tumer-Alkan (Vrije U)

  • Discussant: Ivan Ivanov (Federal Reserve Board)

Financial Development and Industrial Pollution

  • Ralph De Haas (European Bank for Reconstruction and Development)

  • Discussant: Vahap Uysal (DePaul U)

Luncheon Keynote: Ed Kane (Boston College)

SESSION 6 (A and B): 1:45pm to 3:30pm (April 12)

6.A Loan Screening and Fintech

Chair: Christoph Herpfer (Emory U)

Securitization and Screening Incentives: Evidence from Mortgage Processing Time

  • Jung-Eun Kim (Federal Reserve Bank of Richmond)

  • Discussant: Vladimir Kotomin (Illinois State U)

Mortgage Brokers, Technology, and Credit Supply: Evidence from MERS

  • Stefan Lewellan (Penn State U)

  • Discussant: Rohan Ganduri (Emory U)

Reintermediation in FinTech: Evidence from Online Lending

  • Tetyana Balyuk (Emory U)

  • Discussant: Christoph Bertsch (Riksbank)

6.B Financial Institutions and Market Liquidity

Chair: Jeff Harris (SEC and American U)

Liquidity Support in Financial Institutions

  • Yigitcan Karabulut (Frankfurt School)

  • Discussant: Shaun Davies (U Colorado at Boulder)

Mutual Fund Flows, Fund Liquidity, and Broker-Dealer Trades

  • Mark Flannery (U Florida)

  • Discussant: Stathis Tompaidis (U Texas at Austin)

Agency Frictions, Dealer Funding, and Market Liquidity

  • Max Bruche (Humboldt U at Berlin)

  • Discussant: Sebastian Infante (Federal Reserve Board)

SESSION 7 (A and B): 3:45pm to 5:30pm (April 12)

7.A Low-Income Credit

Chair: Jordan Nickerson (Boston College)

The Effects of Competition on Consumer Credit Market

  • Edison Yu (Federal Reserve Bank of Philadelphia)

  • Discussant: Jordan van Rijn (U Wisconsin at Madison and CUNA)

Returns to Community Lending

  • Indraneel Chakraborty (U Miami)

  • Discussant: John Hackney (U South Carolina)

Financial Inclusion Under the Microscope

  • Andre Silva (Federal Reserve Board)

  • Discussant: Martin Kanz (World Bank)

7.B Bank Performance and Valuation

Chair: Taehyun Kim (Notre Dame)

Acquiring Failed Banks

  • Siddharth Vij (U Georgia)

  • Discussant: Mark Egan (Harvard Business School)

Why Have Negative Nominal Interest Rates Had Such a Small Effect on Bank Performance? Cross-Country Evidence

  • Mark Spiegel (Federal Reserve Bank of San Francisco)

  • Discussant: Priyank Gandhi (Rutgers U)

Bank Capital and Bank Stock Performance

  • Christa Bouwman (Texas A&M)

  • Discussant: Rajdeep Sengupta (Federal Reserve Bank of Kansas City)

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