14th INTERNATIONAL CONFERENCE

C R E D I T 2015 *Societal Fault Lines and Credit Risk: The Impact of Current Economic, Institutional and Political Developments on Credit and Risk* Venice, Italy 1 - 2 October 2015

The objective of the Conference is to bring together academics, practitioners and PhD students working in the area of risk management. The conference this year focuses on *Societal Fault Lines and Credit Risk: The Impact of Current Economic, Institutional and Political Developments on Credit and Risk* and will provide an opportunity for participants engaged in research at the forefront of this area to discuss both the causes and implications of recent events in financial markets and may, in turn, suggest fruitful directions for future research. The Conference is the *fourteenth* of a series dedicated to various aspects of credit risk.

The *co-sponsors* of the Conference are *GRETA Associati* (Venice, Italy), *Research Center SAFE *at Goethe University Frankfurt (Frankfurt, Germany), the *University of Zurich* (Zurich, Switzerland) and *Intesa Sanpaolo *(Milan, Italy). The Conference is organised under the *auspices *of the *Department of Economics of the University Ca’ Foscari of Venice*, *ABI - Italian Banking Association *and *European Investment Bank.*

The Scientific Committee for the Conference consists of: *Steven Ongena* (University of Zurich, Programme Chair), *Mark Carey (*Board of Governors of the Federal Reserve System), *Hans Degryse* (KU Leuven), *Jan Krahnen* (SAFE & Goethe University), *André Lucas* (VU University Amsterdam), *Loriana Pelizzon* (SAFE, Goethe University & Ca’ Foscari University of Venice) and *Stephen Schaefer* (London Business School).

PROGRAMME Thursday, October 1 2015

9.00 - 9.15_Welcome and Opening Remarks _Monica Billio (Ca’ Foscari University of Venice) Steven Ongena (University of Zurich & Swiss Finance Institute, CREDIT 2015 Programme Chair)

9.15 - 11.00_Session I: Organization and Risk_ Key-note talk: /Information, Credit and Organization,/ Vikrant Vig (London Business School)

/Financial Synergies and the Organization of Bank Affiliates: A Theoretical Perspective on Risk and Efficiency, /Elisa Luciano (University of Torino) and Clas Wihlborg (Chapman University) - Discussant: Jean-Edouard Colliard (HEC Paris)

/Restructuring Failure and Optimal Capital Structure, /Alfred Lehar (University of Calgary) - Discussant: Jan Pieter Krahnen**(SAFE & Goethe University Frankfurt)

11.45 - 13.00_Session II: Systemic Risk_ Key-note talk: /Risk Premia in Loan Markets,/ Mark Carey (Board of Governors of the Federal Reserve System)

/Soft Budget Constraints and Systemic Risk, /Alan D. Morrison (University of Oxford) and Ansgar Walther (University of Oxford) - Discussant: Alessandro Fontana**(Joint Research Center, European Commission)

14.15 - 15.15_Session III: Securitization_ /Arbitraging the Basel Securitization Framework: Evidence from German ABS Investment, /Matthias Efing (Swiss Finance Institute & University of Geneva) - Discussant: Stephen Schaefer**(London Business School)

/Securitisation, Bank Capital and Financial Regulation: Evidence from European Banks, /Alessandro Diego Scopelliti (University of Warwick & University of Reggio Calabria) - Discussant: André Lucas**(VU University Amsterdam & Tinbergen Institute)

15.15 - 16.15**_Poster Session 1

_16.15 - 18.00_Session IV: Housing Credit Risk_ Key-note talk: /Beyond Mortgages: Equity Financing of Homes,/ Hayne Leland (University of California, Berkeley)

/Loan Product Steering in Mortgage Markets, /Sumit Agarwal (National University of Singapore), Gene Amromin (Federal Reserve Bank of Chicago), Itzhak Ben-David (Ohio State University) and Douglas D. Evanoff (Federal Reserve Bank of Chicago) - Discussant: Geng Li**(Board of Governors of the Federal Reserve System)

/Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class, /Manuel Adelino (Duke University, Durham), Antoinette Schoar (MIT Sloan School of Management, Cambridge & NBER) and**Felipe Severino**(Dartmouth, Hanover) - Discussant: Isaac Hacamo**(Indiana University, Bloomington)

Friday, October 2 2015

9.00 - 10.30_Session V: Information Asymmetries_ /Rating Agencies and Information Efficiency: Do Multiple Credit Ratings Pay Off? The Case of RMBS Rating Migration, /Stefan Morkoetter (University of St. Gallen), Roman Stebler (University of St. Gallen) and Simone Westerfeld (University of Applied Sciences Northwestern Switzerland) - Discussant: Douglas T. Breeden**(Duke University)

/Show Me Yours and I’ll Show You Mine: Sharing Borrower Information in a Competitive Credit Market, /Jaap Bos (Maastricht University), Ralph De Haas (EBRD and Tilburg University) and Matteo Millone (VU University Amsterdam) - Discussant: Reinhard Schmidt**(SAFE & Goethe University Frankfurt)

/Information, Contract Design, and Unsecured Credit Supply: Evidence from Credit Card Mailings, /Song Han (Board of Governors of the Federal Reserve System), Benjamin J. Keys (University of Chicago) and Geng Li (Board of Governors of the Federal Reserve System) - Discussant: Arjen Siegmann (VU University Amsterdam)

11.15 - 13.00_Session VI: Interbank Market and Liquidity Risk_ Key-note talk: /Central Bank Policies and Bank Credit Risk,/ Viral Acharya (New York University)

/Lending-of-last-resort Is as Lending-of-last-resort Does: Central Bank Liquidity Provision and Interbank Market Functioning in the Euro Area, /Carlos Garcia de Andoain (European Central Bank), Florian Heider (European Central Bank), Marie Hoerova (European Central Bank) and Simone Manganelli (European Central Bank) - Discussant: Marti G. Subrahmanyam**(New York University) / The Euro Interbank Repo Market, /Loriano Mancini (Swiss Finance Institute), Angelo Ranaldo (University of St. Gallen) and Jan Wrampelmeyer (University of St. Gallen) - Discussant: Alain Monfort**(CREST & Banque de France)

14.30 - 15.30_Session VII: Inequality and Credit Risk_ /Does Inequality Cause Financial Distress? Evidence from Lottery Winners and Neighboring Bankruptcies, /Sumit Agarwal (National University of Singapore), Vyacheslav Mikhed (Federal Reserve Bank of Philadelphia) and Barry Scholnick (University of Alberta) - Discussant: Roger M. Stein (MIT Laboratory for Financial Engineering, Cambridge)

/Conflicting Security Laws and The Democratization of Credit: France's Reform of the Napoleonic Code, /Kevin Aretz (Manchester Business School), Murillo Campello (Cornell University & NBER) and Maria-Teresa Marchica (Manchester Business School) - Discussant: Matteo Millone (VU University Amsterdam)

15.30 - 16.30_Poster Session 2

_16.30 - 18.00_PANEL Session

_ REGISTRATION

To register for the Conference you are requested to complete the registration form that is available on our website (http://www.greta.it/credit/credit2015/credit2015.htm http://www.greta.it/credit/credit2015/credit2015.htm).

Registration fees are:

Academics: 300 Euro + VAT Practitioners: 1000 Euro + VAT Academics Poster Presenter: 130 Euro + VAT Practitioners Poster Presenter: 500 Euro + VAT PhD Students*: 130 Euro + VAT

*VAT is currently 22%* For participants presenting a paper there are no fees. *Students will have to provide valid proof of their student status.

The registration fees cover: - Admission to all scientific sessions - Lunches and coffee service during the Conference - Conference kit

The registration fees do not fully cover the conference dinner on October 1st, 2015, for which there is an extra charge of 80.00 Euro per person (conference attendees as well as accompanying persons).

For more detailed information (registration, accommodation and Conference venue), please refer to the Conference website: http://www.greta.it/credit/credit2015/credit2015.htm http://www.greta.it/credit/credit2015/credit2015.htm