-- Luca Regis Associate Professor ESOMAS Department, University of Torino Collegio Carlo Alberto sites.google.com/view/lucaregis Office: +39 011 670 6065 www.carloalberto.org/lti <#> https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/4Y3D1gFgxA8KVXx64DKoPB1KCgwrTyqupCkbZgKIVVnxF5j6FaOmoj3z8ycIQ2p9fzGg7qDUz3PG8A6iXncw8vuV25oXVy0vlryhttnFPRf-Q1fNM9RQXyCkOO_lFfXCVlnwGql7XrLnBTCwt-KmYPI6GLk_V8T0QoCkTmUClen5n2nkBepuflwQlhgAVFftLvzJGnfBJhpzIAaOtSH_K8XCEkPpJNK_tG-HVUj9DmP3 <#> LTI@Unito and Fondazione Collegio Carlo Alberto are pleased to invite you to the following webinars <#> *September 20, 2021 | 12:45 - 13:45* *“Corporate Bond Flipping”* Stanislava Nikolova (University of Nebraska-Lincoln) <#> *Abstract.* In this paper we provide the first empirical evidence on flipping activity in the corporate bond market. Analyzing insurer trades in corporate bonds during 2002-2018, we show that offerings with worse aftermarket performance are flipped less. When flipping their allocation in an offering, insurers tend to avoid selling to the offering’s underwriters even though underwriters offer better prices. The sensitivity of flipping to aftermarket performance is broadly similar when flipping to underwriters than non-underwriters, which suggests that underwriters discourage flipping in both overpriced and underpriced offerings. Insurers that flip their allocation to underwriters receive less profitable allocations in these underwriters’ subsequent offerings. Overall, our findings suggest that the repeated game nature of the issuance process allows underwriters to partially limit flipping by using their allocation discretion to penalize flippers. /Joint with L. Wang/. Zoom Link: https://us02web.zoom.us/j/88495362012?pwd=TWdkS0lPTm1lQTQyVVVTVGh1Wmljdz09 https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/kZGUmIunEdxz1dadhHTfrur0lcEACj7lZS_oBt1cZb4lhb2duxI7LkJf6qelrtEvvzpuVlxyltOawxNHmK4NYICbYK842Pzj_ml_wNrwF_EPA25KrB5Btf0vXEB1iNpI6IuiCzVX0apd_uvt2gVD6RG2paM7dplios-0NMFdkB7wBoZn7xVSnLyOuoVHgHMHI_4IJBPUm5Q3IW58uauD1nRU8OEPuKNiOddNZ-f58oVPGsW0dcbIuPgLNqCbrKgv-BCX5xXg2wMYkBlxFquP8fXL7Z_OZYues5uMx6brDEK5WevS Meeting ID: 884 9536 2012 Passcode: 397756 <#> *September 27, 2021 | 12:45 - 13:45* *“Quantitative Easing, Bank Lending, and Competition”* Andrea Orame (Bank of Italy) <#> *Abstract.* We study how the European Central Bank’s quantitative easing (QE) program announced in January 2015 affected lending by Italian banks. Banks exposed to QE, especially the more illiquid ones, increased lending relatively more at both the intensive and extensive margins after QE. But we also find evidence of substitution. Branches of non-QE-exposed banks contracted lending in areas where QE-exposed banks dominate. Because of this substitution, we find no evidence of an aggregate credit expansion. Our results suggest that QE programs that target a broader swath of the banking system could more effectively expand lending. Zoom Link: https://us02web.zoom.us/j/86146036034?pwd=SWJJUXU4Qmxoa2pTY29nS2FHOVNQZz09 https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/44E8eCvPH991Azy9eSesid2FFlvnlb1e9XealzyVU74MruPJlw6h_aWiOObEKhXlHmyjdbK-ZdlzV9lqF0sK9XpYU6e0wLmLGylZxO9TSdB_9Kdx9AzdUE4B4XMMCiZjTqL1-Y0vei9jqTpaMDqlPxIllYPG2WA7VfXGXxeijcsanr8gehBo1ABtZZR-gNomx7j9HDEXJb4UkN1tnopn8bCEdBd7Rz4VNOQyzNUWyYly-4XaUSU7GeWrS1BiPviuOPVuE1-Ts_fMFd2wiFnkKzKlc7nlBo5q6-rTyFCq0LzFcphr Meeting ID: 861 4603 6034 Passcode: 413428 <#> <#> <#> https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/_oZ7DkyGZmAbPkUPJsKpuoBy8uqcSFzkuWsMGyftPon72ew50AnZGusHGXygU0djmU6Zc6rc08uhSxWNiFeflijWL4_pl0JRAFb4eHTjw5zc37Y-52-GbrdRORJZQOpTp4rMZtAbqPWepUzyVirMH6lCYK0l663dNX8ezdZhrhCxTFAT1Ttt_7zIAZvl1MRBAMoTwmxbF0O-M015TVTXuM-CpNPyJEqBUJn7E-gxrjwdK58tb1iF https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/DK9zEeuKEW2jWh1UAQCh-j1VYcej6bGHCzVxKVjqBladFTqRNmUIsM-nsC4tVOSXN1dURv7rJhRJvdtKltUSaOlVFZ1_qWCzKoGK7v5_DlMn01ojTazXD1P02BWQNsB12Kg6kKPZLigDtx_5TllrlnjhFlfWHQist4deH3hTNbu4kLfLuKDVSZw1Wsy1DyKnT2ySwYkX24xrjQrC7TsWfqHZfHixrf2YTw <#> FONDAZIONE COLLEGIO CARLO ALBERTO Piazza Arbarello 8 - 10122 Torino, Italy phone: +390116705000 segreteria@carloalberto.org - www.carloalberto.org Facebook https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/EhFkUbLMNzNCTeAxC7A4cF4PRl2kYgiRsnMlSIW-ZWV_kuN6JnsKIf90n5m3qQVWCDGcg4gAIfrlXUIG_8rUzL3bRGrjUAk-wndGDxEGnTzp0EpEKLxH8obmm_voe9qzvLgbVVkCdaXl9dl0X97ZxUzsPbxEt1XPBX8Q3mCC4IN2bT8PzXaeoynr-OtUNhVSP4OdYhQ8LKmvie0hvAenXpCQJwO9A2akwO22ohx7rEsuYj6I5EAlN_Y9TepjVebCMQ Twitter https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/BdVrW_64gEvSYyGKa4rnDPTRygLC0CdHcuZj5F9JoOkV7sPYQuQtB9mV_VXPFQKPH4CTk4o4dVqWXT_8wZqf2090hx7sH1zzZq_O0TemjjwfN21YpWLH-FhO6sreNKu3sNjXmwso8A__IHErfu26qUe1xdWtshkQBTHdFT-bppFNRK6hxaFo9Sx-xPVUWLKattZcDccATwOgFv7JKVCvglWHT5rkO8_lMTGs7_3vxwd9xQ LinkedIn https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/FkSkjvNQuxHGBHGhc1xUYaG4I7sr6lz1OQzQcpf5dd4nsHJkuu0nlVO-htRP_4wINB3LjtrhIU8LyZCowBD0NRiwq3q9CeVhfkuTI59ks-HMQ9ybCWRSCyCL6UUlJ4Vn0a7XQV0m0RnZXVFx8Lgppt6n-t6UMGEZP4irOhZMwgAeZm-yZAuR2qugSWTHnmTTY9NIxE7uSxEJ0YUjpoATslLo6GtwIjYj3iRO0jwUKYUo0eBiSJ3o1oYrnwTxO__v9VJBJi37nJtAOfnUHHv4 Instagram https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/1hM60Du7CJMwkHPB4NN-TI4vMnXwOFjH6mIe9xXbX0E9qrwziuM2-IZkDgwL1lkSckYuINHhwM_y34PwzwDm6n_hdoZzTD2TJqb6kpqYYXwmS_OXgMRZ9WwvxR3bNbs3E-8x9LW9eNnJgqCWnZf0sqQbZaq8v5fAe52aEOVynCvqN0DrjTJURe8siLHwkOudAR03RudYTE3u4iEywQRpRXrC6oh8OESJuLd4Wo9xt7aNOg0OPLDgDPaQbANQADO_l7x4xdw Youtube https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/otxZ4nQ6HQHu0R0ipgYVcKbQ0en4Y1XeR7ObTsAgVbKy57Ea5B8LrprLhVnyW_8aYyhffW1ZkZcGu274h2O-jwhezYXCdj65QmZnwPmpuX7iqg3UPgClHvcarNgDVskc8bMPSyTXaUOJ09IEnwrs6FqZLi4REtQKits8xSfbdk4yR-yplJEXUaPudSGb_Kh2GpCrNiRHs6T6L3E42sHoWreUSIAOQOlSBefbOC3WN80PeOl92wmmtFPC1kaTrNEDxX9THzSvZ4aphLUE1y8 <#> *INFORMATION UNDER THE NEW GENERAL DATA PROTECTION REGULATION (GDPR)* Your personal information has been gathered for the exclusive purpose of informing you about the Collegio's initiatives, considering our and your legitimate interest or your consent. 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