Dear colleagues, I am happy to forward you the following announcements of two seminars in Quantitative Finance organized by LTI@UniTO and Collegio Carlo Alberto: * Stanislava Nikolova (University of Nebraska-Lincoln), September 20th, 12.45: "Corporate Bond Flipping" * Andrea Orame (Bank of Italy), September 27th, 12.45: "Quantitative Easing, Bank Lending and Competition". Please find below the abstract and the zoom links. Best regards, Luca Regis -- 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. 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