15th INTERNATIONAL CONFERENCE

C R E D I T 2016 *Credit Solutions for the Real Economy: Implications for Investors, Financial Stability and Policy Design *Venice, Italy 6 - 7 October 2016

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 *New Credit Solutions for the Real Economy and their Implications for Investors, Financial Stability and Policy Design *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 *fifteenth *of a series dedicated to various aspects of credit risk.

The *co-sponsors* of the Conference are *GRETA Associati* (Venice, Italy), *Intesa Sanpaolo *(Milan, Italy), the*European Investment Fund *(Luxembourg), *Research Center SAFE *at Goethe University Frankfurt (Frankfurt, Germany) and *European Investment Bank__*(Luxembourg). 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 Institute*.

The Scientific Committee for the Conference consists of: *Loriana Pelizzon *(Systemic Risk Lab, SAFE - Goethe University, Ca’ Foscari University of Venice & GRETA, Programme Chair), *Francesca Campolongo *(JRC Unit ‘Financial and Economic Analysis’), *Marco Da Rin *(Tilburg University), *Helmut Kraemer-Eis *(European Investment Fund), *Jan Pieter Krahnen *(SAFE - Goethe University Frankfurt),*Adair Morse *(University of California, Berkeley), *Steven Ongena *(University of Zurich, SFI & CEPR) and *Stephen Schaefer *(London Business School)

PROGRAMME Thursday, October 6 2016 9.00 - 9.15_Welcome and Opening Remarks _*Monica Billio* (Ca’ Foscari University of Venice) *Loriana Pelizzon* (Systemic Risk Lab, SAFE - Goethe University & Ca’Foscari University of Venice, Programme Chair)

9.15 - 11.00_Session I: Alternative and Digital Financing I _Key-note talk: *Adair Morse* (University of California, Berkeley)

/Payment Instruments, Enforceability and Development: Evidence from Mobile Money Technology/, Thorsten Beck (City University London & CEPR), Haki Pamuk (Tilburg University & Wageningen University), Ravindra Ramrattan (FSD Kenya & Tilburg University) and *Burak R. Uras* (Tilburg University & European Banking Center)

/How Does P2P Lending Fit Into the Consumer Credit Market?/, *Calebe deRue* (Frankfurt School of Finance & Management), Loriana Pelizzon (Systemic Risk Lab, SAFE - Goethe University & Ca’ Foscari University of Venice) and Paolo Tasca (SAFE - Goethe University Frankfurt & London School of Economics)

11.45 - 12.45_Session II: Credit Risk _/“Keeping It Personal” or “Getting Real”? On the Drivers and Effectiveness of Personal versus Real Loan Guarantees/, *Sergio Mayordomo *(Bank of Spain), Antonio Moreno (University of Navarra), Steven Ongena (University of Zurich, Swiss Finance Institute & CEPR) and María Rodríguez-Moreno (University of Navarra)

/Default Risk Premium in Credit and Equity Market: A New Approach for Structural Model Estimation/, Alessandro Beber (City University London), *Raffaele Corvino* (City University London) and Gianluca Fusai (Università del Piemonte Orientale, Novara)

14.15 - 15.30_Session III: The Role of the “Public” Sector in Promoting the Development of Alternative Financing Channels _*Helmut Kraemer-Eis* (European Investment Fund)

*Luca Bertalot* (European Mortgage Federation - European Covered Bond Council (EMF-ECBC))

*Christian Thun* (European DataWarehouse GmbH)

15.30 - 16.30_Poster Session 1 _

16.30 - 17.30_Session IV: Alternative and Digital Financing II _/Informational Synergies in Consumer Credit/, *Martin Hibbeln* (University of Duisburg-Essen), Lars Norden (Getulio Vargas Foundation, Praia de Botafogo), Piet Usselmann (Braunschweig Institute of Technology) and Marc Gürtler (Braunschweig Institute of Technology)

/The Evolution of the Bitcoin Economy: Extracting and Analyzing the Network of Payment Relationships/, *Paolo Tasca* (SAFE - Goethe University Frankfurt & London School of Economics), Shaowen Liu (Deutsche Bundesbank) and Adam Hayes (University of Wisconsin, Madison & The New School, New York)

Friday, October 7 2016 9.00 - 10.45_Session V: Financing SME _Key-note talk: *Thomas Hellman* (Oxford Said Business School)

/Assessing Italian SME and Mini-bond Issuer Credit Worthiness/, Edward I. Altman (NYU Stern, NYU Salomon Center & Classis Capital S.p.A), Maurizio Esentato (Classis Capital S.p.A) and *Gabriele Sabato* (Classis Capital S.p.A)

/Support for the SME Supporting Factor - Multi-Country Empirical Evidence on Systematic Risk Factor for SME Loans/, *Michel Dietsch* (ACPR – Banque de France), Klaus Düllmann (European Central Bank), Henri Fraisse (ACPR – Banque de France), Philipp Koziol (European Central Bank) and Christine Ott (Deutsche Bundesbank)

11.30 - 13.15_Session VI: Credit and Unconventional Monetary Policies _Key-note talk:*Philipp Hartmann* (European Central Bank)

/The Effect of Central Bank Liquidity Injections on Bank Credit Supply/, Luisa Carpinelli (Bank of Italy) and *Matteo Crosignani* (NYU Stern)

/The Demand and Supply of Mortgage Rate Fixation Periods. Managing Interest Rate Risk and Credit Risk in a Low Rate Environment/, Christoph Basten (Swiss Financial Market Supervisory Authority & ETHZ), *Benjamin Guin* (Bank of England) and Cathérine Koch (Bank for International Settlements)

14.30 - 16.00_PANEL Session_

16.00 - 17.00_Poster Session 2

_17.00 - 18.00_Session VII: Bank Business Models _/Nothing Special about Banks: Competition and Bank Lending in Britain, 1885-1925/, *Fabio Braggion* (Tilburg University & CentER), Narly Dwarkasing (University of Bonn) and Lyndon Moore (University of Melbourne)

/Bank Business Models at Zero Interest Rates/, André Lucas (VU University Amsterdam & Tinbergen Institute), Julia Schaumburg (VU University Amsterdam & Tinbergen Institute) and *Bernd Schwaab* (European Central Bank)

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/credit2016/credit2016.htm file:///http://www.greta.it/credit/credit2016/credit2016.htm).

Registration fees are:

Early registrationLate registration (within August 31st)(from September 1st on)

Academics: 250 Euro + VAT300 Euro + VAT Practitioners: 800 Euro + VAT1000 Euro + VAT PhD Students*: 80 Euro + VAT130 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 6th, 2016, 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/credit2016/credit2016.htm file:///http://www.greta.it/credit/credit2016/credit2016.htm

GRETA Associati San Polo, 2605 - 30125 Venice, ITALY Phone : +39 041 5238178 - Fax : +39 041 5286166 e-mail: credit@greta.it mailto:credit@greta.it website: _www.greta.it_ http://www.greta.it/