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 *(Research Center SAFE at Goethe University Frankfurt, Ca’ Foscari University of Venice & GRETA, Programme Chair), *Francesca Campolongo *(JRC, European Commission), *Marco Da Rin *(Tilburg University), *Helmut Kraemer-Eis *(European Investment Fund), *Jan Pieter Krahnen *(Research Center SAFE at 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 & GRETA) *Loriana Pelizzon* (Research Center SAFE at Goethe University Frankfurt, Ca’ Foscari University of Venice & GRETA, Programme Chair )

9.15 - 11.00_Session I: Alternative and Digital Financing I_ - Chairman:*Stephen Schaefer *(London Business School)

Key-note talk: /Lending Markets in Transition: Platforms, Borrowers & Investors,/ *Adair Morse* (University of California)

/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) - _Discussant:_ *Dale Gray *(International Monetary Fund)

/How Does P2P Lending Fit Into the Consumer Credit Market?, /*Calebe de Roure *(Frankfurt School of Finance & Management),**Loriana Pelizzon**(Research Center SAFE at Goethe University Frankfurt, Ca’ Foscari University of Venice & GRETA), Paolo Tasca**(University College London, Centre for Blockchain Technologies) and Anjan Thakor (Washington University) - _Discussant:_ *Bruno Parigi *(University of Padova)

11.45 - 12.45_Session II: Credit Risk_ - Chairman:*Helmut Kraemer-Eis* (European Investment Fund)

/“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, KU Leuven & CEPR) and María Rodríguez-Moreno (Bank of Spain) - _Discussant:_ *Vladimir Volkov *(University of Tasmania)

/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 (City University London & Università del Piemonte Orientale) - _Discussant:_ *Alain Monfort* (CREST & Banque de France)

14.15 - 15.45_Session III: The Role of the “Public” Sector in Promoting the Development of Alternative Financing Channels_ - Chairman:*Loriana Pelizzon *(Research Center SAFE at Goethe University Frankfurt, Ca’ Foscari University of Venice & GRETA)

/A Short Description of EIF Activities,/ *Helmut Kraemer-Eis* (European Investment Fund)

/The Impact of EIF on the VC Ecosystem, /*Simone Signore *(European Investment Fund) and *Dario Prencipe *(European Investment Fund)

/Dual Recourse Instrument - A Long Term Financing Solution for SME Loans, /*Luca Bertalot *(European Mortgage Federation - European Covered Bond Council (EMF-ECBC)),

/Transparency – The Way to Restore Confidence in the European ABS Market, /*Christian Thun *(European DataWarehouse GmbH)

15.45 - 16.45_Poster Session 1 _

16.45 - 17.45_Session IV: Alternative and Digital Financing II_ - Chairman:*Francesca Campolongo *(JRC, European Commission)

/Informational Synergies in Consumer Credit, /*Martin Hibbeln* (University of Duisburg-Essen), Lars Norden**(Getulio Vargas Foundation), Piet Usselmann (Braunschweig Institute of Technology) and**Marc Gürtler**(Braunschweig Institute of Technology) - _Discussant:_ *Marco Da Rin* (Tilburg University)

/The Evolution of the Bitcoin Economy: Extracting and Analyzing the Network of Payment Relationships, /*Paolo Tasca* (University College London, Centre for Blockchain Technologies), Shaowen Liu (Deutsche Bundesbank) and Adam Hayes (University of Wisconsin-Madison) - _Discussant:_ *Ryan Stauffer *(University of Calgary)

Friday, October 7 2016 9.00 - 10.45_Session V: Financing SME_ - Chairman:*Massimiliano Marini *(Intesa Sanpaolo)

Key-note talk: /Financing Scale-Ups, /*Thomas Hellmann *(Oxford Said Business School)

/Assessing the Credit Worthiness of Italian SMEs and Mini-bond Issuers, /Edward I. Altman (New York University),**Maurizio Esentato**(Classis Capital SIM S.p.A) and *Gabriele Sabato* (WiserFunding Ltd.) - _Discussant:_ *Francesca Campolongo *(JRC, European Commission)

/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) - _Discussant:_ *Michele Costola *(Ca’ Foscari University of Venice)

11.30 - 13.15_Session VI: *SME’s Access to Financing and Bank Credit*_ - Chairman:*Pier Luigi Gilbert *(European Investment Fund)

Key-note talk*:* /SMEs, Young Growth Firms and their Financing in Europe, /*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) - _Discussant:_ *Sven Klingler *(Copenhagen Business School)

/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) - _Discussant:_ *Stephen Schaefer *(London Business School)

14.30 - 16.00_PANEL Session: *“The Development of Credit Markets: Products, Financing Channels and Business Models/”/* _Moderator: *Fabrizio Galimberti *(Columnist, Il Sole 24 Ore) *Angelo Federico Arcelli *(Partner, Oliver Wyman) *Philipp Hartmann *(Deputy Director General Research, European Central Bank) *Thomas Hellmann *(Professor of Entrepreneurship and Innovation, Saïd Business School, University of Oxford) *Lars Jul Overby *(Head of Credit, Market and Operational Risk, European Bank Authority) *Dario Scannapieco *(Chairman, European Investment Fund & Vice-President, European Investment Bank)

16.00 - 17.00_Poster Session 2

_17.00 - 18.00_Session VII: Bank Business Models_ - Chairman:*Domenico Sartore *(Ca’ Foscari University of Venice & GRETA)

/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) - _Discussant:_ *Marcella Lucchetta *(Ca’ Foscari University of Venice)

/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) - _Discussant:_ *Stine L. Daetz *(Copenhagen Business School)

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: Academics: 300 Euro + VAT Practitioners:1000 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 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