Dear Colleagues, I am happy to share with you the following invitation to the Quantative Finance webinar organized by LTI@UniTO and Collegio Carlo Alberto, “Recapitalization, Bailout, and Long-run Welfare in a Dynamic Model of Banking” by Andrea Modena (University of Bonn), which will take place on Zoom on May 24, at 12.45. Below you find the Zoom link and an abstract of the presentation. Best regards, Luca Regis <#> <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/J7QJ4oN6YVj_zZsZOtARrIVf6c7Hmq99bSLdV2ztYBPQrwPTaAemxPoHEK4lP180EcdmN1raT_85h5upb72kBQr_0XBpVGBHdG_zVeUnWj29bN6VAeHVPgmAh23iwbIhwrKZ4rfJCknqRndMDpmT-q7GgpDcEgd6j6RL9Heyk10ywng> <#> LTI@Unito and Fondazione Collegio Carlo Alberto are pleased to invite you to the following workshop <#> *May 24, 2021 | 12:45 - 13:45* *“Recapitalization, Bailout, and Long-run Welfare in a Dynamic Model of Banking”* *Andrea Modena (University of Bonn, Università Ca’ Foscari Venezia) * <#> *Abstract. *We study the trade-off between the short-run costs and the long-run benefits of bank bailouts. In the model, banks leverage, thanks to their cost advantage at monitoring firms, but hold precautionary capital buffers to avoid costly equity issuance. Banks’ recapitalization is suboptimal because they do not internalize the externalities of the banking sector’s relative size on their individual leverage capacity and firms’ investments. Systematic bailouts can improve the allocation efficiency in bad states, in which banks’ leverage is persistently constrained and investments are low. In the long run, bailouts accelerate the economy’s recovery by fostering growth, thereby reducing endogenous risk. *Zoom link:* *https://us02web.zoom.us/j/83596624662?pwd=ZmlvenJSbGJVZjl4WTA0MnNMUXVlZz09* <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/s-qJVnhbS_zG1dfsi6qOu9mnfTxc8QKO7hlhJabpYjM4f3uyZn6waeNo3Uw2GhcbBVeNxAuMN_jCXMa7TnUDHbxcb74lSX7-vi6DSEVh45lcxnzNK_ybg-rm_YKHatoguqH9VHBjqpaLDj0_lkaucqhzVuNv3hPaq8GgYPDonv8Q_zLkKovaTH8n0m3pkQ0av9g_S4F5_DZnuBOOqiIq9vjSJbOp7vHVNPjTCfGuT_jBQ-TMfEI> Meeting ID: 835 9662 4662 Passcode: 056057 <#> <#> <#> <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/yuwpD8sTuPk6FHLiRKKpTMm-UjUyfN6wgbNHQ7n2zZ7jHDiGpOEyuMPGXKEedkQOMicR-6yJeCOOVhrMqbFf5kBSQJ2SPBJYqyguVRn0JKyNNZjSAMpNjjdZErMwS8X5IRErThlCQQT_3wUJZbczZ1XASxt2H3t3inlD9lkvte68_qfg5crtYJE> <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/VpUegKgodGXzBen7C44jhlkXkF9jhsSmmo84D5RbMRBOBAJy8-Bq2lVuBEypeoW3YQWCzm4OGzD0fR42vs4zN1kdNYbYuL7hjquTZAf1rzsd8iGXTm8QSsYliEQCVPuvYWCGx9sYcKATYvt5-MEE6yEUfdHQ4IPidpZb> <#> 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/cMWe7pVTdvfxQ1F14Ip-99gRFCuIRpXB8ymo6KqYlZhBw2x3pgCs_9l6dWSMQ0QX7xBDdRdvuwV3UxbqVm2o8AWm2v4clCuxvMbSpR7cUC3z7vKkiOty3IJfO_G644LM_CNbFMF5aG2aFmOvgl9ddy2IpBXQEvKWF-9-8cSZ0JUspY7_WyCd_ue6MFQZ2kYLRt53> Twitter <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/PBGBAvJh5x5DlI_7sK-JDvUzZNEYzjMddCxte-s8t8OUEFqn1qQ-qsI9PX7tezXMv_qG5vulkjqimWa10IpQyI1zv9z3iUBL4elc3QuqlTfzgN_y66KMrETpPeoNjM-jUNKhkZaU8RrllbueP4jVKN4fgKklcIkgiB5SLArqc4ZfJIuL> LinkedIn <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/ODY9SQh8giPEbUl9tQNsfhNYuPH1kUrrxH4Vxa6eCeXmg3-CBSasLbksYNnrayouInLuHK56lkxFTzchNJOfxxTaWXy73Zrh00OnMqdFQRHrlcVZxuCNxSuuLJeFnOXCMtOic4M7uUAX71RjYY1M8U24GIVWSYv5IUpVnqCsUBxiKSQBkUo0thX-z0TA6zDXMiquPi8Ui7iKzsVMHJWfD_M> Instagram <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/eSYLTqj79odIe23NOKQ9iD17xZiiWLxZpkKNtT3fOTUKcARkBO1hFRAKiZ6CcRx9KiEz2XNO3BA7yOzRlxR4A7fRityd1tsSQMd_SOYhObQIR46Hn33qOU4qwIRiXB463H2G_GX1CIqWSab-FACpb29d1LZZ7Ce5-3eHesXoXPeK5lS6pNPeoiOUjjinyQl8Rij-ueBCCw> Youtube <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/VHxNOf4LAHpDbLIqIRMcZ1IjxJ8vJMlt0REQSrVftP1oUh5pWFKYwZ5yXpwWNEvvmD7pxOYr4h_Nj6FkFeJeRPqOy4KX-66rt8wy0dJQOYRb_0LGQgcPqEQ8E1CSNTLaVXLdOkaQx6NcbKLbcpd_XmJ6_BpWMCNifVIThm-HqUNqqoPDPYsFhX9CmOWvdc4zlTiXeAQPXzln0qDg0A71wQ> <#> *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. If you wish to have your personal data modified please contact Fondazione Collegio Carlo Alberto, piazza Arbarello 8, 1022 Torino, Italy - phone: +390116705000 - privacy@carloalberto.org *Unsubscribe* <https://4z5y5.r.a.d.sendibm1.com/mk/un/pwqLm48bGIHoEgSNMJjK02XvcE2z7S4OYMkgyG5H8lyAdcE3CcgGsyLX4_URDjLDJAUVupXDZ0w08e_PIa0PsLh5jHgQjDizaPC1fqMe9lbL18eq9vZWpPbHRx3LmPDm_AhdGdsQD5OjrqIC_w> <#> © 2021 Fondazione Collegio Carlo Alberto