16^th INTERNATIONAL CONFERENCE CREDIT 2017

*/INTEREST RATES, GROWTH and REGULATION /*Venice, Italy 28-29 September 2017

*GRETA Associati *(Venice, Italy), the *European Investment Fund* (Luxembourg), *European DataWarehouse* (Frankfurt am Main) and *Intesa Sanpaolo* (Milan, Italy) are co-sponsors of a Conference to be held in Venice on September 28-29, 2017.

The objective of the Conference is to bring together academics, practitioners and PhD students working in the area of risk management. The conference 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, organised under the auspices of the *Department of Economics of the University Ca' Foscari of Venice*, *ABI - Italian Banking Association *and *European Investment Bank*, is the *sixteenth* of a series dedicated to various aspects of credit risk.

The Scientific Committee for the Conference consists of: *Alain Monfort* (CREST-Paris, Programme Chair), *Monica Billio* (Ca' Foscari University of Venice & GRETA), *Francesca Campolongo* (JRC, European Commission), *Helmut Kraemer-Eis* (European Investment Fund), *Jan Peter Krahnen* (Research Center SAFE at Goethe University Frankfurt), *Steven Ongena* (University of Zurich, SFI & CEPR), *Jean-Paul Renne* (University of Lausanne), *Fulvio Pegoraro* (Bank of France) and *Bernd Schwaab* (European Central Bank)

PROGRAMME

*Thursday, September 28 2017

* 9.00 - 9.15 _Opening Remarks:_*Alain Monfort *(CREST-Paris, Programme Chair)

9.15 - 11.00 _Session I: LOW INTEREST RATES, CREDIT AND LIQUIDITY RISKS _*Key-note talk:* /A Macrofinance Perspective of Interest Rates and Credit Risk Modelling, /*Jean-Paul Renne *(University of Lausanne)

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

/Feedback Between Credit and Liquidity Risk in the US Corporate Bond Market, /Rob C. Sperna Weiland (University of Amsterdam), Roger J.A. Laeven (University of Amsterdam) and *Frank de Jong* (Tilburg University)

11.30 - 13.00 _Session II: UNCONVENTIONAL MONETARY POLICIES _/Did ECB Liquidity Injections Help The Real Economy?, /Stine Louise Daetz//(Copenhagen Business School), *Marti G. Subrahmanyam*//(New York University), Dragon Yongjun Tang//(University of Hong Kong) and Sarah Qian Wang//(University of Warwick) * */Central Bank Policy Announcement and Changes in Investment Behavior: Evidence from Micro Data in Bond Futures Markets, /Koichiro Kamada (Bank of Japan), *Tetsuo Kurosaki* (Bank of Japan), Ko Miura (Bank of Japan) and Tetsuya Yamada (Bank of Japan)

/Does Monetary Policy Impact Market Integration? Evidence from Developed and Emerging Markets, /Massimiliano Caporin (University of Padova), Loriana Pelizzon (SAFE-Goethe University Frankfurt) and *Alberto Plazzi* (Institute of Finance, Università della Svizzera Italiana & Swiss Finance Institute)

14.15 - 16.00 _Session III: STRESS TESTING, BANKING REGULATION AND RESOLUTION _*Key-note talk:* /Sress Testing, Design, Interpretation and Quality Control, /*Thomas Philippon* (New York University)

/Bank Deposits and Liquidity Regulation: Evidence from Ethiopia, /*Nicola Limodio* (Bocconi University) and Francesco Strobbe**(World Bank)

/Optimal Bank Resolution, /*Ansgar Walther* (University of Warwick) and Lucy White (Boston University)

17.00 - 18.00 _Session IV: FINANCING AND INNOVATION _/The Value of Innovation for VC Backed Startups, /*Helmut Kraemer-Eis* (European Investment Fund), Simone Signore (European Investment Fund) and Wouter Torfs (European Investment Fund)

/Government Ownership of Banks and Corporate Innovation, /Bo Bian (London Business School), *Rainer Haselman* (Goethe University Frankfurt), Vikrant Vig (London Business School) and Beatrice Weder di Mauro (INSEAD Singapore)

*Friday, September 29 2017 * 9.00 - 10.30 _Session V: IMPACT OF NEGATIVE INTEREST RATES _/Life Below Zero: Bank Lending Under Negative Policy Rates, /Florian Heider (European Central Bank & CEPR), Farzad Saidi (Stockholm School of Economics & CEPR) and *Glenn Schepen* (European Central Bank)

/Banks’ Response to Negative Interest Rates: Evidence from the Swiss Exemption Threshold, /*Christoph Basten* (FINMA & ETH Zürich) and Mike Mariathasan (KU Leuven)

/How Would U.S. Banks Fare in a Negative Interest Rate Environment?, /*David M. Arseneau* (Federal Reserve Board)

11.00 - 13.00 _Session VI: MACROPRUDENTIAL POLICY, BANKS AND REAL ESTATE SECTOR _/Assessing the Costs and Benefits of Capital-based Macroprudential Policy, /Markus Behn (European Systemic Risk Board), Marco Gross (European Systemic Risk Board) and *Tuomas Peltonen* (European Systemic Risk Board)

/The Anatomy of the Transmission of Macroprudential Policies: Evidence from Ireland, /Viral V. Acharya (New York University & Reserve Bank of India), Katharina Bergant (Central Bank of Ireland), Matteo Crosignani (Federal Reserve Board), *Tim Eisert* (Erasmus University Rotterdam) and Fergal McCann (Central Bank of Ireland)

/Helping the Middle-Class: How Interest Rates Affect the Distribution of Housing Wealth, /*Isaac Hacamo* (Indiana University, Bloomington)

/Empirical evidence on the calculation of the CDR based on loan level data for RMBS, /*Ludovic Thebault *(European DataWarehouse)

14.15 - 15.30 _Session VII: BANKS DEPOSITS AND LOANS _*Key-note talk:* /Deposit Dynamics in Distressed Banks, /*Manju Puri *(Duke University)

/Asymmetric Information and the Securitization of SME Loans, /Ugo Albertazzi (Bank of Italy), *Margherita Bottero* (Bank of Italy), Leonardo Gambacorta (Bank for International Settlements & CEPR) and Steven Ongena (University of Zurich, Swiss Finance Institute, KU Leuven & CEPR)

16.30 - 18.00 _PANEL Session_: BEYOND GROWTH, POSITIVE INTEREST RATES AND FINANCIAL REGULATION

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/credit2017/credit2017.htm http://www.greta.it/credit/credit2017/credit2017.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 Academics Poster Presenter:130 Euro + VAT130 Euro + VAT Practitioners Poster Presenter: 500 Euro + VAT500 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 September 28th, 2017, for which there is an extra charge of 90.00 Euro per person (conference attendees as well as accompanying persons).

IMPORTANT DATES

August 31, 2017: Deadline for sending final version of accepted papers August 31, 2017: Deadline for early registration

More detailed information available on the Conference website:

http://www.greta.it/credit/credit2017/credit2017.htm http://www.greta.it/credit/credit2017/credit2017.htm

* Please accept our apologies for any crossed e-mails.