Chicago Financial Institutions Conference

Lamont Black – DePaul University
Elijah Brewer – DePaul University

Advisory Committee:

Allen N. Berger – University of South Carolina
Charles Calomiris – Columbia University
Robert DeYoung – University of Kansas
Mark J. Flannery – University of Florida
Iftekhar Hasan – Fordham University
Joseph G. Haubrich – Federal Reserve Bank of Cleveland
Randall Kroszner – University of Chicago
Steven Ongena - University of Zurich
Greg Udell – Indiana University
Larry Wall – Federal Reserve Bank of Atlanta

Here is the complete program for the 2018 Chicago Financial Institutions Conference, along with links to papers, presentation slides, and discussion slides. You can also download the full program if you prefer.

2018 CFIC Program

Session 1.A: Deposit markets

Location: Illinois Room 1 & 2, Federal Reserve Bank of Chicago
Chair:  George Pennacchi (U Illinois)

• Deposit Stability in Failing Banks
  Christopher Martin (FDIC), Manju Puri (Duke and FDIC), Alexander Ufier (FDIC)
• Discussant: James Wilcox (U California – Berkeley) presentation

• Information Acquisition by Institutional Depositors during Bank Panic
  Lucy Chernykh (Clemson U) and Sergey Mityakov (Clemson U) presentation
  Discussant: Dong Choi (FRB New York) presentation

• Ultimate Ownership and Bank Competition
Jose Azar (IESE), Sahil Raina (U Alberta), and Martin Schmalz (U Michigan)

Discussant: Jennifer Dlugosz (Washington U in St. Louis)

presentation

Session 1.B: Peer-to-peer lending

Location: Illinois Room 3 & 4, Federal Reserve Bank of Chicago
Chair:  Sudheer Chava (Georgia Tech)

• Crowding out Banks: Credit Substitution by Peer-to-Peer Lending
Brian Wolfe (U Buffalo) and Woongsun Yoo (Saginaw Valley State U)

Discussant: Yuliya Demyanyk (FRB Cleveland)

• Fintech Lending: Financial Inclusion, Risk Pricing, and Alternative Information
Julapa Jagtiani (FRB Philadelphia) and Cathy Lemieux (FRB Chicago)

Discussant: Elena Loutskina (U Virginia)

presentation

• Stereotypes and Lending: Evidence from Person-to-Person Transactions
Iftekhar Hasan (Fordham U), Qing He (Renmin U of China), and Haitian Lu (Hong Kong Polytechnic University)

Discussant: Sean Hundtofte (FRB New York)

Session 2.A: Bank ownership

Location: Illinois Room 1 & 2, Federal Reserve Bank of Chicago
Chair: Richard Rosen (FRB Chicago)

• Private Equity Investment in U.S. Banks
Robert DeYoung (U Kansas), Michał Kowalik (FRB Kowalik), and Gokhan Torna (Stony Brook U)

presentation

Discussant: Rustom Irani (U Illinois)

presentation

• The Dark-Side of Banks’ Nonbank Business: Internal Dividends in Bank Holding Companies
Jonathan Pogach (FDIC) and Haluk Unal (U Maryland)

presentation

Discussant: Rajdeep Sengupta (FRB Kansas City)

presentation

• Winning Connections? Special Interests and the Sale of Failed Banks
Deniz Igan (IMF), Thomas Lambert (Erasmus U), Wolf Wagner (Erasmus U), and Eden Zhang (Monash U)

presentation

Discussant: Pat Akey (U Toronto)

presentation

Session 2.B: Fintech platforms

Location: Illinois Room 3 & 4, Federal Reserve Bank of Chicago
Chair:  Sarit Markovich (Northwestern U)

• FinTechs and the Market for Financial Analysis
Jillian Grennan (Duke U) and Roni Michaely (Cornell U)

presentation

Discussant: Andriy Bodnaruk (U Illinois – Chicago)

presentation

• Up-Cascaded Wisdom of the Crowd
Lin William Cong (U Chicago) and Yizhou Xiao (Chinese University of Hong Kong)

presentation

Discussant: Mariana Khapko (U Toronto)

• Initial Coin Offering and Platform Building
Jiasun Li (George Mason U) and William Mann (UCLA)

presentation

Discussant: Ioannis Floros (Iowa State U)

Session 3.A: Bank supervision and risk 

Location: Illinois Room 1 & 2, Federal Reserve Bank of Chicago
Chair: Rajesh Narayanan (Louisiana State U)

• Financial Restructuring and Resolution of Banks
Jean-Edouard Colliard (HEC Paris) and Denis Gromb (HEC Paris)

presentation

Discussant: Jessie Wang (Arizona State U)

• Monitoring and Discipline provided by Bank Examiners and the Panic of 1893
Charles Calomiris (Columbia U) and Mark Carlson (Federal Reserve Board)

presentation

Discussant: David Wheelock (FRB St. Louis)

presentation

• The Effect of Bank Supervision on Risk Taking: Evidence from a Natural Experiment 
John Kandrac (Federal Reserve Board) and Bernd Schlusche (Federal Reserve Board)

presentation

Discussant: Asaf Manela (Washington U in St. Louis)

presentation

Session 3.B: Bank lending

Location: Illinois Room 3 & 4, Federal Reserve Bank of Chicago
Chair:  Allen Berger (U South Carolina)

• Stress Tests and Small Business Lending
Kristle Cortes (U New South Wales), Yuliya Demyanyk (FRB Cleveland) Lei Li (U Kansas), Elena Loutskina (U Virginia), Philip Strahan (Boston College)

Discussant: William Keeton (U Missouri – Kansas City)

• Credit Guarantees and New Bank Relationships 
William Mullins (UC San Diego) and Patricio Toro (Central Bank of Chile)

Discussant: John Hackney (U South Carolina)

presentation

• Screening and Monitoring by Inattentive Corporate Loan Officers
Janet Gao (Indiana U), Stephen Karolyi (Carnegie Mellon U), and Joseph Pacelli (Indiana U)

presentation

Discussant: Xiaoling Pu (Kent State U)

Session 4.A: Bank business models

Location: Michigan Room, University Club
Chair:  Greg Udell (Indiana U)

• The Cross Section of Bank Value
Mark Egan (Harvard Business School), Stefan Lewellen (London Business School), Adi Sunderam (Harvard Business School)

Discussant: Simon Kwan (FRB San Francisco)

presentation

• Unpacking the Dynamics of Scope Transformation in US Banks, 1992-2006
Nicola Cetorelli (FRB New York), Michael G. Jacobides (London Business School), Sam Stern (U Michigan)

Discussant: Priyank Gandhi (Notre Dame)

presentation

• Does Uniqueness in Banking Matter?
Hong Liu (University of Aberdeen), Lars Norden (Getulio Vargas Foundation), Fabrizio Spargoli (Erasmus U)

presentation

Discussant: Vladimir Kotomin (Illinois State U)

presentation

Session 4.B: Syndicated lending

Location: Millennium Room, University Club
Chair:  Justin Murfin (Yale U)

• Loan Ownership and Liquidity in the Secondary Market
João Santos (FRB New York) and Pei Shao (U Lethbridge)

presentation

Discussant: Yeejin Jang (Purdue U)

• Corporate Governance and Loan Syndicate Structure
  Sreedhar Bharath (Arizona State U), Sandeep Dahiya (Georgetown U), and Issam Hallak (European Commission) presentation
Discussant: Teodora Paligorova (Federal Reserve Board)

presentation

• Concentration of Control Rights in Leveraged Loan Syndicates
Mitchell Berlin (FRB Philadelphia), Greg Nini (Drexel U), and Edison Yu (FRB Philadelphia)

presentation

Discussant: Mehdi Beyhaghi (U Texas – San Antonio)

presentation

Session 5.A: Information and lending

Location: Michigan Room, University Club
Chair:  Jialan Wang (U Illinois)

• Economics of Voluntary Information Sharing
Jose Liberti (DePaul U), Jason Sturgess (Queen Mary U), Andrew Sutherland (MIT)

Discussant: Raoul Minetti (Michigan State U)

presentation

• Making Sense of Soft Information: Interpretation Bias and Ex-post Lending Outcomes
Dennis Campbell (Harvard Business School), Maria Loumioti (MIT), and Regina Wittenberg Moerman (U Southern California)

presentation

Discussant: Kristoph Kleiner (Indiana U)

presentation

• Sorry, We're Closed: Loan Conditions When Bank Branches Close and Firms Transfer to Another Bank
Diana Bonfim (Bank of Portugal and Catolica Lisbon), Gil Nogueira (New York U), and Steven Ongena (U Zurich)

presentation

Discussant: Michal Kowalik (FRB Boston)

presentation

Session 5.B: Debt markets

Location: Millennium Room, University Club
Chair:  Joel Houston (U Florida)

• Hidden in Plain Sight: Equity Price Discovery with Informed Private Debt
Jawad Addoum (Cornell U) and Justin Murfin (Yale U)

presentation

Discussant: Seung Lee (Federal Reserve Board)

• Firm Value and the Costs of Rating-Contingent Regulation: Evidence from the Establishment of “Investment Grade”
Asaf Bernstein (U Colorado - Boulder)

presentation

Discussant: Chester Spatt (Carnegie Mellon U and MIT)

presentation

• Claim Dilution in the Municipal Debt Market
Ivan Ivanov (Federal Reserve Board) and Tom Zimmermann (QuantCo)

Discussant: Edison Yu (FRB Philadelphia)

presentation

Session 6.A: Financial shocks

Location: Michigan Room, University Club
Chair:  Sebastien Michenaud (DePaul U)

• Shock Propagation and Banking Structure
Mariassunta Giannetti (Stockholm School of Economics) and Farzad Saidi (Stockholm School of Economics)

presentation

Discussant: Claire Celerier (U Toronto)

• On the Direct and Indirect Real Effects of Credit Supply Shocks
Laura Alfaro (Harvard Business School), Manuel Garcia-Santana (UPF), and Enrique Moral-Benito (Bank of Spain)

presentation

Discussant: Joseph Haubrich (FRB Cleveland)

presentation

• The Cleansing Effect of Bank Crises
Reint Gropp (IWH and U Magdeburg), Joerg Rochell (ESMT), and Vahid Saadi (IE Business School)

Discussant: Robert DeYoung (U Kansas)

presentation

Session 6.B: Dealers and liquidity

Location: Millennium Room, University Club
Chair:  Matthew Ringgenberg (U Utah)

• Prime (Information) Brokerage
Nitish Kumar (U Florida), Kevin Mullally (U Alabama), Sugata Ray (U Alabama), and Yuehua Tang (U Florida)

Discussant: Sumudu Watugala (Cornell U)

• Hedge Fund Liquidity Management
George Aragon (Arizona State U), A. Tolga Ergun (SEC), Mila Getmansky (SEC and U Mass-Amherst), and Giulio Girardi (SEC)

Discussant: Marco Macchiavelli (Federal Reserve Board)

presentation

• What Makes Dealers Central? Evidence from Credit Interdealer Networks
Benjamin Munyan (Vanderbilt U) and Sumudu Watugala (Cornell U)

Discussant: Stanislava (Stas) Nikolova (U Nebraska)

Session 7.A: Credit and collateral

Location: Michigan Room, University Club
Chair:  Andrea Presbitero (IMF)

• Collateral Channels and Banking Relationships
Gareth Anderson (Bank of England/Oxford), Saleem Bahaj (Bank of England), Matthieu Chavaz (Bank of England), Angus Foulis (Bank of England), and Gabor Pinter (Bank of England)

presentation

Discussant: Hirofumi Uchida (Stanford U and Kobe U)

presentation

• Creditor Rights and Allocative Distortions -- Evidence from India
Nirupama Kulkarni (CAFRAL Mumbai)

presentation

Discussant: Hanh Le (U Illinois – Chicago)

presentation

• Labor Scarcity, Finance, and Innovation: Evidence from Antebellum America
Yifei Mao (Cornell U) and Jessie Wang (Arizona State U)

Discussant: Debarshi Nandy (Brandeis U)

presentation

Session 7.B: Mutual funds and ETFs

Location: Millennium Room, University Club
Chair:  Jeffrey Harris (SEC and American U)

• Can Disclosure Decrease Price Efficiency? Evidence from Mutual Fund Disclosures
Todd Gormley (Washington U in St. Louis), Zachary Kaplan (Washington U in St. Louis), Aadhaar Verma (Washington U in St. Louis)

Discussant: Sonya Lim (DePaul U)

• Do Buyside Institutions Supply Liquidity in Bond Markets? Evidence from Mutual Funds
Amber Anand (Syracuse U), Chotibhak (Pab) Jotikasthira (Southern Methodist U), Kumar Venkataraman (Southern Methodist U)

Discussant: Ryan Israelsen (Michigan State U)

presentation

• ETF Short Interest and Failures-to-Deliver: Naked Short-selling or Operational Shorting?
Richard Evans (U Virginia), Rabih Moussawi (Villanova U), and Michael Pagano (Villanova U), and John Sedunov (Villanova U)

presentation

Discussant: Shaun Davies (U Colorado – Boulder)

presentation