Workshop on Bank Capital
A workshop jointly sponsored by the
Federal Reserve Bank of New York
and
NYU Stern School of Business
Organizers:
Matthew Richardson, NYU Stern
Hamid Mehran, FRBNY
Viral Acharya, NYU Stern
Date:
Friday, November 1, 2013
Location:
NYU Stern School of Business
Kaufman Management Center
44 West 4th Street
New York, NY 10012
Attendance by invitation only.
For more information, contact Salomon Center (salomon@stern.nyu.edu)
8:00 Registration and Continental Breakfast
8:25 Welcome Remarks
Session I: New Theoretical and Empirical Perspectives
8:30 "Banks as Secret Keepers"
Tri Vi Dang, Columbia University
Gary Gorton, Yale University
Bengt Holmstrom, MIT
Guillermo Ordonez, University of Pennsylvania
9:10 "Deposits and Bank Capital Structure"
Franklin Allen, University of Pennsylvania
Elena Carletti, Bocconi University
9:50 Refreshment Break
10:15 "High Bank Leverage, Risk Management, and Liquid-Claim Production"
Harry DeAngelo, University of Southern California
Rene Stulz, Ohio State University
10:55 "Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly"
Malcolm Baker, Harvard University
Jeffrey Wurgler, NYU Stern
Session II: Systemic Risk and Bank Capital
11:35 "Caught between Scylla and Charybdis? Regulating bank leverage when there is rent-seeking and risk-shifting"
Viral Acharya, NYU Stern
Hamid Mehran, FRBNY
Anjan Thakor, Washington University at St. Louis
12:15 Lunch
Keynote speaker: Robert Engle, NYU Stern
"Bank Capital and Systemic Risk Measurement"
Session III: Understanding and Assessing Regulatory Stress Tests
2:00 "Overview of the CCAR and Supervisory Stress Testing"
Beverly Hirtle, FRBNY
2:40 "Testing Macroprudential Stress Tests: The risk of regulatory risk weights"
Viral Acharya, NYU Stern
Robert Engle, NYU Stern
Diane Pierret, NYU Stern
3:20 Refreshment Break
Session IV: Practitioners' View on Bank Capital
3:45 Moderator: Mark Flannery, University of Florida
Panelists:
Rodgin Cohen, Sullivan & Cromwell
Wilson Ervin, Credit-suisse
Brian Peters, AIG
Bernard De Longevialle, Standard & Poor's
Douglas Simons, Credit-suisse
Til Schuermann, Oliver Wyman
5:30 Cocktail Reception