XXVI Edition

14-15-16 December 2017"

Thursday, December 14, 2017
12:45 - 14:00

Light lunch

Location: Aula 1
14:00 - 14:15

Welcome Address

Location: Aula Magna
14:15 - 15:15
Round Table: B1

Plenary Session

Paul Wachtel
Chairperson: Bagella  Michele  Università Tor Vergata
Location: Aula Magna
15:15 - 17:00
Session: C1

Monetary policy

Chairperson: Sigmund  Michael  Oesterreichische Nationalbank
Location: Aula 9
What drives pricing in interbank markets?
Siebenbrunner Christoph, Sigmund Michael
Presenter: Sigmund  Michael  Oesterreichische Nationalbank
Discussant: Sorić  Petar  University of Zagreb, Faculty of Economics and Business
Reading between the Lines: Using Media to Improve German Inflation Forecasts
Ulbricht Dirk
Presenter: Ulbricht  Dirk  iff Hamburg
Discussant: Sigmund  Michael  Oesterreichische Nationalbank
Deleveraging, Stock Market Bubbles and Monetary Policy
ROVO NATASHA
Presenter: ROVO  NATASHA  LUISS Guido Carli and CASMEF
Discussant: Ulbricht  Dirk  iff Hamburg
Rational Inflation Expectations in the Euro Area? A time-varying perspective
Sorić Petar, Lolić Ivana, Matošec Marina
Presenter: Sorić  Petar  University of Zagreb, Faculty of Economics and Business
Discussant: ROVO  NATASHA  LUISS Guido Carli and CASMEF
Session: C2

Banking regulation

Chairperson: Avalos  Fernando  Bank for International Settlements
Location: Aula 7
The impact of ECBs conventional and unconventional monetary policies on European banks. An event study1
perdichizzi salvatore, Torluccio Giuseppe , Onali Enrico
Presenter: perdichizzi  salvatore  Catholic University of Sacreat Heart - University of Bologna
Discussant: SAID  Zeinab  University Grenoble Alpes
Unconventional monetary policy and bank stability in the euro area
Avalos Fernando, Mamatzakis Emmanuel
Presenter: Avalos  Fernando  Bank for International Settlements
Discussant: perdichizzi  salvatore  Catholic University of Sacreat Heart - University of Bologna
Impact of regulations and other factors on driving the role of Shadow Banking System in supplying credit. Evidence from International Data
SAID Zeinab
Presenter: SAID  Zeinab  University Grenoble Alpes
Discussant: Avalos  Fernando  Bank for International Settlements
Session: C3

Young Economist Session 1

Chairperson: Ciciretti  Rocco  TorV
Location: Aula 8
The influence of proxy advisors in international corporate governance
Heinen Vanda, Scharfbillig Mario
Presenter: Scharfbillig  Mario  Johannes Gutenberg University Mainz
Discussant: Svačina  David  Charles University
Monitoring for Learning by Institutional Investors: Theory and Evidence
Zhang Jingyu
Presenter: Zhang  Jingyu  Imperial College London
Discussant: Bouhakkou  Léa  Université Paris Nanterre
Devaluation with exchange rate floor in a small open economy
Svačina David
Presenter: Svačina  David  Charles University
Discussant: Zhang  Jingyu  Imperial College London
A Portfolio Approach to The Optimal Mix of Funded and Unfunded Pensions
Bouhakkou Léa, Alain Coën, Folus Didier
Presenter: Bouhakkou  Léa  Université Paris Nanterre
Discussant: Scharfbillig  Mario  Johannes Gutenberg University Mainz
Session: C4

Economic policies

Chairperson: Horvath  Balint  University of Bristol
Location: Aula 3
Evaluating Economic Policies: A Case for (and of) Suggestive Simulations
Bhide Amar
Presenter: Bhide  Amar  Tufts University
Discussant: Horvath  Balint  University of Bristol
Cost of Bank Capital and Credit Supply in Distant Countries: Evidence from a Lender Country Tax Reform
zhai wei, Biswas Swarnava, Gomez Fabiana, Horvath Balint
Presenter: Horvath  Balint  University of Bristol
Discussant: Bengtsson  ELIAS  Högskolan i Halmstad
The Political Economy of Basel III
Bengtsson ELIAS
Presenter: Bengtsson  ELIAS  Högskolan i Halmstad
Discussant: Bhide  Amar  Tufts University
17:00 - 17:20

Coffee break

Location: Aula 1
17:20 - 19:10
Session: E1

Bank transparency

Chairperson: Francis  Bill Francis  Rensselaer Polytechnic Institute
Location: Aula 7
Bank Transparency, Threat of Bank Runs, and Bank Risk-Taking
Chen Yehning, HASAN IFTEKHAR, Takalo Tuomas Takalo
Presenter: Takalo  Tuomas Takalo  Bank of Finland and VATT Institute for Economic Research
Discussant: Tanyeri  Ayse Basak Tanyeri  Bilkent University
The Impact of Financial Markets on Payout Policy: Evidence from Short Selling
Francis Bill Francis, Samuel Gilna, Wu Qiang
Presenter: Francis  Bill Francis  Rensselaer Polytechnic Institute
Discussant: Takalo  Tuomas Takalo  Bank of Finland and VATT Institute for Economic Research
Turkish Bank Acquisitions and Partial Sales: Changes in Risk and Return
Tanyeri Ayse Basak Tanyeri, Salih-Altay Aslihan
Presenter: Tanyeri  Ayse Basak Tanyeri  Bilkent University
Discussant: Francis  Bill Francis  Rensselaer Polytechnic Institute
Session: E2

Banks and real economy

Chairperson: Verga  Giovanni  university of Parma
Location: Aula 9
New evidence on the nexus between local banking competition and loan pricing
Kuehne Claudia, Cycon Lisa
Presenter: Kuehne  Claudia  Frankfurt School of Finance and Management
Discussant: Jeremie  Bertrand  ISA Lille
The economic and fiscal value of German guarantee banks
Hennecke Peter, Neuberger Doris, Ulbricht Dirk
Presenter: Hennecke  Peter  University of Rostock
Discussant: Verga  Giovanni  university of Parma
Is trade credit a substitute for relationship lending credit?
Jeremie Bertrand, Murro Pierluigi
Presenter: Jeremie  Bertrand  ISA Lille
Discussant: Hennecke  Peter  University of Rostock
Confidence, Overconfidence and Banking Behavior
Silipo Damiano, Verga Giovanni, Hlebik Sviatlana
Presenter: Verga  Giovanni  university of Parma
Discussant: Kuehne  Claudia  Frankfurt School of Finance and Management
Session: E3

Miscellanea

Chairperson: Kobeissi  Nada  Long Island University
Location: Aula 8
Gender Gap in Financial Literacy: Evidence from Finland
Kalmi Panu, Lusardi Annamaria , Ruuskanen Olli-Pekka
Presenter: Kalmi  Panu  University of Vaasa
Discussant: Karlstroem  Peter  University of Bologna
The Power of Percentage: Quantitative Framing of Pension Income
Prast Henriette, Teppa Federica
Presenter: Prast  Henriette  Tilburg University Finance Department
Discussant: Fattobene  Lucrezia  Polytechnic University of Marche
Income Inequality and Banking Crises: Testing Directly the Level Hypothesis
Karlstroem Peter, Bellettini Giorgio, Delbono Flavio, Pastorello Sergio
Presenter: Karlstroem  Peter  University of Bologna
Discussant: Prast  Henriette  Tilburg University Finance Department
Gender differences in attention to financial information: a neurobiological approach
Ceravolo Maria Gabriella, Farina Vincenzo, Fattobene Lucrezia, Leonelli Lucia, Raggetti GianMario
Presenter: Fattobene  Lucrezia  Polytechnic University of Marche
Discussant: Kalmi  Panu  University of Vaasa
Friday, December 15, 2017
09:00 - 10:45
Session: F1

Banking Regulation

Chairperson: Iwanicz-Drozdowska  Małgorzata  Warsaw School of Economics
Location: Aula 7
IRB Model Regulatory Arbitrage and Profitability at European Banks
Ferri Giovanni, Pesic Valerio
Presenter: Pesic  Valerio  University La Sapienza of Rome
Discussant: zaghini  andrea  Banca d'Italia
SYSTEMIC RISK AND SYSTEMIC IMPORTANCE MEASURES DURING THE CRISIS
zaghini andrea, masciantonio sergio
Presenter: zaghini  andrea  Banca d'Italia
Discussant: Miklaszewska  Ewa  Cracow University of Economics
The Bail-in Tool in Bank Resolution Framework: the Preliminary Empirical Evidence from Small and Specialised Banks
Miklaszewska Ewa, Pys Jan
Presenter: Miklaszewska  Ewa  Cracow University of Economics
Discussant: Pesic  Valerio  University La Sapienza of Rome
Session: F2

Asset pricing and markets

Chairperson: Colonnello  Stefano  IWH & OvGU
Location: Aula 9
The Economic Performance of the Government and the Resolution of Uncertainty in Sovereign Bond Markets around National Elections
Eichler Stefan, Plaga Timo
Presenter: Plaga  Timo  Technische Universität Dresden
Discussant: Baumann  Michael Heinrich  University of Bayreuth
Pricing Sin Stocks: Ethical Preference vs. Risk Aversion
Colonnello Stefano, Curatola Giuliano, Gioffré Alessandro
Presenter: Colonnello  Stefano  IWH & OvGU
Discussant: Plaga  Timo  Technische Universität Dresden
Exchange-traded Funds and Financial Stability
Baumann Michael Heinrich, Baumann Michaela, Herz Bernhard
Presenter: Baumann  Michael Heinrich  University of Bayreuth
Discussant: Paiardini  Paola  Department of Economics, University of Birmingham
Informed trading in a two-tier market structure under financial distress
Paiardini Paola
Presenter: Paiardini  Paola  Department of Economics, University of Birmingham
Discussant: Colonnello  Stefano  IWH & OvGU
Session: F3

Financial structure and investments

Chairperson: SINGH  MANMOHAN   International Monetary Fund
Location: Aula 8
The External Financing of Investment
Verwijmeren Patrick
Presenter: Verwijmeren  Patrick  Erasmus University
Discussant: Marino  Immacolata  Federico II Napoli
Leverage—A Broader View
SINGH MANMOHAN
Presenter: SINGH  MANMOHAN   International Monetary Fund
Discussant: Verwijmeren  Patrick  Erasmus University
Financial frictions and corporate investment in bad times. Who cut back most?
Marino Immacolata, Bruno Brunella, D'Onofrio Alexandra
Presenter: Marino  Immacolata  Federico II Napoli
Discussant: SINGH  MANMOHAN   International Monetary Fund
10:45 - 11:15

Coffee break

Location: Aula 1
11:15 - 13:00
Session: H1

Real estate

Chairperson: Gibilaro  Lucia  University of Bergamo
Location: Aula 7
Brownfield areas and housing value: Evidence from Milan
Gibilaro Lucia, Mattarocci Gianluca
Presenter: Gibilaro  Lucia  University of Bergamo
Discussant: david  francesco  bank of italy
How do house prices respond to credit supply?
barone guglielmo , david francesco, De Blasio Guido, mocetti sauro
Presenter: david  francesco  bank of italy
Discussant: Hoesli  Martin  University of Geneva
U.S. Real Estate Risk Factors
Delfim Jean-Christophe, Hoesli Martin
Presenter: Hoesli  Martin  University of Geneva
Discussant: Gibilaro  Lucia  University of Bergamo
Session: H2

Financial development and inclusive growth in the Euro-Mediterranean region

Chairperson: Ayadi  Rym   HEC Montreal
Location: Aula 9
The role of banks in CESEE countries - exploring non-standard determinants of economic growth
Bongini Paola , Iwanicz-Drozdowska Małgorzata, Smaga Paweł , Witkowski Bartosz
Presenter: Bongini  Paola   University of Milan Bicocca
Discussant: WANG  HAOBIN  International Monetary Fund
The Unintended Consequences of Regulations in Emerging Financial Markets: Evidence from the Chinese IPO market
derrien francois
Presenter: derrien  francois  hec paris
Discussant: Bongini  Paola   University of Milan Bicocca
Central Bank Balance Sheet Policies and Spillovers to Emerging Markets
WANG HAOBIN, SINGH MANMOHAN
Presenter: WANG  HAOBIN  International Monetary Fund
Discussant: derrien  francois  hec paris
Session: H3

Corporate governance

Chairperson: Pryshchepa  Oksana  The University of Birmingham
Location: Aula 8
Disciplining Entrenched Managers through Corporate Governance Reform: Implications for Risk-Taking Behavior
Pryshchepa Oksana
Presenter: Pryshchepa  Oksana  The University of Birmingham
Discussant: van Bekkum  S. van Bekkum  Erasmus University
Do Board Characteristics Play a Moderating Role in M&A Decisions of Family Firms? A principal-principal conflicts perspective
Ladkani Radha, Raithatha Mehul
Presenter: Ladkani  Radha  Indian Institute of Management Indore
Discussant: Peruzzi  Valentina  Università Politecnica delle Marche and MoFiR
Indexing and Stock Market Serial Dependence Around the World
Baltussen Guido, van Bekkum S. van Bekkum, Da Zhi
Presenter: van Bekkum  S. van Bekkum  Erasmus University
Discussant: Ladkani  Radha  Indian Institute of Management Indore
13:00 - 14:15

Lunch

Location: Aula 1
14:15 - 15:15

Plenary Session

Andrew Haldane
Chairperson: Ferri  Giovanni  LUMSA University
Location: Aula Magna
15:15 - 17:00
Session: L1

Banking Regulation

Chairperson: HASAN  IFTEKHAR  Fordham University
Location: Aula 7
Does Business Model Instability Imperil Banks’ Stability? Evidence from Europe
Ayadi Rym , Ferri Giovanni, Pesic Valerio
Presenter: Ayadi  Rym   HEC Montreal
Optimal Bank Capital Requirements: An Asymmetric Information Perspective
Marcelletti Alessandra , Berardi Simone
Presenter: Marcelletti  Alessandra   LUISS University
Discussant: Ayadi  Rym   HEC Montreal
Basel Compliance and Financial Stability: Evidence from Islamic Banks
Bitar Mohammad , Ben Naceur Sami, Ayadi Rym , Walker Thomas
Presenter: Ayadi  Rym   HEC Montreal
Discussant: ROVO  NATASHA  LUISS Guido Carli and CASMEF
Strengths and weaknesses of banking supervision in Italy: suggestions for the prospective European system
guerello chiara, Murè Pina, Rovo Natasha, Spallone Marco
Presenter: Rovo  Natasha  luiss guido carli
Discussant: Marcelletti  Alessandra   LUISS University
Session: L2

Methodology

Chairperson: Wood  Michael  Bank of England
Location: Aula 9
Hidden Markov models with multivariate leptokurtic-normal components for robust modeling of daily returns series
Maruotti Antonello
Presenter: Maruotti  Antonello  Libera Università Maria Ss. Assunta
Discussant: Wood  Michael  Bank of England
Parameter uncertainty in CCP initial margin models
Wood Michael, Gurrola-Perez Pedro, Sarychev Andrei
Presenter: Wood  Michael  Bank of England
Discussant: Tivegna  Massimo  University of Greenwich
Explorations in the use of artificial intelligence techniques and short-term econometric forecasting in the €-$ market
Tivegna Massimo, Pelusi Danilo
Presenter: Tivegna  Massimo  University of Greenwich
Discussant: Maruotti  Antonello  Libera Università Maria Ss. Assunta
Session: L3

Young Economist Session 2

Chairperson: Ferri  Giovanni  LUMSA University
Location: Aula 8
Misallocation and the Credit Cycle: Evidence from Europe
Franco Guido
Presenter: Franco  Guido  University of Rome Tor Vergata
Discussant: Nguyen  Dieu Linh Nguyen  Macquarie University & The World Bank
Restructuring of banks: impact on individual and systemic risk
Hannes Koester
Presenter: Hannes  Koester  Leuphana University of Lueneburg
Discussant: Franco  Guido  University of Rome Tor Vergata
Assessing the Cyclical Behaviour of Bank Capital Buffers in a Finance-Augmented Macro-Economy
Whyte Kemar
Presenter: Whyte  Kemar  The Univeristy of Sheffield
Discussant: Hannes  Koester  Leuphana University of Lueneburg
IMPACT OF HIGHER CAPITAL REQUIREMENTS ON BANK FUNDING COSTS: AUSTRALIAN EVIDENCE
Nguyen Dieu Linh Nguyen
Presenter: Nguyen  Dieu Linh Nguyen  Macquarie University & The World Bank
Discussant: Whyte  Kemar  The Univeristy of Sheffield
17:00 - 17:30

Coffee break

Location: Aula 1
17:30 - 18:30

Plenary Session

John Kose
Chairperson: HASAN  IFTEKHAR  Fordham University
Location: Aula Magna
19:30 - 20:30

Ferdinand Pecora Prize

Location: Bank of Italy (Regional Branch) - Via Cavour 131A
20:30 - 23:00

Social dinner

Location: Osteria Ballarò - Via Calascibetta, 25
Saturday, December 16, 2017
09:00 - 10:45
Session: N1

Bank behaviour

Chairperson: Pozzolo  Alberto Franco  University of Molise
Location: Aula 7
Cyclicality of Bank Liquidity Creation
Davydov Denis, Fungáčová Zuzana, Weill Laurent
Presenter: Davydov  Denis  University of Vaasa
Discussant: Pozzolo  Alberto Franco  University of Molise
Did Italian banks trade-off lending with government bond purchases?
Pietrovito Filomena Pietrovito, Pozzolo Alberto Franco
Presenter: Pozzolo  Alberto Franco  University of Molise
Discussant: Sorge  Marco Maria  University of Salerno, University of Goettingen and CSEF
Serving the (Un)Deserving? The Allocation of Credit in Markets with Asymmetrically Informed Lenders
D'Amato Marcello, Di Pietro Christian, Sorge Marco Maria
Presenter: Sorge  Marco Maria  University of Salerno, University of Goettingen and CSEF
Discussant: reghezza  alessio  bangor business school
Bank Margins and Profits in a World of Negative Rates
reghezza alessio
Presenter: reghezza  alessio  bangor business school
Discussant: Davydov  Denis  University of Vaasa
Session: N2

Banking Regulation

Chairperson: Duca  John  Federal Reserve Bank of Dallas
Location: Aula 9
The Impact of the Dodd-Frank Act on Small Business Lending
Duca John, Bordo Michael
Presenter: Duca  John  Federal Reserve Bank of Dallas
Discussant: Tonzer  Lena  Halle Institute for Economic Research
Bank competition, regulations and stability in developed countries
Ozturk Danisman Gamze
Presenter: Ozturk Danisman  Gamze  Bogazici University
Discussant: Duca  John  Federal Reserve Bank of Dallas
Macroprudential Instruments and Intra-Group Dynamics: The Effects of Reserve Requirements in Brazil
Chris Juerschick, Ossandon Busch Matias, Tonzer Lena
Presenter: Tonzer  Lena  Halle Institute for Economic Research
Discussant: Ozturk Danisman  Gamze  Bogazici University
Session: N3

Miscellanea

Chairperson: Pownall  Rachel  Maastricht University
Location: Aula 8
Measurement of Banking Efficiency using Dynamic Data Envelopment Analysis Model: Evidence of ten Central and Eastern Europe Countries
Palečková Iveta
Presenter: Palečková  Iveta  Silesian University, School of Business Administration
Discussant: Mattarocci  Gianluca  University of Rome Tor Vergata
Does Tax Evasion affect firms’ birth rate?
Argentiero Amedeo, Chiarini Bruno, Marzano Elisabetta
Presenter: Argentiero  Amedeo  University of Perugia, Department of Economics
Discussant: Pownall  Rachel  Maastricht University
Dealer Networks in the World of Art
Pownall Rachel
Presenter: Pownall  Rachel  Maastricht University
Discussant: Palečková  Iveta  Silesian University, School of Business Administration
Institutional Investors and Home-Biased REITs
Gibilaro Lucia, Mattarocci Gianluca
Presenter: Mattarocci  Gianluca  University of Rome Tor Vergata
Discussant: Argentiero  Amedeo  University of Perugia, Department of Economics
10:45 - 11:15

Coffee break

Location: Aula 1
11:15 - 11:30

Closing remarks

Location: Aula Magna

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