Conference on Systemic Risk and Data Issues

October 5, 2011 (9 a.m. - 5 p.m.) & October 6, 2011 (9 a.m. - Noon)

Ronald Reagan Building & International Trade Center [ directions & map ]
1300 Pennsylvania Avenue, N.W.
Washington, D.C. 20004

	U.S. Senator Jack Reed (RI) Opening Keynote Speaker

The Center for Financial Policy at the University of Maryland’s Robert H. Smith School of Business, the Salomon Center for the Study of Financial Institutions at the NYU Stern School of Business, the Center for Financial Markets at Carnegie Mellon’s Tepper School of Business, and the Fisher Center for Real Estate and Urban Economics at UC Berkeley’s Haas School of Business partner to host a conference on “Systemic Risk and Data Issues.” The event will be held on October 5-6, 2011 at the Ronald Reagan Building & International Trade Center, Washington, D.C.

The conference is inspired by the Dodd-Frank Act and the establishment of new entities, particularly the Financial Stability Oversight Council (FSOC) and Office of Financial Research (OFR). The main purpose of the conference is to bring together participants from academia, regulatory agencies, government and financial industry for an exchange of views based on presentations of research/policy papers and regulatory panels. The research presentations are intended to bring the best of academic traditions to inform policy on systemic risk and data issues.

Presentations will be based on state of the art research selected from a competitive pool from around the world. Topics include: management and measurement of systemic risk; government guarantees and systemic risk; shadow banking and systemic risk; mortgage data and incentives; systemic risk and regulation, etc.

The program includes the following papers

• “Evaluating the Government as a Source of Systemic Risk,” Deborah Lucas, Massachusetts Institute of Technology & National Bureau of Economic Research
• “Too-Systemic-To-Fail: What Option Markets Imply About Sector-wide Government Guarantees,” Bryan Kelly, University of Chicago; Hanno Lustig, University of California, Los Angeles; Stijn Van Nieuwerburgh, New York University
• “Runs on Money Market Mutual Funds,” Russ Wermers, University of Maryland
• “The End of Mortgage Securitization? Electronic Registration as a Threat to Bankruptcy Remoteness,” John Patrick Hunt, University of California, Davis; Richard Stanton, University of California, Berkeley; Nancy Wallace, University of California, Berkeley
• "Nonlinear Incentives and Mortgage Officers' Decisions," Matthew Gee, University of Chicago; Kostas Tzioumis, Office of the Comptroller of the Currency
• "Systemic Risk-Taking: Amplification Effects, Externalities, and Regulatory Responses," Anton Korinek, University of Maryland
• “Financial sector linkages and the dynamics of bank and sovereign credit spreads,” René Kallestrup, Copenhagen Business School; David Lando, Copenhagen Business School; Agatha Murgoci, Copenhagen Business School

Paper Discussants

• Deniz Anginer, Financial Economist, World Bank
• Ethan Cohen-Cole, Assistant Professor of Finance, University of Maryland
• Chester Spatt, Pamela R. and Kenneth B. Dunn Professor of Finance & Director, Center for Financial Markets, Carnegie Mellon University
• Gustavo Suarez, Senior Economist, Federal Reserve Board
• Susan Wachter, Richard B. Worley Professor of Financial Management and Professor of Real Estate and Finance, The Wharton School at the University of Pennsylvania

The conference paper presentations will be augmented by keynote and distinguished speeches, as well as regulatory panels consisting of carefully selected individuals who are at the frontier of regulatory practice.

Opening keynote speaker

• U.S. Senator Jack Reed (RI)

Distinguished academic speakers

• Rob Engle, Michael Armellino Professor of Finance (Nobel Laureate), New York University
• Andrew Lo, Harris & Harris Group Professor, Massachusetts Institute of Technology

Regulatory panelists

• Richard Berner, Counselor to the Secretary of the Treasury, Office of Financial Research (OFR)
• Andrei Kirilenko, Chief Economist, Commodities and Futures Commission (CFTC)
• Craig Lewis, Chief Economist and Director of the Division of Risk, Strategy, and Financial Innovation, Securities and Exchange Commission (SEC)
• Art Murton, Director, Division of Insurance and Research, Federal Deposit Insurance Corporation (FDIC)

Data panelists

• Peter Axilrod, Managing Director, Depository Trust & Clearing Corporation (DTCC)
• Stijn Claessens, Assistant Director, Research Department, International Monetary Fund (IMF)
• David Newman, Strategic Planning Manager & Vice President, Enterprise Technology Architecture & Planning, Wells Fargo Bank
• Jay Runkel, Solution Consultant, MarkLogic Corporation

Panel Moderators

• Nancy Wallace, Professor of Finance, Chair of the Real Estate Group & Co-Chair, Fisher Center for Real Estate and Urban Economics, University of California, Berkeley
• Chester Spatt, Pamela R. and Kenneth B. Dunn Professor of Finance & Director, Center for Financial Markets, Carnegie Mellon University
• Charles Taylor, Deputy Comptroller for Capital and Regulatory Policy, Office of the Comptroller of the Currency (OCC)

Session Chairs

• Matt Richardson, Charles Simon Professor of Applied Financial Economics & Director, Salomon Center, New York University Stern School of Business
• Lemma Senbet, William E. Mayer Chair Professor of Finance & Director, Center for Financial Policy, University of Maryland [Program Coordinator]
• Susan Wachter, Richard B. Worley Professor of Financial Management and Professor of Real Estate and Finance, The Wharton School at the University of Pennsylvania

Program Committee

• Matt Richardson, Charles Simon Professor of Applied Financial Economics & Director, Salomon Center, New York University Stern School of Business
• Lemma Senbet, William E. Mayer Chair Professor of Finance & Director, Center for Financial Policy, University of Maryland [Program Coordinator]
• Chester Spatt, Pamela R. and Kenneth B. Dunn Professor of Finance & Director, Center for Financial Markets, Carnegie Mellon University
• Nancy Wallace, Professor of Finance, Chair of the Real Estate Group & Co-Chair, Fisher Center for Real Estate and Urban Economics, University of California, Berkeley