The Third Annual Conference of The Paul Woolley Centre for the Study of Capital Market Dysfunctionality was held at the London School of Economics from 10-12 June 2010.
The conference comprised of seven sessions:
1. Financial Markets and the Real Economy: Empirical Evidence
2. Financial Markets and the Real Economy: Information and Investments
3. Financial Markets and the Real Economy: Instability
4. Delegated Portfolio Management -- Theory
5. Delegated Portfolio Management - Empirics
6. Credit Markets and the Macroeconomy
7. Financial Institutions and Contracts
View Programme
Sessions
Session 1: Financial Markets and the Real Economy - Information and Investments
Learning from stock prices and economic growth
Joel Peress (INSEAD)
Discussant: Thierry Foucault (HEC Paris)
Information aggregation and investment decisions
Elias Abagli (Harvard University)
Christian Hellwig (UCLA)
Aleh Tsyvinski (Yale University)
Discussant: Amil Dasgupta (LSE)
Session 2: Financial Markets and the Real Economy - Instability
Trading frenzies and their impact on real investment
Itay Goldstein (University of Pennsylvania)
Emre Ozdenoren (London Business School)
Kathy Yuan (LSE)
Discussant: Johan Hombert (HEC Paris)
Blockholders versus short sellers: a model of bear raids
Naveen Khanna (Michigan State University)
Rich Matthews (Duke University)
Discussant: Alexander Guembel (University of Toulouse)
Rollover risk and credit risk
Zhiguo He (University of Chicago)
Wei Xiong (Princeton University)
Discussant: James Dow (London Business School)
Session 3: Financial Markets and the Real Economy - Empirical Evidence
Takeover activity and target valuations: feedback loops in financial markets
Alex Edmans (University of Pennsylvania)
Itay Goldstein (University of Pennsylvania)
Wei Jiang (Columbia University)
Discussant: Gordon Phillips (University of Maryland)
The impact of shareholders on corporate investments: evidence from mutual fund holdings
Roni Kisin (University of Chicago)
Discussant: Dong Lou (LSE)
Session 4: Delegated Portfolio Management - Theory
The delegated Lucas-tree
Ron Kaniel (Duke University)
Peter Kondor (Central European University)
Discussant: Pietro Veronesi (University of Chicago)
Rewarding trading skills without inducing gambling
Igor Marakov (London Business School)
Guillaume Plantin (London Business School)
Discussant: Andrea Prat (LSE)
Session 5: Delegated Portfolio Managment - Empirics
Organizational structure and fund performance: pension funds vs. mutual funds
Russell Jame (Goizueta Business School)
Discussant: Ian Tonks (University of Exeter)
Connected stocks
Miguel Anton (LSE)
Christopher Polk (LSE)
Discussant: Narayan Naik (London Business School)
Session 6: Credit Markets and the Macroeconomy
Credit supply and the price of housing
Giovanni Favara (HEC Lausanne, Swiss Finance Institute, IMF)
Jean Imbs (HEC Lausanne, Swiss Finance Institute, IMF)
Discussant: Jack Favilukis (LSE)
Managing credit booms and busts
Olivier Jeanne (John Hopkins University)
Anton Korinek (University of Maryland)
Discussant: Dimitri Vayanos (LSE)
Session 7: Financial Institutions and Contracts
Risk-sharing or risk-taking? Financial innovation, margin requirements and incentives
Bruno Biais (Toulouse School of Economics)
Florian Heider (European Central Bank)
Marie Hoerova (European Central Bank)
Discussant: Simon Gervais (Duke University)
Optimal interventions in markets with adverse selection
Thomas Philippon (NBER and CEPR)
Vasiliki Skreta (New York University)
Discussant: Florian Heider (European Central Bank)
The maturity rat race
Markus Brunnermeier (Princeton University)
Martin Oehmke (Columbia University)
Discussant: Catherine Casamatta (Toulouse School of Economics)
