Second annual conference

The Second Annual Conference of The Paul Woolley Centre for the Study of Capital Market Dysfunctionality was held at the London School of Economics from 28-29 May 2009

The conference comprised of five sessions:

1. Financial Institutions and Asset Prices: Theory
2. Financial Institutions and Asset Prices: Empirics
3. Behavioural Finance
4. Financial Contracting
5. Financial Institutions and Portfolio Choice

The programme can be downloaded here|.

Session 1: Financial Institutions and Asset Prices- Theory

• Risk Appetite and Endogenous Risk
  Jon Danielsson (LSE)
  Hyun Song Shin (Princeton University)
  Jean-Pierre Zigrand (LSE)
  
• An Institutional Theory of Momentum and Reversal
  Dimitri Vayanos (LSE)
  Paul Woolley (LSE)

Session 2: Financial Institutions and Asset Prices- Empirics

• Analyst Recommendations, Mutual Fund Herding, and Overreaction in Stock Prices
  Nerissa C. Brown (University of Southern California)
  Kelsey D. Wei (University of Texas, Dallas)
  Russ Wermers (University of Maryland)
  
• Regulatory Pressure and Fire Sales in the Corporate Bond Markets
  Andrew Ellul (Indiana University)
  Chotibhak Jotikasthira (University of North Carolina)
  Christian T. Lundblad (University of North Carolina)
  
• Limited Arbitrage Between Equity and Credit Markets
  Nikunj Kapadia (University of Massachusetts)
  Xiaoling Pu (Kent State University)

Keynote Address

• Unstable Banking
  Andrei Shleifer (Harvard University)
  Robert W. Vishny (University of Chicago)

Session 3: Behavioural Finance

• A Model of Casino Gambling
  Nick Barberis (Yale University)
  
• The Chinese Warrants Bubble
  Wei Xiong (Princeton University)
  Jialin Yu (Columbia Business School)

Session 4: Financial Contracting

• Large Risks, Limited Liability and Dynamic Moral Hazard
  Bruno Biais (Toulouse School of Economics)
  Thomas Mariotti (Toulouse School of Economics)
  Jean-Charles Rochet (Toulouse School of Economics)
  Stephane Villeneuve (Toulouse School of Economics)
  
• Securitization, Transparency and Liquidity
  Marco Pagano (Università di Napoli Federico II)
  Paolo Volpin (London Business School)

Session 5: Financial Institutions and Portfolio Choice

• Pension Fund Performance and Risk-Taking Under
  Decentralised Investment Management
  David Blake (Cass Business School)
  Allan Timmermann (University of California)
  Ian Tonks (LSE / University of Exeter)
  Russ Wermers (University of Maryland)
  
• Risk Shifting and Mutual Fund Performance
  Jennifer Huang (University of Texas, Austin)
  Clemens Sialm (University of Texas, Austin)
  Hanjiang Zhang (University of Texas, Austin)