Fourth annual conference

The Fourth Annual Conference of The Paul Woolley Centre for the Study of Capital Market Dysfunctionality was held at the London School of Economics from
9-10 June 2011. 

The conference comprised of five sessions:

1. Financial institutions and asset prices - theory
2. Financial institutions and asset prices - empirics
3. Bubbles and limits of arbitrage
4. Financial innovation
5. Liquidity and credit

The programme can be downloaded here|. [PDF]

All available papers and presentations are in pdf format unless otherwise stated.

Session 1: Financial Institutions and Asset Prices - Theory

• Asset prices and institutional investors (and presentation)
  Suleyman Basak (London Business School and CEPR)
  Anna Pavlova (London Business School and CEPR)
  Discussant: Ralph Koijen (University of Chicago and NBER) (presentation)
• Trade dynamics in the market for Federal funds (and presentation)
  Gara M. Afonso (Federal Reserve Bank of New York)
  Ricardo Lagos (New York University)
  Discussant: Emiliano Pagnotta (New York University) (presentation)

Session 2: Financial Institutions and Asset Prices - Empirics

• Flight-to-liquidity in the equity markets during periods of financial crisis
  (and presentation)
  Azi Ben-Rephael (Tel Aviv University)
  Discussant: Francesco Franzoni (University of Lugano) (presentation)
• Skin in the games versus skimming the game: governance, share restrictions, and insider flows (and presentation)
  Gideon Ozik (EDHEC Business School)
  Ronnie Sadka (Boston College)
  Discussant: Petri Jylhä (Aalto University) (presentation)

Session 3: Bubbles and Limits of Arbitrage

• Feedback effects and the limits to arbitrage (and presentation)
  Alex Edmans (University of Pennsylvania and NBER)
  Itay Goldstein (University of Pennsylvania)
  Wei Jiang (Columbia University)
  Discussant: Kostas Zachariadis (LSE) (presentation)
• Quiet bubbles (and presentation)
  Harrison Hong (Princeton University and NBER)
  David Sraer (Princeton University)
  Discussant: Georgy Chabakauri (LSE) (presentation)

Session 4: Financial Innovation

• Should derivatives be senior? (and presentation)
  Patrick Bolton (Columbia University)
  Martin Oehmke (Columbia University)
  Discussant: Ulf Axelson (LSE) (presentation)
• CDS as insurance: leaky lifeboats in stormy seas (and presentation)
  Eric Stephens (University of Alberta)
  James R. Thompson (University of Waterloo)
  Discussant: Craig Pirrong (University of Houston) (presentation)

Session 5: Liquidity and Credit

• Collateral requirements and asset prices (and presentation)
  Johannes Brumm (University of Mannheim)
  Michael Grill (University of Mannheim)
  Felix Kubler (IBF, University of Zurich and Swiss Finance Institute)
  Karl Schmedders (DBA, University of Zurich and Swiss Finance Institute)
  Discussant: Francisco Gomes (London Business School and CEPR) (presentation)
• Dealer attention, liquidity spillovers, and endogenous market segmentation
  Giovanni Cespa (Cass Business School, CSEF and CEPR)
  Thierry Foucault (HEC, School of Management, GREGHEC and CEPR)
  Discussant: Elias Albagli (University of Southern California) (presentation)