Seventh annual conference

The seventh annual conference of The Paul Woolley Centre for the Study of Capital Market Dysfunctionality will be held at the London School of Economics on 5-6 June 2014. 

Organising Commitee: Georgy Chabakauri, Amil Dasgupta, Dong Lou, Igor Makarov, Christopher Polk, Dimitri Vayanos, Michela Verardo, Kathy Yuan, and Kostas Zachariadis.

The conference comprised 5 sessions:

1. Leverage, asset prices, and the macroeconomy 
2. Benchmarking, portfolio choice and equilibrium prices
3. Institutional investors and market liquidity
4. Information and incentives in financial markets
5. Insurance markets and safety premia

The conference programme can be downloaded here| [pdf].

  • Session 1: Leverage, asset process and the macroeconomy
     A model of monetary policy and risk premia
    Itamar Drechsler (New York University and NBER)
    Alexi Savov (New York University)
    Philipp Schnabl (New York University, CEPR and NBER) 
  • A macroeconomic framework for quantifying systemic risk
    Zhiguo He (University of Chicago and NBER)
    Arvind Krishnamurthy (Northwestern University and NBER)

Session 2: Benchmarking, portfolio choice and equilibrium prices

Session 3: Institutional investors and market liquidity

  • Investor composition and liquidity: an analysis of Japanese stocks
    Hao Jiang (University of Texas and Erasmus University)
    Sheridan Titman (University of Texas)
    Takeshi Yamada (National University of Singapore and University of Adelaide)
  • Leverage constraints and liquidity: what can we learn from margin trading?
    C. Bige Kahraman (Stockholm School of Economics)
    Heather Tookes (Yale School of Management)

Session 4: Information and incentives in financial markets

  • Risk-taking, rent-seeking, and corporate short-termism when financial markets are noisy
    Elias Albagli (USC Marshall)
    Christian Hellwig (Toulouse School of Economics and CEPR)
    Aleh Tsyvinski (Yale University)
  • Credit ratings: strategic issuer disclosure and optimal screening
    Jonathan Cohn (University of Texas)
    Uday Rajan (University of Michigan)
    Günter Strobl (Frankfurt School of Management)

Session 5: Insurance markets and safety premia

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PWC conf 2014