University of Rome
“Tor Vergata”
Faculty of Economics
“New Frontiers of Banking and Finance
after the Global Crisis”
XIX International “Tor Vergata”
Conference on Money, Banking and Finance:
December 13-17, 2010
University of Rome “Tor Vergata”, Faculty of Economics
Sala del Consiglio - Building “Ricerca” - 2nd floor
in collaboration with
JOURNAL OF FINANCIAL STABILITY
RIVISTA DI POLITICA ECONOMICA
BANCARIA
JOURNAL OF INTERNATIONAL MONEY
AND FINANCE
with the patronage of
SOCIETÀ ITALIANA DEGLI ECONOMISTI (S.I.E.)
The conference is open to interested scholars
Papers can be download on:
www.economia.uniroma2.it/mbf/index.php?p=11
A Special Report will be prepared by
Aims and Objectives
of the Conference
Theoretical and empirical research on financial markets and the banking system,
with special focus on the interaction among economic agents, market rules and
institutions, appears of foremost importance in the aftermath of the global
financial crisis.
In the last twenty years the abundance of liquidity at world level has led several
times to the creation of growing trends in asset, currency or commodity prices
which led to subsequent sharp falls and financial crises with serious
consequences on the real sector, GDP growth and employment.
Recovery from financial crises, especially the last one in countries most hit by
failures of financial intermediaries, required huge increases in public expenditure
and government debts with serious consequences for tax payers.
The observation of the dynamics of the last global financial crisis, with its causes
and consequences therefore urges a thorough reflection on several dimensions.
Such dimensions include asset pricing models, behavioural finance, the effect
of the behaviour of large players on systemic risk, the role of financial education,
the reform and design or supranational financial regulatory authorities, the role
of capital requirement ratios.
New research contributions on all these issues will be presented and discussed
in-depth in the Conference whose 19th edition probably comes at the time of
the greatest challenges ever faced by the economic and financial system.
Monday, 13 December 2010
9.00 – 09.30
REGISTRATION
Location: University of Rome “Tor Vergata”
9.30 - 12.30
SESSION 1: GLOBAL ASPECTS OF THE RECENT FINANCIAL CRISIS
Co-sponsored by the Journal of International Money and Finance, the Center for
Financial Innovation and Stability and the Federal Reserve Bank of Atlanta
Chairman: Gerald P. DWYER - Federal Reserve Bank of Atlanta
Location: Aula TL
Papers
The Global Financial Crisis: Explaining Cross-Country Differences in the
Ouput Impact
GELOS Gaston - International Monetary Fund
Discussant: DWYER Gerald P.
How Did A Domestic Housing Slump Turn into a Global Financial Crisis?
DE MARCO Laurie P. - Board of Governors of the Federal Reserve System
Discussant: TAYLOR Mark P.
Money and Credit in the Recent Financial Crisis
LOTHIAN James R. - Fordham University
Discussant: FLAVIN Thomas
14.00 – 17.00
SESSION 2: THE FINANCIAL CRISIS IN THREE COUNTRIES
Co-sponsored by the Journal of International Money and Finance, the Center for
Financial Innovation and Stability and the Federal Reserve Bank of Atlanta
Chairman: James R. LOTHIAN - Fordham University
Location: Aula TL
Papers
The Crisis in the U.K.
TAYLOR Mark P. - Warwick University and the CEPR
Discussant: Gaston GELOS
The U.S. and Irish Credit Crises: Their Distinctive Differences and Common
Features
FLAVIN Thomas - NUI Maynooth
Discussant: LOTHIAN James R.
The Relationship between Mortgage Markets and House Prices: Does Financial
Instability Make the Difference?
VALVERDE Santiago Carbó- University of Granada and the Federal Reserve Bank
of Chicago
Discussant: DE MARCO Laurie P.
Tuesday, 14 December 2010
9.30 – 11.30
SESSION 1: YOUNG ECONOMIST SESSION
Chairman: Fabrizio MATTESINI - University of Rome “Tor Vergata”
Location: Sala del Consiglio
Papers
The determinants of bank efficiency and productivity growth in the Central and
Eastern European banking systems
ANDRIES Alin Marius - Alexandru Ioan Cuza University of Iasi
Does the Purchasing Power Parity hypothesis hold after 1998?
ZANETTI CHINI Emilio - University of Rome “Tor Vergata”
The Fed’s TRAP: A Taylor-type Rule with Asset Prices
DRESCHER Christian - University of Bayreuth
ERLER Alexander - University of Bayreuth
KRIZANAC Damir - University of Bayreuth
GENERAL DISCUSSION
11.30 – 11.45
Coffee Break
11.45 – 13.30
SESSION 2: YOUNG ECONOMIST SESSION
Chairman: Roberto ROCCI - University of Rome “Tor Vergata”
Location: Sala del Consiglio
Papers
The concept of market leverage: Measuring monetary conditions in asset
markets
BERNHARD Herz - University of Bayreuth
DRESCHER Christian - University of Bayreuth
Alternative objective functions for quasi-shrinkage portfolio optimization
TRUEBENBACH Fabian - EBS Business School
To Know is to Act -The Drivers of Active Risk Management in Banking
BULBUL Dilek - Goethe University Frankfurt
HAKENES Hendrik - Leibniz Universität Hannover
LAMBERT Claudia - Goethe University Frankfurt
Securitization: positive and normative implications
RUTA Guido - New York University and University of Bologna
GENERAL DISCUSSION
13.30 – 14.45
Lunch Break
14.30 – 16.30
SESSION 3: YOUNG ECONOMIST SESSION
Chairman: Giancarlo MARINI - University of Rome “Tor Vergata”
Location: Sala del Consiglio
Papers
The Interbank Market After The Financial Turmoil: Squeeze Liquidity In A
“Lemons Market” Or Ask Liquidity “On Tap”
DE SOCIO Antonio - University of Rome “Tor Vergata” and Bank of Italy
Financial Risk Transfer in Emerging Eastern European Stock Markets:
A Sectoral Perspective
FEDOROVA Elena - Lappeenranta University of Technology
The (Un)Sustainability of the U.S. International Debt Position: Do Not Rely Too
Much on Valuation Effects
CIVELLI Andrea - University of Arkansas
The Euro-dividend: public debt and interest rates in the Monetary Union
MARATTIN Luigi - University of Bologna
SALOTTI Simone - National University of Ireland
GENERAL DISCUSSION
16.30 – 16.45
Tea Break
16.45 – 18.30
SESSION 4: YOUNG ECONOMIST SESSION
Chairman: Giovanni TRIA - University of Rome “Tor Vergata”
Location: Sala del Consiglio
Papers
Are Directors’ Dealings Informative? Evidence from European Stock Markets
DARDAS Kaspar - EBS Business School
Information Asymmetry and the Structure of Loan Syndicates
CHAUDHRY Sajid - Maastricht University
KLEIMEIER Stefanie - Maastricht University
Portfolio Diversification Opportunities in European Real Estate Markets
DORODNYKH Ekaterina - University of Rome “Tor Vergata”
GENERAL DISCUSSION
Wednesday, 15 December 2010
10.30 – 11.00
OPENING REMARKS
Location: Sala del Consiglio
Renato Lauro - Rector - University of Rome “Tor Vergata”
Michele Bagella - Dean - Faculty of Economics - University of Rome
“Tor Vergata”
11.00 – 13.00
TAVOLA ROTONDA
“LE NUOVE FRONTIERE DELLA FINANZA”
Location: Sala del Consiglio
Introduce:
BAGELLA Michele
Preside
Facoltà di Economia
Università degli Studi di Roma “Tor Vergata”
Partecipano:
ANGELONI Ignazio
Adviser to the Executive Board
European Central Bank
BECCHETTI Leonardo
Facoltà di Economia
Università degli Studi di Roma “Tor Vergata”
GARONNA Paolo
Direttore Generale
ANIA
MASCIANDARO Donato
Dipartimento di Economia e Centro Paolo Baffi
Università Bocconi e SUERF
SANTA MARIA Alberto
Studio Legale Associato Santa Maria
SZEGÖ Giorgio
Professore Emerito
Università degli Studi di Roma “La Sapienza”
13.00 – 14.30
Lunch Break
14.30 – 16.30
SESSION 1: BANKING SYSTEM
Chairman: Francesco BUSATO - University of Rome “Tor Vergata”
Location: Sala del Consiglio
Papers
Too-big-to-fail banks: addressing systemic risk in light of the Swiss experience
PANZERA Fabio - University of Fribourg
ROSSI Sergio - University of Fribourg
Strategic Loan Defaults and Coordination: An Experimental Analysis
TRAUTMANN Stefan - Tilburg University
VLAHU Razvan - Dutch Central Bank
Foreign Currency Lending in Emerging Europe: Bank-Level Evidence
BROWN Martin - Swiss National Bank
DE HAAS Ralph - European Bank for Reconstruction and Development
Global Cross-Border Banking and the EMU-Effect
HEUCHEMER Sylvia - University of Applied Sciences Cologne
KLEIMEIER Stefanie - Maastricht University
SANDER Harald - University of Applied Sciences Cologne
GENERAL DISCUSSION
SESSION 2: MARKETS AND FINANCIAL CRISIS
Chairman: Umberto FILOTTO - University of Rome “Tor Vergata”
Location: Aula B
Papers
Proliferation of Tail Risks and Policy Responses in the EU Financial Markets
ORLOWSKI Lucjan - Sacred Heart University
What Caused the Global Financial Crisis
MERROUCHE Ouarda - World Bank
NIER Erlend - International Monetary Fund
With bail-outs there is no bad news: market reactions to house price releases
GUNTER Loeffler - University of Ulm
POSCH Peter - University of Ulm
The financial crisis: alternative interpretations and the ethical foundations
NICCOLI Alberto - Marche Polytechnic University
GENERAL DISCUSSION
16.30 – 16.45
Tee Break
16.45 – 18.00
PREMIAZIONE DEI RICERCATORI DELLA FACOLTÀ DI ECONOMIA
Location: Sala del Consiglio
18.00 – 19.30
SPECIAL LECTURE
“CRISI FINANZIARIA E PROSPETTIVE PER IL PAESE”
Location: Sala di Consiglio
MUSSARI Giuseppe
Presidente
Associazione Bancaria Italiana
Thursday, 16 December 2010
9.30 - 11.30
TAVOLA ROTONDA
“FINANZA, CONCORRENZA E CRESCITA DELLA ECONOMIA
ITALIANA NEL DOPO CRISI”
Location: Sala del Consiglio
Introduce:
BAGELLA Michele
Preside
Facoltà di Economia
Università degli Studi di Roma “Tor Vergata”
Partecipano:
AUCI Ernesto
Senior Consultant
Institutional Relations
FIAT Group S.p.A.
GALLI Fabio
Segretario Generale
Assogestioni
KOSTORIS Fiorella
Università degli Studi di Roma “La Sapienza”
LO CICERO Massimo
Economista
MASERA Rainer Stefano
Preside
Facoltà di Economia
Università degli Studi Guglielmo Marconi
MATTINA Vincenzo
Vice Presidente
Quanta Agenzie per il lavoro SpA
PAGANETTO Luigi
Presidente
Fondazione Economia Tor Vergata CEIS
SCANDIZZO Pasquale Lucio
Direttore
CEIS – Centre for Economic and International Studies
Università di Roma “Tor Vergata”
11.30 - 11.45
Coffee Break
11.45 - 13.30
SESSION 1: FINANCIAL SURVEILLANCE AND SYSTEMIC RISK
Session sponsored by ASSONEBB (Associazione Nazionale per l'Enciclopedia
della Banca e Borsa)
Chairman: Chiara OLDANI - ASSONEBB
Location: Sala del Consiglio
Papers
Tracing the Impact of Liquidity Infusions by the Central Bank on Financially
Constrained Banks: Evidence from a Natural Experiment
SOKOLOV Vladimir - Higher School of Economics
Testing for Contagion: a Time-Scale Decomposition
CIPOLLINI Andrea - University of Modena and Reggio Emilia
LO CASCIO Iolanda - University of Palermo
Financial Surveillance and Systemic Risk: new regulatory infrastructures on the
two sides of the Atlantic
MASERA Rainer - Guglielmo Marconi University
MAZZONNI Giancarlo - Bank of Italy
The price of risk
ACCARDI Luigi - University of Rome “Tor Vergata”
SCANDIZZO Pasquale Lucio - University of Rome “Tor Vergata”
GENERAL DISCUSSION
SESSION 2: ASSET PRICING
Chairman: Carlo Andrea BOLLINO - University of Perugia
Location: Aula B
Papers
Optimal trading rules at hourly frequency in the foreign exchange market
PELUSI Danilo - University of Teramo
TIVEGNA Massimo - University of Teramo
Stock Returns and Inflation Risk: Implications for Portfolio Selection
KATZUR Tomasz - University of Groningen
SPIERDIJK Laura - University of Groningen
The role of risk measures choice in ranking real estate funds: evidence from the
Italian market
GIANNOTTI Claudio - LUM Jean Monnet University
MATTAROCCI Gianluca - University of Rome “Tor Vergata”
Integration and Convergence in European Electricity Markets
BOLLINO Carlo Andrea - University of Perugia
CIFERRI Davide - University of Perugia
POLINORI Paolo - University of Perugia
GENERAL DISCUSSION
13.30 – 14.30
Lunch Break
14.30 – 16.30
SESSION 1: MICROFINANCE
Chairman: Leonardo BECCHETTI - University of Rome “Tor Vergata”
Location: Sala del Consiglio
Papers
Does semi-formal credit help to cope with aggregate shocks? Evidence from
Roscas and the Indian Ocean Tsunami
CZURA Kristina - Goethe University Frankfurt
KLONNER Stefan - University of Heidelberg
How Do Lending Relationships Affect Access to Credit and Loan Conditions in
Microlending?
BEHR Patrick - Goethe University Frankfurt
Lending to the unbankable. Dynamic Incentives and Joint Liability in a Trust
Game with Social Collateral
BARBOZA Gustavo - Clarion University of Pennsylvania
The Controversial Effects of Microfinance on Child Schooling: a Retrospective
Approach
BECCHETTI Leonardo - University of Rome “Tor Vergata”
CONZO Pierluigi - University of Rome “Tor Vergata”
GENERAL DISCUSSION
SESSION 2: EXCHANGE RATE
Chairman: Beniamino QUINTIERI - University of Rome “Tor Vergata”
Location: Aula B
Papers
European sovereign bond spreads: monetary unification, market conditions and
financial integration
GEORGOUTSOS Dimitris - Athens University of Economics and Business
MIGIAKIS Petros - Bank of Greece
Real Exchange Rate Mean Reversion and International Portfolio Allocation
AIRAUDO Marco - Lebow College of Business, Drexel University
Getting beyond carry trade: what makes a safe haven currency?
HABIB Maurizio - European Central Bank
STRACCA Livio - European Central Bank
Exchange Rate and Wage Adjustments
NUCCI Francesco - Sapienza University of Rome
POZZOLO Alberto Franco - University of Molise
GENERAL DISCUSSION
SESSION 3: PRIVATE AND PUBLIC DEBT MARKETS
Chairman: Robert James WALDMANN - University of Rome “Tor Vergata”
Location: Aula C
Papers
Determinants and consequences of credit tightening. An analysis of the United
States and the euro area
DE BONIS Riccardo - Bank of Italy
INFANTE Luigi - Bank of Italy
PATERNO’ Francesco - Bank of Italy
Auditor Quality and Firm Debt Maturity: International Evidence
EL GHOUL Sadok - University of Alberta
GUEDHAMI Omrane - University of South Carolina
PITTMAN Jeffrey - Memorial University of Newfoundland
RIZEANU Sorin - University of South Carolina
Corporate Loan and Government Debt Maturity: Evidence from the Corporate
Loan Market
GAUL Lewis - Office of the Comptroller of the Currency, U.S. Department of the
Treasury
PALVIA Ajay - Office of the Comptroller of the Currency, U.S. Department of the
Treasury
UYSAL Pinar - EPFL- Chair of International Finance
The Consequences of Banking Crises for Public Debt
FURCERI Davide - OECD
ZDZIENICKA Aleksandra - CEPII
Quoted Spreads and Trade Imbalances Dynamics in the European Treasury
Bond Market
CAPORALE Guglielmo Maria - Brunel University
GIRARDI Alessandro - ISAE
PAESANI Paolo - University of Rome “Tor Vergata”
GENERAL DISCUSSION
16.30 – 16.45
Tea Break
16.45 – 18.30
SESSION 1: FINANCIAL CRISIS DERIVATIVES
Chairman: Luigi ACCARDI - University of Rome “Tor Vergata”
Location: Sala del Consiglio
Papers
Are CDS spreads a good proxy of bank risk? Evidence from the financial crisis
CASU Barbara - Cass Business School
CHIARAMONTE Laura - University of Verona
Relationship Lending in a Financial Turmoil
SETTE Enrico - Bank of Italy
Derivatives in the wake of disintermediation: A simultaneous equations model of
commercial and industrial lending and the use of derivatives by US banks
ASHRAF Dawood - Prince Mohammad Bin Fahd University
GODDARD John - University of Bangor
The Deterministic and Speculative Component of the Oil Spot Price:
A Real Option Value Approach
DICEMBRINO Claudio - University of Rome “Tor Vergata”
SCANDIZZO Pasquale Lucio - University of Rome “Tor Vergata”
GENERAL DISCUSSION
SESSION 2: RISK MANAGEMENT
Chairman: Fabrizio CACCIAFESTA - University of Rome “Tor Vergata”
Location: Aula B
Papers
The credit securitisation process as a tool of portfolio credit risk managing
DI CLEMENTE Annalisa - Sapienza University of Rome
The Impact of Default Risk Insurer’s Financial Distress on Insured Municipal
Bonds
BRUNE Chris - Ouachita Baptist University
LIU Pu - Sam M. Walton College of Business, University of Arkansas
Forecasting financial distress in emerging markets: a dynamic probit analysis
CHORTAREAS George - University of Athens
CIPOLLINI Andrea - University of Modena and Reggio Emilia
KAPETANIOS George - Queen Mary, University of London
Large Shareholder Diversification and Corporate Risk-Taking
FACCIO Mara - Purdue University
MARCHICA Maria-Teresa - Manchester Business School
MURA Roberto - Manchester Business School
GENERAL DISCUSSION
SESSION 3: POLICY AND REGULATION
Chairman: Stefano GORINI - University of Rome “Tor Vergata”
Location: Aula C
Papers
Clearing Houses in Europe: a financial market infrastructure in evolution
CHESINI Giuseppina - University of Verona
The Impact Of Domestic And International Monetary Policy News On U.S. And
German Banks
KIM Suk-Joong - The University of Sydney
LEE Linda - The University of New South Wales
WU Eliza - The University of New South Wales
Taxation, Investment and Asset Prices
SANTORO Marika - US Congressional Budget Office
Bank competition and stability: Reconciling conflicting empirical evidence
BECK Thorsten - Tilburg University
DE JONGHE Olivier - Tilburg University
SCHEPENS Glenn - Ghent University
Regulations and soundness of insurance firms: International evidence
GAGANIS Chrysovalantis - University of Crete
PASIOURAS Fotios - Technical University of Crete
GENERAL DISCUSSION
Friday, 17 December 2010
9.30 - 11.30
SESSION 1: STABILIZATION POLICIES AND BANKS ROLE
Chairman: Gustavo PIGA - University of Rome “Tor Vergata”
Location: Sala del Consiglio
Papers
Productivity Shocks, Stabilization Policies and the Dynamics of Net Foreign Assets
DI GIORGIO Giorgio - LUISS Guido Carli
NISTICO’ Salvatore - LUISS Guido Carli
Do multinational banks create or destroy economic value?
PINHEIRO Carlos - Caixa Geral de Depósitos
GULAMHUSSEN Mohamed Azzim - Lisbon University Institute
POZZOLO Alberto Franco - University of Molise
Local economic growth and local banking in Italy: the role of Cooperative Credit
Banks in craftsmen firm development
DI COLLI Stefano - Federcasse
LOPEZ Juan Sergio - Federcasse
The Retail Activity Of Foreign Banks: Effects On Credit Supply To Households
And Firms
INFANTE Luigi - Bank of Italy
ROSSI Paola - Bank of Italy
GENERAL DISCUSSION
SESSION 2: THEORY OF BANKING
Chairman: Emilio BARONE - LUISS Guido Carli University
Location: Aula B
Papers
An analysis of the determinants of credit default swap spread changes before and
during the subprime financial turmoil
DI CESARE Antonio - Bank of Italy
GUAZZAROTTI Giovanni - Bank of Italy
Share Price Response to Credit Risk Securitization in European Banking
CHRISTIAN Farruggio - Ruhr-University Bochum
MICHALAK Tobias - Ruhr-University Bochum
UHDE Andre - Ruhr-University Bochum
Liquidity and Credit Risk Premia in the Pfandbrief Market
SIEWERT Jan - Business School, University of Mannheim
VONHOFF Volker - Business School, University of Mannheim
The Resolution Of Failed Banks During The Crisis: Acquirer Performance And
Fdic Guarantees, 2008-2010
COWAN Arnold R. - Iowa State University
SALOTTI Valentina - Iowa State University
GENERAL DISCUSSION
SESSION 3: SOCIAL RESPONSIBILITY IN FINANCE
Sesssion sponsored by SIRP (Sustainable Investment Research Platform)
Chairman: Stefano HERZEL - University of Rome “Tor Vergata”
Location: Aula C
Papers
On High Water Mark Incentives with Sustainable Investments in View
FOUFAS Georgios - University of Gothenburg
SUNDEN Mattias - Gothenburg University
Socially Responsible Portfolio Selection using Item Response Models
GRASSI Stefano – University of Perugia
NICOLOSI Marco – University of Perugia
STANGHELLINI Elena – University of Perugia
Some Men Invest Like Women: the Influence of Social Values on Investment
Decisions and Investor Loyalty
BAUER Rob - Maastricht University
SMEETS Paul - Maastricht University
Delegated Portfolio Management with Socially Responsible Investment
Constraints
FABRETTI Annalisa - University of Rome “Tor Vergata”
HERZEL Stefano - University of Rome “Tor Vergata”
GENERAL DISCUSSION
11.30 - 11.45
Coffee Break
11.45 – 12.45
TOWARDS GLOBAL FINANCIAL ETHICS FOR A SUSTAINABLEGROWTH:
DESIRE OR REALITY?
Session sponsored by G.R.E.E.N. PROJECT
Chairman: Valerio DE LUCA – G.R.E.E.N Project
Location: Sala del Consiglio
DE LUCA Valerio
Director of Global Rules Etichs and Economics Network (G.R.E.E.N.)
McCORMICK Roger
Director of Law and Financial Market Project, London School of Economics
MONTANINO Andrea
Dirigente Generale del Tesoro, Ministero dell’Economia e delle Finanze
REVIGLIO Edoardo
Chief Economist Head of Research and Strategy, Cassa Depositi e Prestiti
SARACENO Francesco
Senior Economist, Centre de Recherche en Économie (OFCE)
Department of Economics , Sciences Po
12.45 - 14.30
SESSION 1: FINANCIAL EDUCATION
Chairman: Leonardo BECCHETTI - University of Rome “Tor Vergata”
Location: Aula B
Papers
Financial Literacy, Trust and Financial Advice
MONTICONE Chiara - University of Torino
Family and school: economic agents improving financial education among
Italian lower-secondary school students
BONANOMI Andrea - University Cattolica of Sacro Cuore
RINALDI Emanuela - University Cattolica of Sacro Cuore
The role of small courses on financial literacy in high schools: evidence of a
randomized experiment
BECCHETTI Leonardo - University of Rome “Tor Vergata”
CAIAZZA Stefano - University of Rome “Tor Vergata”
COVIELLO Decio - University of Rome “Tor Vergata”
Financial Literacy in adults consumers: attitude, experiences and what else?
FILOTTO Umberto - University of Rome “Tor Vergata”
NICOLINI Gianni - University of Rome “Tor Vergata”
Financial literacy accumulation and portfolio decisions
JAPPELLI Tullio - University of Naples Federico II
PADULA Mario - University of Venice Ca’ Foscari
GENERAL DISCUSSION
SESSION 2: NEW IDEAS FROM FINANCIAL CRISIS
Chairman: Iftekhar HASAN - The Lally School of Management
Location: Sala del Consiglio
Papers
Reputation and Sanctions in Banking: Evidence from Italy in the 1998-2009 Period
BROGI Marina – Sapienza University of Rome
Defining “Green Finance”
BAGELLA Michele - University of Rome “Tor Vergata”
BUSATO Francesco - University of Rome “Tor Vergata”
The Market for Corporate Control and Inventive Output of Technology-Based
Firms
TUCCI Christopher - École Polytechnique Fédérale de Lausanne
Financial Contract: Banks versus Banks
FRANCIS Bill – Rensselaer Polytechnic Institute
HASAN Iftekhar - The Lally School of Management
LIU Liuling - The Lally School of Management
Should Short Selling be Restricted during a Financial Crisis?
HASAN Iftekhar - The Lally School of Management
MASSOUD Nadia - York University
SAUNDERS Anthony - New York University
SONG Keke - York University
GENERAL DISCUSSION
21.00 - 00.00
Gala Dinner - The DUKE Hotel
Location: Via Archimede, 69 - 00197 Rome, Italy
Scientific Committee:
Michele BAGELLA
University of Rome “Tor Vergata”
Leonardo BECCHETTI
University of Rome “Tor Vergata”
Gerald P. DWYER JR.
Federal Reserve Bank of Atlanta
Iftekhar HASAN
Rensselaer Polytechnic Institute
James R. LOTHIAN
Fordham University of New York
Luigi PAGANETTO
University of Rome “Tor Vergata”
Gustavo PIGA
University of Rome “Tor Vergata”
Anthony M. SANTOMERO
McKinsey & Company
Giorgio SZEGÖ
La Sapienza University
Paul WACHTEL
New York University
Leonard N. Stern School of Business
Steering Committee:
Michele BAGELLA
University of Rome “Tor Vergata”
Leonardo BECCHETTI
University of Rome “Tor Vergata”
Iftekhar HASAN
Rensselaer Polytechnic Institute
Damiano PINNACCHIO
University of Rome “Tor Vergata”
Conference Secretariat:
Ekaterina DORODNYKH
Paola GAUDINI
Patrizia MARTA
Tel. +39 06 72595502 – 5535
Fax + 39 06 72595504
Communication and Press Office:
Simonetta PATTUGLIA
Tel + 39 06 72595510 – 5522
Fax + 39 06 72595504
History of the Conference
The Tor Vergata International Conference on Money Banking and Finance has
progressively emerged from 1991 as one of the most important conferences
organized every year in Europe, and probably as the most well known in Europe
among general conferences in banking and finance not organized by official and
established associations (such as the European Finance Association). The
original organizing group composed by Michele Bagella (who had the idea of
the format and from the beginning was the general coordinator of the
conference), Leonardo Becchetti, Iftekhar Hasan (coordinator of the Conference
in the US), Giorgio Szego and Anthony Santomero has been enriched across
years by Jerry Dwyer, Jim Lothian, Luigi Paganetto and Paul Wachtel. Due to
the characteristics of its organizing board the conference has been throughout
all these years an important bridge between the two sides of the Atlantic which
stimulated joint debate and research in Europe and the US on monetary policy,
evolution of regulation and the banking system, asset pricing, exchange rate and
many other issues from a theoretical and empirical perspective.
Throughout all these years the Conference has hosted several times special issues
from top journals in the field such as the Journal of Banking and Finance, the
Journal of International Money and Finance, The Journal of Financial Stability
and (in Italy) Rivista Bancaria. A selected number of contributions has been
included in many editions in collection of papers published with Elgar, Elsevier,
Federal Reserve Bank of Chicago.
The wide range of conference topics covered each year and the decision not to
confine them to a few issues has greatly contributed to create critical mass and
to make the Conference meeting an important opportunity to meet established
colleagues working in the field. In the last year special attention has been given
to Young Economists with a prize awarded to the best presented paper.
The Conference in the last 15 years:
1995. Asymmetric information, risk management, financial and banking innovation
1996. Financial markets: imperfect information and risk management
1997. Public debt management, financial markets and policy issues
1998. Competition among financial systems and bank firm relationship after euro
1999. Financial crises, risk management and growth
2000. Risk and regulation in the global financial markets
2001. Financial integration, competition and risks in the global economy
2002. Monetary integration, money and regulation
2003. Money markets and banks: liberalization versus regulation
2004. Transparency, governance and markets
2005. Debt, money and finance in integrated global markets
2006. Money, Finance and Growth
2007. European Financial Markets Integration, Institutional Convergences and
Public Debt Policies
2008. Emerging Markets, Currencies and Financial Stability
2009. Global Institutions for Global Markets
Supported by:
Sponsored by:
catering by: