A conference jointly sponsored by the Federal Reserve Bank
of New York and
the Bendheim Center for Finance of Princeton University.
Thursday, October 6
11:00 a.m. Registration and buffet lunch
12:15 p.m. Welcome remarks by Timothy Geithner, President, Federal Reserve Bank of New York
12:30 p.m. Asset Fire Sales (and Purchases) in Equity Markets
Joshua Coval and Erik Stafford, Harvard University
Discussant: Lasse Pedersen, New York University
Practitioner view: Ulrike Hoffmann-Burchardi, Tudor Investment
1:30 p.m. Episodic Liquidity Crises
Bruce Carlin, Miguel Lobo, and S. Viswanathan, Duke University
Discussant: Matthew Pritsker, Board of Governors of the Federal Reserve System
Practitioner View: Louis Scott, Morgan Stanley
2:30 p.m. Break
3:00 p.m. Cross-Sectional Variation in Stock Returns: Liquidity and Idiosyncratic Risk
Matthew Spiegel and Xiatong Vivian Wang, Yale University
Discussant: Robert Stambaugh, University of Pennsylvania
Practitioner View: Russell Fuller, Fuller and Thaler Asset Management
4:00 p.m. Financial System Risk and Flight to Quality
Ricardo Caballero, Massachusetts Institute of Technology; and Arvind Krishnamurthy,
Northwestern University
Discussant: Dimitri Vayanos, London School of Economics
Practitioner View: Mike Rashes, Bracebridge Capital
Friday, October 7
8:00 a.m. Breakfast
8:30 a.m Asset Prices and Liquidity in an Exchange Economy
Ricardo Lagos, Federal Reserve Bank of Minneapolis and New York University
Discussant: Nobuhiro Kiyotaki, London School of Economics
Practitioner View: David Mordecai, Risk Economics
9:30 a.m Firms as Buyers of Last Resort
Harrison Hong, Princeton University; Jiang Wang, Massachusetts Institute of
Technology; and Jialin Yu, Columbia University
Discussant: Ronnie Sadka, University of Washington
Practitioner View: Paul Bennett, New York Stock Exchange
10:30 a.m. Break
11:00 a.m. Credit Risk Transfer
Christine Parlour and Guillaume Plantin, Carnegie Mellon University
Discussant: Viral Acharya, London Business School
Practitioner View: Rupert Cox, Bear Stearns
12:00 a.m Public Provision of Private Liquidity Prior to the Millenium Date Change
Suresh Sundaresan, Columbia University; and Zhenyu Wang, Federal Reserve Bank of
New York
Discussant: Bengt Holmstrom, Massachusetts Institute of Technology
Practitioner View: Spence Hilton, Federal Reserve Bank of New York
1:00 p.m Lunch
2:00 p.m Panel Discussion: Liquidity, Financial Institutions, and Economic Policy
Franklin Allen, University of Pennsylvania
Bengt Holmstrom, Massachusetts Institute of Technology
Chi-Fu Huang, Oak Hill Platinum Partners
Maureen O’Hara, Cornell University
Albert “Pete” Kyle, Duke University
3:30 p.m. Adjourn
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