Disclosure, Transparency, and Financial Reporting in the Financial Services Industry

September 20-21, 2012
Agenda
Thursday, September 20
8:00 a.m. Continental Breakfast
8:45 a.m. Welcoming Remarks, Jamie McAndrews, Executive Vice President and Director of Research, Federal Reserve Bank of New York
Session 1: Economic Consequences of Financial Reporting
Session Chair: Abbie Smith, University of Chicago

9:00 a.m. Delayed Expected Loss Recognition and the Risk Profile of Banks
  • Robert Bushman, University of North Carolina
  • Christopher Williams, University of Michigan
  • Discussant: Mitchell Petersen, Northwestern University
9:55 a.m. The Implications of Banks' Credit Risk Modeling Disclosures for Their Loan Loss Provision Timeliness and Loan Origination Procyclicality
  • Gauri Bhat, Washington University at St. Louis
  • Stephen Ryan, New York University
  • Dushyantkumar Vyas, University of Minnesota
  • Discussant: Anne Beatty, Ohio State University
10:50 a.m. Break
11:10 a.m. Mark-to-Market Accounting and Information Asymmetry in Banks
  • Ray Ball, University of Chicago
  • Sudarshan Jayaraman, Washington University at St. Louis
  • Lakshmanan Shivakumar, London Business School
  • Discussant: Robert McDonald, Northwestern University
12:15 p.m. Lunch
Session 2: Information, Bank Regulation, and Supervision
Session Chair: Hamid Mehran, Federal Reserve Bank of New York


1:25 p.m. Information Disclosure and Fundamental Disagreement: Implications for Financial and Non-Financial Firms
  • Anjan V. Thakor, Washington University at St. Louis
  • Discussant: Martin Oehmke, Columbia University
2:20 p.m. The Relation between Bank Resolutions and Information Environment: Evidence from the Auctions for Failed Banks
  • João Granja, University of Chicago
  • Discussant: James Vickery, Federal Reserve Bank of New York
3:15 p.m. Break
3:35 p.m. Inconsistent Regulators: Evidence from Banking
  • Sumit Argarwal, Federal Reserve Bank of Chicago
  • David Lucca, Federal Reserve Bank of New York
  • Amit Seru, University of Chicago
  • Francesco Trebbi, University of British Columbia
  • Discussant: Adam Ashcraft, Federal Reserve Bank of New York
Session 3: Disclosure Panel Discussion
Session Chair: Kevin Stiroh, Federal Reserve Bank of New York


4:30 p.m. Panelists:
  • Betsy Graseck, Morgan Stanley
  • Darryll Hendricks, UBS
  • John McDonald, Sanford Bernstein
  • Jeffrey Rosenberg, BlackRock
  • Douglas Simons, Credit-Suisse
6:15 p.m. Reception
Friday, September 21
Session 4: Stress Tests and Supervisory Disclosure
Session Chair: Beverly Hirtle, Federal Reserve Bank of New York


8:00 a.m. Continental Breakfast
8:40 a.m. Overview of Stress Tests
  • Beverly Hirtle
8:55 a.m. Should Banks' Stress Test Results Be Disclosed? An Analysis of the Costs and Benefits
  • Itay Goldstein, University of Pennsylvania
  • Haresh Sapra, University of Chicago
  • Discussant: Tano Santos, Columbia University
9:50 a.m. Capital Market Consequences of EU Bank Stress Tests
  • Atif Ellahie, London Business School
  • Discussant: Til Schuermann, Oliver Wyman
10:45 a.m. Break
11:00 a.m. Mandatory Supervisory Disclosure, Voluntary Disclosure, and Risk-Taking of Financial Institutions: Evidence from the EU-Wide Stress-Testing Exercises
  • Jannis Bischof, University of Mannheim
  • Holger Daske, University of Mannheim
  • Discussant: Luc Laeven, International Monetary Fund
12:00 p.m. Lunch and Adjournment
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