British Academy logo


Generously hosted by
Study Center Gerzensee

The following papers will be presented at this conference. Please see the Programme for further details.

Asset Commonality, Debt Maturity, and Systemic Risk
Franklin Allen (U. of Pennsylvania) Ana Babus (Princeton) *Elena Carletti (EUI and CEPR)

Asset Prices and Institutional Investors
Suleyman Basak (LBS and CEPR) *Anna Pavlova (LBS and CEPR)

Bankers and Regulators
*Philip Bond (U. of Pennsylvania) Vincent Glode (U. of Pennsylvania)

Competition and Trust: Evidence from German Car Manufacturers
Leonardo Felli (LSE and CEPR) Johannes Koenen (Univ. Bonn) *Konrad Stahl (Univ. Mannheim and CEPR)

Contagion in Financial Networks: A Threat Index
Gabrielle Demange (Paris School of Economics and CEPR)

Contagious Adverse Selection
*Stephen Morris (Princeton) Hyun Song Shin (Princeton and CEPR)

Cream-Skimming in Financial Markets
*Patrick Bolton (Columbia U. and CEPR)Tano Santos (Columbia U. and CEPR)Jose Scheinkman (Princeton U.)

Exorbitant Privilege and Exorbitant Duty
*Pierre Olivier Gourinchas (U.C. Berkeley and CEPR) Nicholas Govillot (Mines Paris-Tech) Hélène Rey (LBS and CEPR)

Financially-Constrained Arbitrage and Cross-Market Contagion
*Denis Gromb (INSEAD and CEPR) Dimitri Vayanos (LSE and CEPR)

Higher-Order Expectations, Illiquidity, and Short-Term Trading
*Giovanni Cespa (Cass Business School and CEPR) Xavier Vives (IESE and CEPR)

Inequality, Tax Avoidance, and Financial Instability
Augustin Landier (Toulouse School of Economics) *Guillaume Plantin (Toulouse School of Economics and CEPR)

Information Aggregation and Investment Decisions
*Elias Albagli (USC) Christian Hellwig (Toulouse School of Economics and CEPR) Aleh Tsyvinski (Yale)

Leverage Stacks and the Financial System
John Hardman Moore (U. of Edinburgh and LSE)

Liquidity Hoarding
Douglas Gale (New York U.) *Tanju Yorulmazer (FRB of New York)

Loopholes: Social Learning and the Evolution of Contract Form
Philippe Jehiel (Paris School of Economics and Univ. College London)*Andrew Newman (Boston U.)

Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments
Gabriel Jiménez (Banco de España) Steven Ongena (Tilburg and CEPR) *José-Luis Peydró Alcalde (ECB) Jesús Saurina (Banco de España)

Macroprudential Regulation and Credit Cycles
Jean-Charles Rochet (U. Zurich and CEPR)

Market Inefficiency with Rational Agents
*Dimitri Vayanos (LSE and CEPR) Paul Woolley (LSE)

Money, Financial Stability, and Efficiency
*Franklin Allen (U. of Pennsylvania) Elena Carletti (EUI and CEPR) Douglas Gale (New York U.)

Moral Hazard and Debt Maturity
Gur Huberman (Columbia Business School and CEPR)*Rafael Repullo (CEMFI and CEPR)

Non-Exclusive Competition under Adverse Selection
Andrea Attar (Univ. of Roma II, Tor Vergata, and Toulouse School of Economics) *Thomas Mariotti (Toulouse School of Economics) François Salanié (Toulouse School of Economics)

Private Insurance against Systemic Crises
Hans Gersbach (ETH Zurich and CEPR)

Project Bundling
Albert Banal-Estañol (UPF) *Marco Ottaviani (Northwestern and CEPR)

Public and Private Learning from Prices, Strategic Substitutability and Complementarity, and Equilibrium Multiplicity
Carolina Manzano (U. Rovira i Virgili) *Xavier Vives (IESE and CEPR)

Ratings Quality over the Business Cycle
Heski Bar-Isaac (New York U.)*Joel Shapiro (Oxford and CEPR)

Regulatory Reforms (?) after the Crisis
Martin F. Hellwig (Max-Planck Institut für Erforschung von Wirtschaftssystemen)

Renegotiation-Proof Contracts with Moral Hazard and Persistent Private Information
Bruno Strulovici (Northwestern)

Risking Other People's Money: Gambling, Limited Liability, and Optimal Incentives
*Peter DeMarzo (Stanford) Dmitry Livdan (U.C. Berkeley) Alexei Tchistyi (U.C. Berkeley)

Risk Sharing and Contagion in Networks
Antonio Cabrales (Univ. Carlos III and CEPR) *Piero Gottardi (EUI)Fernando Vega-Redondo (EUI)

Risk Sharing or Risk Taking? Counterparty Risk, Margins and Incentives
*Bruno Biais (Toulouse School of Economics and CEPR) Florian Heider (European Central Bank) Marie Hoerova (European Central Bank)

Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent
Viral Acharya (New York U. and CEPR) *Marco Pagano (Università di Napoli Federico II and CEPR) Paolo Volpin (LBS and CEPR)

Self-Fulfilling Liquidity Dry-Ups
Frédéric Malherbe (LBS)

Short-Term Collateralized Debt Markets
Ernst-Ludwig von Thadden (U. Mannheim and CEPR)

The Supermodular Stochastic Ordering
*Margaret Meyer (Oxford and CEPR) Bruno Strulovici (Northwestern)

Trading and Voting in Distressed Firms
Ioan Olaru (Cornerstone Research) *Konstantinos Zachariadis (LSE)

Trading Frenzies and Their Impact on Real Investment
Itay Goldstein (U. of Pennsylvania)*Emre Ozdenoren (LBS and CEPR)Kathy Yuan (LSE and CEPR)

Keynote Address
Jean-Pierre Danthine (Member of the Governing Board, Swiss National Bank, and CEPR)