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PROGRAM (download .pdf)

CEIS – Osservatorio sugli intermediari e la finanza internazionale
Dipartimento di Economia e Istituzioni
with the association of
Lally School of Management and Technology, Rensselaer Polytechnic Institute, NY, USA
and EconomEtica


“DEBT, MONEY AND FINANCE IN
INTEGRATED GLOBAL MARKETS”


XIV International “Tor Vergata” Conference on Banking and Finance
5/7 December 2005
University of Rome “Tor Vergata” Faculty of Economics
in collaboration with
Journal of Banking & Finance - Journal of Financial Stability - Rivista di Politica Economica Bancaria


MONDAY DECEMBER 5

  Plenary session
MONETARY POLICY AND MACROECONOMICS
OF BANKING
9.30 - 11.00 Chairman – Michele Bagella,
University of Rome “Tor Vergata”

“BANKING FRAGILITY AND DISTRESS:
AN ECONOMETRIC STUDY OF
MACROECONOMIC DETERMINANTS”

JARMO PESOLA
Bank of Finland

“STRUCTURAL BREAKS AND OPTIMAL
MONETARY POLICY”

FABRIZIO MATTESINI
University of Rome “Tor Vergata”
SALVATORE NISTICÒ
LUISS “Guido Carli” of Rome

“EXCESS MONEY GROWTH AND INFLATION
DYNAMICS: AN INTERNATIONAL COMPARISON”

ANDREA ZAGHINI
Bank of Italy
BARBARA ROFFIA
European Central Bank

“DO SECTOR-SPECIFIC SHOCKS EXPLAIN
AGGREGATE FLUCTUATIONS?”

AMEDEO ARGENTIERO
University of Rome “Tor Vergata”
FRANCESCO BUSATO
University of Aarhus
ALESSANDRO GIRARDI
University of Rome “Tor Vergata”

“COMPARING BANK OF CANADA AND FEDERAL
RESERVE OPERATING PROCEDURES USING THE
WOODFORD FRAMEWORK”

RUSSELL S. BOYER
University of Western Ontario

General Discussion

Parallel session
ASSET PRICING I
9.30 – 11.00 Chairman – Leonardo Becchetti,
University of Rome “Tor Vergata”
  “CSR AND SHAREHOLDER WEALTH: AN EVENT
STUDY ANALYSIS”

LEONARDO BECCHETTI
University of Rome “Tor Vergata”
ROCCO CICIRETTI
University of Rome “Tor Vergata”and Rensselaer
Polytechnic Institute
TIZIANA CROCE
University of Rome “Tor Vergata”
IFTEKHAR HASAN
Rensselaer Polytechnic Institute

“DOES IT PAY TO BE SOCIALLY RESPONSIBLE?
EVIDENCE FROM SPANISH RETAIL BANKING
SECTOR”

FRANCISCO J. CALLADO MUÑOZ
University of Girona
NATALIA UTRERO GONZÁLEZ
Universitat Autonoma de Barcelona

“THE EFFECT OF IMPRECISELY STATED
VOLATILITY ON BINOMIAL OPTION PRICING”

TOMAS TICHY
University of Ostrava (V SB-TU)

“PERFORMANCE FEE CONTRACTS AND MUTUAL
FUND RISK”

GYORGY VARGA
Financial Consultoria Econômica
MAXIM WENGERT
Consultoria Quantum fundos

General Discussion
11.00 - 11.15 Coffe break
11.15 – 11. 30 Opening Remarks
LUIGI PAGANETTO

University of Rome "Tor Vergata "
MICHELE BAGELLA
University of Rome "Tor Vergata "

Plenary session
DEVELOPMENT OF FINANCIAL MARKETS AND
INSTITUTIONS
11.30 – 13.00 Chairman – James R. Lothian, Fordham University

“UNCOVERED INTEREST RATE PARITY OVER
THE PAST TWO CENTURIES”

JAMES R. LOTHIAN
Fordham University
LIUREN WU
New York University

CO-MOVEMENTS AMONG G7 EQUITY MARKETS:
EVIDENCE FROM ISHARES”

MAHUA BARARI
Southwest Missouri State University
BRIAN M. LUCEY
Trinity College Dublin
SVITLANA VORONKOVA
Trinity College Dublin

“IS THE INTERNET DELIVERY CHANNEL
CHANGING BANKS’ PERFORMANCE?
THE CASE OF SPANISH BANKS”

IGNACIO HERNANDO
Bank of Spain
MARIA NIETO
Bank of Spain

“TRADING INSTITUTIONS AND PRICE
DISCOVERY: THE CASH AND FUTURES
MARKETS FOR CRUDE OIL”

ALBERT BALLINGER
University of Houston-Clear Lake
GERALD P. DWYER, JR.
Federal Reserve Bank of Atlanta
ANN B. GILLETTE
Kennesaw State University
13.00 – 14.00 Lunch

ROUND TABLE
Sponsored by the Italian Ministry of Economics and Finance - Department of Treasury

“MANAGING RISK IN PUBLIC DEBT
MANAGEMENT:WHERE DO WE STAND?”

14.00 – 17.00 Chairman - Gustavo Piga, University of Rome”Tor Vergata”

Speakers:

NICOLAS SAGNES,
Ministry of Finance, France
PIERRE GILBERT, CFA,
Ministry of Finance, Canada
DAVIDE IACOVONI,
Ministry of Economics and Finance, Italy
OVE STEN JENSEN,
Danmarks National Bank
GUNNAR FORSLING,
Swedish National Debt Office
17.00 – 17.15 Tea break

Plenary session
CREDIT RISK
17.15 – 18.45 Chairman - William W. Lang, Federal Reserve Bank of
Philadelphia

“CREDIT DERIVATIVES AND SOVEREIGN
DEBT CRISES”

BENEDICKT GODERIS
University of Cambridge
WOLF WAGNER
University of Cambridge and Tilburg University

“ART AS COLLATERAL: CREDIT DEFAULT SWAP
DERIVATIVES IN BANKING”

RACHEL A. J. CAMPBELL
Maastricht University

“POTENCIAL COMPETITIVE EFFECTS ON U.S.
BANK CREDIT CARD LENDING FROM THE
PROPOSAL BIFURCATED APPLICATION BASEL II”

LORETTA MESTER
Federal Reserve Bank of Philadelphia
TODD VERMILYEA
Federal Reserve Bank of Philadelphia
WILLIAM W. LANG
Federal Reserve Bank of Philadelphia

“AGGREGATE SHOCKS AND FIRM
DEFAULT RISK”

TOR JACOBSON
Sveriges Riksbank

General discussion
Parallel session
REGULATION AND FINANCIAL MARKETS I

17.15 – 18.45 Chairman – Roberto Violi, Bank of Italy

“DIVIDE ET IMPERA: FINANCIAL SUPERVISION
UNIFICATION AND CENTRAL BANK
FRAGMENTATION EFFECT”

DONATO MASCIANDARO
University of Milan “Luigi Bocconi”

“EMPLOYEE SHARE OPTION GRANTS
UNDER DIFFERENT REGULATORY AND
MARKET REGIME”

WOJCHEIK GRABOWSKI
University of Warsaw

“THE ROLE OF SCREENING AND
CROSS-SELLING IN BANK-FIRM RELATIONSHIPS”

STEFANIA COSCI
University LUMSA of Rome
VALENTINA MELICIANI
University of Teramo

“ECONOMIC INTEGRATION AND FINANCIAL
STABILITY: A EUROPEAN PERSPECTIVE”

GIANNI DE NICOLO’
International Monetary Fund
ALEXANDER TIEMAN
International Monetary Fund

General discussion

TUESDAY DECEMBER 6

  Plenary session
BANKING I
9.30 – 11.00 Chairman – Giorgio Szegö, University of Rome “La
Sapienza” and University of Lugano - Switzerland

“IN MEMORY OF FRANCESCO PARIS”
GIORGIO SZEGÖ
University of Rome “La Sapienza” and University of
Lugano - Switzerland
CHIARA PETRUZZELLI
Assonime

“BANKS’ REGULATORY CAPITAL BUFFER AND
THE BUSINESS CYCLE: EVIDENCE FROM
GERMAN SAVINGS AND COOPERATIVE BANKS”

MICHAEL WEDOW
Deutsche Bundesbank
STEPHANIE STOLZ
Deutsche Bundesbank

“DO MERGERS IMPROVE INFORMATION?
EVIDENCE FROM THE LOAN MARKET”

FABIANO SCHIVARDI
Bank of Italy
FABIO PANETTA
Bank of Italy
MATTHEW SHUM
Johns Hopkins University

“MULTIPLE BANK LENDING RELATIONSHIPS IN
ITALY: THEIR DETERMINANTS AND THE ROLE OF
FIRM GOVERNANCE FEATURES”

GIUSEPPE VULPES
UniCredit Bank

“CEE BANKING SECTOR CO-MOVEMENT:
CONTAGION OR INTERDIPENDENCE?”

TERHI JOKIPII
Bank of Finland and Trinity College Dublin
BRIAN M. LUCEY
Trinity College Dublin

“PROFITABILITY OF FOREIGN AND DOMESTIC
BANKS IN CENTRAL AND EASTERN EUROPE:
DOES THE MODE OF ENTRY MATTER?”

EMILIA JURZYK
Licos K.U. Leuven
OLENA HAVRYLCHYK
CEPII, Paris

General Discussion

Parallel session
FINANCE AND GROWTH
9.30 – 11.00 Chairman – Carlo Andrea Bollino, University of Perugia

“GROWTH AND SAVING IN ITALY: A
MICROECONOMETRIC APPROACH”

DAVID ARISTEI
University of Verona
CARLO ANDREA BOLLINO
University of Perugia
LUCA PIERONI
University of Perugia

“THE IMPACT OF BANK AND NON-BANK
FINANCIAL INSTITUTIONS ON LOCAL E
CONOMIC GROWTH IN CHINA”

XIAOQIANG CHENG
University of Leuven
HANS DEGRYSE
Tilburg University and CESIFO

“CHANGING IMPORTANCE OF FINANCIAL
SECTORS FOR GROWTH FROM TRANSITION TO
COHESION AND EUROPEAN INTEGRATION”

GORAN VUKSIC
Vienna University of Economics and Business
Administration
GERHARD FINK
Vienna University of Economics and Business
Administration
PETER R. HAISS
Vienna University of Economics and Business
Administration and Bank Austria Creditanstalt

“FOREIGN DIRECT INVESTMENTS IN THE
FINANCIAL SECTOR: THE ENGINE OF GROWTH
FOR CENTRAL AND EASTERN EUROPE?”

MARKUS ELLER
Institute for Advanced Studies, Vienna
PETER R. HAISS
Vienna University of Economics and Business
Administration and Bank Austria Creditanstalt
KATHARINA STEINER
Vienna University of Economics and Business
Administration

General Discussion
11.00 – 11.15 Coffee break
  Plenary session
FINANCE AND GROWTH
11.15 – 12.45 Chairman - Paul Wachtel, New York University
  “INSTITUTIONAL DEVELOPMENT AND GROWTH:
EVIDENCE FROM CHINA”

IFTEKHAR HASAN
Rensselaer Polytechnic Institute
MINGMING ZHOU
Rensselaer Polytechnic Institute
PAUL WACHTEL
New York University

“BOND FINANCE AND GROWTH: THE ROLE OF
DEVELOPING BOND MARKETS IN CEE AND ASIA”

PETER R. HAISS
Vienna University of Economics and Business
Administration and Bank Austria Creditanstalt
STEFAN R. MARIN
Vienna University of Economics and Business Administration

“CREDIT, BONDS AND STOCKS IN SEVEN LARGE
ECONOMIES: WHAT DRIVES GROWTH?”

GERHARD FINK
Vienna University of Economics and Business
Administration
PETER R. HAISS
Vienna University of Economics and Business
Administration and Bank Austria Creditanstalt
SIRMA HRISTOFOROVA
Vienna University of Economics and Business Administration
DISCUSSANTS:
PAUL WACHTEL
New York University
PETER R. HAISS
Vienna University of Economics
and Business Administration and Bank Austria Creditanstalt
13.00 – 14.00 Lunch
  Plenary session - hosted by CRIF Decision Solutions
BANKING II
14.00 – 15.30 Chairman - Jean Marie Bouroche, CRIF Decision Solutions

CRIF REPORT

  Introduction - JEAN MARIE BOUROCHE, CRIF Decision
Solutions

“BUSINESS CYCLE AND RISK IN RETAIL SECTOR:
AN EMPIRICAL ANALYSIS”

STEFANO CAIAZZA
University of Rome “Tor Vergata”
GIOVANNI TROVATO
University of Rome “Tor Vergata”

“STRESS TESTING AND BASEL II”
FRANCESCO DIURNI
University of Rome “Tor Vergata”and CRIF Decision
Solutions

“THE JOINT SIZE AND OWNERSHIP LENDING
SPECIALIZATION OF BANKS”

JAVIER DELGADO
Bank of Spain
JESÙS SAURINA
Bank of Spain
VICENTE SALAS
University of Zaragoza

“CO-MOVEMENTS IN EU BANKS’ FRAGILITY:
A DYNAMIC FACTOR MODEL APPROACH”

GIUSEPPE VULPES
UniCredit Bank
ANDREA BRASILI
UniCredit Bank
“OPERATING BANK BRANCHES IN TIMES OF
POPULATION GROWTH”

RAPHAËL FRANCK
Bar Ilan University
MIRIAM KRAUSZ
Bar Ilan University
GIL S. EPSTEIN
Bar Ilan University

General Discussion
Parallel session
FINANCE AND GROWTH
14.00 – 15.30 Chairman - Giovanni Tria, University of Rome “Tor Vergata”

“FINANCE AND GROWTH IN A BANK-BASED
ECONOMY: IS IT QUANTITY OR QUALITY THAT
MATTERS?”

MICHAEL KOETTER
Deutsche Bundesbank
MICHAEL WEDOW
Deutsche Bundesbank

“WHO USES EQUITY CAPITAL AMONG SMEs?
EVIDENCE FROM SURVEY DATA”
CRISTIANO ZAZZARA
Capitalia Group and Epfl
FRANCESCO BALDI
Capitalia Group and University of Rome “La Sapienza”

“FINANCING THROUGHT BOND ISSUES AND THE
NEXUS WITH ECONOMIC GROWTH”

ULRIKE MOSER-THORWARTL
Vienna University of Economics and Business
Administration
GERARD FINK
Vienna University of Economics and Business
Administration
PETER R. HAISS
Vienna University of Economics and Business
Administration and Bank Austria Creditanstalt
HERWIG KIRCHNER
Vienna University of Economics and Business
Administration

“THRESHOLD EFFECT ON FINANCE AND
GROWTH NEXUS”

SEVINC MIHCI
Hacettepe University

General Discussion
Plenary session
ASSET PRICING II
15.30 – 17.00 Chairman - Rachel A. J.
Campbell - Maastricht University

“DOES MORNINGSTAR 5-STAR RATINGS HELP
PREDICT FUTURE PERFORMANCE OF MUTUAL
FUNDS?”

ROMAN KRÄEUSSL
Vrije University of Amsterdam

“DIVERSIFICATION MELTDOWN OR THE IMPACT
OF FAT TAILS ON CORRELATION?”

RACHEL A. J. CAMPBELL
Maastricht University
KEES KOEDIJK
Maastricht University
CHATERINE FORBES
Monash University
PAUL KOFMAN
University of Melbourne

“CROSS-LISTING AND LEGAL BONDING:
EVIDENCE FROM MERGERS AND ACQUISITIONS”

NATASHA BURNS
University of Georgia
BILL B. FRANCIS
Rensselaer Polytechnic Institute

“FUNDS OF FUNDS’ PORTFOLIO COMPOSITION
AND ITS IMPACT ON PERFORMANCE: EVIDENCE
OF THE ITALIAN MARKET”

ALESSANDRO CARRETTA
University of Rome “Tor Vergata”
GIANLUCA MATTAROCCI
University of Rome “Tor Vergata”

General Discussion
Parallel session
FIXED INCOME

15.30 – 17.00 Chairman – Lorenzo Pecchi, Capitalia Group

“MORTAGE LENDING AND THE CHOISE BETWEEN
FIXED AND AJUSTABLE RATE MORTAGES”

ALBERTO FRANCO POZZOLO
University of Molise and Ente “Luigi Einaudi”
MONICA PAIELLA
Bank of Italy

“THE DETERMINANTS OF THE INTEREST RATE
PASS-THROUGH IN EU-TRANSITION ECONOMIES”

STEFANIE KLEIMEIER
Maastricht University
HARALD SANDER
Maastricht University

“INFLATION-INDEXED BONDS AND THE EMU”

SILVIA CECCACCI
University of Rome “Tor Vergata”
ALESSANDRO MARCHESIANI
University of Rome “Tor Vergata”
LORENZO PECCHI
Capitalia Group

“THE PRIMARY MARKET OF ITALIAN TREASURY
BONDS: ANEMPIRICAL STUDY OF THE UNIFORMPRICE
AUCTION”

RICCARDO PACINI
University of Rome “Tor Vergata”

General Discussion
17.00 – 17.15 Tea break
  Plenary session
VENTURE CAPITAL

17.15 – 18.45 Chairman Christopher L. Tucci, Ecole Polytecnique Fédérale
de Lausanne

“UNPACKING CORPORATE VENTURE CAPITAL
(CVC) ENDOGENEITY”

MICHAEL ENSLEY
Rensselaer Polytechnic Institute
CHRISTOPHER L. TUCCI
Ecole Polytecnique Fédérale de Lausanne

“LEARNING UNDER UNCERTAINTY: EXPLORING
STRUCTURAL HETEROGENEITY IN CVC RELATIONSHIPS”

ANU WADHWA
Ecole Polytecnique Fédérale de Lausanne
SANDIP BASU
University of Washington
SURESH KOTHA
University of Washington

“INTELLECTUAL PROPERTY AND THE SURVIVAL
OF INTERNET- RELATED NASDAQ IPOS”

IAIN M. COCKBURN
Boston University and NBER
STEFAN WAGNER
Munich School of Management

“WHO IS INNOVATIVE IN THE ITALIAN
MANUFACTURING SECTOR? ECONOMETRIC
ANALYSIS AT THE FIRM LEVEL”

CRISTIANO ZAZZARA
Capitalia Group and Ecole Polytecnique
Fédérale de Lausanne

“THE PERFORMANCE OF VENTURE-BACKED IPOs
IN GERMANY: EXIT STRATEGIES, LOCK-UP
PERIODS, AND BANK OWNERSHIP”

WOLFANG BESSLER
University of Giessen
ANDREA KURTH
University of Giessen

General Discussion

Parallel session
FINANCIAL MARKET MICROSTRUCTURE I
17.15 – 18.45 Chairman - Tuomas Takalo, Bank of Finland

“OPTIMAL INTEREST RATE RULES, ASSET
PRICES AND CREDIT FRICTIONS”

ESTER FAIA
University of Pompeu Fabra
TOMMASO MONACELLI
University of Milan “Bocconi” and CEPR

“DESIGNING AN EARLY WARNING SYSTEM FOR
DEBT CRISES”

ALESSIO CIARLONE
University of Rome “Tor Vergata” and Bank of Italy
GIORGIO TREBESCHI
Bank of Italy

“INFORMATION SALES AND INSIDER TRADING
WITH LONG- LIVED INFORMATION”

GIOVANNI CESPA
University of Salerno and CEPR (Centre for Economic Policy Research)

“THE ROLE OF COMPARING IN FINANCIAL
MARKETS WITH ADVERSE SELECTION”

TUOMAS TAKALO
Bank of Finland
JUHA PEKKANIINIMAKI
School of Economics Helsinki
KLAUSS KULTTI
University of Helsinki
General Discussion

WEDNESDAY DECEMBER 7

ROUND TABLE
Sponsored by EconomEtica
(promosso dalla Fondazione Italiana Accenture)

“ETICA FINANZA E MODELLI DI BANCA A
CONFRONTO: FINALITA’ DI PROFITTO,
MUTUALISMO COPERATIVO E MICROFINANZA
PER L’INCLUSIONE”

9.00 – 11.00 Chairman – Michele Bagella, University of Rome
“Tor Vergata”
  Invited speakers (alphabetic order)

LUCIANO HINNA University of Rome “Tor Vergata”
ROBERTO ROMANIN JACUR Italian Accenture
Foundation
(to be confirmed)
LORENZO SACCONI University of Trento and
EconomEtica
FABIO SALVIATO Banca Etica, Rome
PIERLUIGI STEFANINI, Coop Adriatica
GIORGIO SZEGÖ University of Rome "La Sapienza" and
University of Lugano - Switzerland
STEFANO ZAMAGNI University of Bologna
11.00 – 11.15 Coffee break
  “HOW MUCH MICROFINANCE WORK? THE
LATEST EVIDENCE FROM THEORETICAL
STUDIES, IMPACT STUDIES AND PRATICTIONERS EXPERIENCE”
11.15 – 13.30 Chairman – Leonardo Becchetti, University of Rome “Tor
Vergata”

“MORAL HAZARD SUBSIDIARITIES AND LOCAL
ESTERNALITIES UNDER DIFFERENT GROUP
LENDING MARKETS”

LEONARDO BECCHETTI
University of Rome “Tor Vergata”
FABIO PISANI
University of Rome “Tor Vergata”
“PEER MONITORING AND MORAL HAZARD IN
UNDERDEVELOPMED MONEY MARKETS”

SHUBHASHIS GANGOPADHYAY
India Development Foundation
ROBERT LENSINK
University of Groningen
Discussion and Institutional Experience:
LAURA FOSCHI, ETIMOS
MOUINIA BENCHEKROUNE, Fondation Zakoura MC
MARIO LA TORRE, University of Rome “La Sapienza”
MAKARIMI ABISSOLA ADÉCHOUBOU, UNCDF
13.30 – 14.30 Lunch
  Plenary session
EXCHANGE RATES

14.30 – 16.00 Chairman – Beniamino Quintieri, University of Rome
“Tor Vergata”

“THE EFFECTS OF EXCHANGE RATE FLUCT
UATIONS ON EMPLOYMENT: AN ANALYSIS WITH
FIRM-LEVEL PANEL DATA”

FRANCESCO NUCCI
University of Rome “La Sapienza”
ALBERTO F. POZZOLO
University of Molise and Ente “Luigi Enaudi”

“FARTHER AWAY FROM THE RANDOM WALK.
THE IMPACT OF NEWS ON THE POUND AND THE
EURO EXCHANGE RATES”

STEFANO DI COLLI
University of Rome “Tor Vergata”
MASSIMO TIVEGNA
University of Teramo and LUISS “Guido Carli” of Rome

“EXCHANGE RATE REGIMES AND TRADE”

DAVID COBHAM
Heriot-Watt University
CHRISTOPHER ADAM
Oxford University

“DEVALUATION CAPITAL MOBILITY AND THE
CURRENT ACCOUNT WITH FINITE HORIZONS”

ALBERTO PETRUCCI
University of Molise and LUISS “Guido Carli” of Rome

General Discussion

Parallel session
FINANCIAL MARKET MICROSTRUCTURE II

14.30 – 16.00 Chairman - Miriam Krausz, Bar-Ilan University

“THE IMPACT OF ARRANGERS AND BUYOUT
SPONSORS ON LOANPRICING IN LBOS: A CROSS
BORDER STUDY”

IRVIN W. MORGAN JR
Bentley College
KENNETH N. DANIELS
VCU School of Business

“INITIAL PUBLIC OFFERINGS, SUBSEQUENT
SEASONED EQUITY OFFERINGS AND LONG-RUN
PERFORMANCE: EVIDENCE FROM IPOs GERMANY”

WOLFGANG BESSLER
University of Giessen
STEFAN THIES
University of Giessen

“GOVERNMENT INTERVENTION IN CREDIT
ALLOCATION: A COLLECTIVE DECISION
MAKING MODEL”

MIRIAM KRAUSZ
Bar-Ilan University
RUTH BEN-YASHAR
Bar-Ilan University

“DYNAMICS OF MARKET LIQUIDITY OF TUNISIAN
STOCKS: AN ANALYSIS OF MARKET RESILIENCY”

OLFA BENOUDA SIOUD
Institut des Hautes Etudes Commerciales, Carthage
DORRA MEZZEZ HMAIED
Institut des Hautes Etudes Commerciales, Carthage
ADEL GRAR
Amen Invest Brokerage House, Tunis

General Discussion
16.00 – 16.15 Tea break

Plenary session
BANKING III
16.15 – 17.45 Chairman - Leonard I. Nakamura, Federal Reserve Bank of
Philadelphia

“FULL HOPE OR FULL SETTLEMENT? A
REPUDIATION VERSUS DEFAULT STORY?”

LOREDANA URECHE-RANGAU
IESEG Management School
KIM OOSTERLINCK
University of Brussels

“ON THE DETERMINANTS OF BANKING INTERMEDIATION
IN INDUSTRIALIZED COUNTRIES”

MASSIMILIANO STACCHINI
University of Rome “Tor Vergata”
RICCARDO DE BONIS
Bank of Italy

“WHAT DETERMINES BANKING STRUCTURES IN
EUROPEAN REGIONS?”

MASSIMILIANO AFFINITO
University of Rome “Tor Vergata” and Bank of Italy
MATTEO PIAZZA
Bank of Italy and The World Bank

“CREDIT RATINGS AND BANK
MONITORING ABILITY”

LEONARD I. NAKAMURA
Federal Reserve Bank of Philadelphia
KASPER ROSZBACH
Sveriges Riksbank

General Discussion

Parallel session
REGULATION AND FINANCIAL MARKETS II
16.15 – 17.45 Chaiman - John Cotter , University College Dublin

“A TWO-STAGE NON DISCRETIONARY
TRADING SUSPENSION MECHANISM: EFFECTS
ON MARKET QUALITY”

MARIO ANOLLI
Catholic University of Milan
GIOVANNI PETRELLA
Catholic University of Milan

“REGULATORY HARMONIZATION AND THE
DEVELOPMENT OF PRIVATE EQUITY MARKETS”

SOPHIA JOHAN
Tilburg University
DOUGLAS J. CUMMING
Rensselaer Polytechnic Institute

“CLEARINGHOUSE AND MARGIN SETTING WITH
DIFFERENT RISK MEASURES”

JOHN COTTER
University College Dublin
KEVIN DOWD
Nottingham University

“SIMPLE AND STABLE MODELS IN A
REGULATOR’S TOOLBOX”

TOR JACOBSON
Sveriges Riksbank
JESPER LINDE’
Sveriges Riksbank
KENNETH CARLING
Dalarna University
KASPER ROSZBACH
Sveriges Riksbank
General Discussion
   
 

Scientific Board:

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
Federal Reserve Bank of Philadelphia
Giorgio SZEGÖ
University of Rome “La Sapienza”
and University of Lugano - Switzerland
Paul WACHTEL
New York University

Secretariat:
Tel.+39.06.72595720 or +39.06.72595719
Sig.ra Paola GAUDINI
Sig.ra Patrizia MARTA
Dr. Damiano PINNACCHIO
e-mail:XIVconference@economia.uniroma2.it
Communication and Press Office:
Tel.+39.06.7259.5510 - 5522;Fax +39.06.7259.5504
Dott.ssa Simonetta PATTUGLIA