Navigation Path: Home > Events > Conferences & seminars > Corporate Finance and Monetary Policy
Venue:
European Central Bank (Eurotower)
Conference room CI, 36th floor
Kaiserstrasse 29
D-60311 Frankfurt am Main
Organisers:
Florian Heider, Petra Köhler-Ulbrich, José Luis Peydró-Alcalde and Adrian van Rixtel (European Central Bank)
Administration: Antonella Boschi and Suzanne Heinrich
| 09.30 – 10.00 | Registration and coffee |
| 10.00 – 10.15 | Introduction: Jean-Claude Trichet, President of the European Central Bank pdf 107 kB, en |
| First session: The role of corporate finance analysis in central banking Chair: P. Moutot, Deputy Director General, Directorate General Economics, and Director, Directorate Monetary Policy, European Central Bank |
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| 10:15 – 10:35 | US Federal Reserve System Egon Zakrajsek, Chief, Banking Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Presentation: pdf 864 kB, en |
| 10:35 – 10:55 | Bank of Canada Michael King, Assistant Director, Financial Markets Department, Bank of Canada, Presentation: pdf 107 kB, en |
| 10:55 – 11:15 | Bank of England Jonathan Thomas, Head of the Money, Credit and Financial Intermediation Team, Bank of England, Presentation: pdf 72 kB, en |
| 11:15 – 11:30 | Coffee break |
| 11:30 – 11:50 | European Central Bank Petra Köhler-Ulbrich and Adrian van Rixtel, Principal Economists in the Capital Markets and Financial Structure Division, European Central Bank, Presentation: pdf 182 kB, en |
| 11:50 – 12:10 | Banca d’Italia Carmelo Salleo, Head of the Financial Structures Unit, Research Department, Banca d’Italia, Presentation: pdf 106 kB, en |
| 12:10 – 12:30 | Bank of Poland Piotr Boguszewski, Deputy Director, Macroeconomic and Structural Analyses Department, Bank of Poland, Presentation: pdf 397 kB, en |
| 12:30 – 13:00 | Round table discussion |
| 13.00 – 14.00 | Buffet lunch |
| Second session: Corporate finance, financing constraints and investment Chair:L. Reichlin, Director General, Directorate General Research, European Central Bank |
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| 14:00 – 14:45 | Financial constraints for investors and the speed of adaptation: Are innovators special? Ulf von Kalckreuth, Deutsche Bundesbank , Presentation: pdf 158 kB, en, pdf 227 kB, en Discussant: Leo de Haan, De Nederlandsche Bank pdf 91 kB, en |
| 14:45 – 15:30 | Interest rates and investment redux Simon Gilchrist, Boston University, Fabio M. Natalucci, Federal Reserve Board, Egon Zakrajsek, Federal Reserve Board, Presentation: pdf 158 kB, en, pdf 227 kB, en Discussant: José Manuel Campa, IESE Business School, Barcelona pdf 35 kB, en |
| 15:30 – 15:45 | Coffee break |
| 15:45 – 16:30 | The impact of financial variables on firms’ real decisions: evidence from Spanish firm-level data Ignacio Hernando and Carmen Martínez-Carrascal, Banco de España, Presentation: pdf 2 MB, en, pdf 347 kB, en Discussant: Florian Heider, European Central Bank pdf 115 kB, en |
| 16:30 – 16:45 | Conclusions |
| 20:00 | Dinner at Restaurant Remise - Alt Grimm's im Westend (tbc)
Ulmenstraße 20, 60325 Frankfurt/M Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the European Central Bank pdf 38 kB, en |
| 08.30 – 9.00 | Registration and coffee
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| 09:00 – 09:15 | Introduction: José Manual González-Páramo, Member of the Executive Board of the European Central Bank pdf 31 kB, en
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| Third session: Theoretical aspects of corporate finance Chair: Philipp Hartmann, Head of Division, Financial Research Division, Directorate General Research, European Central Bank |
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| 09:15 – 10:00 | How costly is external financing? Evidence from a structural estimation Christopher A. Hennessy, University of California at Berkeley and Toni M. Whited, University of Wisconsin, Presentation: pdf 78 kB, en, pdf 530 kB, en Discussant: Philip Vermeulen, European Central Bank pdf 21 kB, en |
| 10:00 – 10:45 | Commitment to overinvest and price informativeness James Dow, London Business School, Itay Goldstein, Wharton School, University of Pennsylvania, and Alexander Guembel, Saïd Business School, University of Oxford, Presentation: pdf 55 kB, en, pdf 316 kB, en Discussant: Roman Inderst, London School of Economics pdf 78 kB, en |
| 10:45 – 11:00 | Coffee Break |
| 11:00 – 11:45 | Financing constraints and fixed-term employment contracts Andrea Caggese and Vicente Cuñat, Pompeu Fabra University, Barcelona, Presentation: pdf 380 kB, en, pdf 422 kB, en Discussant: Carmelo Salleo, Banca d’Italia pdf 42 kB, en |
| 12.00 – 13.30 | Buffet lunch |
| Fourth session: Further aspects of corporate finance Chair: Francesco Drudi, Head of Division, Capital Markets and Financial Structure Division, Directorate General Economics, European Central Bank |
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| 13:30 – 14:15 | The response of firms’ investment and financing to adverse cash flow shocks: the role of bank relationships Catherine Fuss, National Bank of Belgium, and Philip Vermeulen, European Central Bank, Presentation: pdf 352 kB, en, pdf 105 kB, en Discussant: Steven Ongena, Tilburg University pdf 345 kB, en |
| 14:15 – 15:00 | What you sell is what you lend? Explaining trade credit contracts Mike Burkart, Tore Ellingsen and Mariassunta Giannetti, Stockholm School of Economics, Presentation: pdf 61 kB, en, pdf 319 kB, en Discussant: Hans Degryse, Tilburg University pdf 37 kB, en |
| 15:00 – 15:45 | Are all retail investors equal? The importance of depositor base in commercial bank underwriting Manju Puri, Duke University, and Jörg Rocholl, University of North Carolina, Presentation: pdf 199 kB, en, pdf 164 kB, en Discussant: Alexander Ljungqvist, New York University pdf 69 kB, en |
| 15:45 – 16:00 | Coffee Break |
| Panel discussion: Current issues and new developments in corporate finance in the euro area Chair: Otmar Issing, Member of the Executive Board of the European Central Bank |
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| 16:00 – 16:15 | Introduction by Otmar Issing, Presentation: pdf 143 kB, en, pdf 46 kB, en |
| 16:15 – 17:15 | Panel discussion José Manuel Campa, Grupo Santander Professor of Finance and Director of Research, IESE Business School, Barcelona; Jim O'Neill, Goldman Sachs International, Chief Economist and Area Head, Global Economic Research, Presentation: pdf 367 kB, en; Eric Perée, European Investment Bank, Director, Economic and Financial Studies; Jean-Michel Six, Managing Director and Chief European Economist, Standard and Poor’s, Presentation: pdf 1.2 MB, en |
