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Seventh Conference of the ECB-CFS Research Network on "Financial System Modernisation and Economic Growth in Europe"
hosted by the Deutsche Bundesbank in Berlin, 28-29 September 2006
Programme:
Thursday, 28 September 2006
| 08:30 – 09:00 | Registration |
| 09:00 - 09:15 | Opening Remarks: Gertrude Tumpel-Gugerell (Member of the Executive Board of the European Central Bank) |
| 09:15 - 11:00 | Session I: Financial Development and Economic Performance Chair: Xavier Freixas (University Pompeu Fabra) Finance, Capital and Growth Elias Papaioannou (European Central Bank), Antonio Ciccone (University Pompeu Fabra) Finance and the Efficiency of Capital Allocation: Do Bank Branching Regulations Matter? Jean Imbs (HEC Lausanne), Viral Acharya (London Business School), Jason Sturgess (London Business School) Regulation of Financial Systems and Economic Growth Alain de Serres (OECD), Shuji Kobayakawa (OECD), Torsten Slok (Deutsche Bank), and Laura Vartia (OECD) Discussant: Thorsten Beck (The World Bank) |
| 11:00 - 11:20 | Coffee Break |
| 11:20 - 13:05 | Session II: Corporate and Household Financing Chair: Michael Haliassos (Johann Wolfgang Goethe-Universität Frankfurt and Center for Financial Studies) Households Debt and Arrears: What role do Institutions Play? Charles Grant (University of Reading), Burcu Duygan (European University Institute) Distance and Information Asymmetries in Lending Decisions Robert Hauswald (Kogod School of Business, American University, Washington), Sumit Agarwal (Federal Reserve Bank of Chicago) Favoritism or Markets in Capital Allocation? Xiaoyun Yu (Kelley School of Business, Indiana University), Mariassunta Giannetti (Stockholm School of Economics) Discussant: Brian Bucks (Board of Governors of the Federal Reserve System) |
| 13:05 - 14:15 | Lunch |
| 14:15 - 15:15 | Keynote Lecture: Interaction Effects in the Relationship Between Finance and Growth Chair: Jan-Pieter Krahnen (Johann Wolfgang Goethe-Universität Frankfurt and Center for Financial Studies) Philippe Aghion (Waggoner Professor of Economics, Harvard University) |
| 15:15 - 15:45 | Coffee Break |
| 15:45 - 16:55 | Session III: Corporate Governance and Investor Protection Chair: Jan-Pieter Krahnen (Frankfurt University and Center for Financial Studies) Executive Compensation and Investor Clientele Avanidhar Subrahmanyam (The Anderson School, University of California at Los Angeles), Laura Frieder (Krannert School of Management, Purdue University) The Principle of Proportional Ownership, Investor Protection and Firm Value in Western Europe Kasper Meisner-Nielsen (Copenhagen Business School), Morten Bennedsen (Copenhagen Business School) Discussant: Jörg Rocholl (University of North Carolina at Chapel Hill) |
| 19:30 - 20:00 | Aperitif |
| 20:00 | Dinner Introductory remarks Axel Weber (President, Deutsche Bundesbank) Dinner Speech: Thomas Mayer (Deutsche Bank) |
Friday, 29 September 2006
| 08:50 - 10:00 | Session IVa: Transparency, Finance, and Growth Chair: Peter Mooslechner (Oesterreichische Nationalbank) The Anatomy of Financial Tunnelling in an Emerging Market Vladimir Atanasov (Mason School of Business), Bernard Black (University of Texas Austin), Conrad Ciccotello (Georgia State University), and Stanley Gyoshev (Mason School of Business) Mandatory Auditor Choice and Small Firm Finance Ari Hyytinen (Bank of Finland), Lotta Väänänen (Helsinki School of Economics) Discussant: Jose-Luis Peydro-Alcalde (European Central Bank) Session IVb: Start-up Financing Chair: John Berrigan (European Commission) The Importance of Trust for Investment: Evidence from Venture Capital Marco Da Rin (Tilburg University and Turin University), Laura Bottazzi (Bologna University), and Thomas Hellmann (University of British Columbia) The Survival of Start-ups: Do Their Funding Choices and Bank Relationships at Birth Matter? Luísa Farinha (Bank of Portugal), João Santos (Federal Reserve Bank of New York) Discussant: Frank Packer (Bank for International Settlements) |
| 10:00 - 10:20 | Coffee Break |
| 10:20 - 11:30 | Session V: Comparing Financial Development Across Countries Chair: Hans-Helmut Kotz (Executive Board Member, Deutsche Bundesbank) Reaching-out: Access to and Use of Banking Services Across Countries Thorsten Beck (World Bank), Asli Demirguc-Kunt and Maria Soledad Martinez Peria (both The World Bank) Dependence on external Finance: An Inherent Industry Characteristic? George Von Fustenberg (National Science Foundation), Ulf von Kalckreuth (Deutsche Bundesbank) Discussant: Helge Berger (Freie Universität Berlin) |
| 11:30 - 11:45 | Coffee Break |
| 11:45 - 12:30 | Special Session: The Performance of the European Financial System Chair: Heinz Herrmann (Deutsche Bundesbank) Philipp Hartmann (European Central Bank), Annalisa Ferrando (European Central Bank), Friedrich Fritser (Österreichische Nationalbank), Florian Heider (European Central Bank), Bernadette Lauro (European Central Bank), and Marco Lo Duca (European Central Bank) |
| 12:30 - 14:00 | Lunch |
| 14:00 - 15:30 | Policy Panel: Financial System Modernisation and Economic Growth in Europe: How to Reconcile Global Capitalism with Local Stakeholders? Chair: Axel Weber (President, Deutsche Bundesbank) Panellists: Christian De Boissieu (Executive Chairman, French Council of Economic Advisors), Hanns Ostmeier (Managing Director, Blackstone Group Deutschland), Karl-Peter Schackmann-Fallis (Executive Board Member, German Savings Banks Association), Angel Ubide (Director of Global Economics, Tudor Investment Corporation) |
| 15:30 - 16:00 | Concluding Remarks: Axel Weber (President, Deutsche Bundesbank) |
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