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The thirteenth annual conference of the Paul Woolley Centre for the Study of Capital Market Dysfunctionality in collaboration with the Bank for International Settlements (BIS) will now take place on 3rd-4th June 2021, in virtual format.

Research at the Centre aims at understanding the workings of capital markets and the social efficiency of allocations these markets achieve. The research departs from the Arrow-Debreu view of frictionless markets, and emphasises the role of financial intermediaries (e.g. investment banks, mutual, hedge, and pension funds) in influencing prices and allocations. The main themes are (i) contracts between financial intermediaries and end-investors as well as within intermediaries, (ii) effects of frictions such as asymmetric information and agency on prices, (iii) effects of frictions on the allocation of capital in the economy, and (iv) policy responses to alleviate adverse effects of frictions.

The Paul Woolley Centre holds a conference each year based on these broad themes as well as related research questions. The goal is to bring together researchers working on such questions, disseminate their research, and stimulate the development of new ideas. Both empirical and theoretical papers are welcome.

As in recent years, the Centre’s conference will be held in collaboration with the Bank for International Settlements (BIS) and will include focus sessions on academic research topics that are policy relevant and of interest to the BIS. 

Programme

The programme can now be accessed here (updated 3rd June 2021). Available papers have been hyperlinked in their respective paper title on the programme. 

Slides and papers are available for download below.

Clients' Connections: Measuring the Role of Private Information in Decentralised Markets 
Authors: Peter Kondor, *Gabor Pinter (Paper, Slides)
Discussant: Norman Schuerhoff (Slides)

Intermediated Asymmetric Information, Compensation, and Career Prospects
Authors: Ron Kaniel, *Dmitry Orlov (PaperSlides)
Discussant: James Dow

Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets
Authors: Hui Chen, Zhuo Chen, *Zhiguo He, Jinyu Liu, Rengming Xie (Paper, Slides)
Discussant: Dora Xia (Slides)

U.S. Banks and Global Liquidity
Authors: Ricardo Correa, *Wenxin Du, Gordon Y. Liao (Paper, Slides)
Discussant: Jeremy Stein (Slides)

Reserves Were Not So Ample After All
Authors: Adam Copeland, *Darrell Duffie, Yilin Yang (Paper, Slides)
Discussant: Imene Rahmouni-Rousseau (Slides)

Putting the Price in Asset Pricing
Authors: Thummim Cho, *Christopher Polk 
Discussant: Stefano Giglio

Common Fund Flows: Flow Hedging and Factor Pricing
Authors: Winston Du, *Leonid Kogan, Wei Wu (Paper, Appendix)
Discussant: Dong Lou

Exchange Rates and Asset Prices in a Global Demand System
Authors: *Ralph Koijen, Motohiro Yogo (Paper, Slides)
Discussant: Andrea Vedolin (Slides)

Beyond Incomplete Spanning: Convenience Yields and Exchange Rate Disconnect
Authors: Zhengyang Jiang, Arvind Krishnamurthy, *Hanno Lustig (Paper, Slides)
Discussant: Tony Zhang (Slides)

A Preferred-Habitat Model of Term Premia, Currencies and Monetary Policy Spillovers
Authors: *Pierre-Olivier Gourinchas, Walker Ray, Dimitri Vayanos (Paper, Slides)
Discussant: Charles Engel (Slides)

Programme Committee
Ashwini Agrawal (LSE), Stefan Avdjiev (BIS), Georgy Chabakauri (LSE), Thummim Cho (LSE), Benjamin Cohen (BIS), Amil Dasgupta (LSE), Boris Hofman (BIS), Christian Julliard (LSE), Peter Kondor (LSE), Dong Lou (LSE), Igor Makarov (LSE), Ian Martin (LSE), Martin Oehmke (LSE), Cameron Peng (LSE), Christopher Polk (LSE), Rohit Rahi (LSE), Andreas Schrimpf (BIS), Hyun Song Shin (BIS), Dimitri Vayanos (LSE), Michela Verardo (LSE), Kathy Yuan (LSE), Hongda Zhong (LSE)

If you have any questions about this event, please email fmg.vayanos@lse.ac.uk.