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. 


The programme can now be accessed here (updated 17th May 2021). Available papers have been hyperlinked in their respective paper title on the programme. 

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.