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) is now postponed due to the coronavirus pandemic.


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. This year’s conference will be held at the BIS Headquarters in Basel.

There will be two “BIS sessions” this year. The first session will be on “Capital Market Models of the Exchange Rate” and the second on “Repo Market Disruptions”. Darrell Duffie will be a keynote speaker in the second session.


Programme Committee
Ashwini Agrawal (LSE), Stefan Avdjiev (BIS), Georgy Chabakauri (LSE), Thummim Cho (LSE), Benjamin Cohen (BIS), Amil Dasgupta (LSE), 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), Hyun Song Shin (BIS), Dimitri Vayanos (LSE), Michela Verardo (LSE), Kathy Yuan (LSE), Hongda Zhong (LSE)

: Travel (economy class round-trip) and accommodation expenses will be covered for presenters and discussants. 

DeadlineThe deadline for the submission of papers was Friday, 14th February 2020, 11:59pm, UK time.

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