The Second Annual Conference of The Paul Woolley Centre for the Study of Capital Market Dysfunctionality was held at the London School of Economics from 28-29 May 2009
The conference comprised of five sessions:
1. Financial Institutions and Asset Prices: Theory
2. Financial Institutions and Asset Prices: Empirics
3. Behavioural Finance
4. Financial Contracting
5. Financial Institutions and Portfolio Choice
Sessions
Session 1: Financial Institutions and Asset Prices - Theory
Risk Appetite and Endogenous Risk
Jon Danielsson (LSE)
Hyun Song Shin (Princeton University)
Jean-Pierre Zigrand (LSE)
An Institutional Theory of Momentum and Reversal
Dimitri Vayanos (LSE)
Paul Woolley (LSE)
Session 2: Financial Institutions and Asset Prices - Empirics
Analyst Recommendations, Mutual Fund Herding, and Overreaction in Stock Prices
Nerissa C. Brown (University of Southern California)
Kelsey D. Wei (University of Texas, Dallas)
Russ Wermers (University of Maryland)
Regulatory Pressure and Fire Sales in the Corporate Bond Markets
Andrew Ellul (Indiana University)
Chotibhak Jotikasthira (University of North Carolina)
Christian T. Lundblad (University of North Carolina)
Limited Arbitrage Between Equity and Credit Markets
Nikunj Kapadia (University of Massachusetts)
Xiaoling Pu (Kent State University)
Keynote Address
Unstable Banking
Andrei Shleifer (Harvard University)
Robert W. Vishny (University of Chicago)
Session 3: Behavioural Finance
A Model of Casino Gambling
Nick Barberis (Yale University)
The Chinese Warrants Bubble
Wei Xiong (Princeton University)
Jialin Yu (Columbia Business School)
Session 4: Financial Contracting
Large Risks, Limited Liability and Dynamic Moral Hazard
Bruno Biais (Toulouse School of Economics)
Thomas Mariotti (Toulouse School of Economics)
Jean-Charles Rochet (Toulouse School of Economics)
Stephane Villeneuve (Toulouse School of Economics)
Securitization, Transparency and Liquidity
Marco Pagano (Università di Napoli Federico II)
Paolo Volpin (London Business School)
Session 5: Financial Institutions and Portfolio Choice
Pension Fund Performance and Risk-Taking Under
Decentralised Investment Management
David Blake (Cass Business School)
Allan Timmermann (University of California)
Ian Tonks (LSE / University of Exeter)
Russ Wermers (University of Maryland)
Risk Shifting and Mutual Fund Performance
Jennifer Huang (University of Texas, Austin)
Clemens Sialm (University of Texas, Austin)
Hanjiang Zhang (University of Texas, Austin)
