Plenary Speakers
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Professor Manju
Puri, Fuqua Business School
-
Professor Raman
Uppal, EDHEC Business School
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Professor Bin
Srinidhi, University of Texas at Arlington
Professor
Manju Puri
Title:
“A Tale of Two Runs: Depositor Responses to Bank Solvency Risk”
Co – Authors:
Raj
Iyer and Nick Ryan.
Abstract:
In this paper we examine how
depositor composition affects bank fragility.
We examine a bank that has both low and high solvency risk shocks to
see if depositors behave uniformly in the two shocks. We find differential
behavior in high and low solvency-risk shocks from depositors who have loans
and bank staff. In contrast
depositors with older accounts and those with more frequent past transactions
run more, irrespective of the underlying solvency risk.
Our results suggest depositor composition affects bank fragility and
helps characterize stable deposits.
Professor
Raman Uppal
Title:
“Comparing Different Regulatory Measures to Control Stock Market
Volatility: A
General Equilibrium Analysis”
Co – Authors:
Adrian
Buss, Bernard Dumas and Grigory Vilkov
Abstract:
In
this paper, we compare the effects of different regulatory measures used to
reduce excess volatility of stock-market returns, which is generated by
investors trading on sentiment. The regulatory measures we study are
the Tobin tax, shortsale constraints, and leverage constraints. The main
contribution of our research is to evaluate these regulatory measures
within the same dynamic, stochastic general equilibrium model of a
production economy, so that one can compare both the direct and
indirect effects of the different measures on the financial and real sectors
within the same economic setting. We find that of the three measures we
consider, only the leverage constraint is effective in reducing
stock-market volatility, and this is accompanied by positive effects on
the real sector: an increase in the levels of consumption growth and investment
growth, and a decrease in their volatilities. In contrast, both the Tobin
tax and shortsale constraints increase volatility in financial
markets, and have negative effects on the real sector: a decrease in the
growth rates of output and investment and an increase in the volatility
of consumption-growth.
Professor
Bin Srinidhi
Title:
“Family controlled firms and their effect on reporting and risk”
Abstract:
The talk will be
based on two of Professor Srinidhi’s papers: The first one, which has been
accepted for publication in the November issue of The Accounting Review, deals
with how family ownership affects auditor choice and audit fees. More
generally, the talk will focus on how family control affects earnings quality
and the reporting incentives.
The second one
is a working paper that deals with family firms and crash risk.