• Contact
  • Login
  • About
    • Background
    • Organization
    • People
    • Partners
    • Job opportunities
    • Annual reports
  • Research
    • Academic Seminars
    • Fields of research
    • Publications
    • Research in the spotlight
    • Policy documents
    • Disclosure policy
  • National PhD program
    • Core courses
    • Mini courses
    • PhD visitor program
    • National PhD conferences
    • PhD Seminars
    • Job market candidates
    • PhD Placements
    • Other activities
  • Outreach
    • Academic seminars
    • Conferences
    • Industry seminars
    • Videos
    • Podcasts
    • Women in Finance
    • Strategic partnerships
    • News & press
    • Spotlight on the Corona Crisis
  • Data center
    • Academic advisory group
    • Master thesis award
  • About
    • Background
      • FAQ
      • Objectives
    • Organization
      • Board
      • Management committee
      • Scientific advisory board
      • Data center
      • Our guiding principles
      • Department of Finance SSE
      • SHoF advisory board
    • People
      • Resident research fellows
      • Academic Partner visitors
      • Affiliated research fellows
      • Postdoctoral fellows
      • Research assistants
      • Job market candidates
      • PhD students
      • Admininistration
      • Outreach
      • Data center
      • Affiliations
    • Partners
      • Academic partners
      • Institutional partners
    • Job opportunities
    • Annual reports
  • Research
    • Academic Seminars
    • Fields of research
      • Household Finance
      • International Finance
      • Market Microstructure
      • Financial Intermediation and Institutions
      • Corporate Finance, Governance
      • Asset Pricing
      • Sustainable Finance
    • Publications
    • Research in the spotlight
    • Policy documents
    • Disclosure policy
  • National PhD program
    • Core courses
    • Mini courses
    • PhD visitor program
    • National PhD conferences
    • PhD Seminars
    • Job market candidates
    • PhD Placements
    • Other activities
  • Outreach
    • Academic seminars
    • Conferences
    • Industry seminars
    • Videos
      • Interviews by Swedish House of Finance
      • SNS/SHoF Finance panels videos
      • Seminar videos
      • Conference videos
      • Annual Conference videos
    • Podcasts
    • Women in Finance
      • Events
      • Videos & podcasts
      • Featured research
      • News & press
      • People
      • Women in Finance Data
    • Strategic partnerships
    • News & press
      • News
      • In the press
      • Newsletters
      • Press room
    • Spotlight on the Corona Crisis
  • Data center
    • Academic advisory group
    • Master thesis award
  • Contact
  • Login
  • Swedish House of Finance
  • Outreach
  • Conferences
  • The Changing Nature of Credit Markets
Swedish House of Finance
  • About
  • Research
  • National PhD program
  • Outreach
    • Academic seminars
    • Conferences
    • Industry seminars
    • Videos
    • Podcasts
    • Women in Finance
    • Strategic partnerships
    • News & press
    • Spotlight on the Corona Crisis
  • Data center

The Changing Nature of Credit Markets

Credit markets have changed substantially over the last decade. Banks and other institutions securitize more of their loans, mortgages are offered as structured products and sold in tranches, and the opportunities to manage risks with derivatives are greater than ever.

The number of participants that use the markets for financing and speculation has increased, not the least through private equity and hedge funds. The advances have been fast and it is not clear that regulators, policy makers, and supervisory authorities know who are exposed to risks and how well markets function during periods of crisis. The recent turbulence in the credit markets have had impact in seemingly unrelated markets, affecting the global economy and resulting in severe losses for lending institutions and investors.

This conference aims to bring together leading academics with financial practitioners and policymakers to discuss research evidence on credit markets and its broader implications for practice and policy.

 

Open Conference Program, Monday August 25

08:30 Coffee and welcome.


09:00‐12:30 Presentation: “Credit risk transfer: Implications for financial stability”
Keynote: Darrell Duffie, Stanford University


Presentation: “Deciphering the 2007‐2008 liquidity and credit crunch”
Keynote: Markus Brunnermeier, Princeton University


Coffee.


Presentation: “Corporate Governance of Creditors.”
Keynote: David Skeel, University of Pennsylvania Law School


12:30‐13:30 Lunch.


13:30‐17:00 Presentation: “Liquidity components of credit spreads”
Keynote: David Lando, Copenhagen Business School


Coffee.


Presentation: “The impact of the liquidity crunch on investing”
Presenter: Pierre Collin‐Dufresne, Columbia University


Presentation: “What now? Lessons and effects of the recent credit crisis.”
Presenter: Anthony Santomero, McKinsey & Co


17:00 Concluding remarks.


Academic Conference Program, Tuesday August 26 

08:30 Coffee.


09:00‐09:45 “The Alchemy of CDO Credit Ratings”.
Presenter: Effi Benmelech (Harvard University) 
Discussant: Amit Seru (University of Chicago)


09:45‐10:30 “Did Securitization Lead to Lax Screening? Evidence From Subprime Loans 2001‐2006”.
Presenter: Vikrant Vig (LBS)
Discussant: Chris James (University of Florida)


10:30‐11:00 Coffee.


11:00‐11:45 “Credit Rating Shopping, Pre‐Evaluation and the Equilibrium Structure of Ratings”
Presenter: Chester Spatt (Carnegie Mellon University): 
Discussant: Francesco Sangiorgi (Stockholm School of Economics)


11:45‐12:30 “Derivative Pricing with Liquidity Risk: Theory and Evidence from the Credit Default Swap Market”.
Presenter: Frank de Jong (Tilburg University) 
Discussant: Mikhail Chernov (London Business School)


12:30‐13:30 Lunch.


13:30‐14:15 “Credit Spreads and Real Activity”.
Presenter: Philippe Mueller (Columbia Business School): 
Discussant: Joost Driessen (University of Amsterdam)


14:15‐14:30 Coffee


14:30‐15:15 “Creditor Control and Conflict in Chapter 11”.
Presenter: Kenneth Ayotte (Northwestern University)
Discussant: Oren Sussman (Oxford University)


15:15‐16:00 “Financial Intermediary Leverage and Value‐at‐Risk”
Presenter: Tobias Adrian (New York Fed)
Discussant: Albert ʺPeteʺ Kyle (University of Maryland)

Practical information 2008

August 19:

Time: 9:00 - 17:00. Registration starts at 8:30

Location: Berns Conference, Berzelii Park, Stockholm

August 25:

Time: 9:00- 16:00. Registration starts at 8:30

Location: Berns Conference, BerzeliiPark, Stockholm

Keynotes
Darell Duffie

Stanford University

Markus Brunnermeier

Princeton University

David Skeel

University of Pennsylvania Law School

David Lando

Copenhagen Business School

Swedish House of Finance

Drottninggatan 98, 111 60 Stockholm

info@houseoffinance.se +46 8 736 91 00
Subscribe