2017 LabExReFi International Advisory Board Workshop

Paris, June 19-20, 2017

Be aware that the workshop is taking place at the ESCP Europe - Monparnasse Campus and not at the usual location at 79 Av. de laRépublique.

ESCP Europe, Campus Montparnasse 3 Rue Armand Moisant, 75015 Paris

Law & Finance in Europe and the US

s of May 25, 2017

Organizers

Pr. Gerard Hertig<

Pr. Christophe Moussu <

This workshop is organized in conjunction with the forthcoming International Advisory Board Meeting. Please find below the composition of the IAB.

Founding members of the LabExReFi

09:30Welcome

09:45Shyam Sunder (Yale), Clear Rules, Ambiguity, Discretion and Culture:ComponentsofEffective FinancialRegulation, (Paper)

Discussant: Gerard Hertig(ETH Zurich) 10:45CoffeeBreak

11:00Michael Troege(ESCP Europe & LabexReFi), Cheap Talk and StrategicRoundinginLIBORSubmissions, (Paper)

Discussant: GuntherCapelle-Blancard(Paris 1 and LabExReFi) 12:15Lunch

14:00Jill Fish (Berkeley & Penn), MergerLitigation, (Paper)

Discussant: Arthur Petit-Romec(LabExReFi)

15.00CoffeeBreak

***

(15.15International Advisory BoardMeeting)


Tuesday, June 20, 2017

09:00MartiG.Subrahmanyam(NYU),CreditDefaultSwapsaroundtheWorld:InvestmentandFinancingEffects, (Paper)

Discussant: Michael Troege(ESCP & LabExReFi) 10:00CoffeeBreak

10:15CarlottaMariotto(LabExReFi),WhatDrivestheExpansionofthePeer-to-PeerLending?, (Paper)

Discussant: Alberta Di Giuli(ESCP Europe and LabExReFi)

11:15Gunther Capelle-Blancard (Paris 1 &LabEx ReFi). European Banks and Tax Heavens, (Paper)

Discussant: Shyam Sunder(Yale) 12:30Lunch

14:00Federica Salvade(LabExReFi), Rating Announcements, Volatility, Bid-Ask Spread and Trading Activityon US Bond Markets, (Paper)

Discussant: Lei Zhao (ESCP Europe & LabExReFi)

15.00CoffeeBreak

15.15Jose Martin-Flores(ESCP Europe & LabExReFi),Is Bank Capital Sensitive to a Tax Allowance on Marginal Equity?, (Paper)

Discussant: Thomas David(ESCP Europe)

16.15Lei Zhao (ESCP Europe & LabExReFi), Credit Risk “Beta”: The Systematic AspectofBankDefaultRisk (Paper)

Discussant: Federica Salvade(LabExReFi)

17.15End of theWorkshop

Gerard HERTIG

Chairman

Allen Franklin Imperial College London & Wharton


Fisch Jill University of Pennsylvania, Law School


Hertig Gerard Swiss Federal Institute of Technology in Zurich

Franklin Allen is Professor of Finance and Economics and Executive Director of the Brevan Howard Centre at Imperial College London and has held these positions since July 2014. He was on the faculty of the Wharton School of the University of Pennsylvania from July 1980 – June 2016. He now has Emeritus status there. He was formerly Vice Dean and Director of Wharton Doctoral Programs, Co-Director of the Wharton Financial Institutions Center, Executive Editor of the Review of Financial Studies and is currently Managing Editor of the Review of Finance. He is a past President of the American Finance Association, the Western Finance Association, the Society for Financial Studies, the Financial Intermediation Research Society and the Financial Management Association, and a Fellow of the Econometric Society. He received his doctorate from Oxford University. Dr. Allen's main areas of interest are corporate finance, asset pricing, financial innovation, comparative financial systems, and financial crises. He is a co-author with Richard Brealey and Stewart Myers of the eighth through twelfth editions of the textbook Principles of CorporateFinance.

Jill E. Fisch is an internationally known scholar whose work focuses on the intersection of business and law including the role of regulation and litigation in addressing limitations in the disciplinary power of the capital markets. Her work, which consists of more than 50 scholarly articles, has appeared in the top law reviews including the Harvard Law Review, the Yale Law Journal and the University of Pennsylvania Law Review. Current projects include experimental research into retail investor decision-making, analysis of the structural and practical challenges posed by the financial regulatory process, and ongoing work on the theory and goals of private securities fraud litigation. Fisch has also focused in detail on the role of institutional investors in corporate governance, particularly shareholder voting. Fisch has recently traveled to Japan, China, Germany and London to lecture and to meet with scholars and regulators to address issues resulting from the globalization of the capital markets. She received the Robert A. Gorman Award for Excellence in Teaching in 2010-2011. Fisch is a member of the American Law Institute and a former chair of the Committee on Corporation Law of the Association of the Bar of the City of NewYork.

Professor of Law at ETH Zurich since October 1995. Previously Professor of Administrative Law at the University of Geneva Law School and Director of its Centre d'EtudesJuridiquesEuropéennes(1987-1995).

Gerard Hertig has been a visiting professor at leading law schools in Asia, Europe, and the U.S. and practiced law as a member of the Geneva bar. Principal interests are Law & Finance (comparative corporate governance, financial and banking systems) and European integration. Publications include various articles and books on corporate and securities/banking law topics, including the Anatomy of Corporate Law with ReinierKraakman et al. (3d ed., OUP 2017). He is ECGI fellow and a member of the Comparative Law and Economics Forum.

Krahnen Jan- Pieter

Goethe-Universitätin Frankfurt


Rochet Jean- Charles

ETH Zurich


Roe Mark

Harvard University

Jan Pieter KrahnenKrahnen is a Professor of Finance at Goethe University’s House of Finance. He is a Director of the Center for Financial Studies (CFS) and the Research Center SAFE.


Krahnen has been involved in policy advisory on issues of financial market regulation, most recently as a member of the High Level Expert Group on Structural Reforms of the EU Banking Sector (“Liikanen Commission”), implemented by EU Commissioner Michel Barnier. From 2008 until 2012 he was a member of the Issing-Commission, advising the German government on the G-20 meetings. Until recently, he was also a member of the Group of Economic Advisors (GEA) at the European Securities and Markets Agency (ESMA), Paris. Also, he is a member of the Academic Advisory Board of Germany’s Federal Ministry of Finance.

Jean-Charles Rochet is a former student of EcoleNormaleSupérieure (Paris) and holds a Ph.D.in Mathematical Economics from Paris–Dauphine University. His dissertation won the Arconati-Visconti award. He has taught in Paris, London,(B.P. visiting professor, London School of Economics, 2001- 02), and Toulouse (1988-2011). He is now SFI Professor of Banking in the Banking and Finance Institute at Zürich University. Rochet has visited many universities and central banks all over the world. He is a Fellow of the Econometric Society since 1995 and has been elected Vice President for 2011 (and will become President in 2012). He has also been council member of European Economic Association, and associate editor of Econometrica. He has written more than 60 articles in international scientific journals and 7 books , including “Microeconomics of Banking” (with X. FREIXAS), MIT Press, ‘When Insurers Go Bust” (with G. PLANTIN), Princeton UP, “Why are there so Many banking Crises?”, Princeton UP and “Risk Management in Turbulent Times” (with G.BENEPLANC), Oxford UP. His research interests include financial stability, payments economics, industrial organization of financial markets, risk management, contract theory, and solvency regulations for financialinstitutions.

Mark J. Roe is a professor at Harvard Law School, where he teaches corporate law and corporate bankruptcy. He wrote Strong Managers, Weak Owners: The Political Roots of American Corporate Finance (Princeton, 1994), Political Determinants of Corporate Governance (Oxford, 2003), and Bankruptcy and Corporate Reorganization (Foundation, 2011). Recent academic articles include: The Derivatives Market’s Payments Priorities as Financial Crisis Accelerator, 63 Stanford Law Review 539 (2011), available at Corporate Structural Degradation Due to Too-Big-to-Fail Finance, University of Pennsylvania Law Review (forthcoming), available at and Corporate Short-Termism — In the Boardroom and in the Courtroom, 68 Business Lawyer 977 (2013), available at

SubrahmanyamMarti

New York University


Sunder Shyam

Yale University

Professor Subrahmanyam holds a Ph.D. from the MIT Sloan School of Management, an MBA from the Indian Institute of Management and a BTech in Mechanical Engineering from IIT Madras.He has been teaching at the Stern School of Business since 1974. He has also been a visiting professor at academic institutions around the world like the Indian Institute of Management, Ahmedabad, University of Melbourne in Australia, LUISS in Italy and Singapore Management University in Singapore.Prof. Subrahmanyam currently serves on the editorial boards of several academic journals. He is the co-editor of the Review of Derivatives Research and has served as an associate editor of European Financial Management, Journal of Banking and Finance, Journal of Business Finance and Accounting, Journal of Derivatives, Journal of Finance, Journal of International Finance and Accounting, Management Science. He has won many teaching awards including New York University’s Distinguished TeachingMedal.

Professor Subrahmanyam has been associated with the editorial boards of several leading journals in finance. He was the Founding Editor of an academic journal specializing in derivative securities and markets entitled Review of Derivatives Research. His research interests include corporate finance, and asset pricing with emphasis on derivative and fixed income markets. He has published in many of the leading international journals in economics and finance, including Econometrica, The Quarterly Journal of Economics, Journal of Economic Theory, Journal of Finance, Journal of Financial Economics, and The Review of Financial Studies.ProfessorSubrahmanyam has served on over 50 doctoral dissertation committees and has chaired over 30 of them. His students serve on the faculties of leading business schools around the world. Professor Subrahmanyam has won several teaching awards including, most recently, New York University’s Distinguished Teaching Medal in 2003.

Dr. Shyam Sunder is the James L. Frank Professor of Accounting, Economics, and Finance at the Yale School of Management and Professor in the Department of Economics. He is a world-renowned accounting theorist and experimental economist. His research contributions include financial reporting, information in security markets, statistical theory of valuation, and design of electronic markets. He is a pioneer in the fields of experimental finance and experimental macroeconomics. Dr. Sunder has won many awards for his research that includes eight books and more than 200 articles in the leading journals of accounting, economics and finance, as well as in popular media. Dr. Sunder’s current research includes the problem of structuring U.S. and international accounting and auditing institutions to obtain a judicious and efficient balance between regulatory oversight and market competition. He is a past president of the American Accounting Association, former director of the Millstein Center for Corporate Governance and Performance at Yale, honorary research director of Great Lakes Institute of Management in Chennai, and distinguished fellow of the Center for Study of Science and Technology Policy in Bengaluru.