Welcome Address
Ignazio Musu (Università Ca' Foscari di Venezia)

Opening Remarks
Hayne E. Leland (University of California, Berkeley)

Session I: INSURANCE AND RATINGS
Chairman: Paul Embrechts (ETH  Zürich)

• How Do Insurers Manage Credit Risk Exposure of Corporate Bond Portfolios? An Analysis Based on Background Risk
  Xuanjuan Jane Chen (Kansas State University),Tong Yao (University of Iowa) and Tong Yu (University of Rhode Island)
Discussant: Dwight Jaffee (University of California, Berkeley) (presentation)

• Feedback Effects of Credit Ratings
  Gustavo Manso (MIT Sloan School of Management, Cambridge) (presentation)
Discussant: Ajay Subramanian (Georgia State University) (presentation)

• CMBS Subordination, Ratings Inflation, and Regulatory-Capital Arbitrage
  Richard Stanton (University of California, Berkeley) and Nancy Wallace (University of California, Berkeley) (presentation)
Discussant: Stephen Schaefer (London Business School) (presentation)

• Invited talk: The Insurance Industry: Capital Requirements and Risk Management Following the Crisis
  Dwight Jaffee (University of California, Berkeley) (presentation)

• PANEL: “Managing Insurers in an Increasingly Risky World”

Chairman: Dwight Jaffee (University of California, Berkeley)

Participants:
- Paul Embrechts (Professor of Actuarial Mathematics & Quantitative Risk Management, ETH  Zürich)
- Stefano Ferri (CRO Assicurazioni Generali)
- Rui Pinho (CEO Global Earthquake Model Foundation)
- Tom Wilson (CRO Allianz)

• Agency Conflicts, Prudential Regulation, and Marking to Market
  Tong Lu (University of Houston), Haresh Sapra (University of Chicago) and Ajay Subramanian (Georgia State University) (presentation)
Discussant: Christopher A. Hennessy (London Business School) (presentation)

• Risk-sharing or Risk-taking? Counterparty Risk, Incentives and Margins
  Bruno Biais (Toulouse School of Economics), Florian Heider (European Central Bank) and Marie Hoerova (European Central Bank) (presentation)
Discussant: Andrea Giacomelli (Financial Innovation and GRETA) (presentation)

• Keynote talk: Fallacies, Irrelevant Facts, and Myths in the Discussion of Bank Capital Regulation
  Peter M. DeMarzo (Stanford University) (presentation)

• Capital Regulation, Liquidity Requirements and Taxation in a Dynamic Model of Banking
  Gianni De Nicolò (International Monetary Fund and CESifo), Andrea Gamba (Warwick Business School) and Marcella Lucchetta (Università Ca' Foscari di Venezia) (presentation)
Discussant: Hayne E. Leland (University of California, Berkeley) (presentation)

• Bank Lending Standards Abroad: Does Home-Country Regulation and Supervision Matter?
  Steven Ongena (Tilburg University and CEPR), Alexander Popov (European Central Bank) and Gregory F. Udell (Indiana University) (presentation)
Discussant: Alberto Plazzi (Università della Svizzera Italiana, Lugano) (presentation)

• Credit Default Swap Spreads and Systemic Financial Risk
  Stefano Giglio (University of Chicago) (ppt presentation)
Discussant: Pierre Collin-Dufresne (Columbia University) (presentation)

• Systemic Real and Financial Risks: Measurement, Forecasting and Stress Testing
  Gianni De Nicolò (International Monetary Fund and CESifo) and Marcella Lucchetta (Università Ca' Foscari di Venezia) (presentation)
Discussant: Fulvio Corsi (University of St. Gallen and Swiss Finance Institute) (presentation)

• Measuring Systemic Risk
  Viral V. Acharya (New York University), Lasse H. Pedersen (New York University), Thomas Philippon (New York University) and Matthew Richardson (New York University) (presentation)
Discussant: Monica Billio (Università Ca' Foscari di Venezia and GRETA) (presentation)

• Keynote talk: Curbing Risk on Wall Street
  Luigi Zingales (University of Chicago) (presentation)

• Banks’ Non-Interest Income and Systemic Risk
  Markus Brunnermeier (Princeton University, NBER, CEPR, CESifo), Gang Dong (Rutgers Business School) and Darius Palia (Rutgers Business School) (presentation)
Discussant: Loriana Pelizzon (Università Ca' Foscari di Venezia and GRETA) (presentation)

• The Term Structure of Interbank Risk
  Damir Filipovic (Ecole Polytechnique Federale de Lausanne and Swiss Finance Institute) and Anders B. Trolle (Ecole Polytechnique Federale de Lausanne and Swiss Finance Institute) (presentation)
Discussant: Marco Taboga (Banca d’Italia) (presentation)

• Allocating Systematic and Unsystematic Risks in a Regulatory Perspective
  Christian Gourieroux (CREST and University of Toronto) and Alain Monfort (CREST, Banque de France and University of Maastricht) (presentation)
Discussant: Bernd Schwaab (European Central Bank) (presentation)

• Are Over-the-Counter Derivatives Required for Interbank Hedging?
  Alexander David (University of Calgary) and Alfred Lehar (University of Calgary) (presentation)
Discussant: Lars Norden (Erasmus University) (presentation)

PANEL SESSION: “Systemic Risk and Regulations”

Chairman: Fabrizio Galimberti (Il Sole 24 ore, Milan)

Participants:
- Andrea Enria (Chair of European Banking Authority, EBA)
- Hayne E. Leland (University of California, Berkeley)
- Thilo Liebig (Head of Macroprudential Analyses Division and Deputy Head of Financial Stability Department, Deutsche Bundesbank)
- Corrado Passera (CEO, Intesa Sanpaolo)
- Giovanni Perissinotto (CEO, Assicurazioni Generali)
- Luigi Zingales (University of Chicago)