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The Federal Reserve Bank of New York, New York University, and the Journal of Financial Intermediation, jointly sponsor a conference on CORPORATE GOVERNANCE IN THE BANKING AND FINANCIAL SERVICES INDUSTRIES Stern School of Business, New York University, New York, NY November 7-9, 2001 |
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| Wednesday, November 7 | ||
| 6:00 PM | Welcome Reception | |
| 7:00 PM | Dinner, The Chartroom at the Soho Grand Hotel, 310 W. Broadway at Grand St. | |
| Thursday, November 8 | ||
| 8:00 AM | Continental Breakfast | |
| 8:45 AM | Welcoming Remarks: William J. McDonough,President, Federal Reserve Bank of New York | |
| SESSION I: GOVERNANCE PROBLEMS OF BANKS AND FIRM PERFORMANCE | ||
| Chair: Kose John, New York University | ||
| 9:00 AM | Jonathan R. Macey (Cornell University) | |
| Maureen O'Hara (Cornell University) | ||
| "Solving the Corporate Governance Problems of Banks: A Proposal" | ||
| Discussant: Ronald Gilson, Columbia University | ||
| 10:15 AM | Break | |
| 10:45 AM | Renee Adams (Federal Reserve Bank of New York) | |
| Hamid Mehran (Federal Reserve Bank of New York) | ||
| "Corporate Governance and Bank Holding Company Performance" | ||
| Discussant: Marc Zenner, University of North Carolina and Salomon Smith Barney | ||
| Noon | Lunch and Distinguished Speaker: Peter Clapman, TIAA-CREF | |
| SESSION II: CAPITAL STRUCTURE AND LENDING DURING DISTRESS | ||
| Chair: Anjan V. Thakor,University of Michigan | ||
| 2:00 PM | Allen Berger (Board of Governors of the Federal Reserve System) | |
| Emilia Bonaccorsi di Patti (Bank of Italy) | ||
| "Capital Structure and Firm Performance: A New Approach to Testing Agency Theory and Application to the Banking Industry" | ||
| Discussant: George Pennacchi, University of Illinois | ||
| 3:15 PM | Break | |
| 3:30 PM | Randall Kroszner (University of Chicago) | |
| Philip Strahan (Boston College) | ||
| "Throwing Good Money after Bad: The Role of Board Linkages and Bank Lending during Distress" | ||
| Discussant: Francisco Perez-Gonzales, Columbia University | ||
| Friday, November 9 | ||
| 8:00 AM | Continental Breakfast | |
| SESSION III: MANAGERIAL INCENTIVES AND CORPORATE DECISIONS | ||
| Chair: Jennifer Carpenter, New York University | ||
| 8:30 AM | Beverly Hirtle (Federal Reserve Bank of New York) | |
| "How Do Stock Repurchases Affect Bank Holding Company Performance?" | ||
| Discussant: Robert McDonald, Northwestern University | ||
| 9:30 AM | Break | |
| 9:45 AM | Christopher Anderson (University of Kansas) | |
| David Becher (Northern Illinois University) | ||
| Terry Campbell II (University of Delaware) | ||
| "Bank Mergers, the Market for Bank CEOs, and Managerial Incentives" | ||
| Discussant: David Yermack, New York University | ||
| 10:45 AM | Break | |
| 11:00 AM | Elena Carletti (University of Mannheim) | |
| "The Structure of Bank Relationships, Endogenous Monitoring and Loan Rates" | ||
| Discussant: Robert Marquez, University of Maryland | ||
| Noon | Lunch and Distinguished Speaker: Bengt Holmstrom, MIT | |
| SESSION IV: MANAGEMENT TURNOVER AND BOARD STRUCTURE DURING DISTRESS | ||
| Chair: Anil Shivdasani, University of North Carolina and Salomon Smith Barney | ||
| 2:00 PM | Rachel Hayes (University of Chicago) | |
| Paul Oyer (Stanford University) | ||
| Scott Schaefer (Northwestern University) | ||
| "Stability of Top Management Teams: Evidence from Banks and Thrifts" | ||
| Discussant: Charles Himmelberg, Federal Reserve Bank of New York | ||
| 3:00 PM | John Byrd (Fort Lewis College) | |
| Donald Fraser (Texas A&M University) | ||
| Scott Lee (Texas A&M University) | ||
| Thomas Williams (William & Patterson University) | ||
| "Deregulation, Natural Selection, and Governance Structure: Evidence from the Savings and Loan Crisis" | ||
| Discussant: Ronald Masulis, Vanderbilt University | ||
| 4:00 PM | Adjourn | |