The Economics of Credit Rating Agencies, Credit Ratings and Information Intermediaries

Economics of Credit Rating Conference

Organizers: Francesco Sangiorgi and Chester Spatt

PRELIMINARY Program

 Thursday, December 8, 2016

8-10 p.m.

Reception - Wyndham Hotel, Room: Carnegie

 Friday, December 9, 2016 - Conference Sessions to be held in Room 153 Posner Hall

8 a.m.

Molley's Trolley Departs Wyndham to Tepper School of Business


8:15 a.m.

Breakfast Buffet - Room 150E Posner Hall


8:45 a.m.

Andrey Malenko, Massachusetts Institute of Technology
Nadya Malenko, Boston College

Proxy Advisory Firms: The Economics of Selling Information to Voters

Discussant: Bilge Yilmaz, University of Pennsylvania


9:35 a.m.

Shiyang Huang, The University of Hong Kong                                                              
Yan Xiong, University of Toronto                                                                                   
Liyan Yang, University of Toronto

(De)Centralization of Information Sales in the Financial Market

Discussant: Diego Garcia, University of Colorado, Boulder


10:25 a.m.

Break - Room 150E Posner Hall


10:45 a.m.

Valentina Bruno, American University
Kimberly Cornaggia, Penn State University
Gopal Krishnan, Bentley University

The Relation Between Excess Audit Fees and Credit Ratings

Discussant: Kathleen Hanley, Lehigh University


11:35 a.m.

Ramin Baghai, Stockholm School of Economics
Bo Becker, Stockholm School of Economics

Reputation and Competition in the Credit Ratings Market - Evidence from Commercial Mortgage-Backed Securities

 Discussant: Nancy Wallace, University of California, Berkeley


12:25 p.m.

Lunch - Grand Room, 3rd Floor, Posner Hall


2 p.m.

Alessio Piccolo, University of Oxford
Joel Shapiro, University of Oxford

Credit Ratings and Market Information

Discussant: Uday Rajan, University of Michigan


2:50 p.m.

Radhakrishnan Gopalan, Washington Univeristy, St. Louis                           
Yadav Gopalan, Washington University, St. Louis                                                    
Kevin Koharki, Washington University, St. Louis

Market Information and Rating Agency Catering: Evidence from Ratings of Unlisted Indian Firms

Discussant: Han Xia, University of Texas, Dallas


3:40 p.m.

Break - Room 150E Posner Hall


4 p.m.

Panel Discussion—“The Challenge of Credit Ratings”

Panelists:

  • Marvin Goodfriend, Carnegie Mellon University
  • Lapo Guadagnuolo, S&P Global Ratings
  • Diana Knyazeva, U.S. Securities and Exchange Commission
  • Albert Metz, Moody's
  • Roberta Romano, Yale Law School

5:30 p.m.

Adjourn - Molley's Trolley departs Tepper School at 5:45 pm to Wyndham


7 p.m.

Molley's Trolley Departs Wyndham to Grand Concourse and return to Wyndham at 10 pm


7:15 p.m.

Conference Dinner - Grand Concourse, Station Square, Pittsburgh, PA

 

 Saturday, December 10, 2016 - Conference Sessions to be held in Room 153 Posner Hall

8:15 a.m.

Molley's Trolley Departs Wyndham to Tepper School


8:30 a.m.

Breakfast Buffet - Room 150E Posner Hall


9 a.m.

Felipe Cortes, Northeastern University
Anjan Thakor, ECGI/Washington University, St. Louis

Securitization, Credit Screening and Risk

Discussant: Christine Parlour, University of California, Berkeley


9:50 a.m.

Brendan Daley, Duke University   
Brett Green, University of California, Berkeley
Victoria Vanasco, Stanford University

Securitization, Ratings, and Credit Supply

Discussant: Barney Hartman-Glaser, University of California, Los Angeles


10:40 a.m.

Break - Room 150E Posner Hall


11 a.m.

Igor Cunha, University of Kentucky
Miguel A. Ferreira, Nova School of Business and Economics
Rui C. Silva, London Business School

Can Credit Rating Agencies Affect Election Outcomes?

Discussant: Steve Karolyi, Carnegie Mellon University


11:50 a.m.

Dion Bongaerts, Erasmus University
Frederik-Paul Schlingemann, University of Pittsburgh/Erasmus University

The Real Effects of Credit Ratings: Evidence from Corporate Asset Sales

Discussant: Chotibhak Jotikasthira, Southern Methodist University


12:40  p.m.

Box Lunch - Room 150E Posner Hall


1:30 p.m.

Adjourn