Credit Rating Conference

Organizers: Francesco Sangiorgi and Chester Spatt

FINALIZED Program

 Thursday, December 3, 2015

8 p.m.

Reception - Wyndham Hotel, Room: Carnegie 1-11

 Friday, December 4, 2015 - Conference Sessions to be held in Room 152 Posner Hall

7:45 a.m.

Trolley Departs Wyndham to Tepper School of Business


8 a.m.

Breakfast Buffet - Room 150E Posner Hall


8:30 a.m.

John M. Griffin, University of Texas at Austin
Jordan Nickerson, Boston College

Debt Correlations in the Wake of the Financial Crisis: What are Appropriate Default Correlations for Structured Products?

Discussant: Jennifer Dlugosz, Washington University in St. Louis


9:20 a.m.

Mohammad (Nazmul) Hasan, Office of the Comptroller of the Currrency
Nikunj Kapadia, University of Massachusetts
Akhtar Siddique, Office of the Comptroller of the Currency

How Ratings Account for a Feedback Effect

Discussant: Gustavo Manso, University of California at Berkeley


10:10 a.m.

Break - Room 150E Posner Hall


10:30 a.m.

Manuel Adelino, Duke University
Igor Cunha, Nova School of Business and Economics
Miguel A. Ferreira, Nova School of Business and Economics

The Economic Effects of Public Financing: Evidence from Municipal Bond Ratings Recalibration

Discussant: Bernard Black, Northwestern University


11:20 a.m.

Mariassunta Giannetti, Stockholm School of Economics
José Liberti, DePaul University
Jason Sturgess, DePaul University

Information Sharing and Rating Manipulation

Discussant: Andrew Hertzberg, Columbia University


12:10 p.m.

Lunch - Grand Room, 3rd Floor, Posner Hall

Conversation with SEC Commissioner Michael Piwowar

Interviewer: Marvin Goodfriend, Carnegie Mellon University


1:45 p.m.

Nicolás Figueroa, Pontificia Universidad Catolica de Chile
Oksana Leukhina, University of Washington
Carlos Ramírez, Carnegie Mellon University

Imperfect Information Transmission from Banks to Investors: Real Implications

Discussant: Mark Flannery, Securities and Exchange Commission and
University of Florida


2:35 p.m.

Indraneel Chakraborty, University of Miami
Alessio Saretto, University of Texas at Dallas
Malcolm Wardlaw, University of Texas at Dallas

The Trust Alternative

Discussant: Duane Seppi, Carnegie Mellon University


3:25 p.m.

Break - Room 150E Posner Hall


3:45 p.m.

Panel Discussion—“The Challenge of Credit Ratings”

Panelists:

  • Howard Esaki, Morgan Stanley/Standard and Poor's (retired)
  • Michael Kanef, Moody's
  • Ira Powell, Kroll Bond Rating Agency
  • Nancy Wallace, University of California at Berkeley
  • Jennifer Marietta-Westberg, Securities and Exchange Commission

5:15 p.m.

Adjourn - Trolley departs Tepper School at 5:30 pm to Wyndham


6:45 p.m.

Trolley Departs Wyndham to Grand Concourse and return to Wyndham at 9:45 pm


7 p.m.

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

 
  Saturday, December 5, 2015 - Conference Sessions to be held in Room 152 Posner Hall

7:45 a.m.

Trolley Departs Wyndham to Tepper School


8 a.m.

Breakfast Buffet - Room 150E Posner Hall


8:30 a.m.

Itay Goldstein, University of Pennsylvania
Chong Huang, University of California at Irvine

Credit Rating Inflation and Firms’ Investment Behavior

Discussant: Christine Parlour, University of California at Berkeley


9:20 a.m.

Jonathan Cohn, University of Texas at Austin
Uday Rajan, University of Michigan
Günter Strobl, Frankfurt School of Finance and Management

Credit Ratings: Strategic Issuer Disclosure and Optimal Screening

Discussant: Marcus Opp, University of California at Berkeley


10:10 a.m.

Break - Room 150E Posner Hall


10:30 a.m.

Darren J. Kisgen, Boston College
Matthew Osborn, Cornerstone Research
Jonathan Reuter, Boston College

Analyst Promotions within Credit Rating Agencies: Accuracy or Bias?

Discussant: Ramin Baghai, Stockholm School of Economics


11:20 a.m.

Elisabeth Kempf, Tilburg University

The Job Rating Game: The Effects of Revolving Doors on Analyst Incentives

Discussant: Kim Cornaggia, American University


12:10 p.m.

Break - Room 150E Posner Hall


12:25 p.m.

Zahn Bozanic, Ohio State University
Pepa Kraft, New York University

Qualitative Corporate Disclosure and Credit Analysts’ Soft Rating Adjustments

Discussant: Mark Chen, Georgia State University


1:15 p.m.

Box Lunch - Room 150E Posner Hall


2 p.m.

Adjourn