Conference on 'Market Discipline: The Evidence across Countries and Industries'
| Cosponsored by the Bank for International Settlements and the Federal Reserve Bank of Chicago October 30 - November 1, 2003 Chicago, IL |
5 August 2003
| Preliminary Program | |
| Thursday, October 30 | |
| 12:30 p.m. – 1:20 p.m. | Registration |
| 1:20 p.m. – 1:30 p.m. | Welcome |
| Michael Moskow, President, Federal Reserve Bank of Chicago | |
Claudio Borio, Bank for International Settlements W. Curt Hunter, Federal Reserve Bank of Chicago |
|
| 1:30 p.m. – 3:30 p.m. | Session I: Theory of Market Discipline |
| Literature Review Jean-Charles Rochet, Toulouse University |
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| Elements of Effective Discipline: Information, Incentives, Mechanisms, Legal Systems Robert Bliss, Federal Reserve Bank of Chicago |
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| Regulated versus Nonregulated Industries and Private versus Sovereign Activities Hal Scott, Harvard Law School |
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| Discussant Kostas Tsatsaronis, Bank for International Settlements |
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| 3:30 p.m. – 3:50 p.m. | Coffee Break |
| 3:50 p.m. – 6:00 p.m. | Session II: Evidence of Market Discipline in Banking |
| United States Mark Flannery, University of Florida Stanislava Nikolova, University of Florida |
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| Europe Reint Gropp, European Central Bank |
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| Japan and Asia Mitsuhiro Fukao, Keio University |
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| Emerging Economies Eduardo Levy-Yeyati, Universidad Torcuato Di Tella Maria Soledad Martinez-Peria, World Bank Sergio Schmukler, World Bank |
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| Discussant David Llewellyn, Loughborough University |
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| 6:00 p.m. – 7:00 p.m. | Reception |
| 7:00 p.m | Dinner and Keynote Speaker |
| Thomas Jones, Vice Chairman, International Accounting Standards Board |
| Friday, October 31 | |
| 7:30 a.m. – 8:45 a.m. | Breakfast and Keynote Speaker |
| Anne Krueger, First Deputy Managing Director, International Monetary Fund |
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| 8:55 a.m. – 10:30 a.m. | Session III: Evidence of Market Discipline in Other Industries |
| Insurance Scott Harrington, University of South Carolina |
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| Market Discipline, Agency Problems and Conflicts of Interest in Financial Services Firms Ingo Walter, New York University |
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| Nonfinance Clifford Smith, Jr., University of Rochester |
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| Discussant Raghuram Rajan, University of Chicago |
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| 10:30 a.m. – 10:45 a.m. | Coffee Break |
| 10:45 a.m. – 12:30 p.m | Session IV: Evidence of Market Discipline for Countries |
| Ex-Ante Discipline before Crises Nouriel Roubini, New York University |
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| Ex-Ante Discipline before Crises Kristen Forbes, Massachusetts Institute of Technology |
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| Ex-Post Discipline after Crises Andrew Rose, University of California at Berkeley |
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| Discussant Andrew Haldane, Bank of England |
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| 12:30 p.m. – 2:00 p.m. | Lunch and Keynote Speaker |
| Malcolm D. Knight, General Manager, Bank for International Settlements |
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| 2:00 p.m. – 4:00 p.m. | Session V: Current State of Corporate Governance |
| United States Frank Edwards, Columbia University |
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| United States Michael Jensen, Monitor Group and Harvard University |
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| Europe Colin Mayer, Oxford University |
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| Japan and Asia Hugh Patrick, Columbia University |
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| Cross Country Andrew Crockett |
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| 4:00 p.m. – 4:15 p.m. | Coffee Break |
| 4:15 p.m. – 6:00 p.m. | Session VIa: Interaction of Market Discipline and Public Policy |
| Accounting and Disclosure George Benston, Emory University |
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| Accounting and Disclosure Mary Barth, Stanford University |
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| Legal Framework Charles Elson, University of Delaware |
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| Discussant Shyam Sunder, Yale University |
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| 6:00 p.m. – 7:00 p.m. | Reception |
| 7:00 p.m. | Dinner and Keynote Speaker |
| Susan Schmidt Bies, Member of the Board of Governors of the Federal Reserve System |
| Saturday, November 1 | |
| 7:30 a.m. – 8:45 a.m. | Breakfast and Keynote Speaker |
| Jaime Caruana, Governor, Bank of Spain and Chairman, Basel Committee on Banking Supervision |
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| 8:55 a.m. – 10:45 a.m. | Session VIb: Interaction of Market Discipline and Public Policy |
| Can the Unsophisticated Market Provide Discipline? Gerard Caprio, World Bank Patrick Honohan, World Bank |
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| Supervisory Review Richard Herring, University of Pennsylvania |
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| Sovereign Countries Richard Portes, London Business School and Columbia University |
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| Discussant Charles Freedman, Bank of Canada |
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| 10:45 a.m. – 11:00 a.m. | Coffee Break |
| 11:00 a.m. – 12:30 p.m. | Session VII: Policy Panel |
| Charles Calomiris, Columbia University Christine Cumming, Federal Reserve Bank of New York Lawrence Harris, Security and Exchange Commission Patricia Jackson, Bank of England and Basel Committee on Banking Supervision TBA, International Association of Insurance Supervisors |
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| 12:30 p.m. – 1:30 p.m. | Buffet Lunch and Adjournment |
| Organizing Committee | |
| Claudio Borio, Bank for International Settlements | |
| W. Curt Hunter, Federal Reserve Bank of Chicago | |
| George G. Kaufman, Loyola University Chicago and Federal Reserve Bank of Chicago | |
| Kostas Tsatsaronis, Bank for International Settlements |
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For questions about the conference, please contact:
Loretta Ardaugh
Federal Reserve Bank of Chicago
(312) 322-5772
loretta.ardaugh@chi.frb.org
or
Kostas Tsatsaronis
Bank for International Settlements
41-61-280-8082
ktsatsaronis@bis.org