Fifth BIS Research Network meeting

On 26 September 2016, the BIS held the fifth BIS Research Network meeting, bringing together researchers from academia and central banks exploring long-range research issues related to banking, monetary policy, regulation and financial stability. With asset management and new risks for investors as the first theme, participants also discussed real effects of the financial crisis in the second session.

Monday 26 September 2016


Welcome remarks by Jaime Caruana


Session 1:

Asset management and new risks for investors
Chair: Markus Brunnermeier



"Are star funds really shining? Cross-trading and performance shifting in mutual fund families" (presentation), Gianpaolo Parise, Tamara Nefedova and Alexander Eisele
Discussant: Angelo Ranaldo (presentation)


"Investor flows and fragility in corporate bond funds" (presentation), Itay Goldstein, Hao Jiang and David T Ng
Discussant: Marcin Kacperczyk (presentation)



"Liquidity risk and the dynamics of arbitrage capital" (presentation), Péter Kondor and Dimitri Vayanos
Discussant: Florian Heider (presentation)


Session 2:

Real effects of the financial crisis
Chair: Claudio Borio



"When credit dries up: job losses in the great recession" (presentation), Samuel Bentolila, Marcel Jensen, Gabriel Jiménez and Sonia Ruano
Discussant: Marco Pagano (presentation)



"The real effect of relationship lending" (presentation), Ryan N Banerjee, Leonardo Gambacorta and Enrico Sette
Discussant: Anton Korinek (presentation)



Keynote speech
"Financial cycles and heterogeneous intermediaries" (presentation), Hélène Rey


Closing remarks by Hyun Song Shin