Opening Remarks (8:50am – 9:00am): Russell Wermers (Center for Financial Policy, University of Maryland)

Session I (9am – 10:20am): Fragility in Repo Markets
1.     Are Repo Markets Fragile? Evidence from September 2019
·       Authors: Sriya Anbil (Federal Reserve Board), Alyssa Anderson (Federal Reserve Board), and Zeynep Senyuz (Federal Reserve Board)
·       DiscussantBen Munyan (Vanderbilt University)
2.     Reserves Were Not So Ample After All
·       Authors: Adam Copeland (New York Fed) , Darrell Duffie (Stanford), and Yilin (David) Yang (Stanford)
·       DiscussantElizabeth KleeFederal Reserve Board
Session II (10:40am – 12pm): Fintech Lenders
3.     Digital Footprints as Collateral for Debt Collection
·       Authors: Lili Dai (University of New South Wales) Jianlei Han (Macquarie University), Jing Shi (Macquarie University), and Bohui Zhang (CUHK Shenzhen)
·       DiscussantTobias Berg (Frankfurt School of Finance & Management)
4.     Financing Competitors: Shadow Banks’ Funding and Mortgage Market Competition
·       Author: Erica Xuewei Jiang (USC Marshall)
·       DiscussantGreg Buchak (Stanford)
Keynote Speech (12:30pm – 1:15pm): The Many Liquidity Runs
·       Keynote Speaker: Wei JiangColumbia
Session III (1:30pm – 2:50pm): Safe Assets
5.     The Risks of Safe Assets
·       Authors: Yang Liu (University of Hong Kong), Lukas Schmid (USC Marshall), and Amir Yaron (Wharton)
·       DiscussantKonstantin Milbradt (Northwestern Kellogg)
6.     When Safe Becomes Risky: The Information Sensitivity of Subprime RMBS
·       Authors: Rajesh Narayanan (Louisiana State University) and Meredith Rhodes (University of North Texas)
·       DiscussantZhaogang Song (Johns Hopkins University)
Session IV (3:10pm – 4:30pm): Liquidity Management
7.     Dynamic Banking and the Value of Deposits
·       Authors: Patrick Bolton (Columbia), Ye Li (Ohio State University), Neng Wang (Columbia), and Jinqiang Yang (Shanghai University of Finance and Economics)
·       DiscussantJuliane Begenau (Stanford)
8.     Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity
·       Authors: Yiming Ma (Columbia) Kairong Xiao (Columbia), and Yao Zeng (Wharton)
·       DiscussantAdi Sunderam (Harvard)
Program Committee: Sriya Anbil (Federal Reserve Board), Jack Bao (University of Delaware), Sergey Chernenko (Purdue), Nathan Foley-Fisher (Federal Reserve Board), Emily Gallagher (University of Colorado), Itay Goldstein (Wharton), Gary Gorton (Yale), Sebastian Infante Bilbao (Federal Reserve Board), Wei Jiang (Columbia), Marcin Kacperczyk (Imperial College London), Lei Li (Federal Reserve Board), Philipp Schnabl (NYU), Andre Silva (Federal Reserve Board), Allan Timmermann (UCSD), Alex Zhou (Federal Reserve Board), Haoxiang Zhu (MIT Sloan), and Francesca Zucchi (Federal Reserve Board).
Conference Organizers: Yi Li (Federal Reserve Board), Marco Macchiavelli (Federal Reserve Board), and Russell Wermers (University of Maryland). We thank Kristen Fanarakis (University of Maryland) for her help with conference logistics.

Previous years' programs can be found here: 2020, 2019, 2018