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)
· Discussant: Ben 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)
· Discussant: Elizabeth Klee, Federal 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)
· Discussant: Tobias Berg (Frankfurt School of Finance & Management)
4. Financing Competitors: Shadow Banks’ Funding and Mortgage Market Competition
· Author: Erica Xuewei Jiang (USC Marshall)
· Discussant: Greg Buchak (Stanford)
Keynote Speech (12:30pm – 1:15pm): The Many Liquidity Runs
· Keynote Speaker: Wei Jiang, Columbia
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)
· Discussant: Konstantin 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)
· Discussant: Zhaogang 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)
· Discussant: Juliane Begenau (Stanford)
8. Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity
· Authors: Yiming Ma (Columbia) Kairong Xiao (Columbia), and Yao Zeng (Wharton)
· Discussant: Adi Sunderam (Harvard)