Workshop on Bank Capital

A workshop jointly sponsored by the
Federal Reserve Bank of New York
NYU Stern School of Business

Matthew Richardson, NYU Stern
Hamid Mehran, FRBNY
Viral Acharya, NYU Stern


Friday, November 1, 2013

NYU Stern School of Business
Kaufman Management Center
44 West 4th Street
New York, NY 10012

Attendance by invitation only.  
For more information, contact Salomon Center (
8:00 Registration and Continental Breakfast
8:25 Welcome Remarks
  Session I: New Theoretical and Empirical Perspectives
8:30 "Banks as Secret Keepers"
Tri Vi Dang, Columbia University
Gary Gorton, Yale University
Bengt Holmstrom, MIT
Guillermo Ordonez, University of Pennsylvania
9:10 "Deposits and Bank Capital Structure"
Franklin Allen, University of Pennsylvania
Elena Carletti, Bocconi University
9:50 Refreshment Break
10:15 "High Bank Leverage, Risk Management, and Liquid-Claim Production"
Harry DeAngelo, University of Southern California
Rene Stulz, Ohio State University
10:55 "Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly"
Malcolm Baker, Harvard University
Jeffrey Wurgler, NYU Stern
  Session II: Systemic Risk and Bank Capital
11:35 "Caught between Scylla and Charybdis? Regulating bank leverage when there is rent-seeking and risk-shifting"
Viral Acharya, NYU Stern
Hamid Mehran, FRBNY
Anjan Thakor, Washington University at St. Louis
12:15 Lunch
Keynote speaker: Robert Engle, NYU Stern
"Bank Capital and Systemic Risk Measurement"
  Session III: Understanding and Assessing Regulatory Stress Tests
2:00 "Overview of the CCAR and Supervisory Stress Testing"
Beverly Hirtle, FRBNY
2:40 "Testing Macroprudential Stress Tests: The risk of regulatory risk weights"
Viral Acharya, NYU Stern
Robert Engle, NYU Stern
Diane Pierret, NYU Stern
3:20 Refreshment Break
  Session IV: Practitioners' View on Bank Capital
3:45 Moderator: Mark Flannery, University of Florida
Rodgin Cohen, Sullivan & Cromwell
Wilson Ervin, Credit-suisse
Brian Peters, AIG
Bernard De Longevialle, Standard & Poor's
Douglas Simons, Credit-suisse
Til Schuermann, Oliver Wyman
5:30 Cocktail Reception