Capital Market Union and Beyond Volume Conference Brevan Howard Centre for Financial Analysis Imperial College Business School 26-27 January 2018 The Rembrandt Sarova Hotel, Knightsbridge London, SW7 2RS Book Editors and Conference Organizers Franklin Allen Imperial College London Ester Faia Goethe University Frankfurt and CEPR Michael Haliassos Goethe University Frankfurt, CEPR, NETSPAR Katja Langenbucher Goethe University Frankfurt and Sciences Po, Paris
Friday, January 26 th 2018 09:00-09.30 Registration/Tea and Coffee 09:30-10:05 Defining the key challenges of CMU Franklin Allen (Imperial College London) and Lubos Pastor (University of Chicago Booth School of Business, NBER and CEPR) Discussant: Diego Valiante (European Commission) 10:05-10:40 The institutions of Europe s Capital Markets Union Stefano Micossi (Assonime and College of Europe) Discussant: Daniel Gros (Centre for European Policy Studies) 10.40-11.15 Interconnectedness Richard Portes (London Business School and CEPR) 11:15-11:35 Coffee Break Discussant: Elena Carletti (Bocconi University) 11:35-12:10 The interrelationship between the Banking Union and the Capital Markets Union Massimo Marchesi (European Commission) and Mario Nava (European Commission) Discussant: Claudio Borio (BIS) 12:10-12.45 The role and structure of banks in the future CMU Lorenzo Bini Smaghi (Harvard University) and Michaela Marcussen (Societe Generale) Discussant: Emanuel Moench (Bundesbank) 12:45-13:20 Capital markets union and the virtual world: Initial Coin Offerings, Tokens, digital corporations Katja Langenbucher (Goethe University Frankfurt and Science Po, Paris) 13:20-14:20 Lunch Discussant: David Kershaw (LSE)
14:20-14:55 CMU and the retail markets: Yet another false start for EU retail market law and policy? Niamh Moloney (LSE and ESMA) Discussant: Christoph Grigoleit (University of Munich) 14:55-15:30 Comparative Europe-US chapter TBA Jeff Gordon (Columbia University) Discussant: Kathryn Judge (Columbia University) 15:30-16:05 Capital Markets Union and Cross-Border Risk-Sharing Claudia Buch (Bundesbank) and Franziska Bremus 16.05-16.25 Coffee Break Discussant: Zsolt Darvas (BRUEGEL) 16.25-17.00 Growth prospects for small and medium enterprises Gianmarco Ottaviano (LSE, U Bologna, BRUEGEL, CEP, CEPR and LdA), Giorgio Barba Navaretti (U Milan, Sciences Po and LdA), Giacomo Calzolari (U Bologna, CEPR and LdA), Alberto Pozzolo (U Molise and LdA) Discussant: Johannes Adolff (Hengeler) 17.00-17.35 Mitigating investor losses due to mortgage defaults: Lessons from global financial crisis Sumit Agarwal (NUS), G. Amromin (Federal Reserve Bank of Chicago), I. Ben-David (Ohio State University and NBER), S. Chomsisengphet (Office of the Comptroller of the Currency, USA) and D. Evanoff (Federal Reserve Bank of Chicago) Discussant: Tarun Ramadorai (Imperial Business School) 18.00-onwards Conference dinner
Saturday, January 27 th 2018 08.30-09.00 Registration/Tea and Coffee 09:00-09.35 Promotion of medium and smaller companies Susanne Kalss (Wirtschaftsuniversität Wien) Discussant: Mathias Casper (Muenster University) 09.35-10:10 Equity markets Marina Brogi (University of Rome Sapienza) Discussant: Giovanna Nicodano (Collegio Carlo Alberto, University of Torino) 10:10-10:45 The market for crowd-funding and peer-to-peer lending Ester Faia (Goethe University Frankfurt and CEPR) and Monica Paiella (University of Naples Parthenope) 10:45-11:05 Coffee Break Discussant: Ugo Albertazzi (European Central Bank) 11:05-11:40 Equity crowdfunding: An acid test for securities regulation? Luca Enriques and John Armour (University of Oxford) Discussant: Katja Langenbucher (Goethe University Frankfurt and Science Po, Paris) 11:40-12:15 Innovation finance/start-ups: A legal perspective Anne-Catherine Muller (Sorbonne School of Law- IRJS Sorbonne- Finance) Discussant: Alain Pietrancosta (University of Paris I Panthéon-Sorbonne) 12:15-12:50 The European Union, the Euro, and equity market integration Geert Bekaert (Columbia), Campbell R. Harvey (Duke), Christian T. Lundblad (University of North Carolina), and Stephan Siegel (University of Washington) 12:50-13:50 Lunch Discussant: Marco Pagano (University of Naples Federico II) 13:50-14:25 Asset and debt participation of households: Challenges in eliminating borders
Michael Haliassos (Goethe University Frankfurt and CEPR) and Alexander Michaelides (Imperial College London and CEPR) Discussant: Christina Skinner (Brooklyn Law School) 14.25-15.00 The political economy of CMU Georg Ringe (University of Hamburg) Discussant: Chris Thomale (Universitat Heidelberg) 15.00 Conference concludes Local arrangements: Jas Gill (j.gill@imperial.ac.uk) Rebecca Moody (r.moody@imperial.ac.uk)