Emerging Markets Finance Conference, 2011

20th - 21st December 2011
Venue: Westin Hotel
Goregaon East
Bombay 400065.

Programme committee:

  • Viral Acharya, NYU
  • Ravi Anshuman, IIM Bangalore
  • Bhagwan Chowdhury, UCLA
  • Subrata Sarkar, IGIDR Bombay
  • Ajay Shah, NIPFP Delhi
  • Avanidhar Subrahmanyam, UCLA
  • Ram Thirumalai, ISB Hyderabad
  • Susan Thomas, IGIDR Bombay
  • Jayanth Varma, IIM Ahmedabad
  • Pradeep Yadav, Univ. of Oklahoma

20th December 2011

09:00 - 09:30 Registration, Coffee and Tea
09:30 - 10:00 Opening session
S. Mahendra Dev, Director, IGIDR
10:00 - 10:30 Break
Session I: Financing Constraints
Chairman: Usha Thorat, CAFRAL
10:30 - 11:25 Incentivising calculated risk taking [paper] [presentation]
Shawn Cole, Harvard Business School; Martin Kanz and Leora Klapper, World Bank.
        Discussant: Rajendra Vaidya, IGIDR [presentation]
11:25 - 12:15 Does informal finance help formal finance? Evidence from third party loan guarantees in China [paper] [presentation]
Phil Dybvig, Washington University; Susan Chenyu Shan, Wharton School and University of
Hong Kong; Dragon Yongjun Tang, University of Hong Kong.
        Discussant: Sankar De, Indian School of Business [presentation]
12:15 - 13:00 What does debt relief do for development? [paper] [presentation]
Martin Kanz, World Bank
        Discussant: Renuka Sane, IGIDR [presentation]
Lunch talk
13:00 - 14:00 A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk [paper][presentation]
Viral Acharya, New York University
Session II: Microstructure
14:00 - 14:45 Informed trading in dark pools [paper] [presentation]
Mahendrarajah Nimalendran and Sugata Ray, University of Florida
        Discussant: Kiran Kumar, NISM [presentation]
14:45 - 15:30 When do stock futures dominate price discovery? [paper][presentation]
Nidhi Aggarwal and Susan Thomas, IGIDR
        Discussant: Ram Thirumalai, Indian School of Business [presentation]
15:30 - 16:00 Break
16:00 - 17:30 Practitioner Roundtable: How high frequency trading has reshaped markets

Pradeep Yadav, U. of Okhlahoma [presentation]
Jim Shapiro, BSE
R. Sundarraman, NSE
Susan Thomas, IGIDR
19:00 - 21:30 Dinner

21st December 2011

Session III: International Finance
Chairman: Shyamala Gopinath
09:30 - 10:15 The impact of investability on asset allocation [paper][presentation]
Vihang Errunza and Hai T Ta, McGill University, Canada
        Discussant: R. Krishnan, IGIDR [presentation]
10:15 - 11:00 The influence of institutions, investor protection and corporate block-shareholders
in asset pricing
Bruce Hearn, University of Leicester; Kate Phylaktis, Cass Business School;
Jenifer Piesse, Bournemouth University Business School
        Discussant: Ekta Selarka, Madras School of Economics [presentation]
11:00 - 11:30 Break
Session IV: Misdeeds
Chairman: Jayant Varma,
IIM Ahmedabad
11:30 - 12:15 After the Storm: The "unregulated" effect of a corporate governance failure
on the market for directors
Rajesh Chakrabarti and Krishnamurthy V. Subramanium, Indian School
of Business; Naresh Kotrike, BITS, Pilani
        Discussant: Ajay Shah, NIPFP [presentation]
12:15 - 13:00 Which firms benefit from bribes, and by how much? Evidence from corruption
cases worldwide
Yan-Leung Cheung and Aris Stouraitis, Hong Kong Baptist University;
P. Raghavendra Rau, University of Cambridge
        Discussant: Subrata Sarkar, IGIDR [presentation]
Lunch talk
13:00 - 14:00 A crisis of confidence [presentation]
Josh Felman, IMF
Session V: Corporate Finance
Chairman: Amit Bubna,
Indian School of Business
14:00 - 14:45 Private placements to owner-managers: Theory and evidence [paper][presentation]
V. Ravi Anshuman, IIM, Bangalore; Vijaya B. Marisetty, RMIT University;
Marti G. Subrahmanyam, Stern School of Business, NYU
        Discussant: Poonam Mehra, NISM [presentation]
14:45 - 15:30 Corporate networks and peer effects in firm policies: Evidence from India [paper][presentation]
Manasa Patnam, University of Cambridge
        Discussant: Jayati Sarkar, IGIDR [presentation]
15:30 - 16:00 Break
16:00 - 17:30 Policy Roundtable: Regulatory reaction and responses during the Financial
Crises: An emerging markets perspective

Chairman: Vijay Kelkar, India Development Foundation
Subir Gokarn, RBI
K. P. Krishnan, EAC to PM
Josh Felman, IMF
Ajay Shah, NIPFP

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