Wolpertinger Conference 2014 Academic programme Thursday, 4 September 2014 (Room: Pio XI, Università Cattolica) 08:30 – 08:45 Registration 08:45 – 10:15 Introduction & keynote address Welcome addresses Mario Anolli (Dean, School of Banking Finance and Insurance, Università Cattolica, Milano) Marco Oriani (Director, Department of Economic and business management sciences, Università Cattolica, Milano) Introduction Francesco Cesarini (Università Cattolica, Milano) Keynote speech “Don’t forget the fees” Anthony Saunders (Stern School of Business, New York University) 10:15 – 10:45 Coffee 10:45 – 12:45 Session 1 – Lending and the financial crisis Session Chair: Javier Quesada (Universitat de València) Bank restructuring and concentration: credit quantity or quality? Francisco Rodriguez‐Fernandez (University of Granada) Discussant: Claudia Girardone (University of Essex) 1 Decision‐making during the crisis: Why did the Treasury let commercial banks fail? Ettore Croci (Università Cattolica, Milano), Gerard Hertig (ETH Zurich, Switzerland), Eric Nowak (Swiss Finance Institute and University of Lugano, Switzerland) Discussant: Barbara Casu (Cass Business School, City University London) How difficult is to raise money in turbulent times? Paola Bongini (Università di Milano Bicocca), Arturo Patarnello (Università di Milano Bicocca), Monica Rossolini (Università di Milano Bicocca), Matteo Pelagatti (Università di Milano Bicocca) Discussant: Claudio Zara (Università Bocconi di Milano) Can debt affect your health? Cross country evidence on the debt‐health nexus Maya Clayton (University of St Andrews), Jose Linares‐Zegarra (University of St Andrews), John Wilson (University of St Andrews) Discussant: Giuliano Iannotta (Università Cattolica, Milano) Access to consumer credit in the UK Solomon Y. Deku (Business School, University of Hull), Alper Karaa (Business School, University of Hull), Philip Molyneux (Business School, Bangor University) Discussant: Magnus Willesson (Linnaeus University) The “wisdom of the crowd” as an antidote for the “credit crunch”. A preliminary analysis of crowdfunding Daniele Previati (Università degli Studi Roma Tre), Giuseppe Galloppo (Università degli Studi della Tuscia), Andrea Salustri (Università degli Studi Roma Tor Vergata) Discussant: Alessandra Ferrari (University of Reading) 12:45 – 13:45 Lunch (Self Service, via Ludovico Necchi, 5) 13:45 – 15:45 Session 2 – Bank risk Session Chair: Ted Lindblom (University of Gothenburg) Competition and bank risk. The effect of securitization and bank capital David Marques‐Ibanez (European Central Bank), Yener Altunbas (Bangor University), Michiel van Leuvensteijn (APG, Group Strategy and Policy Department) Discussant: Anna Sarkisyan (University of Essex) Banks, specific risk and cost of equity: the bank's Capital at Risk model Federico Beltrame (Università di Udine), Luca Grassetti (Università di Udine), Daniele Previtali (Luiss, Roma) Discussant: Paola Bongini (Università di Milano Bicocca) 2 Credit quality, bank provisioning and systematic risk in banking business Josanco Floreani (Università di Udine), Maurizio Polato (Università di Udine), Andrea Paltrinieri (Università di Udine), Flavio Pichler (Università degli Studi di Verona) Discussant: Giorgio Carlo Brugnoni (Università degli Sudi di Roma‐La Sapienza) Monitoring systemic risk: the available macroprudential toolkit Elisabetta Gualandri (Università di Modena e Reggio Emilia), Mario Noera (Università Bocconi) Discussant: Anabela Sérgio (ISG – Instituto Superior de Gestão – Portugal) Back to the future: Prospective bank risk management in a financial analysis perspective Rosa Cocozza (Università degli Studi di Napoli Federico II) Discussant: Mattia Girotti (Toulouse School of Economics) Towards a pan‐European deposit guarantee scheme. How bank riskiness is relevant in the scheme? Giusy Chesini (Università degli Studi di Verona), Elisa Giaretta (Università degli Studi di Verona) Discussant: Francesca Arnaboldi (Università degli Studi di Milano) 15:45 – 16:00 Coffee 16:00 – 17:15 Session 3 ‐ Corporate governance and bank regulation Session Chair: Elisabetta Gualandri (Università di Modena e Reggio Emilia) Risk and efficiency in European banking ‐ Does corporate governance matter? Magnus Willesson (Linnaeus University) Discussant: Rosa Cocozza (Università degli Studi di Napoli Federico II) The role of ownership identity on the performance of microfinance institutions Andi Duqi (University of Sharjah, United Arab Emirates), Giuseppe Torluccio (Università di Bologna) Discussant: Daniele Previati (Università degli Studi Roma Tre) Towards a macroprudential policy in the EU: main issues Elisabetta Gualandri (Università di Modena e Reggio Emilia), Mario Noera (Università Bocconi) Discussant: René W.H. van der Linden (Inholland University Amsterdam) Funds transfer pricing in banks ‐ implications of Basel III Ted Lindblom (University of Gothenburg), Viktor Elliot (University of Gothenburg) Discussant: Inna Romanova (University of Latvia) 3 Friday, 5 September 2014 (Room: Pio XI, Università Cattolica) 08:45 – 10:30 Session 4 ‐ Bank competition and monetary policy Session Chair: John Wilson (University of St Andrews) Foreign bank entry and net interest margins: evidence from Southeast Europe Zana Beqiri (Cass Business School, City University London), Barbara Casu (Cass Business School, City University London), Daniela Fabbri (Cass Business School, City University London) Discussant: Francisco Rodriguez‐Fernandez (University of Granada) Banking competition, convergence and growth across macro‐regions of MENA Samah Issa (University of Essex), Claudia Girardone (University of Essex), Stuart Snaith (University of Essex) Discussant: Andi Duqi (University of Sharjah) The role of loan structure and loan composition for economic growth in CEE Ewa Miklaszewska (Cracow University of Economics), Katarzyna Mikolaczyk (Cracow University of Economics) Discussant: Giusy Chesini (Università degli Studi di Verona) Bank deposits, monetary policy, and demographic dynamics Mattia Girotti (Toulouse School of Economics) Discussant: Angelo Baglioni (Università Cattolica, Milano) Euro crisis, banks’ liquidity needs and the liquidity policy of the ECB Pierluigi Morelli (ABI), Giovanni Pittaluga (Università degli Studi di Genova), Elena Seghezza (Università degli Studi di Genova) Discussant: Frans Brinkhuis (Inholland University Amsterdam) 10:30 – 10:45 Coffee 10:45 – 12:45 Jack Revell session on "Towards the European Banking Union” Chairman: Cesare Bisoni (Università degli studi di Modena e Reggio Emilia) Speakers: Paolo Angelini (Banca d’Italia) Anthony Saunders (Stern School of Business, New York University) Federico Ghizzoni (CEO, Unicredit) Philip Molyneux (Business School, Bangor University) 4 12:45 – 13:45 Lunch/Committee Meeting (Self Service, via Ludovico Necchi, 5) 13:45 – 15:15 Bertil Danielsson Doctoral Student Session Session Chair: Philip Molyneux (Business School, Bangor University) Net working capital and tax liabilities as determinants of corporate credit risk Luciana Barbosa (Nova School of Business and Economics and Banco de Portugal) Italian banks facing Basel 3 higher capital requirements: which strategies are actually feasible? Franco Tutino (Università di Roma ‐ Sapienza), Giorgio Carlo Brugnoni (Università di Roma – La Sapienza), Maria Giovanna Siena (Università degli Studi di Roma ‐La Sapienza) Funds transfer pricing in Swedish savings banks: A survey Viktor Elliot (University of Gothenburg) Financing business networks: an analysis of the Italian case Elisa Giaretta (Università degli Studi di Verona) The value of credit rating information: Evidence from rating withdrawals Federica Salvadè (LabEX‐ReFi) 15:15 – 15:30 Coffee 15:30 – 17:30 Session 5 ‐ Financial markets and international financial systems Session Chair: Joel Metais (Université Paris Dauphine) Financial innovation in banking Francesca Arnaboldi (Università degli Studi di Milano), B. Rossignoli (Università degli Studi di Milano) Discussant: Ettore Croci (Università Cattolica, Milano) The performance of listed European innovative firms Luisa Anderloni (Università degli Studi di Milano), Alessandra Tanda (Università degli Studi di Milano) Discussant: Josanco Floreani (Università di Udine) Stock market dynamics, leveraged network‐based financial accelerator and monetary policy Luca Riccetti (Università di Roma – La Sapienza), Alberto Russo (Università Politecnica delle Marche), Mauro Gallegati (Università Politecnica delle Marche) Discussant: Alessandro Sbuelz (Università Cattolica, Milano) 5 The backstage of real‐time streaming from exchanges: Technological or human latency? Celso Brunetti (Board of Governors of the Federal Reserve System, Washington DC), Caterina Lucarelli (Università Politecnica delle Marche), Daniele Ripanti (Università Politecnica delle Marche), Sandro Tumini (Università Politecnica delle Marche) Discussant: Federica Salvadè (LabEX‐ReFi) Investment strategies of institutional investors: an international comparison of Sovereign Pension and Social Security Reserve Funds Alberto Dreassi (Università di Udine), Stefano Miani (Università di Udine), Andrea Paltrinieri (Università di Udine) Discussant: Luciana Barbosa (Nova School of Business and Economics and Banco de Portugal) China's increasingly unstable financial system and its lurking credit crunch: causes and policy solutions René W.H. van der Linden (Inholland University Amsterdam) Discussant: Yener Altunbas (Business School, Bangor University) Analysis of the main determinants of imbalances in banking: the case of Latvia Inna Romanova (University of Latvia) Discussant: Ewa Miklaszewska (Cracow University of Economics) 6