Inaugural Kick-off 2022
About the event
The George G. Kaufman Center for Financial Policy Studies was introduced in 2022 to evaluate and contribute to the debate concerning current policy issues associated with the financial services industry. Thanks to a generous gift, the center was created to honor the role of Professor Kaufman in financial sector policy research over the past 50 years, and to continue his legacy by encouraging a critical review of public policy options going forward.
On Friday, December 2 the Center held its inaugural event: a conference to bring together researchers, policy makers, and financial industry executives to review and discuss relevant policy issues affecting the financial services sector. The event featured a keynote presentation by Federal Reserve Bank of Chicago President and Chief Executive Officer, Charles L. Evans, who has been actively involved in the Federal Reserve System policymaking process over the past 30 years.
Also featured was a presentation by newly appointed Quinlan School of Business Dean Michael Behnam at which he offered his vision for the business school.
Research presentations covered three areas:
- Issues associated with bank capital regulation—the regulatory policy tool of choice for risk management purposes.
- The extent of ‘bank uniqueness’ in the financial services industry and the implications for market discipline, moral hazard and industry competition.
- The use of supervisory and rule-making tools to achieve specific social goals in the financial services industry.
The research, while backed by rigorous analysis, was presented for a broader audience with an emphasis on the implications for public policy.
Event Photos
See the event photos in the gallery below or on Flikr.
Keynote Speaker
 |
Charles L. Evans President and CEO Federal Reserve Bank of Chicago |
Agenda
| 9:15 a.m. | Introduction Douglas Evanoff, Director, Kaufman Center Welcoming Comments and Keynote Speaker Introduction Mark C. Reed, President, Loyola University Chicago |
| Keynote Charles L. Evans, President and CEO, Federal Reserve Bank of Chicago |
|
| 10:15 a.m. | Break |
| 10:30 a.m. | Session 1: Bank Capital Regulation Moderator: Tassos Malliaris, Loyola University Chicago |
| Bank Capital Buffers and Lending, Firm Financing and Spending: What Can We Learn from Five Years of Stress Test Results? Jose M. Berrospide, Board of Governors of the Federal Reserve System Rochelle M. Edge, Board of Governors of the Federal Reserve System |
|
| Private Equity Investment in U.S. Banks Robert DeYoung, University of Kansas Michal K. Kowalik, Federal Reserve Bank of Boston Gokhan Torna, State University of New York—Stony Brook University |
|
| Restoring Confidence in Troubled Financial Institutions after a Financial Crisis Charles W. Calomiris, Columbia University Mark A. Carlson, Board of Governors of the Federal Reserve System |
|
| Session Discussant: Mark Carey, Federal Reserve Bank of Cleveland | |
| Noon | Luncheon |
| 12:40 p.m. | Luncheon Presentation Michael Behnam, Dean, Loyola's Quinlan School of Business |
| 1:00 p.m. | Session 2: Bank Uniqueness: Market Discipline, Market Competition and Moral Hazard Moderator: Abol Jalilvand, Loyola University Chicago |
| Do Financial Consumers Discipline Bad Lenders? The Role of Disclosure Awareness Mark L. Flannery, University of Florida K. Philip Wang, University of Florida Cathy Zhang, University of Florida |
|
| How Important Is Moral Hazard For Distressed Banks? Itzhak Ben-David, Ohio State University Ajay A. Palvia, Federal Deposit Insurance Corporation René M. Stulz, Ohio State University |
|
| A New Framework for Banking Competition: Protecting the Value of Bank Specialness Allen N. Berger, University of South Carolina Arnoud W. A. Boot, University of Amsterdam |
|
| Session Discussant: Ramon P. DeGennaro, University of Tennessee-Knoxville | |
| 2:30 p.m. | Break |
| 2:45 p.m. | Session 3: Regulatory Extensions to Achieve Social Goals—Financial Access and Market Stability in Financial Markets Moderator: Douglas Evanoff, Loyola University Chicago |
| The Case for Regulatory Rulemaking Activities in Mortgage Markets and What Additional Research is Needed to Guide these Activities Jane Dokko, Federal Reserve Bank of Chicago |
|
| Challenges for Effective Oversight of Non-Bank Financial Institutions Nicola Cetorelli, Federal Reserve Bank of New York. |
|
| 3:45 p.m. | Adjourn |
Event details
Date: Friday December 2, 2022
Time: 9:15 a.m. - 3:45 p.m.
Format: In-person
Location: Lewis Towers, Regents Hall, 111 E. Pearson St., 16th floor, Chicago, IL (entrance on Pearson Street)
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About the event
The George G. Kaufman Center for Financial Policy Studies was introduced in 2022 to evaluate and contribute to the debate concerning current policy issues associated with the financial services industry. Thanks to a generous gift, the center was created to honor the role of Professor Kaufman in financial sector policy research over the past 50 years, and to continue his legacy by encouraging a critical review of public policy options going forward.
On Friday, December 2 the Center held its inaugural event: a conference to bring together researchers, policy makers, and financial industry executives to review and discuss relevant policy issues affecting the financial services sector. The event featured a keynote presentation by Federal Reserve Bank of Chicago President and Chief Executive Officer, Charles L. Evans, who has been actively involved in the Federal Reserve System policymaking process over the past 30 years.
Also featured was a presentation by newly appointed Quinlan School of Business Dean Michael Behnam at which he offered his vision for the business school.
Research presentations covered three areas:
- Issues associated with bank capital regulation—the regulatory policy tool of choice for risk management purposes.
- The extent of ‘bank uniqueness’ in the financial services industry and the implications for market discipline, moral hazard and industry competition.
- The use of supervisory and rule-making tools to achieve specific social goals in the financial services industry.
The research, while backed by rigorous analysis, was presented for a broader audience with an emphasis on the implications for public policy.
Event Photos
See the event photos in the gallery below or on Flikr.
Keynote Speaker
|
Charles L. Evans President and CEO Federal Reserve Bank of Chicago |
Agenda
| 9:15 a.m. | Introduction Douglas Evanoff, Director, Kaufman Center Welcoming Comments and Keynote Speaker Introduction Mark C. Reed, President, Loyola University Chicago |
| Keynote Charles L. Evans, President and CEO, Federal Reserve Bank of Chicago |
|
| 10:15 a.m. | Break |
| 10:30 a.m. | Session 1: Bank Capital Regulation Moderator: Tassos Malliaris, Loyola University Chicago |
| Bank Capital Buffers and Lending, Firm Financing and Spending: What Can We Learn from Five Years of Stress Test Results? Jose M. Berrospide, Board of Governors of the Federal Reserve System Rochelle M. Edge, Board of Governors of the Federal Reserve System |
|
| Private Equity Investment in U.S. Banks Robert DeYoung, University of Kansas Michal K. Kowalik, Federal Reserve Bank of Boston Gokhan Torna, State University of New York—Stony Brook University |
|
| Restoring Confidence in Troubled Financial Institutions after a Financial Crisis Charles W. Calomiris, Columbia University Mark A. Carlson, Board of Governors of the Federal Reserve System |
|
| Session Discussant: Mark Carey, Federal Reserve Bank of Cleveland | |
| Noon | Luncheon |
| 12:40 p.m. | Luncheon Presentation Michael Behnam, Dean, Loyola's Quinlan School of Business |
| 1:00 p.m. | Session 2: Bank Uniqueness: Market Discipline, Market Competition and Moral Hazard Moderator: Abol Jalilvand, Loyola University Chicago |
| Do Financial Consumers Discipline Bad Lenders? The Role of Disclosure Awareness Mark L. Flannery, University of Florida K. Philip Wang, University of Florida Cathy Zhang, University of Florida |
|
| How Important Is Moral Hazard For Distressed Banks? Itzhak Ben-David, Ohio State University Ajay A. Palvia, Federal Deposit Insurance Corporation René M. Stulz, Ohio State University |
|
| A New Framework for Banking Competition: Protecting the Value of Bank Specialness Allen N. Berger, University of South Carolina Arnoud W. A. Boot, University of Amsterdam |
|
| Session Discussant: Ramon P. DeGennaro, University of Tennessee-Knoxville | |
| 2:30 p.m. | Break |
| 2:45 p.m. | Session 3: Regulatory Extensions to Achieve Social Goals—Financial Access and Market Stability in Financial Markets Moderator: Douglas Evanoff, Loyola University Chicago |
| The Case for Regulatory Rulemaking Activities in Mortgage Markets and What Additional Research is Needed to Guide these Activities Jane Dokko, Federal Reserve Bank of Chicago |
|
| Challenges for Effective Oversight of Non-Bank Financial Institutions Nicola Cetorelli, Federal Reserve Bank of New York. |
|
| 3:45 p.m. | Adjourn |
Event details
Date: Friday December 2, 2022
Time: 9:15 a.m. - 3:45 p.m.
Format: In-person
Location: Lewis Towers, Regents Hall, 111 E. Pearson St., 16th floor, Chicago, IL (entrance on Pearson Street)