"Actors, Rules and

Policies in the

Global Financial Crisis"

Journal of Financial StabilityRivista di Politica Economica

Bancaria

Scientific Board

Michele Bagella, Leonardo Becchetti, Alessandro Carretta, Giorgio Di Giorgio,

Gerald P. Dwyer Jr., Iftekhar Hasan, James R. Lothian, Francesco Nucci, Luigi Paganetto,

Gustavo Piga, Anthony M. Santomero, Pasquale Lucio Scandizzo, Giorgio Szegö, Paul Wachtel

XX International Tor VergataConference on Money, Banking and Finance:

December 5-7, 2011University of Rome Tor Vergata, Faculty of Economics

Sala del Consiglio - Building “Ricerca” - 2nd floor

University of Rome Tor VergataFaculty of Economics

CEIS - Centre for Economics and International Studies - Tor Vergata Economics Foundation

jointly with The Lally School of Management, Rensselaer Polytechnic Institute Arcelli Center for Monetary and Financial Studies (CASMEF)

Libera Università Internazionale di Studi Sociali "Guido Carli" (LUISS)The Federal Reserve Bank of Atlanta and Journal of Financial Stability

Aims and Objectives of the Conference

Theoretical and empirical research on financial marketsand the banking system, with special focus on the interac-tion among economic agents, market rules and institutions,appears of foremost importance in the aftermath of theglobal financial crisis.

In the last twenty years the abundance of liquidity at worldlevel has led several times to the creation of growingtrends in asset, currency or commodity prices which led tosubsequent sharp falls and financial crises with seriousconsequences on the real sector, GDP growth and employ-ment.

Recovery from financial crises, especially the last one incountries most hit by failures of financial intermediaries,required huge increases in public expenditure and gover-nment debts with serious consequences for tax payers.

The observation of the dynamics of the last global finan-cial crisis, with its causes and consequences thereforeurges a thorough reflection on several dimensions. Suchdimensions include asset pricing models, behaviouralfinance, the effect of the behaviour of large players onsystemic risk, the role of financial education, the reformand design or supranational financial regulatory authori-ties, the role of capital requirement ratios.

New research contributions on all these issues will be pre-sented and discussed in-depth in the Conference whose20th edition probably comes at the time of the greatestchallenges ever faced by the economic and financialsystem.

Monday, 05 December 2011

10:00-10:30 Registration

Location: Sala del Consiglio

10:30 - 12:30 Debt Crisis or Debt in Times of Crisis?

Chairman: Gustavo PIGA - University of Rome Tor VergataLocation: Sala del Consiglio

CANNATA Maria - Italian Ministry of Economy and Finance

MISSALE Alessandro - University of Milan

SALTO Matteo - European Commission

PEREZ QUIROS Gabriel - Bank of Spain

12:30 - 13:30 Lunch Break

13:30 -14:00 Opening Remarks

Location: Sala del Consiglio

LAURO Renato - Rector - University of Rome Tor Vergata

QUINTIERI Beniamino - Dean - School of Economics Tor Vergata

BAGELLA Michele - Chair of Scientific Committee

14:00 - 15:30 Microfinance

Chairman: Leonardo BECCHETTI - University of Rome Tor VergataLocation: Aula C

Credit Scoring Applications In The Management Of Microfinance InstitutionsCORTES ROMERO Antonio M. - University of GranadaLARA Juan - University of GranadaRAYO Salvador - University of Granada

Balancing flexibility and discipline in microfinance: Innovative financial products that benefit clients and service providersHAMP Michael - International Fund for Agricultural DevelopmentLAURETI Carolina - Université de Mons

The impact of access to credit on rural households’ poverty in the Mekong Delta of VietnamDUY Vuong Quoc - Ghent University

The vulnerability of microfinance to financial turmoil – evidence from the global financial crisisWAGNER Charlotte - Frankfurt School of Finance and ManagementWINKLER Adalbert - Frankfurt School of Finance and Management

Can the Poor Save More? Evidence from BangladeshMARINANGELI Matteo - Polytechnic University of MarchePRESBITERO Andrea F. - Polytechnic University of Marche

GENERAL DISCUSSION

14:00 - 15:30 Entrepreneurship & Innovation

Chairman: Christopher TUCCI - École Polytechnique Fédérale de LausanneLocation: Aula B

Partnering Strategies in Biotech Firms:Quest for Complementary Assets or Control over IPRs?BAGLIERI Daniela - University of Messina

The influence of industry downturns on the propensity to innovateBERCHICCI Luca - Rotterdam School of Management

Information Technology and Innovation through Boundary Spanning: Findings From the Pharmaceutical IndustryHAN Shu - Yeshiva University

Continuity and Change in a Spin-Off Venture: The Process of ReimprintingLORENZONI Gianni - University of Bologna

GENERAL DISCUSSION

14:00 - 15:30 Banking Crisis: Local Banks and Bad Loans

Chairman: Francesco BUSATO – University of Naples ParthenopeLocation: Aula H

Did the crisis induce credit rationing forFrench SMEs ?KREMP Elizabeth - Banque de France and NBERSEVESTRE Patrick - Banque de France and Université Paris 1 - Panthéon Sorbonne

Does your neighbour know you better? Local banks and credit tightening in the financial crisisBARBONI Giorgia - LEM, Scuola Superiore Sant’Anna and University of NamurROSSI Carlotta - Bank of Italy

Bank lending procyclicality and bad loans during the 2008-2009 turmoilDI COLLI Stefano - FedercasseLOPEZ Juan Sergio - Federcasse

Off-Balance Sheet Credit Exposure and Asset Securitization: What Impact on Bank Credit Supply?SCOPELLITI Alessandro Diego - University of Warwick

GENERAL DISCUSSION

Financial Crisis: Treasury Debt and

Contagion

Chairman: Sergio SCARLATTI – University of Rome Tor VergataLocation: Sala del Consiglio

Responses to the Financial Crisis, Treasury Debt, and the Impact on Short-Term Money MarketsHRUNG Warren - The Federal Reserve Bank of New YorkSELIGMAN Jason - The Ohio State University

Early Warning Indicators of Economic Crises: Evidence from a Panel of 40 Devel oped CountriesBABECKY Jan - Czech National BankHAVRANEK Tomas - Czech National BankMATEJU Jakub - Czech National BankRUSNAK Marek - Czech National BankSMIDKOVA Katerina - Czech National BankVASICEK Borek - Czech National Bank

The role of contagion in financial crises:an uncertainty test on interbank patternsCANNAS Giuseppina - European CommissionDE LISA Riccardo - University of CagliariGALLIANI Clara - Bocconi UniversityZEDDA Stefano - European Commission

Should EMU say NO to further enlargementsBROZ Tanja - Zagreb Institute of Economics GENERAL DISCUSSION

15:30-15:45 Tea Break

15:45-17:15 Green Finance Project

Chairman: Valerio DE LUCA - Presidente AISESLocation: Sala del Consiglio

Corporate Governance as a Tool of Sustainable FinanceDE LUCA Valerio - Presidente AISES

Transparency of the information and green financeAMATO Gioacchino - Consob

A Reasoning about pricing/valuation of interest rate swaps: a "green finance" perspectiveBUSATO Francesco - University of Naples Parthenope

The Ethics of Sovereign Wealth FundsLO TURCO Celeste - Sovereign Wealth Funds Analyst - MAE Strategic Commitee

Green finance and the role of taxation: the new debate on a Financial Transaction taxMAGLIOCCO Antonella - Bank of Italy

GENERAL DISCUSSION

15:45 - 17:15 Euro, Monetary Policy and International

Flows

Chairman: Giancarlo MARINI - University of Rome Tor VergataLocation: Aula C

The British Opt-Out from the European Monetary Union: Empirical Evidence from Monetary Policy RulesD’ADDONA Stefano - University of Rome TreMUSUMECI Ilaria - University of Rome Tre

International Capital Flows and Credit Market Imperfections: a Tale of Two FrictionsMARTIN Alberto - Centre de Recerca en Economia InternacionalTADDEI Filippo - Collegio Carlo Alberto

Will the Euro survive? An assessment using the shadow EMPMARINI Giancarlo - University of Rome Tor VergataCONOFARI Paolo - University of Rome Tor VergataPIERSANTI Giovanni - University of Teramo

GENERAL DISCUSSION

15:45 - 17:15 Financial Reforms and Saving Protection

Chairman: Stefano HERZEL – University of Rome Tor VergataLocation: Aula H

Money, Credit and Housing: An Empirical EvaluationCONTI Antonio - ECARES, Universite Libre de Bruxelles

Excess Financial Development and Economic GrowthDUCTOR Lorenzo - University of AlicanteGRECHYNA Daryna - University of Auckland

Government Strength and Financial ReformsDI COMITE Francesco - European Commission and Université catholique de LouvainLAMBERT Thomas - Universite Catholique de Louvain

Explaining why, right or wrong, Italian households do not like reverse mortgagesFORNERO Elsa - University of TurinROSSI Maria Cristina - University of TurinURZI BRANCATI Maria Cesira - University of Rome Tor Vergata

Does Literacy Really Foster Pension Fund Participation? Some Evidence From a Survey of Italian EmployeesCECCARELLI Simone - Commissione di Vigilanzasui Fondi PensioneRINALDI Ambrogio Ivan - COVIP

GENERAL DISCUSSION

15:45 - 17:15 Volatility and Stability in Stock Exchange

Markets

Chairman: Rocco CICIRETTI - University of Rome Tor VergataLocation: Aula B

How homogeneous diversification in balanced investment funds affects portfolio and systemic riskCICIRETTI Rocco - University of Rome Tor VergataCORVINO Raffaele - Collegio Carlo Alberto

Globalization and Stability in Stock Exchange Markets: Evidences from the Global Financial CrisisDORODNYKH Ekaterina - University of Rome Tor VergataNICOLINI Gianni - University of Rome Tor Vergata

What Do Stock Markets Tell Us about the Drivers of Bank Default Risk? Evidence from Emerging EconomiesDOMINIK Maltritz - University of ErfurtEICHLER Stefan - Technische Universitaet DresdenKARMANN Alexander - Technische Universitaet DresdenSOBANSKI Karol - Technische Universitaet Dresden

The Demand for Safe Assets in Emerging Economies and Global ImbalancesAHREND Rudiger - OECDSCHWELLNUS Cyrille - OECD

GENERAL DISCUSSION

Tuesday, 06 December 2011

09:30 - 11:00 Banking Models and Investors Behaviours

in a Changing World

Chairman: Vincenzo FARINA - University of Rome Tor VergataLocation: Aula B

Does relationship lending alleviate the credit crunch?MONFERRA Stefano - University of Naples ParthenopeSAMPAGNARO Gabriele - University of Naples Parthenope

The Effects of Derivatives Trading on Stock Market Volatility and Market Efficiency. Some Evidence from European MarketsLICCARDO Giovanni - University of RomeTor Vergata

Mass media, spin offs and investors behaviourGRAZIANO Elvira Anna - University of Rome Tor Vergata

The credit growth of small banks in Italy: causes and effectsGALLINA Simona - University of Rome Tor Vergata

India’s Emerging Financial Market. A Flow Of Funds ModelGON Abhishek - University of Rome Tor Vergata

GENERAL DISCUSSION

Early Warnings, Crisis Risks and

Cross-Border Banking

Chairman: Alberto Franco POZZOLO - University of MoliseLocation: Aula C

Cost/Benefits of the Capital Requirement DirectiveIV Measures for the European UnionRISSI Roger - Hochschule LuzernCLERC-RENAUD Sebastien - Institut für Finanzdienstleistungen HamburgNEUBERGER Doris - University of RostockREIFNER Udo - Institut für Finanzdienstleistungen Hamburg

Drivers of Systemic Banking Crises: The Role of Bank-Balance-Sheet Contagion and Financial Account StructureAHREND Rudiger - OECDGOUJARD Antoine - OECD

I Spy with my Little Eye... a Banking Crisis - EarlyWarnings and Compensation Systems in BanksHAKENES Hendrik - University of BonnSCHLEGEL Friederike - University of Bonn

Were multinational bank taking excessive risksbefore the recent financial crisis?GULAMHUSSEN M.A. - Lisbon University InstitutePINHEIRO Carlos - Caixa Geral de DepositosPOZZOLO Alberto Franco - University of Molise

GENERAL DISCUSSION

09:30 - 11:00 Monetary Policy and Central Banking

Chairman: Fabrizio MATTESINI – University of Rome Tor VergataLocation: Aula H

Unconventional Monetary Policy and Bank SupervisionGIECK Jana - Goethe University FrankfurtTRACZYK Adam - Goethe University Frankfurt

Trust in the European Central Bank: The Role of Macroeconomic Performance, Regional Developments, and the CrisisBURSIAN Dirk - Goethe University FrankfurtFUERTH Sven - Goethe University Frankfurt

The impact of macroeconomic news and central bank communication on the exchange rate: Evidence from the Central EuropeEGERT Balazs - OECDKOCENDA Evzen - Charles University

GENERAL DISCUSSION

09:30 - 11:00 Banking, Finance and Governance

Chairman: Iftekhar HASAN - Fordham University and RPILocation: Sala del Consiglio

What problem banks reveal about future financial distress: Evidence from the late 2000s financial crisisKAHN Charles - University of IllinoisPAPANIKOLAOU Nikolaos - University of Luxembourg

Financial Crises and Cross-Border Banking: New EvidenceSANDER Harald - Cologne University of Applied Sciences

Financial Contract: Banks versus BanksFRANCIS Bill - Rensselaer Polytechnic InstituteHASAN Iftekhar - Fordham University and RPILIU Liuling - Rensselaer Polytechnic Institute

Finance and Growth: A counter Example for the Origins of Banking in RussiaDAN Berkowitz - University of PittsburghHOEKSTRA Mark - Texas A&M UniversitySCHOORS Koen - Ghent University

GENERAL DISCUSSION

11:00 - 11:15 Coffee Break

11:15 - 13:00 The Role of Financial Education

Chairman: Leonardo BECCHETTI – University of Rome Tor Vergata Location: Sala del Consiglio

Professors on the Board: Is there any Added Valuefor Academic DirectorsHASAN Iftekhar - Fordham University and RPIBill Francis - Rensselaer Polytechnic InstituteQiang Wu - Rensselaer Polytechnic Institute

Financial Education in schools: a randomized experimentBECCHETTI Leonardo – University of Rome Tor VergataPISANI Fabio – University of Rome Tor Vergata

Panelists:CARRETTA Alessandro - University of Rome Tor VergataDI GIORGIO Giorgio – University of Rome LUISS Guido Carli and Arcelli Centre for Monetary and Financial Studies

DWYER, Gerald P. – Federal Reserve Bank of Atlanta and University of Carlos IIILOTHIAN James R. – Fordham University and Tilburg University PAGANETTO Luigi - University of Rome Tor VergataPIGA Gustavo - University of Rome Tor VergataSCANDIZZO Pasquale L. - University of Rome Tor Vergata

GENERAL DISCUSSION

13:00 - 14:30 Lunch Break

14:30 - 16:00 Exchange Rates Behaviour

Chairman: James R. LOTHIAN – Fordham University and Tilburg University Location: Sala del Consiglio

A Primer on Exchange RatesLOTHIAN James R. – Fordham University and Tilburg University

Purchasing Power Parity and the EuroDWYER, Gerald P. – Federal Reserve Bank of Atlanta and University of Carlos IIIFLAVIN Thomas – NUI Maynooth FISHER Mark – Federal Reserve Bank of AtlantaLOTHIAN James R. – Fordham University and Tilburg University

Exchange Rate Exposure and the Cost of Debt:Evidence from Bank LoansFRANCIS Bill – Rensselaer Polytechnic InstituteHUNTER Delroy M. – University of South Florida

GENERAL DISCUSSION

14:30 - 16:00 Conventional vs(?) Islamic Finance. Issues

of economic justice, law and regulation

Chairman: Valentino CATTELAN - University Rome Tor VergataLocation: Aula B

Whose property rights? Islamic finance and the cost of legal pluralismCATTELAN Valentino - University of RomeTor Vergata

Islamic Moral Economy as the Foundation of Islamic FinanceASUTAY Mehmet - Durham Centre for Islamic Economics and Finance, Durham University

Islamic contract law in a comparative perspectivePAPA Massimo - University of Rome Tor Vergata

Islamic finance in Luxembourg: a challengeTHEISEN Marc - Luxembourg for Finance

IF and Italy: open issues of financial regulation and supervisionFRENI Maria Alessandra - Bank of Italy

GENERAL DISCUSSION

14:30 - 16:00 Corporate Governance Firm

Chairman: Corrado CERRUTI – University of Rome Tor VergataLocation: Aula C

Hedging and the failures of Corporate Governance: Lessons from the Financial CrisisZEIDAN Rodrigo - Fundacao Dom Cabral and Nottingham University Business School China

Empirical Research on Corporate Distress: Assessing Board EffectivenessABATECOLA Gianpaolo - University of RomeTor VergataFARINA Vincenzo - University of RomeTor VergataGORDINI Niccolò - University of Milano - Bicocca

Bankers’ Compensation and Regulatory Intervention during the 2007-2009 Financial CrisisBOYALLIAN Patricia - Universidad Carlos III de MadridRUIZ VERDU Pablo - Universidad Carlos III de Madrid

Dividend Policy and Corporate Governance: Empirical Analysis of a Sample of ASX FirmsYARRAM Subba - University of New England

GENERAL DISCUSSION

16:00 - 16:15 Tea Break

16:15 – 18:00 Advances in International Finance

Chairman: Francesco NUCCI – University of Rome La SapienzaLocation: Sala del Consiglio

International Diversification with Foreign Exchange Investment StylesKROENCKE Tim - Centre for European Economic Research, MannheimSCHINDLER Felix - Centre for European Economic Research, MannheimSCHRIMPF Andreas - Bank for International Settlements

Carry Trades, Order Flow and the Forward Bias PuzzleBREEDON Francis - Queen Mary College, University of LondonRIME Dagfinn - Norges BankVITALE Paolo - Universita’ d’Annunzio

Keynote presentation:

Currency Momentum StrategiesMENKHOFF Lukas - Leibniz Universität HannoverSARNO Lucio - Cass Business SchoolSCHMELING Maik - Leibniz Universität HannoverSCHRIMPF Andreas - Bank for International Settlements

GENERAL DISCUSSION

Wednesday, 07 December 2011

09:30-11:00 Banking Theory

Chairman: Alberto CYBO OTTONE - AssicurazioniGeneraliLocation: Sala del Consiglio

The Effects of Bank Regulator Switching on Supervisory RatingsREZENDE Marcelo - Federal Reserve Board

Moral hazard, dividends, and risk in banksONALI Enrico - Bangor University

The Recapitalization of Banking and Insurance during the credit crisis of 2007-2009BECCARINI Andrea - University of MuensterCYBO OTTONE Alberto - Assicurazioni GeneraliSAVORELLI Lorenzo - Assicurazioni Generali

The impact of the recent financial crisis on bank loan interest rates and guarantees.CALCAGNINI Giorgio - University of UrbinoFARABULLINI Fabio - Bank of ItalyGIOMBINI Germana - University of Urbino - DESP

GENERAL DISCUSSION

Financial and Banking Regulation

Chairman: Paolo PAESANI – University of Rome Tor Vergata Location: Aula H

Optimal Investment and Business Cycles Under Alternative Banking SystemsKRAINER Robert - University of Wisconsin-Madison

Systemic crisis and banking regulation: how could we design an efficient financial safety net?DE LISA Riccardo - University of Cagliari

International Monetary and Regulatory Transmission with Bank Heterogeneity and Default RiskTSENOVA Tsvetomira - Bulgarian National Bank

GENERAL DISCUSSION

09:30 - 11:00 Asset Securitization and Banking Risk

Chairman: Alessandro PIERGALLINI – University of Rome Tor Vergata Location: Aula B

Liquidity and Reserve Requirements in BrazilROBITAILLE Patrice - Federal Reserve Board

Can Equity Volatility Explain the Global Loan Pricing Puzzle?GAUL Lewis - Office of the Comptroller of the CurrencyUYSAL Pinar - École Polytechnique Federale de Lausanne

A Market-based Approach to Sector Risk Determinants and Transmission in the Euro AreaSALDIAS Martin - Banco de Portugal

The nexus between monetary policy, banking market structure and bank risk takingMICHALAK Tobias C. - University of Bochum

GENERAL DISCUSSION

Asset Pricing, Equity Options and Portfolio

Choice

Chairman: Giovanni TROVATO – University of Rome Tor Vergata Location: Aula C

Portfolio Choice under UncertaintyBLENGINI Isabella - University of Lausanne

Testing habits in an asset pricing modelBOSCHI Melisso - University of Rome TreD’ADDONA Stefano - University of Rome TreGOENKA Aditya - University of Singapore

Mortgage Amortization and AmplificationFORLATI Chiara - Ecole Polytechnique Federale deLausanneLAMBERTINI Luisa - Ecole Polytechnique Federale de Lausanne

GENERAL DISCUSSION

11:00-11:15 Coffee Break

11:15-13:00 Monetary Police Changes

Chairman: Giorgio DI GIORGIO – University of RomeLUISS Guido Carli and Arcelli Centre for Monetary and Financial Studies Location: Sala del Consiglio

The boundaries of central bankingANGELONI Ignazio – European Central Bank

Optimal Monetary Policy and Stock-Price Dynamics in a non-Ricardian DSGE ModelNISTICO’ Salvatore - University of Rome La Sapienza

discussant Tiziano ROPELE – Bank of Italy

Does inflation walk on unstable path?ASCARI Guido – University of Pavia

discussant: Efrem CASTELNUOVO – University of Padova

GENERAL DISCUSSION

13:00-14:00 Lunch Break

16:30-18:00 Actors, Rules and Policies in the Global Financial Crisis Location: Palazzo Wedekind - Piazza Colonna - Roma

Modera: Paolo Messa – Direttore “Formiche”

Introduce: Luigi Paganetto – Professore Ordinario – Università di Roma Tor Vergata

Partecipano:Michele Bagella – Professore Ordinario – Università di Roma Tor VergataMario Baldassarri - Senatore della RepubblicaLeonardo Becchetti – Professore Ordinario – Università di Roma Tor VergataPaolo Savona – Presidente ASSONEBMario Sechi – Direttore – Il Tempo

Chiude i lavori:Michel Martone – Vice-Ministro – Ministero del Lavoro e dlle Politiche Sociali

GENERAL DISCUSSION

History of the ConferenceThe Tor Vergata International Conference on Money Banking and Finance hasprogressively emerged from 1991 as one of the most important conferencesorganized every year in Europe, and probably as the most well known in Europeamong general conferences in banking and finance not organized by official andestablished associations (such as the European Finance Association). Theoriginal organizing group composed by Michele Bagella (who had the idea ofthe format and from the beginning was the general coordinator of theconference), Leonardo Becchetti, Iftekhar Hasan (coordinator of the Conferencein the US), Giorgio Szego and Anthony Santomero has been enriched acrossyears by Jerry Dwyer, Jim Lothian, Luigi Paganetto and Paul Wachtel. Due tothe characteristics of its organizing board the conference has been throughoutall these years an important bridge between the two sides of the Atlantic whichstimulated joint debate and research in Europe and the US on monetary policy,evolution of regulation and the banking system, asset pricing, exchange rate andmany other issues from a theoretical and empirical perspective.

Throughout all these years the Conference has hosted several times special issuesfrom top journals in the field such as the Journal of Banking and Finance, theJournal of International Money and Finance, The Journal of Financial Stabilityand (in Italy) Rivista Bancaria. A selected number of contributions has beenincluded in many editions in collection of papers published with Elgar, Elsevier,Federal Reserve Bank of Chicago.

The wide range of conference topics covered each year and the decision not toconfine them to a few issues has greatly contributed to create critical mass andto make the Conference meeting an important opportunity to meet establishedcolleagues working in the field. In the last year special attention has been givento Young Economists with a prize awarded to the best presented paper.

The Conference in the last 15 years:

1995. Asymmetric information, risk management, financial and banking innovation1996. Financial markets: imperfect information and risk management1997. Public debt management, financial markets and policy issues1998. Competition among financial systems and bank firm relationship after euro1999. Financial crises, risk management and growth2000. Risk and regulation in the global financial markets2001. Financial integration, competition and risks in the global economy2002. Monetary integration, money and regulation2003. Money markets and banks: liberalization versus regulation2004. Transparency, governance and markets2005. Debt, money and finance in integrated global markets2006. Money, Finance and Growth2007. European Financial Markets Integration, Institutional Convergences andPublic Debt Policies2008. Emerging Markets, Currencies and Financial Stability2009. Global Institutions for Global Markets2010. New Frontiers of Banking and Finance after the Global Crisis

Scientific Committee:Michele BAGELLA

University of Rome Tor VergataLeonardo BECCHETTI

University of Rome Tor VergataAlessandro CARRETTA

University of Rome Tor VergataGiorgio DI GIORGIO

University of Rome LUISS Guido CarliGerald P. DWYER JR.

Federal Reserve Bank of AtlantaIftekhar HASAN

Fordham University and RPIJames R. LOTHIAN

Fordham University of New YorkFrancesco NUCCI

University of Rome La SapienzaLuigi PAGANETTO

University of Rome Tor VergataGustavo PIGA

University of Rome Tor VergataAnthony M. SANTOMERO

McKinsey & CompanyPasquale L. SCANDIZZO

University of Rome Tor VergataGiorgio SZEGÖ

La Sapienza UniversityPaul WACHTEL

New York UniversityLeonard N. Stern School of Business

Steering Committee:Michele BAGELLA

University of Rome Tor VergataLeonardo BECCHETTI

University of Rome Tor VergataRocco CICIRETTI

University of Rome Tor VergataGiorgio DI GIORGIO

University of Rome LUISS Guido CarliIftekhar HASAN

Fordham University and RPIFrancesco NUCCI

University of Rome La SapienzaPaolo PAESANI

University of Rome Tor VergataGustavo PIGA

University of Rome Tor VergataDamiano PINNACCHIO

University of Rome Tor Vergata

Conference Secretariat:Ekaterina DORODNYKH

Patrizia MARTATel. +39 06 72595725 – 5535

Fax + 39 06 72595504Mail: XXConference@economia.uniroma2.it

Communication and Press Office:Simonetta PATTUGLIA

Tel + 39 06 72595510 – 5522Fax + 39 06 72595504

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