7th HEC Paris Workshop on Banking, Finance, Macroeconomics and the Real Economy - October 18, 2019, S-building, Room 218
Fri October 18 2019, at 9:00 AM


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Event details

The 7th edition of the HEC Paris Workshop on Banking, Finance, Macroeconomics, and the Real Economy  will be held on Friday, October 18, 2019. 
 ***    The registration will close in October 15, 12pm    ****
For any request, please send an email to lestrade@hec.fr

8:15–8:45          Welcome coffee

8:45–10:00          Session 1: Firms’ Financing and Its Effects on Capital Structure, Employment, and Employee Health
François Derrien (HEC Paris), Jean-Stéphane Mésonnier (Banque de France), and Guillaume Vuillemey (HEC Paris) – “Start-Up Costs and the Capital Structure of Young Firms”
Alex Borisov (University of Cincinnati), Andrew Ellul (Indiana University), and Merih Sevilir (Indiana University) – “Access to Public Capital Markets and Employment”
Pilar Garcia-Gomez (Erasmus University Rotterdam), Ernst Maug (University of Mannheim) and Stefan Obernberger (Erasmus University Rotterdam) – “Private Equity and Employee Health”

10:00–10:30     Coffee break

10:30–11:20        Session 2: Financial Networks and Money Markets
Jonas Heipertz (PSE), Amine Ouazad (HEC Montréal), and Romain Rancière (University of Southern California) – “The Transmission of Shocks in Endogenous Financial Networks: A Structural Approach”
Gabriele La Spada (NY Fed) and Marco Cipriani (NY Fed) – “Investors’ Appetite for Money-Like Assets: The Money Market Fund Industry after the 2014 Regulatory Reform”
11:20–12:15        Session 3: Keynote Speech by René Stulz (Ohio State)“Equity Markets and the Real Economy”

12:30–13:45      Lunch at “Le Petit Gustave”

14:00–15:15        Session 4: Banks and the Real Economy
Antoine Berthou (Banque de France), Thierry Mayer (SciencesPo) and Jean Stéphane Mésonnier (Banque de France) – “Good Connections: Bank Specialization and the Tariff Elasticity of Exports”
Laura Alfaro (HBS and NBER), Manuel Garcia-Santana (UPF, Barcelona GSE, CEPR), and Enrique Moral-Benito (Banco de España) – “On the Direct and Indirect Real Effects of Credit Supply Shocks”
Evren Damar (Halle Institute for Economic Research), Reint Gropp (Halle Institute for Economic Research), and Adi Mordel (Bank of Canada) – “Flight from Safety: How a Change to the Deposit Insurance Limit Affects Households’ Portfolio Allocation”

15:15–15:45     Coffee break

15:45–17:00        Session 5: Information, Socially Responsible Investing, and (Mis)valuations
Gaetano Gaballo (HEC Paris and CEPR) and Guillermo Ordonez (University of Pennsylvania and NBER) – “The Two Faces of Information”
Augustin Landier (HEC Paris), and Stefano Lovo (HEC Paris) – “What Impact Can Socially Responsible Investing Have in a Selfish Economy?”
Olivier Dessaint (U of Toronto-Rotman School), Jacques Olivier (HEC Paris), Clemens Otto (Singapore Management University), and David Thesmar (MIT-Sloan School) – “CAPM-Based Company (Mis)valuations”

17:00    Concluding Remarks

* Friday Oct. 18: dinner (19:30) for invited speakers & HEC Paris faculty at the restaurant Chez Françoise (Invalides, Paris 7).
** 20 mins. presentations, followed by 5 minutes/paper of open-floor discussion at the end of each session.
*** The organizers, Tomasz Michalski and Evren Örs, gratefully acknowledge the financial support of the Agence Nationale de Recherche (ANR) and LABEX ECODEC (grant # ANR-11-IDEX-0003/Labex Ecodec/ANR-11-LABX-0047) and Christophe Pérignon, the Associate Dean for Research at HEC Paris.