Market Institutions and Financial Market Risk.

• Position: Conferences

An NBER Conference on Market Institutions and Financial Market Risk took place in New York City on June 17-18, 2010. Conference organizers were: Mark Carey of the Federal Reserve Board, and NBER Research Associates Anil K Kashyap and Raghuram Rajan, University of Chicago, and Rend Stulz, Ohio State University. These papers were discussed:

* Alberto Manconi and Massimo Massa, INSEAD, and Ayako Yasuda, University of California, Davis, "The Behavior of Intoxicated Investors: The Role of Institutional Investors in Propagating the Financial Crisis of 2007-2008"

* Gary B. Gorton and Andrew Metrick, Yale University and NBER, "Securitized Banking and the Run on Repo" (NBER Working Paper No. 15223)

* Monica Billio and Loriana Pelizzon, University of Venice; Mila Getmansky, University of Massachusetts, Amherst; and Andrew W. Lo, MIT and NBER, "Measuring Systemic Risk in the Finance and Insurance Sectors"

* Franklin Allen, University of Pennsylvania; Ana Babus, University of Cambridge; and Elena Carletti, European University Institute, "Financial Connections and Systemic Risk"

* Nicola Gennaioli, CREI; Andrei Shleifer, Harvard University and NBER; and Robert W. Vishny, University of Chicago and NBER, "Financial Innovation and Financial Fragility" (NBER Working Paper No. 16068)

* Ing-Haw Cheng, University of Michigan; and Harrison Hong and Jose A. Scheinkman, Princeton University and NBER, "Yesterday's Heroes: Compensation and Creative...