Moody's Corporation & London Business School - Seventh Annual Credit Risk Conference

TUESDAY MAY 10th
8:00	BREAKFAST & REGISTRATION
8:30	INTRODUCTORY REMARKS Raymond McDaniel, Chairman & CEO - Moody's Corporation Sir Andrew Likierman, Dean, London Business School Roger M. Stein, Moody's Research Labs Stephen Schaefer, London Business School
8:45	STRATEGIES FOR SYSTEMIC RISK Chair: Charles Goodhart, London School of Economics Fallacies, Irrelevant Facts, and Myths in the Discussion of Capital Regulation: Why Bank Equity is Not Expensive Presenter: Anat R Admati, Graduate School of Business, Stanford University Discussant: Henri Pages, Banque de France Amending Safe Harbours to Reduce Systemic Risk in OTC Derivatives Markets Presenter: Bruce Tuckman, Center for Financial Stability Discussant: Bruce Weber, London Business School Design of Contingent Capital with a Stock Price Trigger for Mandatory Conversion Presenter: Zhenyu Wang, Federal Reserve Bank of New York Discussant: Christopher A. Hennessy, London Business School
10:25	COFFEE
10:45	KEYNOTE Computational Approaches to Understanding Systemic Risk Presenter: J. Doyne Farmer, Sante Fe Institute
11:45	THE EVOLUTION OF CDS MARKETS Chair: Alan White, Joseph Rotman School of Management, University of Toronto Should Derivatives be Senior? Presenter: Martin Oehmke, Columbia University Discussant: Vikrant Vig, London Business School Empty Creditors, Empty Voters, and 'Decoupling' Risks Presenter: Henry T. C. Hu, University of Texas School of Law
12:55	LUNCH
14:00	PANEL Information and Disclosure for Robust Financial Markets Chair: Joe Langsam, Morgan Stanley Presenters: Mark Flood, Office of Financial Research (OFR), Department of Treasury Francis Gross, European Central Bank Chester S. Spatt, Carnegie Mellon Tepper School of Business
15:00	COFFEE
15:20	UNDERSTANDING SOVEREIGN RISK Chair: Kenneth J Singleton, Graduate School of Business, Stanford University Greek Debt: The End-Game Scenario Presenter: Mitu Gulati, Duke University Lee C. Buchheit, Cleary Gottlieb Steen & Hamilton LLP Discussant: Jeromin Zettelmeyer, European Bank for Reconstruction and Development Sovereign Risk Premia Presenter: Adrien Verdelhan, MIT Sloan School of Management Discussant: Anna Pavlova, London Business School A Pyrrhic Victory? - Bank Bailouts and Sovereign Credit Risk Presenter: Viral Acharya, Stern School of Business, New York University Discussant: Mitchell A. Petersen, Kellogg School of Management Northwestern University
17:00	DRINKS RECEPTION

WEDNESDAY MAY 11th
8:00	BREAKFAST & REGISTRATION
8:30	KEYNOTE Counterparty Credit Risk in Derivatives Presenters: John Hull, Joseph L. Rotman School of Management, University of Toronto
9:30	PANEL New Perspectives on Stress Testing Chair: Roger M. Stein, Moody's Research Labs Presenters: Darrell Duffie, Graduate School of Business, Stanford University Yaacov Mutnikas, Financial Services Authority (FSA) Matthew Richardson, Stern School of Business, New York University
10:30	COFFEE
10:50 - 12:30	LIQUIDITY & PRICING IN STRESSED AND NORMAL MARKETS Chair: Stephen Schaefer, London Business School Corporate Bond Liquidity Before and After the Onset of the Subprime Crisis Presenter: David Lando, Copenhagen Business School Discussant: Jeffrey R Bohn, Soliton Financial Analytics Noise as Information for Illiquidity Presenter: Jiang Wang, MIT Sloan School of Management Discussant: Dimitri Vayanos, London School of Economics CDS Credit-Event Auctions Presenter: Raghu Sundaram, Stern School of Business, New York University

SCIENTIFIC COMMITTEE

Viral Acharya, Stern School of Business, New York University
Richard Cantor, Moody’s Corporation
Pierre Collin-Dufresne, Columbia Business School
Christopher Hennessy, London Business School
David Lando, Copenhagen Business School
Stephen Schaefer, London Business School
Kenneth Singleton, Graduate School of Business, Stanford University
Roger M. Stein, Moody’s Research Labs
Vikrant Vig, London Business School