Thursday 2nd June
8.30 – 9.00 Registration and Coffee
9.00 – 10.30 Session 1: European bond markets
Chair: Laurent Weill (LaRGE, EM Strasbourg Business School)
Liquidity, competition and price discovery in the European corporate bond market
Fany Declerck (University of Toulouse 1)
Discussant: Paul-Olivier Klein (LaRGE, EM Strasbourg Business School)
Measuring financial fragmentation in the Euro area corporate bond market
Guillaume Horny (Banque de France), Simone Manganelli (ECB), Benoit Mojon (Banque de France and Ecole Polytechnique)
Discussant: Alexey Ponomarenko (Central Bank of the Russian Federation)
10.30 – 11.00 Coffee Break
11.00 – 12.00 Keynote speech
Kai Li (University of British Columbia)
12.00 – 13.00 Lunch
13.00 – 14.30 Session 2: Fixed income markets
Chair: Iftekhar Hasan (Fordham University and Bank of Finland)
Do banks mimic each other’s actions in over-the-counter markets?
Calebe de Roure (Deutsche Bundesbank and Frankfurt School of Finance and Management), Falko Fecht (Frankfurt School of Finance and Management), Yalin Gündüz (Deutsche Bundesbank)
Discussant: Christoffer Kok (European Central Bank)
Creditor rights and corporate bond market
Xian Gu (Central University of Finance and Economics, Beijing), Oskar Kowalewski (Vistula University)
Discussant: Laurent Weill (LaRGE, EM Strasbourg Business School, University of Strasbourg)
14.30 – 15.00 Coffee Break
15.00 – 16.30 Session 3: Emerging economies
Chair: Christophe Godlewski (LaRGE, EM Strasbourg Business School)
Exploring determinants of firms’ participation in the new offshore Renminbi debt securities market
Paul Mizen (University of Nottingham) and Serafeim Tsoukas (University of Glasgow)
Discussant: Paul Wachtel (New York University, Stern School of Business)
What slice of pie? The corporate bond market boom in emerging economies
Diana Ayala (IMF), Milan Nedeljkovic (National Bank of Serbia), Christian Saborowski (IMF)
Discussant: Zuzana Fungacova (Bank of Finland)
Friday 3rd June
8.30 – 9.00 Reception and Coffee
9.00 – 10.30 Session 4: Structure of bond markets
Chair: Paul Wachtel (New York University, Stern School of Business)
Corporate bond trading on a limit order exchange
Menachem Abudy (Bar-Ilan University), Avi Wohl (Tel Aviv University)
Discussant: Joseph Fan (Chinese University of Hong Kong)
The cost of immediacy for corporate bonds
Jens Dick-Nielsen (Copenhagen Business School), Marco Rossi (Texas A&M University)
Discussant: Avi Wohl (Tel Aviv University)
10.30 – 11.00 Coffee Break
11.00 – 12.30 Session 5: Ratings and returns
Chair: Joseph Fan (Chinese University of Hong Kong)
Monetary policy and corporate bond returns
Alexandros Kontonikas (University of Glasgow), Paulo Maio (Hanken School of Economics), Zivile Zekaite (University of Glasgow)
Discussant: Guillaume Horny (Banque de France)
Bank standalone credit ratings
Michael R. King (Ivey Business School), Steven Ongena (University of Zurich), Nikola Tarashev (Bank for International Settlements)
Discussant: Iftekhar Hasan (Fordham University and Bank of Finland)
12.30 – 13.30 Lunch
13.30 – 14.15 Round table
Joseph Fan (Chinese University of Hong Kong)
Iftekhar Hasan (Fordham University)
Laurent Weill (LaRGE, EM Strasbourg Business School)
14.15 – 14.30 Coffee Break
14.30 – 16.00 Session 6: Bonds and stocks
Chair: Zuzana Fungacova (Bank of Finland)
Is it worth issuing bonds in China? Evidence from stock market reactions
Paul-Olivier Klein (LaRGE, EM Strasbourg Business School) and Laurent Weill (LaRGE, EM Strasbourg Business School)
Discussant: Paul Wachtel (New York University, Stern School of Business)
The use of equity in debt renegotiation
Florina Silaghi (Universitat Autonoma de Barcelona)
Discussant: Christophe Godlewski (LaRGE, EM Strasbourg Business School)