Biennial Symposium
RFS-IU Conference on the Causes and Consequences of Recent Financial Market Bubbles
August 12-13, 2005
Friday, August 12
- 11:00 a.m.- 1:45 p.m.
Registration and lunch, Kelley School of Business
- 1:45-1:50 p.m.
Welcome by Robert Jennings, chair, Department of Finance, Kelley School of Business
- 1:50-1:55 p.m.
Welcome by Dan Smith, Dean, Kelley School of Business
- 1:55-2:00 p.m.
Welcome by Maureen O’Hara, former executive editor, RFS
- Session 1: 2:00-3:20 p.m.
- Relative Wealth Concerns and Financial Bubbles
- Download Research Paper
- Authors:
- Peter M. DeMarzo, Stanford Graduate School of Business
- Ron Kaniel, Fuqua School of Business at Duke University
- Ilan Kremer, Stanford Graduate School of Business
- 3:20-3:40 p.m.
Coffee break
- Session 2: 3:40-5:00 p.m.
- What made the Internet Bubble burst? A butterfly flapping its wings, or how little things can make a big difference.
- Download Research Paper
- Author:
- Teodoro D. Cocca, University of Zurich, Switzerland
- 6:00-7:00 p.m.
Cocktails at Deer Park Manor
- 7:00 p.m.
Dinner and keynote address by Professor Michael Jensen at Deer Park Manor
Saturday, August 13
- 8:00-9:00 a.m.
Breakfast
- Session 3: 9:00-10:20 a.m.
- Booms, Busts, and Fraud
- Download Research Paper
- Authors:
- Paul Povel, University of Minnesota
- Rajdeep Singh, University of Minnesota
- Andrew Winton, University of Minnesota
- Financial Liberalization and Banking Crises: The Role of Capital Inflows and Lack of Transparency
- Download Research Paper
- Author:
- Mariassunta Gianetti, Stockholm School of Economics
- 10:20-10:40 a.m.
Coffee break
- Session 4: 10:40-12:00 p.m.
- Bubble Investors: What Were They Thinking?
- Download Research Paper
- Authors:
- Ravi Dhar, Yale University
- William N. Goetzmann, Yale University
- Mutual Funds and Bubbles: The surprising role of contractual incentives
- Download Research Paper
- Authors:
- Nishant Dass, INSEAD
- Massimo Massa, INSEAD
- Rajdeep Patgiri, INSEAD
- 12:00-2:00 p.m.
Lunch and distinguished address by Professor Maureen O’Hara at the IU art museum. Lunch sponsored by CRA International.
- Session 5: 2:00-3:20 p.m.
- Housing Prices and Inflation: What Fuels Housing Bubbles?
- Download Research Paper
- Authors:
- Markus K. Brunnermeier, Princeton University
- Christian Julliard, London School of Economics
- The Real Effects of Asset Market Bubbles: Loan- and Firm-Level Evidence of a Lending Channel
- Download Research Paper
- Author:
- Jie Gan, Hong Kong University of Science and Technology
- 3:20-3:40 p.m.
Coffee break
- Session 6: 3:40-5:00 p.m.
- Can market price diverge from fundamentals for an extended period? Evidence from the late 1990’s
- Download Research Paper
- Author:
- Asher Curtis, University of New South Wales
- Bubbles and Panics in a Frictionless Market with Heterogeneous Expectation
- Download Research Paper
- Authors:
- H. Henry Cao, Cheung Kong Graduate School of Business
- Hui Ou-Yang, Fuqua School of Business at Duke University
- 6:30 p.m.
Informal dinner at Scholar’s Inn
- Are Bubbles and Penny-Stock Valuations Part of the CAPM?
- Download Research Paper
- Author:
- Haim Kedar-Levy, Ben-Gurion University of the Negev
