FRIC’13: Conference on Financial Frictions

August 27-28, 2013, Copenhagen Business School

Center for Financial Frictions (FRIC) and the ERC project FRICTIONS at The Department of Finance, Copenhagen Business School are proud to announce the first international conference on financial frictions.

The conference is organized by the FRIC Center and the ERC project FRICTIONS. The conference focuses on the economic consequences of financial frictions in global capital markets.


The conference will take place at Solbjerg Plads in room SP202(Carlsberg aud)


Organized by: David Lando and Lasse Heje Pedersen




Tuesday, August 27, 2013 - at SP202 (Carlsberg aud)

8:00-9:00       Registration and coffee

9:00-9:15       Welcome and opening remarks David Lando and Lasse Heje Pedersen

9:15-10:00   Annette Vissing-Jørgensen (More information), Haas School of Business, UC Berkeley

Diagnosing Europe: What can we learn from the effects of ECB interventions?

Discussant: Paul Söderlind (More information), Swiss Institute for Banking and Finance, University of St. Gallen

Slides Søderlind

10:00-10:45 Adi Sunderam, Harvard Business School (More information)

Money Creation and the Shadow Banking System

Discussant: Tobias Adrian (More information), Federal Reserve Bank of New York

10:45-11:15   Coffee break

11:15-12:00 Keynote speaker: Hyun Song Shin (More information), Princeton University

Two Phases of Global Liquidity

Slides Shin

12:00-13:30   Lunch

13:30-14:15 Ralph Koijen (More information), London Business School

Shadow Insurance

Discussant: Adair Morse (More information), University of Chicago (Visiting UC Berkeley)

14:15-15:00 Samuel G. Hanson (More information), Harvard Business School

Mortgage Convexity

Slides Hanson

Discussant: Peter Feldhütter (More information), London Business School

Slides Feldhütter

15:00-15:30   Coffee break

15:30-16:30 Keynote speaker: Yakov Amihud (More Information), Stern School of Business, New York University

An overview of liquidity and asset pricing: implications for the current economic environment

16:30-17:30   Cocktail reception



Wednesday, August 28, 2013 - at SP202 (Carlsberg aud)

8:00-9:00       Coffee

9:00-9:45     Keynote speaker: Jean Tirole (More information), Toulouse School of Economics

Liquid Bundles

Slides Tirole

9:45-10:30   Yuliy Sannikov (More information), Princeton University

Quiet Times and Financial Fragility

Slides Sannikov

Discussant: Guillaume Plantin (More information), IDEI Researcher, University of Toulouse

Slides Plantin

10:30-11:00   Coffee break

11:00-11:45 Dimitri Vayanos (More information), London School of Economics

Asset Management Contracts and Equilibrium Prices

Slides Vayanos

Discussant: Sergey Chernenko (More information), Fisher College of Business, The Ohio State University

Slides Chernenko

11:45-12:30 Harrison Hong (More information), Princeton University

Speculative Betas

Slides Harrison

Discussant: Christopher Polk (More information), London School of Economics

12:30-12:45   Closing remarks: David Lando and Lasse Heje Pedersen

12:45-14.30   Lunch



Deadline for registration is August 15, 2013 - please note that we have a limited number of seats available for this event.  


The participant fee is DKK 750 and includes lunches and coffee buffets during the event as well as the cocktail reception. The listed price does not include accommodation. (DKK 750 is equivalent to EUR 100)


FRIC Center - COPENHAGEN BUSINESS SCHOOL- Department of Finance - Solbjerg Plads 3 - 2000 Frederiksberg - Denmark - Tel: +45 3815 3737

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