May 31st
11:45 Reception
1st Session
12:00-12:45 “Market Frictions, Investor Sophistication and Persistence in Mutual Fund Performance”
Ariadna Dumitrescu (Esade) and Javier Gil (UPF)
Discussant: Ramiro Losada (CNMV)
12:45-13:30 ”Financial Crises and Cross-Border Banking: New evidence”
Sylvia Heuchemer (Cologne University) Stephanie Kleimeier (Maastricht School of Management) and Harald Sander (Cologne University and Maastricht School of Management)
Discussant: Judit Montoriol (Univeristat Autònoma Barcelona)
13:30-15:00 Lunch.
2nd Session
15:00-15:45 “How Can we Interpret CDS Spread during the Crisis? A Dynamic Factor Model Approach”
Carmen Broto (Bank of Spain) and Gabriel Pérez-Quirós (Bank of Spain)
Discussant: Juan Angel Lafuente (Universitat Jaume I)
15:45-16:30 “Credit Risk Discovery in the Stock and CDS Markets: Who Leads in Times of Financial Crisis?”
Santiago Forte (Esade) and Lidija Lovreta (CUNEF)
Discussant: Manuel Moreno (Universidad Castilla la Mancha)
16:30-17:15 “Credit-Risk Valuation in the Sovereign CDS and Bonds Markets: Evidence from the Euro Area Crisis”
Oscar Arce (CNMV), Sergio Mayordomo (CNMV) and Juan Ignacio Peña (UC3M)
Discussant: José Olmo (Centro Universitario Defensa Zaragoza and City University London)
17:15-17:45 Coffee break.
3rd Session
17:45-18:30 “The 2007-2009 Financial Crisis: Changing Market Dynamics and the Impact of Credit Supply and Aggregate Demand Sensitivity”
Theoharry Grammatikos (Luxembourg School of Finance) and Robert Vermeulen (De Nederlandsche Bank, Economics and Research Division)
Discussant: Nicolas Boccard (University of Girona)
18:30-19:15 “Volatility Bounds, Sorting Stocks, and Real activity prediction”
Belén Nieto (Universidad de Alicante) and Gonzalo Rubio (Universidad Cardenal Herrera, CEU)
Discussant: Ricardo Laborda (Centro Universitario Defensa Zaragoza)
20:30 Dinner
June 1st
4thSession
9:45-10:30 “The Determinants of the Correlation between Individual Stock and Corporate Bond Returns”
Ryan Monkerud (Universidad Cardenal Herrera CEU), Belén Nieto (University of Alicante) and Rosa Rodríguez (UC3M)
Discussant: Oscar Martinez (Universitat Roviri i Virgili)
10:30-11:15 “Say Pays: The Effect of Say-on-Pay on Firm Performance”
Vicente Cuñat (London School of Economics), Mireia Gine (University of Pennsylvania, WRDS) and María Guadalupe (Columbia University, CEPR, IZA and NBER)
Discussant: Pere Ortín (Universitat Autònoma Barcelona)
11:15-11:45 Coffee break.
12:00-14:00 Roundtable
Financial System Perspectives after the Crisis: The Spanish Case in the European Context
Jordi Gual (Chief Economist "la Caixa" ).
Fernando Restoy (Vicepresident of CNMV)
Gonzalo Rubio (Professor of Financial Economics, CEU)
Vicente Salas (Member of the Executive Commission of the Banco de España)
Antoni Serra-Ramoneda (Professor Emeritus in the Department of Business, UAB)
14:00 Lunch.
17:00 Guided tour Girona