Frederic Malherbe - London FIT Network

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The London FIT Network EuroFIT
The London FIT Network is an informal network of London based (linked) researchers with interests in Financial Intermediation Theory (broadly defined).
  • Its purpose is to foster interactions and to offer members a platform to exchange ideas and an opportunity to informally present their work.
  • It is open to everyone interested, but the main target is junior AP/Postdocs.
  • Current members are from the BoE, Birmingham, Bristol, Cambridge, Cass, Exeter, Imperial, LBS, LSE, Oxford, UCL, and Warwick.
  • Please contact me ( if you are interested.

Next events
  • The annual EuroFIT Workshop "Financial Intermediation and Risk" at the Barcelona GSE Summer Forum will take place on June 12-13, 2017.  Click [here] for the call for papers (submission deadline: February 28th, 2017); click [here] for the workshop's website.
  • The Sixth "Oxford Financial Intermediation Theory" (OxFIT) conference will take place at Oxford University on August 29-30, 2017. Click [here] for the call for papers (submission deadline: April 17, 2017), and [here] for last year’s program.

Past events


April 13, 2017: Workshop at LBS (LT2)

14.00 Coffee, tea and cookies
14.15 Hongda Zhong (LSE): Debt Structure under Limited Commitment
15.00 Heski Bar-Isaac (LBS): Blockholder Voting
15.45 Coffee break
16.00 Kebin Ma (Warwick): Systemic Risk and Market Liquidity
16.45 Adjourn


EuroFIT Conference on Syndicated Loans
At the London Business School December 19-20, 2016.

December 19, 2016

13.30    Registration
14.00    Mariassunta Giannetti (Stockholm School of Economics): Shock Propagation and Banking Structure (with Farzad Saidi)
Discussant: Sascha Steffen (University of Mannheim)
15.00    Maria Loumioti (MIT): Portfolio Performance Manipulation in Collateralized Loan Obligations (with Florin Vasvari)
Discussant: Cem Demiroglu (Koc University)
16.00    Tea and coffee break
16.30    Matt Gustafson (Penn State): Bank Monitoring: Evidence from Syndicated Loans (with Ivan Ivanov and Ralf Meisenzahl)
Discussant: Matt Plosser (NY Fed)
17.30    Keynote Speaker
Bo Becker (Stockholm School of Economics): Bad times, good credit (with Kasper Roszbach and Marieke Bos)
Discussant: Tony Saunders (NYU)
18.30    Adjourn
18.45    Reception drinks (everyone welcome - Garden Room)
19.30    Dinner (invitation only)

December 20, 2016

9.00      Tea, coffee and pastries
9.30      Peter Demerjian (University of Washington): Assessing the Accuracy of Forward-Looking Information in Debt Contract Negotiations: Management Forecast Accuracy and Private Loans (with John Donovan and Jared Jennings)
Discussant: Bugra Ozel (UT Dallas)
10.30    Tea and coffee break
11.00    Glen Schepens (ECB): Life below zero: Bank lending under negative policy rates (with Florian Heider and Farzad Saidi)
Discussant: Ralf Meisenzahl (Federal Reserve Board)
12.00    Lunch
13.00    Andrew Bird (Carnegie Mellon): Short-termism Spillovers from the Financial Industry (with Aytekin Ertan, Stephen Karolyi, and Tom Ruchti)
Discussant: Ningzhong Li (UT Dallas)
14.00    Tim Eisert (Erasmus University Rotterdam): Whatever it takes: The real effects of unconventional monetary policy (with Viral Acharya, Christian Eufinger, and Christian Hirsch)
Discussant: Tobias Berg (Frankfurt School of Finance & Management)
15.00    Adjourn

October 21, 2016: Workshop at LBS (LT10)

14.20     Coffee and Tea
14.30     Frederic Malherbe (LBS): A positive analysis of bank behaviour under capital requirements (with Saleem Bahaj)
15.30     Peter Zimmerman (Oxford): Relationship lending when banks are fragile (with Alan Morrison and Joel Shapiro)
16.30     Mike Mariathasan (KU Leuven): Rational Inattention and Counter-Cyclical Lending standards (with Sergey Zhuk)
17.30     Adjourn

May 13, 2016: Workshop at LBS 

15.00     Coffee and Tea
15.15     Joel Shapiro (Said Business School): Credit Ratings and New Information
16.00     Q&A and comments
16.15     Kebin Ma (Warwick Business School): Bank Information Sharing and Liquidity Risk
17.00     Q&A and comments
17.15     Adjourn

December 14, 2015: JOB MARKET teaser session at LBS
Venue: LBS – Room SG06 

10.30     Coffee and tea
10.40     Pedro Pinto (LSE): Securitization, Non-Recourse Loans and House Prices
11.30     Ansgar Walther (Oxford): Crowding out Disclosure: Amplification and Stress Test Design
12.20     Adjourn

The job-market teaser concept is the following:
  • Presenters are students on the market this year
  • With a job market paper (at least broadly) related to Financial Intermediation Theory
  • These are short presentations (45 min) that should follow some rules
    • Be concise and go to the point as quickly as possible
    • No more than 15 slides (which should not be too wordy)
    • Slides entitled as (or consisting of what) follows are not allowed:
      • Literature review
      • Preview of the results
      • Outline
    • Every variable that is shown should be named

November 13, 2015: Workshop at LBS (Room A125)

14:30     Tea, coffee, cookies
14:45     Rish Singhania (Exeter): Bank Deposit Insurance in the Presence of Uninsured Financial Institutions (with Stephen LeRoy)
             (45 min + 15 min Q&A / discussion)
15:45     Break
16:00     Shengxing Zhang (LSE): Endogenous Market Making and Network Formation (with Briana Chang)
              (45 min + 15 min Q&A / discussion)
17.00     Adjourn

October 9, 2015: Workshop at LBS

14.00     Tea and coffee
14.15     Martin Oehmke (Columbia and LSE): Bank Resolution and the Structure of Global Banks (with Patrick Bolton)
15.30     Coffee break
15.45     Christian Julliard (LSE): Information Asymmetries, Volatility, Liquidity, and the Tobin Tax (with Albina Danilova)
17.00     Adjourn

May 15, 2015: Workshop at Imperial

14.00     Registration
14.15     Anatoli Segura (Bank of Italy): Off-balance sheet vehicles, voluntary support and bank reputation
15.30     Coffee break
15.45     Douglas Gale (Imperial): A Model of Bank Capital in which Deposits Have Social Value 
17.00     Brannon Morrison (LBS, ex FDIC): The FDIC during the crisis (provisional title)
18.00     Reception (Ognisko restaurant, Exhibition Road)


April 17, 2015: Workshop at LBS

14.15     Tea and coffee
14.30     Ansgar Walther (Oxford): Rules vs. discretion in bank resolution (with Lucy White)
15.30     Discussion
15.45     Coffee break
16.00     Rafael Matta (Amsterdam): Insecure Debt (with Enrico Perotti)
17.00     Discussion
17.15     Drinks (Windsor Castle)

December 11-12, 2014: EuroFIT Conference at LBS (click here)

November 28, 2014: JOB MARKET TEASER session at Cass Business School 

14.00     Tea and coffee
14.15     Kebin Ma (Warwick): Self-fulfilling Fire Sales, Bank Runs and Contagion: Implications for Bank Capital and Regulatory Transparency
15.15     Break
15.30     JM Teaser 1: Guillaume Villemey (Sciences-Po): Derivatives and Reisk Management by Commercial Banks 
16.15     JM Teaser 2: Di Gong (Tilburg): Systemic Risk-taking at Banks: Evidences from the pricing of syndicated loans 
17.00     Adjourn

October 3, 2014: Workshop at London Business School (room ELG001, E Wing) 

14.45     Tea and coffee
15.00     Shengxing Zhang (LSE): Collateral Risk, Repo Rollover and Shadow Banking
16.00     Ilaf Scheikh Elard (Oxford): Capital Repatriation, Openness and Financial Crisis
17.00     Adjourn

May 30, 2014Workshop at London Business School  (Room PLG03)
14.30     Coffee
14.50     Christoph Bertsch (Sveriges Riksbank): A detrimental feedback loop: deleveraging and adverse selection
15.40     Christian Laux (WU Vienna): Regulating Bank CEO Compensation and Active Boards
16.30     Coffee break
16.40     Maxim Nikitin (ICEF Moscow): Globalization, Exchange Rate Regimes and Financial Contagion
17.30     Adjourn

December 13, 2013 (afternoon): Job-market teaser session at LBS. 

14.20     Coffee
14.30     Jing Zeng (LSE): Contingent Capital Structure
15.15     Jason Donaldson (LSE): Procyclical Promises
16.00     John Kuong (LSE): Self-fulfilling Fire Sales: Fragility of Collateralised Short-term Debt Markets
16.45     Adjourn

November 29, 2013Workshop at London Business School  (Room PLG03)

2.15       Welcome coffee
2.30       Vania Stavrakeva (LBS): Optimal Bank Regulation and Fiscal Capacity
3.30       Coffee break
3.45       Afrasiab Mirza (Birmingham): Dynamic Prudential Regulation
4.45       Adjourn

September 27, 2013Workshop at London Business School  (Room LGH001)

9:45       Welcome coffee
10:00     Farzad Saidi (Cambridge): Information Sensitivity and Scope of Financial Intermediation: What are the Real Effects
11:00     Coffee break
11:15     David Skeie (NY Fed): Federal Reserve Tools for Managing Rates and Reserves
12:15     Adjourn

May 3, 2013Workshop at London Business School  (Room PLG03)

9:45        Welcome coffee
10:00     Joel Shapiro (Oxford): A Mechanism for LIBOR 
10:50     Coffee break
11:00     Max Bruche (Cass): Debt Maturity and the Liquidity of Secondary Debt Markets 
11:50     Adjourn

March 8, 2013Workshop at London Business School  (Room SG06)

9.30       Welcome coffee
9.45       Ansgar Walther (Cambridge): Capital and Liquidity Regulation
10.30     Coffee break
10.45     Jason Donaldson (LSE): Investment Mandates and the Downside of Precise Credit Ratings (with Giorgia Piacentino, LSE)
11.30     Adjourn

The Macroeconomics of Financial Stability
At the London Business School on 4 December 2012. Click here for the programme.

November 30, 2012Workshop at London Business School  (Room PLG03)

14:00     Max Bruche (Cass): Preventing Zombie Lending
14:45     Ansgar Walther (Cambridge): Capital and Liquidity Regulation (Job market teaser)
15:30     Coffee break
16:00     Toni Ahnert (LSE): Crisis, Coordination, and Contagion (Job market teaser)
16:45     Christoph Bertsch (UCL): A model of liquidity provision with adverse selection (Job market teaser)
17:30     Adjourn
17:30     Drinks at the Windsor Castle

October 12, 2012Workshop at London Business School (room E202)

09:45    Welcome coffee
10:00    Jing Zeng (LSE): Contingent Capital and Bank Regulation 
10:40    Q&A
11:00    Ana Babus (Imperial): Trading and Information Diffusion in Over-the-Counter Markets
11:40    Q&A

May 11, 2012Workshop at London Business School

"Communication in Banking Crisis"
09:45    Welcome coffee
10:00    Joel Shapiro (Oxford): Information Management in Banking Crises
11:00    Questions and answers

March 2, 2012Workshop at London Business School

"Financial conglomerates and risk taking"
09:45    Welcome coffee
10:00    Christoph Bertsch (UCL): The banker in a prisoner's dilemma
11:00    Discussion by Jing Zeng (LSE)
11:30    Questions and answers

January 20, 2012Workshop at London Business School

"Vickers Report / Retail Bank Ring Fence"
09:45    Welcome and coffee
10:00    Christoph Bertsch (UCL): Overview of the Vickers Ring-fencing proposal
10:30    Fred Malherbe (LBS): Ring-fencing the Banks (work in progress)
11:00    Discussion

Additional Material: 


November 10, 2011: Workshop at London Business School

"Liquidity and Capital Requirements"

09:45    Welcome and coffee
10:00    Toni Ahnert (LSE): Systemic Liquidity Requirements (with Benjamin Nelson, BoE)
10:40    Discussion by Christoph Bertsch (UCL) 
11:00    General discussion and comments
11:30    Fred Malherbe (LBS): Dynamic Macro-prudential Policy (work in progress)