Friday, August 19, 2011, 10:30-12:15 pm; Asset Pricing Theoretical
Financial Innovation and Credit - C1

Session Chair: Xavier Vives, University of Navarra

• Risk-Sharing or Risk Taking? Counterparty Risk, Incentives and Margins PDF
  Bruno Biais¹,Florian Heider², Marie Hoerova²
  Toulouse School of Economics¹; European Central Bank²
  • Discussant: Jonathan Berk, Stanford University

• Natural Barrier to Entry in the Credit Rating Industry PDF
  Doh-Shin Jeon, Stefano Lovo
  Toulouse School of Economics; HEC Paris
  • Discussant: Konrad Raff, VU University Amsterdam

• CDOs and the Financial Crisis: Credit Ratings and Fair Premia PDF
  Marcin Wojtowicz
  VU University Amsterdam
  • Discussant: Marc Martos-Vila, University of California, Los Angeles