Program

38th Mitsui Symposium: New Frontiers in Financial Intermediation
June 11-13, 2025
Ann Arbor, Michigan

Wednesday, June 11, 2025

The Graduate Hotel Regency Ballroom, 615 E. Huron Street

 6:00 p.m. – 7:30 p.m.| Welcome Reception 

Thursday, June 12, 2025

Stephen M. Ross School of Business, 701 Tappan Ave

8:00 – 8:55 a.m. | Breakfast and Registration,  R2210

9:00 a.m. | Welcome from M.P. Naryanan, Faculty Director, Mitsui Life Financial Research Center

Session 1: Credit Market Competition
9:00 – 10:30 a.m. |
“Information Span in Credit Market Competition,” Zhiguo He (Stanford University), Jing Huang (Texas A&M University), Cecilia Parlatore (New York University)
Discussant: Jonathan Payne, Princeton University

“Private Debt versus Bank Debt in Corporate Borrowing,” Sharjil Haque (Federal Reserve Board of Governers), Simon Richard Mayer (Carnegie Mellon University, Irina Stefanescu (Federal Reserve Board of Governers)
Discussant: Agustin Hurtado, University of Maryland

10:30 – 11:00 a.m. | Morning Break

Session 2: Financial Stability
11:00 – 12:30 p.m. |
“The Dynamics of Deposit Flightiness and its Impact on Financial Stability,” Kristian Blickle (New York Fed), Jian Li (Columbia Business School), Xu Lu (University of Washington at Seattle), Yiming Ma (Columbia Business School)
Discussant: Jinyuan Zhang, UCLA

“Extend-and-Pretend in the U.S. CRE Market,” Matteo Crosignani (New York Fed), Saketh Prazad (Harvard University)
Discussant: Neroli Austin, University of Michigan

Lunch and Keynote Speech, Blau Colloquium. 

12:30  – 2:30 p.m. 

Viral Acharya (New York University), "When is Less More? Bank Arrangements for Liquidity vs Central Bank Support"

Session 3: Information in Lending
2:30 – 4:00 p.m. |
“Writing Quality and Soft Information in the GenAI Age: Evidence from Online Credit Markets,” Lin William Cong (Cornell University SC Johnson College of Business), Yanhong Guo (Dalian University of Technology), Xin Zhao (Dalian University of Technology), Wenjun Zhou (The University of Tennessee Knoxville)
Discussant: Benedict Guttman-Kenney, Rice University

“Subjective Expectations and Financial Intermediation,” Francesco D’Acunto (Georgetown University), Janet Gao (Georgetown University), Lu Liu (Central University of Finance and Economics), Kai Lu (Shanghai Jiao Tong University), Zhengwei Wang (Tsinghua University), Jun Yang (Indiana University)
Discussant: Matthew Baron, Cornell University

4:00 – 4:30 p.m. | Afternoon Break

6 – 9:00 p.m.| Reception and Dinner. Michigan Stadium, Jack Roth Stadium Club Weston Lounge

Friday, June 13, 2025

Stephen M. Ross School of Business, 701 Tappan Ave

8 – 9:00 a.m. | Breakfast, R2210

Session 4: Payment Systems
9:00 – 10:30 a.m. |
“Shadow Banks on the Rise: Evidence Across Market Segments,” Kim Cramer (LSE Finance), Nishant Vats (Washington University in St. Louis), Pulak Ghosh (Indian Institute of Management), Nirupama Kulkarni (CAFRAL)
Discussant: Huan Tang, University of Pennsylvania

“The Effect of Instant Payments on the Banking System: Liquidity Transformation and Risk-Taking,” Ding Ding (University of Pennsylvania), Rodrigo Gonzalez (Central Bank of Brazil), Yiming Ma (Columbia Business School), Yao Zeng (University of Pennsylvania)
Discussant: Thomas Eisenbach, New York Fed

10:30 – 11:00 a.m. | Morning Break

Session 5: Trading Desks/Broker-Dealers
11:00 – 12:30 p.m. |
“What Do Bank Trading Desks Do?” Lina Lu (Federal Reserve Bank of Boston), Jonathan Wallen (Harvard University)
Discussant: Mathias Kruttli, Indiana University

“Liquidity Management of Bank-Affiliated Broker Dealers: Insights from Volumes and Prices” Jennie Bai (Georgetown University), Sebastian Infante (Federal Reserve Board), Erik Bostrom (Federal Reserve Board), Victoria Ivashina (Harvard University)
Discussant: Amy Wang Huber, University of Pennsylvania

12:30 – 1:00 p.m. | Best Discussant Award

1:00 p.m. | Lunch