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About the Conference

In the last twenty years political considerations have become important in financial economics: from the design of the rules that make financial markets viable to politically-motivated changes in bankruptcy law, from political connections in firms to the effects of political uncertainty on investments, politics is playing a greater role in finance research. Yet, there is no conference dedicated to this topic. For this reason the Stigler Center at the University of Chicago Booth School of Business is launching the first Conference on the Political Economy of Finance. We hope this will become an annual gathering for all scholars interested in this topic.

The conference venue is the Gleacher Center, located in downtown Chicago at 450 N Cityfront Plaza Dr.


Thursday, June 1

3 p.m. - 3:40 p.m. Caught with the Hand in the Cookie Jar: Firm Growth and Labor Reallocation after Exposure of Corrupt Practices (with Spyridon Lagaras)
Jacopo Ponticelli, University of Chicago Booth School of Business
Margarita Tsoutsoura, University of Chicago Booth School of Business
Discussant: Pat Akey, University of Toronto, View Slides
3:40 p.m. - 4:20 p.m. Political Determinants of Competition in the Mobile Telecommunication Industry
Mara Faccio, Purdue University and University of Chicago
Luigi Zingales, University of Chicago Booth School of Business, View Slides
Discussant: Randall Morck, Alberta School of Business, University of Alberta
4:20 p.m. - 5 p.m. Take the Money and Run? Privatizations and Rent Extraction (with Felipe González and Mounu Prem)
Francisco Urzua, Erasmus University, View Slides
Discussant: Paola Sapienza, Kellogg School of Management, Northwestern University, View Slides
5:30 p.m. Cocktail Reception
6:00 p.m. Dinner (Gleacher 350)
Keynote Address
Raghuram Rajan, University of Chicago Booth School of Business

Friday, June 2

8 a.m. - 8:30 a.m. Breakfast
 8:30 a.m. - 9:20 a.m. Policy Uncertainty, Political Capital, and Firm Risk-Taking (with Pat Akey)
Stefan Lewellen, London Business School, View Slides
Discussant: Pietro Veronesi, University of Chicago Booth School of Business
9:20 a.m. - 10:10 a.m. All the President’s Friends: Political Access and Firm Value (with Jeffrey R. Brown)
Jiekun Huang, University of Illinois at Urbana-Champaign, View Slides
Discussant: Todd Mitton, Marriott School, Brigham Young University, View Slides
10:10 a.m. - 10:30 a.m. Break
10:30 a.m. - 11:20 a.m. The Political Economy of Bank Bailouts (with Bo Bian, Rainer Haselmann, and Thomas Kick)
Vikrant Vig, London Business School
Discussant: Christian Leuz, University of Chicago Booth School of Business, View Slides
11:20 a.m. - 12:10 p.m. Political Borders and Bank Lending in Post-Crisis America (with Andrew Rose)
Matthieu Chavaz, Bank of England, View Slides
Discussant: Hamid Mehran
12:30 p.m. - 1:45 p.m. Lunch
2 p.m. - 2:50 p.m. Political Influence and Merger Antitrust Reviews (with Suraj Srinivasan and Wanli Zhao)
Mihir N. Mehta, University of Michigan, View Slides
Discussant: Gordon Phillips, Tuck School of Business, Dartmouth College
2:50 p.m. - 3:40 p.m. Lobbying on Regulatory Enforcement Actions: Evidence from U.S. Commercial and Savings Banks
Thomas Lambert, Rotterdam School of Management, Erasmus University, View Slides
Discussant: Viktar Fedaseyeu, Bocconi University
3:40 p.m. - 4 p.m. Break
4 p.m. - 4:50 p.m. Subnational Debt of China: The Politics-Finance Nexus (with Haoyu Gao and Dragon Yongjun Tang)
Hong Ru, Nanyang Business School, Nanyang Technological University, View Slides
Discussant: Jose Liberti, DePaul University and Northwestern University, View Slides
5 p.m. Conference Ends

Conference Organizers

  • Mara Faccio, Hanna Chair in Entrepreneurship & Professor of Finance, Krannert School of Management, Purdue University
  • Luigi Zingales, Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance, University of Chicago Booth School of Business

Program Committee

  • Pat Akey
  • Efraim Benmelech
  • Mara Faccio
  • Viktar Fedaseyeu
  • Raymond Fisman
  • Stephen Haber
  • Todd Mitton
  • Francesco Trebbi
  • Vikrant Vig
  • Paolo Volpin
  • Yupana Wiwattanakantang
  • Luigi Zingales

For more information or to register, contact:

Sarah Niemann, Assistant Director, Stigler Center