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10MAY2021
John Kuong (INSEAD)
The Design of a Central Counterparty
Online / Contact business.seminars@uc3m.es
Time : 13:00h.
Abstract: This paper studies the benefits of central clearing and the design of a central counterparty (CCP) with an optimal contracting approach. Investors sign contracts to hedge an underlying exposure. There is counterparty risk because investors can default on the contract due to idiosyncratic shocks and moral hazard. Mutualization of losses can thus hedge against counterparty risk but demands collateral for preventing moral hazard. The optimal contract involves loss mutualization, which requires central clearing, only when the cost of collateral is intermediate. Furthermore, as loss mutualization dilutes investors' incentives to monitor their counterparties, a third-party CCP can emerge as a centralized monitor and is given a first-loss, equity tranche as incentive compensation. Our results endogenize key features of the default resolution process, known as ``default waterfall", in a CCP. Finally, we show that larger user base of a contract favours central clearing (over bilateral trading) and clearing with third-party CCP (over member-owned CCP).
 
26APRIL2021
Gino Cattani (Leonard N. Stern School of Business)
Tradition as a Resource: Robust and Radical Interpretations of Operatic Tradition in the Italian Op
Online / Contact business.seminars@uc3m.es
Time : 15:00h.
 
22APRIL2021
Hubertus Wolff (University of Cologne)
The Measurement of Corporate Tax Avoidance in the Presence of Net Operating Losses
Online / Contact business.seminars@uc3m.es
Time : 13:00h.
 
16APRIL2021
Robert Davison (Colorado State University)
Coordinated Action in Multiteam Systems
Online / Contact business.seminars@uc3m.es
Time : 15:00h.
 
12APRIL2021
Wolf-Hendrik Uhlbach (Copenhagen Business School)
In search for new knowledge: When does hiring foreign R&D workers foster exploration?
Online / Contact business.seminars@uc3m.es
Time : 15:00h.
 
24MARCH2021
Moritz Hiemann (Columbia University)
Accrual Accounting in Performance Measurement and the Separation of Ownership and Control
Online / Contact business.seminars@uc3m.es
Time : 15:00h.
 
22MARCH2021
Alexander Kempf (University of Cologne)
Finding your calling: Matching skills with jobs in the mutual fund industry
Online / Contact business.seminars@uc3m.es
Time : 13:00h.
 
15MARCH2021
Vikas Agarwal (Georgia State University)
Eponymous Hedge Funds
Online / Contact business.seminars@uc3m.es
Time : 15:00h.
 
10MARCH2021
Boris Vallee (Harvard Business School)
The Effects of Local Government Financial Distress: Evidence from Toxic Loans
Online / Contact business.seminars@uc3m.es
Time : 16:00h.
08MARCH2021
Nadia Malenco (Boston College)
Corporate governance in the presence of active and passive delegated investment
Online / Contact business.seminars@uc3m.es
Time : 16:00h.
22FEBRARY2021
Martin Jacob (WHU - Otto Beisheim School of Management)
The Role of Personal Income Taxes in Corporate Investment Decisions
Online / Contact business.seminars@uc3m.es
Time : 13:00h.
 
11FEBRARY2021
Cristhian Seminario (University of Chicago)
Firm-level Risk Exposures and Stock Returns in the Wake of COVID-19
Online / Contact business.seminars@uc3m.es
Time : 16:00h.