PROGRAMME 2026
Thursday
09.00
REGISTRATION
09.30
WELCOME AND OPENING REMARKS
Monica Billio, Ca' Foscari University of Venice
Roberto Rigobon, MIT Sloan School of Management, Programme Chair
10.00
SESSION I: AI, INFORMATION AND DEMOCRATIC INSTITUTIONS
Chair: TBD
Invited Talk: The Democratic Paradox in Large Language Models’ Underestimation of Press Freedom
Roberto Rigobon, MIT Sloan School of Management
11.00
COFFEE BREAK
11.30
SESSION II: RESPONSIBLE AI IN FINANCE: FAIRNESS, GOVERNANCE AND MARKET INTEGRITY
Chair: TBD
Fairness by Design: Machine Learning and Interpretable Mortgage Lending
Richard Stanton, UC Berkeley (joint with Sebastian Bell, Ali Kakhbod, Abdolreza Nazemi, and Nancy Wallace)
Discussant: John Cotter, University College Dublin
Intellectual Property Protection for AI-Generated Output
Logan P. Emery, Erasmus University Rotterdam (joint with Robin Döttling, and Shuo Zhao)
Discussant: Jan Pieter Krahnen, Leibniz Institute for Financial Research SAFE and Goethe University Frankfurt
When LLMs Whisper: Information Leakage and Collusion in Financial Markets
Hayong Yun, Eli Broad College of Business
Discussant: Roberto Rigobon, MIT Sloan School of Management
13.00
LUNCH
14.15
SESSION III: AI INNOVATION, DATA AND NEW METHODS IN FINANCE
Chair: TBD
AI-Absorbing Innovation
Amrita Nain, University of Iowa (joint with Adair Morse)
Discussant: Stefano Colonnello, Ca’ Foscari University of Venice
Machine Learning M&A Strategies
Xiaohan Xue, University of Bath (joint with Dragon Yongjun Tang, and Fangming Xu)
Discussant: Galina Andreeva, University of Edinburgh Business School
Real-Time Risk Dynamics in the Financial Sector
Federico Maglione, University of Florence (Raffaele Corvino, and Berardino Palazzo)
Discussant: Celso Brunetti, Board of Governors of the Federal Reserve System
16.30
ESG-UPTAKE SESSION: SUSTAINABLE CREDIT: TAXONOMIES, POLLUTION AND BIODIVERSITY RISK
Chair: TBD
ESG UPTAKE — TSI-2023-ESGRM-IBA - ESG risk management framework for the financial sector.
Funded by the European Commission - Grant Agreement N° 101145727.
The Pricing of EU Taxonomy (Partially) Aligned Loans: Evidence from a Central Banking Disclosure Mandate
Luminita Tatarici, National Bank of Romania (joint with Theodor F. Cojoianu, Florian Neagu, Amalia Stamate, and Vasile Alecsandru Strat)
Discussant: Katia Vozian, Joint Research Centre, European Commission
Do Banks Fully Price Biodiversity Risk?
Guglielmo Alessandro Visentin, University of Reading & Ca’ Foscari University of Venice (joint with Monica Billio, Lisa Schopohl, Simone Varotto, Andy Purvis, and Adriana De Palma)
Discussant: Caterina Rho, Joint Research Centre, European Commission
The Climate-Biodiversity-Pollution Nexus: The Pricing of Environmental Credit Risks for European Industrial Polluters
Dominik Hirschbühl, European Central Bank (joint with Andrej Ceglar, Theodor F. Cojoianu, Tina Emambakhsh, Yifan Qi, Caterina Rho, Elsie Hu, Marco Petracco, Fabrizio Biganzoli, Alfred de Jager, Laura Garcia Herrero, Andrea Mandrici, and Carlo Pasqua)
Discussant: Andrea Monticini, Università Cattolica Milano
20.00
SOCIAL DINNER
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Friday
09.30
SESSION V: SAFE ASSETS, REGULATION AND INTEGRATED FINANCIAL SUPERVISION
Chair: TBD
Invited Talk: "Safety” by Designation: How Regulatory Treatment Affects the Convenience Yield of Near-Safe Assets
Viral V. Acharya, NYU Stern School of Business (joint with Patrick Augustin, Marti G. Subrahmanyam, and Davide Tomio)
One Market, One Supervision: Rethinking the Supervisory Landscape for a Truly Integrated Capital Market in Europe
Zakaria Gati, European Central Bank (joint with Jacopo Carmassi, Olivier Dumora Lemaire, Johanne Evrard, Cyprien Milea, Laura Parisi, Clément Rouveyrol and Alessandro Spolaore)
Discussant: Loriana Pelizzon, Leibniz Institute for Financial Research SAFE, Goethe University Frankfurt & Ca’ Foscari University of Venice
10.30
COFFEE BREAK
11.00
POLICY AND INDUSTRY PANEL: GOVERNING AI-DRIVEN CREDIT MARKETS: INNOVATION, STABILITY AND RESPONSIBILITY
Chair: Kathrin Carlson (POLITICO Europe)
Participants:
TBD
13.00
LUNCH
14.15
SESSION VI: CREDIT MARKETS UNDER TECHNOLOGICAL AND MONETARY SHOCKS: PRICING, NON-BANKS AND LIQUIDITY
Chair: TBD
Equity Prices the Opportunity, Debt Prices the Risk: Generative AI and Corporate Credit Spreads
Alberto Plazzi, Swiss Finance Institute & Università della Svizzera Italiana (joint with Priyank Gandhi, Juntai Lu, Jasper Pan, and Jia Wei)
Discussant: Marti G. Subrahmanyam, NYU Stern School of Business
When the Spare Tyre Goes Flat: Monetary Policy Transmission through Non-Banks
Roman Goncharenko, Central Bank of Ireland and KU Leuven (joint with Elizaveta Lukmanova)
Discussant: Ruggero Jappelli, Warkwick Business School
QE-QT, Bank Liquidity Risk Management, and Non-Bank Funding: Evidence from Administrative Data
Jose-Luis Peydro, LUISS & EIEFA (joint with R. Matthew Darst, Sotirios Kokas, Alexandros Kontonikas, and Alexandros P. Vardoulakis)
Discussant: Stephen Schaefer, London Business School
16.30
SESSION VII: NATURE-RELATED AND CLIMATE RISKS: MORTGAGE LENDING, CORPORATE ADAPTATION AND CREDIT ALLOCATION
Chair: TBD
The Impact of Biodiversity Loss on Residential Mortgage Lending
Francesca Battaglia, University of Napoli Parthenope (joint with Raffaella Calabrese, and Yujia Chen)
Discussant: Marco Taddei, University of Rome Tor Vergata
Firm-Level Climate Change Adaptation
Tobias Schimanski, University of Zürich & ETH Zurich
Discussant: Andrea Giacomelli, KnowShape, Ca’ Foscari University of Venice and GRETA
Preempting Gas Bans: Policy Retrenchment and Credit Allocation
Francesco Mazzola, ESCP Business School (joint with Yuna Heo, and Thomas Lambert)
Discussant: Michele Costola, Ca’ Foscari University of Venice
17.45
CLOSING REMARKS AND END OF THE CONFERENCE
