3rd Workshop on Markets and Intermediaries

September 29th – September 30th 2025
Room 220, School of Business and Economics, Humboldt University, Spandauer Str. 1, 10178 Berlin

Jointly organized by Deutsche Bundesbank and Humboldt-Universität zu Berlin

Organizers: Max Bruche (Humboldt University), Falko Fecht (Bundesbank), and Philipp König (Bundesbank).

Program

Monday 29 September 2025

12:30 -- 13:00 — Registration & Welcome
13:00 -- 14:40 — Session: Loans and Deposits

Credit Supply and Green Investments
Authors: Antonio Accetturo (Bank of Italy), Giorgia Barboni (Warwick), Michele Cascarano (Bank of Italy), Emilia Garcia-Appendini (Norwich Business School), Marco Tomasi (Bank of Italy)
Discussant: Francesc Rodríguez-Tous (Bayes Business School)

Optimal Banking Arrangements: Liquidity Creation without Fragility
Authors: Maxi Guennewig (Bonn), Yuliyan Mitkov (Bonn)
Discussant: Siema Hashemi (Liverpool)

14:40 -- 15:10 — Coffee break
15:10 -- 16:10 — Keynote

Corporate Runs and Credit Reallocation
Authors: Elena Carletti (Bocconi), Filippo De Marco (Bocconi), Vasso Ioannidou (Bayes Business School), Enrico Sette (ECB)

16:10 -- 16:40 — Coffee break
16:40 -- 18:20 — Session: Bank-firm Matching

Search Frictions in Credit Markets
Presenter: Clément Mazet-Sonilhac (Bocconi)
Discussant: Enrico Sette (ECB)

Bank Specialization in Lending to New Firms
Authors: Diana Bonfim (Banco de Portugal), Ralph De Haas (EBRD), Alexandra Matyunina (Banco de España), Steven Ongena (Zurich)
Discussant: Martin Goetz (Bundesbank)

19:00 -- 21:30 — Conference Dinner: Restaurant Hackescher Hof
(presenters and discussants only)

Tuesday 30 September 2025

08:30 -- 10:10 — Session: Bankruptcy

Bankruptcy Law and the Market for Corporate Influence: Extending the Creditors' Bargain to Distress Investors
Authors: Mike Burkart (Stockholm School of Economics), Samuel Lee (Santa Clara), Vladimir Vladimirov (Amsterdam)
Discussant: Sebastian Pfeil (Groningen)

The Economics of Legal Uncertainty
Authors: Jiwon Lee (Princeton), David Schoenherr (Princeton), Jan Starmans (Stockholm School of Economics)
Discussant: Gil Nogueira (Banco de Portugal)

10:10 -- 10:40 — Coffee break
10:40 -- 12:20 — Session: Monetary and Fiscal Policy

Banking under Large Excess Reserves
Presenter: Basile Dubois (McGill)
Discussant: Matthias Kaldorf (Bundesbank)

Fiscal Constraints, Disaster Vulnerability, and Corporate Investment Decisions
Authors: Nicola Maria Fiore (Bocconi), Thorsten Martin (Frankfurt School), Florian Nagler (Bocconi)
Discussant: Olga Goldfayn-Frank (Bundesbank)

12:20 — Lunch to go
(presenters and discussants only)