Лекция Гура Губермана "The Unheralded Regulatory Forbearance in the US Financial Crisis" пройдет в Шанинке 23 мая
Regulatory forbearance of banks is a familiar theme in past crises yet it is hardly mentioned as a possibility in the US. Bank capital regulation relies heavily on banks’ own accounting valuation of their assets and contingent liabilities. Delayed recognition of deterioration of asset values mitigates the regulatory need to raise capital. Examples and statistical analysis illustrate the surprising extent to which financial intermediaries (ab)used accounting rules to beef up their capital. The role of regulators – those responsible for the integrity of the reporting and those charged with financial stability and systemic risks – is an open question.
23 May, 18:00
Gur Huberman is the Robert G.Kirby Professor of Behavioral Finance at Columbia Business School where he has taught since 1989. Prior to that he taught at Tel Aviv University and at the University of Chicago. Between 1993 and 1995 he was Vice $ President at JP Morgan Investment Management responsible for research on Quantitative equity trading. In that capacity he also helped develop tax aware Strategies for the private bank. He earned his PhD (with distinction) in operations Research from Yale in 1980 and his B.Sc. (cum laude) in mathematics from Tel Aviv University in 1975.
Professor Huberman’s published work Is widely read and cited; and covers a broad Range in finance and economics. He contributed to the theory of equilibrium return Risk tradeoff, to the theory of contracts, to the study of individuals’ portfolio selection, especially in the context of retirement savings, to the theory of liquidity and trading, and to Behavioral Finance.
Professor’s Huberman was a founding managing editor of the International Journal of Theoretical and Applied Finance. His co-authored paper won the 2006 Journal of Finance Distinguished Paper award of the Smith-Breeden Prize. He was a member Of the Academic Advisory Board of Morgan Stanley Equity Market Microstructure Research.