Conference Agenda | The Municipal Finance Conference

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Thursday, July 31, 2014

11:00 a.m. -
12:30 p.m. -
Welcoming Remarks
Daniel Bergstresser, Associate Professor of Finance, BRANDEIS INTERNATIONAL BUSINESS SCHOOL
12:45 p.m. - 1:15 p.m.
RATINGS AND CREDIT RISK: Do Credit Ratings Have A Home Bias?
Jess Cornaggia, GEORGETOWN UNIVERSITY
Kimberly Cornaggia, AMERICAN UNIVERSITY
Ryan Dwight Israelsen, INDIANA UNIVERSITY
Discussant: Robert Donahue, Managing Director, MUNICIPAL MARKET ADVISORS
Moderator: Kurteric Forsgren, Managing Director, STANDARD & POOR'S RATINGS SERVICES
1:15 p.m. - 1:45 p.m.
RATINGS AND CREDIT RISK: Bankruptcy Risk Premium in the Municipal Securities Market
Tima Moldogaziev, Assistant Professor of Public Finance & Budgeting, UNIVERSITY OF GEORGIA
Sharon Kioko, SYRACUSE UNIVERSITY
Bart Hildreth, Professor, GEORGIA STATE UNIVERSITY
Discussant: Robert Doty, President, AGFS
Moderator: Kurteric Forsgren, Managing Director, STANDARD & POOR'S RATINGS SERVICES
1:45 p.m. - 2:15 p.m.
RATINGS AND CREDIT RISK: Direct Bank Investment in Municipal Debt
Daniel Bergstresser, Associate Professor of Finance, BRANDEIS INTERNATIONAL BUSINESS SCHOOL
Panelist: Peter Orr, President, INTUITIVE ANALYTICS
Discussant: Stephen Winterstein, Managing Director of Research & Chief Strategist, Municipal Fixed Income, WILMINGTON TRUST INVESTMENT ADVISORS, INC.
Moderator: Kurteric Forsgren, Managing Director, STANDARD & POOR'S RATINGS SERVICES
2:15 p.m. - 2:30 p.m.
2:30 p.m. - 3:15 p.m.
BUY SIDE DYNAMICS: The Structure of Demand for Tax-Exempt Securities: Past, Present, and Future
George Friedlander, Managing Director and Senior Municipal Strategist, CITIGROUP INC.
Discussant: Timothy Coffin, BRECKINRIDGE CAPITAL ADVISORS
Moderator: Michael Stanton, Head of Corporate Strategy and Communications, BUILD AMERICA MUTUAL
3:15 p.m. - 4:00 p.m.
BUY SIDE DYNAMICS: Municipal Bond Performance in a Rising Rate Environment
Miles Barnett, MUNICIPAL MARKET ADVISORS
Discussant: Daniel Berger, THOMSON REUTERS
Moderator: Michael Stanton, Head of Corporate Strategy and Communications, BUILD AMERICA MUTUAL
4:00 p.m. - 4:15 p.m.
4:15 p.m. - 4:45 p.m.
Track: A: ISSUER POLICY View Track Determinants of Debt Concentration at the State Level
Robert Greer, DEPARTMENT OF PUBLIC ADMINISTRATION AND POLICY, UNIVERSITY OF GEORGIA
Dwight Denison, UNIVERSITY OF KENTUCKY
Discussant: Mark Campbell, CDIAC
Moderator: Mark Robbins, Professor, UNIVERSITY OF CONNECTICUT
4:15 p.m. - 4:45 p.m.
Track: B: ISSUER TACTICS AND STRATEGY View Track Asset-liability Matching in the State and Local Sector
Daniel Bergstresser, Associate Professor of Finance, BRANDEIS INTERNATIONAL BUSINESS SCHOOL
Discussant: Joseph Fichera, CEO, SABER PARTNERS, LLC
Moderator: Michael Baumrin, RBC CAPITAL MARKETS
4:45 p.m. - 5:15 p.m.
Track: A: ISSUER POLICY View Track The Role of Tax-Exempt Debt in Financing Nonprofit Institutions of Higher Education
Todd Ely, Assistant Professor, UNIVERSITY OF COLORADO DENVER
Thad Calabrese, Assistant Professor of Finance, NEW YORK UNIVERSITY
Discussant: Remy Hathaway, PRAGER & CO.
Moderator: Mark Robbins, Professor, UNIVERSITY OF CONNECTICUT
4:45 p.m. - 5:15 p.m.
Track: B: ISSUER TACTICS AND STRATEGY View Track Financial Innovations and Issuer Sophistication in the Municipal Securities Markets
Stephan Whitaker, Research Economist, FEDERAL RESERVE BANK OF CLEVELAND
Discussant: Andy Kalotay, ANDREW KALOTAY ASSOCIATES, INC.
Moderator: Michael Baumrin, RBC CAPITAL MARKETS
5:15 p.m. - 5:45 p.m.
Track: A: ISSUER POLICY View Track The Effects of Political Competition on the Funding and Generosity of Public-Sector Pension Plans
Sutirtha Bagchi, UNIVERSITY OF MICHIGAN
Discussant: Joshua Franzel, PhD, Vice President, Research, CENTER FOR STATE AND LOCAL GOVERNMENT EXCELLENCE AND ICMA PUBLIC POLICY
Moderator: Mark Robbins, Professor, UNIVERSITY OF CONNECTICUT
5:15 p.m. - 5:45 p.m.
Track: B: ISSUER TACTICS AND STRATEGY View Track Towards a Better Policy: Analyzing Municipal Refundings Using a Real-World Market Model
Panelist: Peter Orr, President, INTUITIVE ANALYTICS
David De La Nuez, INTUITIVE ANALYTICS
Discussant: Navin Sharma, Director, Risk and Quantitative Analysis, BLACKROCK
Moderator: Michael Baumrin, RBC CAPITAL MARKETS
5:45 p.m. - 6:30 p.m.
6:30 p.m. - 8:30 p.m.
Dinner & Panel: What can history tell us about the future of sovereign and sub-sovereign default?
Moderator: William Glasgall, Program and Editorial Director, State/Local, THE VOLCKER ALLIANCE
James Spiotto, Managing Director of Chapman Strategic Advisors, CHAPMAN STRATEGIC ADVISORS LLC
Mark Berman, Partner, NIXON PEABODY LLP

Friday, August 1, 2014

7:30 a.m. - 8:45 a.m.
Idea Generation Breakfast Session: Connecting Researchers and Practitioners
Moderator: Colin MacNaught, THE COMMONWEALTH OF MASSACHUSETTS
8:45 a.m. - 9:00 a.m.
9:00 a.m. - 9:30 a.m.
Track: A: Taxes and Muni Market Dynamics View Track Optimum Tax Management of Municipal Bonds
Andy Kalotay, Ph.D., President, ANDREW KALOTAY ASSOCIATES INC.
Discussant: Timothy Coffin, BRECKINRIDGE CAPITAL ADVISORS
Moderator: Roy Eappen, Municipal Securities Research, WELLS FARGO
9:00 a.m. - 9:30 a.m.
Track: B: Market Microstructure View Track Timely Disclosure and Transactions Costs: Evidence from the Municipal Bond Market
John Chalmers, UNIVERSITY OF OREGON
Steve Liu, UNIVERSITY OF OREGON
Jay Wang, UNIVERSITY OF OREGON
Discussant: David Abel, Managing Director, WILLIAM BLAIR & COMPANY
9:30 a.m. - 10:00 a.m.
Track: A: Taxes and Muni Market Dynamics View Track Tax-Efficient Issuance and Trading of Tax-Exempt Bonds
Mattia Landoni, Finance Assistant Professor, SOUTHERN METHODIST UNIVERSITY
Discussant: Christopher Mier, Managing Director, Analytical Services Division, LOOP CAPITAL MARKETS
Moderator: Roy Eappen, Municipal Securities Research, WELLS FARGO
9:30 a.m. - 10:00 a.m.
Track: B: Market Microstructure View Track A Comparables-Valuation Model for Municipal Securities
Justin Marlowe, Endowed Professor of Public Finance and Civic Engagement Faculty, UNIVERSITY OF WASHINGTON
Evan Bergstrom, TRIANGLE PARK CAPITAL MARKETS DATA
Ron Valinoti, TRIANGLE PARK CAPITAL MARKETS DATA
Discussant: Philip Fischer, Head of Municipals and Indices Research, BANK OF AMERICA MERRILL LYNCH
Moderator: David Abel, WILLIAM BLAIR & COMPANY
10:00 a.m. - 10:30 a.m.
Track: A: Taxes and Muni Market Dynamics View Track The Challenge of Measuring the Revenue Cost of the Tax-exemption
James Poterba, MASSACHUSETTS INSTITUTE OF TECHNOLOGY
George Friedlander, Managing Director and Senior Municipal Strategist, CITIGROUP INC.
Moderator: Roy Eappen, Municipal Securities Research, WELLS FARGO
10:00 a.m. - 10:30 a.m.
Track: B: Market Microstructure View Track Integrating Big Data, Neuroeconomics, and Learning Networks to Model the US Municipal Bond Term Structure
Gordon Dash, UNIVERSITY OF RHODE ISLAND
Nina Kajiji, UNIVERSITY OF RHODE ISLAND
Domenic Vonella, THOMSON REUTERS MMD
Discussant: Winthrop Smith, President, WIN ANALYTICS LLC
Moderator: David Abel, WILLIAM BLAIR & COMPANY
10:30 a.m. - 10:45 a.m.
10:45 a.m. - 12:00 p.m.
Roundtable: New Developments in the Municipal Marketplace
Moderator: Robert Donahue, MUNICIPAL MARKET ADVISORS
Karen Fitzgerald, Director, Corporate & Government Ratings, STANDARD & POOR'S RATINGS SERVICES
John Hallacy, Managing Director, ASSURED GUARANTY MUNICIPAL
Hector Negroni, Principal, Co-Founder, Co-Chief Executive Officer, and Chief Investment Officer, FUNDAMENTAL CREDIT OPPORTUNITIES LP
Greg Usry, Principal, ROSEMAWR MANAGEMENT LLC
12:15 p.m. - 1:30 p.m.
Luncheon with Commissioner Michael Piwowar
Michael Piwowar, Commissioner, U.S. SECURITIES AND EXCHANGE COMMISSION (SEC)
1:30 p.m. -