The Philadelphia Fed Policy Forum

9:15 a.m.

Continental Breakfast

10:00 a.m.

Opening Remarks

Charles I. Plosser, President, Federal Reserve Bank of Philadelphia

Corporate Governance

Moderator: Michael Dotsey, Federal Reserve Bank of Philadelphia

10:15 a.m.

"The Uncertain Future of the Sarbanes-Oxley Act"

Roberta Romano, Yale University Law School

• View presentation (PDF, 50 KB, 19 pages)

10:40 a.m.

"Corporate Governance: Are Further Reforms Needed?"

Bengt Holmstrom, Massachusetts Institute of Technology

• Background paper: "Pay without Performance and the Managerial Power Hypothesis: A Comment" (PDF, 101 KB, 14 pages)

11:05 a.m.

"Corporate Governance in Other Countries"

Franklin Allen, The Wharton School, University of Pennsylvania

• Background paper: "Stakeholder Capitalism, Corporate Governance and Firm Value" (PDF, 271 KB, 38 pages)
• View presentation (PDF, 47 KB, 23 pages)

11:30 a.m.

Discussion and Audience Participation

12:00 p.m.

Lunch

Innovations in Financial Markets

Moderator: Mitchell Berlin, Federal Reserve Bank of Philadelphia

1:15 p.m.

"Liquidity"

John Geanakoplos, Yale University

• View presentation (PDF, 75 KB, 34 pages)

1:40 p.m.

"Innovation, Information, and Regulation in Financial Markets"

Randall S. Kroszner, Governor, Board of Governors of the Federal Reserve System

2:05 p.m.

"When Does Innovation Go Too Far?" (PDF, 45 KB, 10 pages)

John C. Bogle, President, Bogle Financial Markets Research Center and Founder of The Vanguard Group

2:30 p.m.

Discussion and Audience Participation

3:00 p.m.

Break

Regulation and Competitiveness

Moderator:  Loretta J. Mester, Federal Reserve Bank of Philadelphia

3:15 p.m.

"An Action Plan for U.S. Capital Markets"

R. Glenn Hubbard, Dean, Columbia University Business School

3:40 p.m.

"High Quality Regulation as a Competitive Edge"

Annette L. Nazareth, Commissioner, U.S. Securities and Exchange Commission

4:05 p.m.

Discussion and Audience Participation

4:30 p.m.

Reception and Informal Discussion