Updated Nov 10, 2015

Friday, August 7

7:00 a.m.


7:55 a.m.

Welcome and Opening Remarks

Daniel Bergstresser
Associate Professor of Finance
Brandeis International Business School

Robert K. Triest
Vice President & Economist
Federal Reserve Bank of Boston

8:00 a.m.

Major Emerging Issues in the Municipal Market – Connolly Center
These presenters will explore two major issues in affecting the municipal market. William Glasgall and Richard Ravitch will present their work looking into worrisome budget practices, focusing on three important states. Robert Pozen will discuss the impact of the Affordable Care Act on cities and states.

Moderator: Richard Ryffel (Washington University)

"Truth and integrity in state budgeting: Lessons from 3 states"
Presenters: William Glasgall (The Volcker Alliance) and Richard Ravitch (The Volcker Alliance)
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"The Cadillac tax and its impact on cities and states"
Presenter: Robert C. Pozen (MIT)
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9:15 a.m.


9:30 a.m.

First Parallel Sessions

Session A – Connolly Center
Investing in and Trading Munis
The papers in this session explore different aspects of investing in and trading municipal bonds. The first paper explores the relationship between the ownership structure of municipal debt and how the bonds trade in the secondary market. The second paper explores how an investor who intends to follow tax-smart strategies can construct their portfolio to maximize the value of these strategies.

Moderator: David A. Abel (William Blair)

"Does the ownership structure of government debt matter?
Evidence from munis"
Presenter: Pab Jotikasthira (University of North Carolina at Chapel Hill)
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Discussant: Navin Sharma (BlackRock)

"Optimal municipal bond portfolios for dynamic tax management"
Presenter: Andrew Kalotay (Andrew Kalotay Associates)
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Discussant: Stephen P. Winterstein (Wilmington Trust)

Session B – New England Room
International Municipal Markets
The international municipal market is huge and growing: the Chinese municipal market is worth over a trillion dollars and is a significant area of concern. The papers in this session explore different aspects of the international public finance market.

Moderator: Matthew Glasser (American University)

"The Great Wall of debt:
The cross section of Chinese local government credit spreads"

Presenter: Jennie Bai (Georgetown University)
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Discussant: Lori Raineri (GFSI)

"The political economy of financial innovation:
Evidence from local governments"

Presenter: Boris Vallée (Harvard Business School)
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Discussant: Peter Orr (Intuitive Analytics)

10:45 a.m.


11:00 a.m.

Second Parallel Sessions

Session A – Connolly Center
Disclosure and information in the muni market
The papers in this session explore the relationship between information and ratings and the price behavior of bonds in the secondary market.

Moderator: Christopher Mier (Loop Capital)

"Do municipal bond markups reflect accounting quality"
Presenter: Angela K. Gore (The George Washington University)

Discussant: Antonio D. Martini (Hinckley, Allen and the National Association of Bond Lawyers)

"The economic value of rating outlooks in the municipal securities market"
Presenter: Sharon Kioko (Daniel J. Evans School of Public Affairs)
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Discussant: Winthrop T. Smith (Win Analytics, LLC)
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Session B – New England Room
Municipal bond markets and the economy
The municipal market is a key economic engine in our country. The papers in this session explore how that linkage works, looking into the impacts that the public finance market has on economic activity.

Moderator: George Friedlander (Citigroup)

"The economic effects of public financing:
Evidence from municipal bond ratings recalibration"

Presenter: Manuel Adelino (Duke University)
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Discussant: Tracy Gordon (Urban Institute)

"Municipal bonds, state politics, and economic outcomes"
Presenter: Andrei Simonov (Michigan State University)
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Discussant: Philip J. Fischer (Merrill Lynch)

12:15 p.m.


12:45 p.m.

Introduction: Timothy J. Coffin (Breckenridge)

Keynote Presentation

Kevyn D. Orr
Former Emergency Manager (City of Detroit)
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2:00 p.m.


2:15 p.m.

Panel of Municipal Market Regulators –Connolly Center
A panel of regulators will discuss emerging areas of concern — and opportunities for research — in the municipal marketplace

Moderator: Daniel Bergstresser (Brandeis International Business School)

Robert Fippinger
(Municipal Securities Rulemaking Board)
Jessica Kane (U.S. Securities and Exchange Commission)
B. Darrell Smelcer (Internal Revenue Service)
Michael Decker
(Securities Industry and Financial Markets Association)

3:30 p.m.

Conference Closing

Awarding of The James A. Lebenthal Memorial "Excellence in Municipal Finance Research" Prize