Yesterday I went to one conference, which may be the last one for me in UPF:
CREI-CEPR Conference on Institutions and International Capital Flows
As the usual CREI-CEPR style, it was pretty macro. I went for the first two in the first day:
Financial Regulation, Financial Globalization and the Synchronization of Economic Activity
The Flight Home Effect: Evidence from the Syndicated Loan Market During Financial Crises
Macro, finance and econometrics... this combination defines my feeling - could not really understand many things. Yes, in some sense these topics are interesting, and financial crisis is worth paying attention to, but to what extend are those researches replicable...
Oh, one point I should mention here. The second one mentioned the "flight home effect", which was a new term to me. As operators of modern financial system, and one industry, the banks always attract special focus...It was nice to know their operations and some associated phenomena 🙂
You know you will not be able to understand some big guys' speech, but you still want to torture yourself and see them. That's exactly what I did last night for Tirole. Well, not until last night had I realized how bad my micro foundation was and how poor my knowledge of finance was.
It was one of the "Barcelona GSE Lecture Series", and
Prof. Jean Tirole (Toulouse School of Economics)
"Regulating systemic risk"
Hence, with the words "risk" and "regulation", you can imagine what he was talking about. I knew so little about finance, and then it became a disaster for me to stay there. In contrast, a friend who sat besides me was really enjoying the lecture and benefited a lot - he is a Ph.D in Econ/Finance. That's fair~
Anyway, it is a little out of my initial expectation but fair, that in UPF, the traditional Macro school, I have touched more macro compared to micro, although I was so interested in micro. Maybe it is a good thing that I do not need to close myself within a narrow room. Who knows? You can never go back and do something different. Whatever I have archived, I appreciate.
Translate Work: From English to Chinese
Original Article: Q Chen, I Goldstein, W Jiang. Review of Financial Studies, 2007