BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Memento EPFL//
BEGIN:VEVENT
SUMMARY:Libor Manipulation: Cui Bono?
DTSTART:20150417T103000
DTEND:20150417T120000
DTSTAMP:20260408T034916Z
UID:71e7bf6e43a8c684d6371a81fe8eb0ff4043323bb0d0e9e9fc88e911
CATEGORIES:Conferences - Seminars
DESCRIPTION:Alberto PLAZZI (Università della Svizzera Italiana\, Lugano)\
 nUsing data on Libor submissions from 1999 to 2012\, we find weak support 
 for the hypothesis that banks manipulate submissions to appear less risky 
 and strong support for the hypothesis that banks manipulate Libor to gener
 ate higher cash flows. Our results are stronger for the manipulation perio
 d as identified by regulators (January 2005 to May 2009)\, for currencies 
 and maturities with substantial notional amounts of interest-rate derivati
 ves outstanding\, for European banks\, and for banks that have already pai
 d fines related to manipulation. We calculate the cumulative gains in bank
  market capitalization due to manipulation to be $16 to $19 billion.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
END:VEVENT
END:VCALENDAR