CFS-EIEF Conference on Household Finance 06./07.10.2011


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The Center for Financial Studies at Goethe University Frankfurt (CFS) and the Einaudi Institute for Economics and Finance (EIEF) are organizing a conference on Household Finance. The objective is to present state-of-the-art empirical research and empirically motivated theoretical research on household financial behavior and on how this is influenced by other choices, government policies, and the overall economic environment. We solicit papers in the following areas, but other related areas may also be considered:


  • Patterns of asset allocation and debt behavior over the life cycle
  • Financing retirement and the demographic transition
  • Consumer indebtedness, financial distress and default decisions
  • Behavioral approaches to household finances
  • Financial literacy and financial education programs
  • Trust, subjective expectations, pessimism, and financial decisions
  • International comparisons of household finances using micro-data
  • Genetic traits, cognitive abilities and individual financial performance
  • Financial advice and legal protection of investors and borrowers   


A discussant will be assigned to each paper. There is a single session to encourage open discussion of all papers by attending experts in household finance. The conference will include a high-level panel session.


Conference Organizers

Luigi Guiso, European University Institute, EIEF and CEPR
Michael Haliassos, Goethe University Frankfurt, CFS, and CEPR
Tullio Jappelli, University of Naples Federico II, CSEF and CEPR
Daniele Terlizzese, EIEF and Banca d’ Italia


Download the FINAL Program (pdf) >>>

October 6-7, 2011

08:30-9:00 Conference Registration
Morning session
9:00-10:50 The liability side: credit, default and bankruptcy
  Chairman: Luigi Guiso (European University Institute and EIEF)
  Credit Supply and House Prices: Evidence from Mortgage Market Segmentation
  Manuel Adelino (Tuck School of Business at Dartmouth)
  Discussant: Wenli Li (Federal Reserve Bank of Philadelphia)
  A Theory of Credit Scoring and Competitive Pricing of Default Risk
  Satyajit Chatterjee (Federal Reserve Bank of Philadelphia)
  Discussant: Facundo Piguillem (EIEF)
10:50-11:10 Coffee Break
  Looking at the Small Print: Credit Demand and Information Disclosure in Brazil
  Bruno Ferman (MIT)
  Discussant: Giancarlo Spagnolo (Eief & SITE)
  Risk Aversion and Wealth: Evidence from Person-to-Person Lending Portfolios
  Enrichetta Ravina (Columbia Business School)
  Discussant: Monica Paiella (University of Naples)
13:00-14:00 Lunch Break
Afternoon session
14:00-15:50 Households risk preferences
  Chairman: Michael Haliassos (Goethe University Frankfurt and CFS)
  Gamblers as the Personal Finance Activists
  Geng Li (Federal Reserve Board)
  Discussant: Jeff Butler (EIEF)
  Does Bankruptcy Reduce Foreclosure?
  Michelle J. White (University of California, San Diego)
  Discussant: Manuel Adelino (Tuck School of Business at Dartmouth)
15:50-16:10 Coffee Break
16:10-17:30 Plenary Session on Investor and Borrower Protection
  The Logic of Consumer Protection
  Peter Tufano (Oxford University)
  Consumer Financial Protection in Markets with Advice
  Marco Ottaviani (Bocconi University)
Morning session
9:00-10:50 Financial experts and advice
  Chairman: Tullio Jappelli (University of Napoli Federico II and CSEF)
  Do Financial Experts Make Better Investment Decisions?
  Andrei Simonov (Eli Broad Graduate School of Management, Michigan State University, SITE and CEPR)
  Discussant: Steffen Mayer (Goethe University Frankfurt)
  Is Unbiased Financial Advice To Retail Investors Sufficient? Answers from a Large Field Study
  Steffen Mayer (Goethe University Frankfurt)
  Discussant: Dimitris Christelis (CSEF)
10:50-11:10 Coffee Break
11:10-13:00 Income risk and annuity choices
  Chairman: Tullio Jappelli (University of Napoli Federico II and CSEF)
  Hedging Labor Income Risk
  Thomas Jansson (Sveriges Riksbank)
  Discussant: Luigi Pistaferri (EIEF & Stanford University)
  Stock Market Returns and Annuitization: a Case of Myopic Extrapolation
  Alessandro Previtero (University of Western Ontario)
  Discussant: Mario Padula (Università Ca' Foscari di Venezia)
13:00-14:00 Lunch Break
Afternoon session
14:00-15:40 Social relations and household finance outcomes
  Chairman: Daniele Terlizzese (EIEF and Banca d’Italia)
  Social Proximity and Loan Outcomes: Evidence from an Indian Bank
  Daniel Paravisini (London School of Economics and Columbia University)
  Discussant: Dimitris Georgarakos (Goethe University Frankfurt)
  Skin in the Game: Evidence from the Online Social Lending Market
  Jörg Rocholl (ESMT European School of Management and Technology)
  Discussant: Hans Hvide (University of Bergen and CEPR)
15:40 End of the conference

Conference Venue

The conference will take place at the EIEF in Rome.

Conference Fee

The conference fee is 150€. It covers attendance at the full conference, the two conference lunches, and all coffee breaks. Please note that the conference dinner is by invitation only.


For all presenters and discussants, as well as Ph.D. students, the fee will be waived.


Please note that attendance at the conference is only possible with registration through the CFS web site.


The deadline for registration was September 30th and the registration procedure is already closed.


All regular participants can pay the fee online by credit card or Pay Pal account following the link below. You can also pay by a direct bank transfer. 


Upon receipt of the registration fee of 150 Euro, the Center for Financial Studies will confirm your registration. CFS will also send you a receipt. Attendance at the conference is only possible with a confirmation of registration.

Conference Deadlines

We regret to inform you that the paper submission process is already closed.


Information on Accommodation

Please note that you have to make your own hotel reservation. Payment must be arranged directly with the hotel and any queries or problems regarding accommodation must be resolved by your hotel. Please do NOT include in your registration payment of any amount intended to cover your hotel or travel expenses.


The conference hotel (Londra & Cargill) has been already sold out so you can click here to choose a hotel nearby the conference locaction that fully satisfies your requirements >>>

Conference Administration

Daniela Dimitrova, Frankfurt
Susana Palomar, Rome



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