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faculty.darden.virginia.edu

  1. 1. Central Bank & Financial Services Authority of Ireland Eurosystem Ninth Conference of the ECB-CFS Research Network on Asset Management, Private Equity Firms and International Capital Flows: Their Role for Financial Integration and Efficiency Dublin, 8-9 October 2007 in Royal College of Physicians of Ireland, Conference Centre Kildare Street, Dublin 2 Preliminary program Day I (Monday, 8 October 2007) 9:30- 9:45 Opening remarks: John Hurley (Governor, Central Bank & Financial Services Authority of Ireland) 9:45- 11:30 Session 1: Leveraged Buy-Outs and Private Equity Chair: tba Ulf Axelson (Swedish Institute for Financial Research): The Financing of Large Buyouts: An Empirical Analysis with Tim Jenkinson (Saïd Business School, Oxford University and CEPR), Per Strömberg (Swedish Institute for Financial Research, CEPR, and NBER) and Michael S. Weisbach (University of Illinois at Urbana-Champaign and NBER). Simona Zambelli (Università di Bologna): Illegal Buyouts with Douglas Cumming (York University - Schulich School of Business). Dion Bongaerts (University of Amsterdam): Private Equity and Basel II with Erwin Charlier (ABN-AMRO Bank N.V.). Discussant: tba 11:30-11:50 Coffee break 11:50- 13:00 Session 2a: International Currency Exposure and Links between Equity and Exchange Rate Returns Chair: tba Harald Hau (INSEAD and CEPR) : International Order Flows: Explaining Equity and Exchange Rate Returns with Peter Dunne and Michael Moore (both from Queens University, Belfast)
  2. 2. Philip R. Lane (IIIS, Trinity College Dublin and CEPR): International Currency Exposures and Financial Exchange Rates with Jay Shambaugh (Dartmouth College and NBER). Discussant: tba Session 2b: Going Public and Private Strategies of Private Equity firms Chair: tba Thomas J. Chemmanur (Carroll School of Management, Boston College): IPOs or Acquisitions? A Theory of the Choice of Exit Strategy by Entrepreneurs and Venture Capitalists with Onur Bayar (Carroll School of Management, Boston College). Peter Rosenboom (RSM Erasmus University): Do Private Equity Investors Take Firms Private for Different Reasons? with Jana P. Fidrmuc (Warwick Business School) and Dick van Dijk (Econometric Institute, Erasmus University Rotterdam). Discussant: tba 13:00-14:15 Lunch 14:15- 16:00 Session 3a: Global Imbalances, Risk Sharing and Financial Integration Chair: tba Francis E. Warnock (Darden Business School and NBER): The Stability of Large External Imbalances: The Role of Returns Differentials with Stephanie E. Curcuru (Board of Governors, Fed) and Tomas Dvorak (Union College). Doireann Fitzgerald (Stanford University): Trade Costs, Asset Market Frictions and Risk Sharing: A Joint Test Stephan Siegel (University of Washington): What Segments Equity Markets with Geert Bekaert ( Columbia University, New York) Campbell R. Harvey (Duke University, NBER) and Christian T. Lundblad (University of North Carolina, Chapel Hill). Discussant: tba Session 3b: The real effects of different types of ownership Chair: tba Pedro P. Matos (University of Southern California): What is the Role of Institutional Investors in Mergers and Acquisitions? Cross-Country Evidence with Miguel A. Ferreira (ISCTE Business School) and Massimo Massa (INSEAD). Mariassunta Giannetti (Stockholm School of Economics, CEPR and ECGI) Pension Reform, Ownership Structure and Corporate Governance with Luc Laeven (International Monetary Fund, Research Department, CEPR and ECGI). 2
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  4. 4. Luc Laeven (International Monetary Fund, CEPR and ECGI): Corporate Governance, Regulation, and Bank Risk Taking with Ross Levine (Brown University and NBER). Discussant: tba 16:00- 16:20 Coffee break 16:20-17:50 Panel: Leveraged finance, activitist investors and international capital flows Chair: tba Panelists: • Clive Briault (UK Financial Services Authority) • Eli Talmor (Director of the Private Equity Institute, London Business School) • Tba • Tba 19:30 Reception 20:00 Dinner Dinner speech: tba Day II (Tuesday, 9 October 2007) 9:00-10:10 Session 4: Performance, Risk and Disclosure in the Hedge Fund industry Chair: tba Stephen Brown ( New York University Stern School of Business): Optimal Disclosure and Operational Risk: Evidence from Hedge Fund Registration with William Goetzmann (Yale School of Management), Bing Liang (Isenberg School of Management, University of Massachusetts) and Christopher Schwarz1, (University of Massachusetts). Mila Getmansky (Isenberg School of Management, University of Massachusetts): Investor Flows and Share Restrictions in the Hedge Fund Industry with Bill Ding (State University of New York at Albany), Bing Liang (Isenberg School of Management, University of Massachusetts) and Russ Wermers (Smith School of Business, University of Maryland at College Park). 4
  5. 5. Discussant: tba 10:10- 11:15 Keynote speaker: Hedge funds and financial frontiers Will Goetzmann (Edwin J. Beinecke professor of Finance and Management Studies and Director, International Center for Finance at the Yale School of Management) 11:15- 11:35 Coffee break 11:35-13:20 Session 5: Performance and Corporate Governance in the Private Equity industry Chair: tba Philipp Krohmer (Goethe Universität Frankfurt): The Bright and Dark Side of Staging: Investment Performance and the Varying Motivations of Private Equity Firms with Rainer Lauterbach (Goethe Universität Frankfurt) and Victor Calanog (Wharton Business School, University of Pennsylvania, Philadelphia). Tse-Chun Lin (University of Amsterdam Business School): Estimating the Risk Exposure of Private Equity Funds: A New Methodology with Joost Driessen and Ludovic Phalippou (both University of Amsterdam Business School). Tereza Tykvova (ZEW Mannheim): Cross-Border Private Equity Deals and Local Networks: Evidence from a Worldwide Country Dataset with Andrea Schertler (Kiel University). Discussant: tba 13:20- 13:35 Closing Remarks: (tba) 13:35- 14:45 Lunch 5

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