Darden: Conference on Emerging Markets

7^th Annual Darden International Finance Conference:

Investing in Emerging Markets

Conference Program

March 20-21, 2008

All conference sessions will be held at State Street Financial Center, The Global Room, 7^th Floor.

THuRsday, March 20, 2008

8:00 – 8:45 am	Continental Breakfast and Registration, 9th Floor
8:45 – 9:00 am	Welcome Remarks
9:00 – 10:25 am	Session 1: reTURNS (PART 1) Chair: Andrew Karolyi, The Ohio State University Speaker: Nathalie Wallace, Delta Partners LLC. and Delta GEMS, L.P. Paper #1 Liquidity and Credit Risk in Emerging Debt Markets Presented by David Lesmond, Tulane University Co-Author: John Hund Paper #2 Flight-to-Liquidity and Global Equity Returns Presented by Sergei Sarkissian, McGill University Co-Author: Ruslan Goyenko Open Discussion
10:25 – 10:40 am	Refreshment Break, Outside the Global Room, 9th Floor
10:40 - 11:40 am	SESSION 2: RETURNS (PART 2) Paper # 3 What Segments Equity Markets? Presented by Christian Lundblad, Kenan-Flagler, UNC Co-Authors: Geert Bekaert, Campbell Harvey, Stephan Siegel Paper #4 Successions in Emerging Markets: The Roles of Specialized Assets and Transfer Costs Presented by Joseph P.H. Fan, The Chinese University of Hong Kong Co-Author: Ming Jian, Yin-Hua Yeh Open Discussion
11:40 – 12:45 pm	Lunch, Multipurpose Room, 36th Floor
12:45 – 1:45 pm	Keynote Speaker: Kenneth Rogoff, Harvard University - Multipurpose Room, 36th Floor
1:45 – 2:00 pm	Refreshment Break, Outside the Global Room, 9th Floor
2:00 – 4:10 pm	Session 3: debt markets Chair: Stijn Claessens, International Monetary Fund Speaker: Cynthia F. Steer, Rogers Casey Paper #1 When Shall a Country Have its Own Bond Market? Evidence From Bond Issuance Before and After the Launch of the EMU Presented by Galina Hale, Federal Reserve Bank of San Francisco Co-Author: Mark Spiegel Paper #2 Why do Emerging Economies Borrow Short Term? Presented by Sergio Schmukler, World Bank Co-Authors: Fernando Broner, Guido Lorenzoni Paper #3 A Virtuous Cycle in Local Currency Bond Markets? Presented by Frank Warnock, Darden Business School Co-Authors: Veronica Warnock, John Burger Open Discussion Speaker: Anderson Caputo Silva, World Bank - Update on GEMLOC Initiative
4:10 – 5:30 pm	Break
5:30 – 6:30 pm	Reception, Vinalia Restaurant
6:30 – 8:00 pm	Dinner, Vinalia Restaurant

FRIday, March 21, 2008

8:00 – 9:00 am	Continental Breakfast, the Global Room, 9th Floor
9:00 – 10:15 am	Session 4: capital flows Chair: Ken Froot, Harvard Business School Speaker: Jessica T. Donohue, State Street Global Markets Paper #1 Sudden Stops, Banking Crises and Investment Collapses in Emerging Markets Presented by Joseph Joyce, Wellesley College Co-Author: Malhar Nabar Paper #2 Financial Stability, the Trilemma, and International Reserves Presented by Alan M. Taylor, University of California - Davis Co-Authors: Maurice Obstfeld, Jay Shambaugh Open Discussion
10:15 – 10:30 am	Refreshment Break, Outside the Global Room, 9th Floor
10:30 – 11:00 am	Featured Speaker: George Houget, State Street Global Advisors
11:00 – 12:15 pm	Session 5: governance Chair: Karl Lins, University of Utah Speaker: Stephen Davis, Yale School of Management Paper #1 Stealing from Thieves: Firm Governance and Performance When States are Predatory Presented by Larry Fauver, University of Tennessee Co-Author: Art Durnev Paper #2 Giving Up Control to Pursue Growth: The Evolution of Corporate Ownership After IPO Presented by Fritz Foley, Harvard Business School Co-Author: Robin Greenwood Open Discussion
12:15 – 1:00 pm	Lunch, Multipurpose Room, 36th Floor
1:00 – 1:10 pm	Closing Remarks