7th 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, 7th 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

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

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