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"

hosted by the Central Bank & Financial Services Authority of Ireland in Dublin,
08 - 09 October 2007

Venue:
Royal College of Physicians of Ireland
Conference Centre Kildare Street
Dublin 2
(Corrigan hall except session IIb and session IIIb – Winter hall)

Programme:

Monday, 8 October 2007

08:30 - 09:15	Registration/Coffee
09:30 - 09:45	Opening remarks John Hurley (Governor, Central Bank & Financial Services Authority of Ireland)
09:45 - 11:30	Session I: Leveraged buy-outs and private equity Chair: Uwe Walz (Goethe University Frankfurt) 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). Paper  en , presentation,  en Simona Zambelli (University of Bologna): Illegal buyouts with Douglas Cumming (York University - Schulich School of Business). Paper  en , presentation,  en Dion Bongaerts (University of Amsterdam): Private equity and basel II with Erwin Charlier (ABN-AMRO Bank N.V.). Paper  en , presentation,  en Discussant: Laura Bottazzi (Bocconi University). Presentation,  en
11:30 - 11:50	Coffee break
11:50 - 13:00	Session IIa: Going public and private strategies of private equity firms Chair: Reinhard H. Schmidt (University of Frankfurt) 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). Paper  en , presentation,  en 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). Paper  en , presentation,  en Discussant: Andrea Schertler (Kiel University). Presentation,  en
11:50 - 13:00	Session IIb: International currency exposure and links between equity and exchange rate returns (Winter Hall) Chair: Patrick Honohan (Trinity College, Dublin and Institute for International Integration Studies) Peter Dunne (Queens University, Belfast): International order flows: Explaining equity and exchange rate returns with Harald Hau (INSEAD and CEPR), Michael Moore (Queens University, Belfast). Paper  en Philip R. Lane (IIIS, Trinity College Dublin and CEPR): Financial exchange rates and international currency exposures with Jay Shambaugh (Dartmouth College and NBER). Paper  en , presentation,  en Discussant: Enrique Alberola (Banco de España). Presentation,  en
13:00 - 14:15	Lunch
14:15 - 16:00	Session IIIa: The real effects of different types of ownership Chair: Stephen Brown (New York University Stern School of Business) Pedro P. Matos (University of Southern California): Shareholders at the gate? Cross-country evidence on the role of institutional investors in mergers and acquisitions with Miguel A. Ferreira (ISCTE Business School) and Massimo Massa (INSEAD). Paper  en , presentation,  en Mariassunta Giannetti (Stockholm School of Economics, CEPR and ECGI): Pension reform, ownership structure and corporate governance: Evidence from Sweden with Luc Laeven (International Monetary Fund, Research Department, CEPR and ECGI). Paper  en , presentation,  en Luc Laeven (International Monetary Fund, CEPR and ECGI): Corporate governance, regulation, and bank risk taking with Ross Levine (Brown University and NBER). Paper  en , presentation,  en Discussant: José Luis Peydró (European Central Bank). Presentation,  en
14:15 - 16:00	Session IIIb: Global imbalances, risk sharing and financial integration (Winter Hall) Chair: Frank Browne (Central Bank of Ireland) Francis E. Warnock (Darden Business School and NBER): Cross-border returns differentials with Stephanie E. Curcuru (Board of Governors of the Federal Reserve System) and Tomas Dvorak (Union College) en 226 kB Doireann Fitzgerald (Stanford University): Trade costs, asset market frictions and risk sharing: A joint test. Paper  en , presentation,  en Stephan Siegel (University of Washington): Stock market valuation and globalization with Geert Bekaert (Columbia University, New York) Campbell R. Harvey (Duke University, NBER) and Christian T. Lundblad (University of North Carolina, Chapel Hill) en 407 kB Discussant: John Driffill (Birkbeck University)
16:00 - 16:20	Coffee Break
16:20 - 17:50	Panel: Leveraged finance, activist investors and international capital flows Chair: Gerhard Schröck (Director, Oliver Wyman Financial Services). Presentation,  en Panelists: Clive Briault (Managing Director, UK Financial Services Authority) Eli Talmor (Academic Director, Private Equity Institute, London Business School). Presentation,  en Ernst-Moritz Lipp (Managing Partner, Odewald & Compagnie Private Equity Partners and Professor at the University of Frankfurt)
19:30	Reception – Westbury hotel
20:00	Dinner – Westbury hotel Dinner discussion: International financial stability Introductory remarks by Philipp Hartmann (European Central Bank) based on the forthcoming Geneva Report on the World Economy (with Roger Ferguson, Swiss Re, Fabio Panetta, Banca d'Italia and Richard Portes, London Business School)

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Tuesday, 9 October 2007

09:00 - 10:10	Session IV: Performance, risk and disclosure in the hedge fund industry Chair: Philipp Hartmann (European Central Bank) Stephen Brown (New York University Stern School of Business): Mandatory 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 Schwarz (University of Massachusetts). Paper  en , presentation,  en Mila Getmansky Sherman (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). Paper  en , presentation,  en Discussant: Drago Indjic (BNP Paribas Hedge Fund Centre and London Business School). Presentation,  en
10:10 - 11:15	Keynote speaker: Hedge funds and financial frontiers William Goetzmann (Edwin J. Beinecke Professor of Finance and Management Studies and Director, International Center for Finance at the Yale School of Management). Presentation,  9.03 MB en
11:15 - 11:35	Coffee break
11:35 - 13:20	Session V: Performance and corporate governance in the private equity industry Chair: Jan-Pieter Krahnen (Goethe University Frankfurt and Center for Financial Studies) Philipp Krohmer (Goethe University Frankfurt and CEPRES - Center of Private Equity Research): The bright and dark side of staging: Investment performance and the varying motivations of private equity firms with Rainer Lauterbach (Goethe University Frankfurt) and Victor Calanog (Wharton Business School, University of Pennsylvania, Philadelphia). Paper  en , presentation,  en Tse-Chun Lin (University of Amsterdam Business School): Estimating the performance and risk exposure of private equity funds: A new methodology with Joost Driessen and Ludovic Phalippou (both University of Amsterdam Business School). Paper  en , presentation,  en Tereza Tykvova (ZEW Mannheim): Cross-border private equity deals and local networks: Evidence from a worldwide country dataset with Andrea Schertler (Kiel University). Paper  en , presentation,  1.89 MB en Discussant: Julia Hirsch (Universidad Iberoamericana, Mexico). Presentation,  en
13:20 - 13:35	Closing Remarks Gertrude Tumpel-Gugerell (Board Member, European Central Bank)
13:35 - 14:45	Lunch

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