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Session 1: Institutions and Governance
Session 2: Political Economy
Session 3: Cross-Listing
Session 4: Capital Structure
Session 5: Institutional Investment

Tuesday, March 28, 2006

9:00 – 9:45 am

Breakfast and Registration

9:45 – 10:00 am

Welcome Remarks
Cesare Calari, Vice President Financial Sector, World Bank

10:10 – 12:00 pm

Session 1: Institutions and Governance

Chair: Bernard Black, University of Texas Law School

The Law & Economics of Self-Dealing  by Simeon Djankov, Rafael La Porta, Florencio Lopez-do-Silanes, and Andrei Shleifer
Presented by Rafael La Porta, Dartmouth College

Legality and Venture Governance around the World
by Douglas Cumming, Daniel Schmidt, and Uwe Walz
Presented by
 Douglas Cumming, Rensselaer Polytechnic Institute

Mixing Family with Business
by Marianne Bertrand, Simon Johnson, Krislert Samphantharak, and Antoinette Schoar
Presented by Antoinette Schoar, Massachusetts Institute of Technology

Discussant: Alexander Dyck, University of Toronto
Discussant: Thorsten Beck, World Bank

12:00 – 1:30 pm

Lunch, World Bank Dining Room

1:30 – 3:30 pm

Session 2: Political Economy

Chair: Asli Demirguc-Kunt, World Bank

Does Campaign Finance Imply Political Favors? The Case of the 1998 Brazilian Elections.
by Stijn Claessens, Erik Feijen, and Luc Laeven
Presented by Stijn Claessens, World Bank

The Influence of Domestic Firms on Foreign Direct Investment Liberalization
by Anusha Chari and Nandini Gupta
Presented by Anusha Chari, University of Michigan

Coping with Disaster: The Impact of Hurricanes on International Financial Flows
by Dean Yang
Presented by Dean Yang, University of Michigan

Discussant: Ray Fisman, Harvard University
Discussant: Simon Johnson, IMF

3:30 – 4:00 pm

Refreshment Break

4:00 – 5:30 pm

Session 3: Cross-Listing

Chair:  Andrew Karolyi, Ohio State University

Internationalization and the Evolution of Corporate Valuation
by Juan Carlos Gozzi, Ross Levine, and Sergio L. Schmukler
Presented by Ross Levine, Brown University

The Colors of Investors’ Money: Which Firms Attract Institutional Investors From Around the World?
by Miguel A. Ferreira and Pedro P. Matos

Presented by Pedro Matos, University of Southern California

Discussant: Michael Schill, Darden
Discussant: Paul Bennett, NYSE

5:30 – 6:30 pm


6:30 – 8:00 pm


Wednesday, March 29, 2006

7:00 – 8:00 am

Continental Breakfast (Outside Conference Room)

8:00 – 10:00 am

Session 4: Capital Structure

Chair: Cam Harvey, Duke University

Firm Risk and Capital Structure Choice
by Mahir Desai and Fritz Foley
Presented by Mihir Desai, Harvard University

Financing Firms in India
by Franklin Allen, Rajesh Chakrabarti, Sankar De, Jun "QJ" Qian, and Meijun Qian
Presented by Franklin Allen, University of Pennsylvania

Why Have Debt Ratios Increased for Firms in Emerging Markets?
by Todd Mitton
Presented by Todd Mitton, Brigham Young University

Discussant: Rohan Williams, Georgetown University
Discussant: Mark Zenner, Citigroup

10:00 – 10:30 am

Refreshment Break

10:30 – 12:15 pm

Session 5: Institutional Investment

Chair:  Andrew Karolyi, Ohio State University

Do local analysts know more? A cross-country study of the performance of local analysts and foreign analysts.
by Kee-Hong Bae, Rene M. Stullz, and Hongping Tan
Presented by Rene Stulz, Ohio State University

Do Foreigners Invest Less in Poorly Governed Firms?
by Christian Leuz, Karl V. Lins, and Francis E. Warnock
Presented by Karl Lins, University of Utah

Discussant: Darius Miller, SMU-COX
Discussant: Leora Klapper, World Bank

12:15 – 2:00 pm

Formal Lunch, 12th Floor Dining Room
Lunch Keynote speech:  Nobel Laureate Joseph Stiglitz

2:00 pm

Policy/Practitioner Panel

Increasing Access to Financing in Emerging Markets
Chair: Silvina Vatnick, World Bank

4:30 pm

Closing Remarks

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