THE FOURTH INTERNATIONAL FINANCE CONFERENCE

Georgia Tech
May 15, 1998

Keynote speaker: Michael Adler, Columbia University
Distinguished speaker: Garnett Keith, Chairman, Seabridge Investment Advisors, Inc.



PROGRAM:

Session 1: ADRs and Country Funds
Chair: Lemma Senbet (University of Maryland)

"Market Segmentation and the Cost of Capital in International Equity Markets"
Vihang Errunza (McGill University)
Darius Miller (Texas A&M)
Discussant: Lemma Senbet (University of Maryland)

"Return Behavior and Pricing of ADRs"
Dilip Patro (Rutgers University)
Discussant: Lucy Ackert (Federal Reserve Bank of Atlanta)

"On the Dual Characteristics of Closed-End Country Funds"
Gwangheon Hong (University of Houston)
Bong-Soo Lee (University of Houston)
Discussant: Cheol S. Eun (Georgia Tech)


Session 2: International Corporate Finance
Chair: Vihang Errunza (McGill University)

"Both Sides of Corporate Diversification"
Gordon Bodnar (Wharton School, University of Pennsylvania)
Charles Tang (Pace University)
Joseph Weintrop (Baruch College, CUNY)
Discussant: George Allayannis (University of Virginia)

"Governance Structure and Financing Behavior: An International Perspective"
Lee Pinkowitz (Ohio State University)
Rohan Williamson (Georgetown University)
Discussant: Narayanan Jayaraman (Georgia Tech)

"Inter-Corporate Shareholding in Japan"
Kazunori Suzuki (London Business School)
Discussant: Yasushi Hamao (Columbia University)


Session 3: Currency Related Issues
Chair: G. Andrew Karolyi (University of Western Ontario)

"Exchange-Rate Exposure and Industry Structure"
George Allayannis (University of Virginia)
Jane Ihrig (University of Virginia)
Discussant: Gordon Bodnar (Wharton School)

"The Relevance of EMU Currency Risk in Financial Markets"
Giorgio De Santis (University of Southern California)
Bruno Gerard (University of Southern California)
Pierre Hillion (INSEAD, France)
Discussant: Milind Shrikande (Georgia Tech)

"Asymmetric Information and Price Discovery in the FX Market: Does Tokyo Know More About the Yen?"
Michael Melvin (Arizona State University)
Vincentiu Covrig (Arizona State University)
Discussant: JinWan Cho (Georgia Tech)


Session 4: IPOs and Global Security Issues
Chair: Eric Chang (Georgia Tech)

"Institutional Affiliation and the Role of Venture Capital: Evidence from IPOs in Japan"
Yasushi Hamao (Columbia University)
Frank Packer (Federal Reserve Bank of New York)
Jay Ritter (University of Florida)
Discussant: William Megginson (University of Georgia)

"The Rule 144A Debt Market: Success or Failure?"
Susan Chaplinsky (University of Virginia)
Latha Ramchand (University of Houston)
Discussant: Paul Irvine (Emory University)

"The Long-Run Performance of Global Equity Offerings"
Stephen R. Foerster (University of Western Ontario)
G. Andrew Karolyi (University of Western Ontario)
Discussant: Kent Hargis (University of South Carolina)


LOCATION:

All activities and sessions will take place at Grand Hyatt Atlanta.

*For further information, contact Christine Lang at: Tel: (404) 894-4367 or E-mail