8:30 AM Continental Breakfast

SESSION ON MANAGERIAL INCENTIVES AND VALUE

9:00 AM RAYMOND FISMAN, Columbia University

and R.GLENN HUBBARD, Columbia University and NBER

Endowments, Governance, and the Nonprofit Form

9:30 AM TOBIAS MOSKOWITZ and

ANNETTE VISSING-JORGENSEN, University of Chicago

The Private Equity Premium Puzzle

10:00 AM Coffee Break

10:15 AM JULIE WULF, University of Pennsylvania

Do CEOs of Target Firms Trade Power for Premium?

Evidence From 'Mergers of Equals'

10:45 AM Discussant: SENDHIL MULLAINATHAN, MIT and NBER,

and general discussion

11:15 AM ALBERTO BISIN, New York University and

ADRIANO A. RAMPINI, Northwestern University

Exclusive Contracts and the Institution of Bankruptcy

Discussant: OLIVER HART, Harvard University and NBER

12:00 PM Lunch

SESSION ON CORPORATE STRUCTURE AND VALUE

1:00 PM ANDREI SHLEIFER, Harvard University and NBER

and ROBERT W. VISHNY, University of Chicago and NBER

Stock Market Driven Acquisitions

1:30 PM OWEN A. LAMONT, University of Chicago and NBER

and CHRISTOPHER POLK, Northwestern University

Does diversification destroy value? Evidence from industry shocks

2:00 PM Discussant: ANTOINETTE SCHOAR, MIT and general discussion

2:30 PM Break

SESSION ON FINANCIAL SYSTEMS: CAUSES AND CONSEQUENCES

2:45 PM MARK J. ROE, Harvard University

The Quality of Corporate Law Argument and its Limits

3:15 PM SIMON JOHNSON, MIT and NBER

Who Gains from Capital Controls? Evidence from Malaysia

3:45 PM NICOLA CETORELLI, Federal Reserve Bank of Chicago

Does Bank Concentration Lead to Concentration in Industrial Sectors?

4:15 PM Discussant: RANDALL MORCK, University of Alberta and NBER

and general discussion

4:45 PM Adjourn

03/07/01