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February 15, 2008
Hanover, NH

SCHEDULE

Friday, February 15, 2008

7:30 – 8:15am Check-in and Continental Breakfast
Stell Hall
8:15 – 8:30am 

Opening Remarks:
Paul Danos,
Dean; Laurence F. Whittemore Professor of Business Administration, Tuck School
Andrew B. Bernard, Director, Center for International Business; Jack Byrne Professor of International Economics, Tuck School
Stoneman Classroom

8:30 – 9:15am  Opening Address: "Open Investment and America's Prosperity"
The gains of globalization, to date, cannot be taken for granted. As globalization progresses, creating winners and losers, there is a worrying protectionist backlash on the horizon. Ensuring our borders are open to investment and that there is continued opportunity for American investment overseas is at risk now more than ever before, as fears grow about sovereign wealth funds and national security implications of foreign investment.

Stoneman Classroom


David H. McCormick, Under Secretary for International Affairs, U.S. Department of the Treasury
9:15 – 9:30am Break
9:30 – 11am 

Panel 1: The Competitiveness of the U.S. Capital Markets
Over the past year, much attention has been paid by leaders of Wall Street and Washington to the rising worry that American capital markets—especially the nexus of capital-market activities in New York—may be weakening relative to financial centers abroad such as London, Hong Kong, and Dubai. Is the U.S. losing its position as the world’s chief financial center to rivals in Europe and Asia?  If so, what exactly are the threats to U.S. capital markets and what are the implications of further declines in competitiveness here?  What can or should U.S. companies and/or the U.S. government do to enhance competitiveness?  This panel will speak to these questions and more.

Stoneman Classroom

Moderator
Robert G. Hansen, Senior Associate Dean; Norman W. Martin 1925 Professor of Business Administration; Faculty Director, Allwin Initiative for Corporate Citizenship, Tuck School

Panelists  
Guillermo E. Jasson T’90, Managing Director, Morgan Stanley
Robert G. Leary, Chairman & CEO, ING Investment Management Americas
Jose W. Fernandez D’77, Partner, Latham & Watkins LLP; Member, Dartmouth Board of Trustees
Jeffrey L. Knight T'92, Managing Director, Chief Investment Officer, Investment Management, Putnam Investments

11:00 – 11:15am Break
11:15am – 12:45pm

Panel 2:  International M&A:  Are Barriers on the Rise?
In the last two years, at least seven major countries, which combined represented more than 36 percent of the total global inflows of foreign direct investment in 2006, passed or debated new laws to restrict or clarify certain types of foreign direct investment.  These changes focus mostly on cross-border M&A transactions, which account for the large majority of world FDI flows. What explains this proliferation of new restrictions on cross-border M&A transactions?  Legitimate national-security concerns, protectionist economic sentiments, or differing philosophies about anti-trust issues?  This panel will examine the causes and consequences of this new scrutiny of cross-border M&A.

Stoneman Classroom

Moderator
Matthew J. Slaughter, Associate Dean of the MBA Program; Professor of International Economics, Tuck School

Panelists
David M. Marchick, Managing Director for Global Government and Regulatory Affairs, The Carlyle Group
Gordon E. Dyal D'83 T’87, Head, Global M & A, Goldman, Sachs & Co.
Sheila C. Cheston D'80, Senior Vice President, General Counsel & Secretary, BAE Systems
Benjamin G. Braun T’97, Managing Director, Mergers & Acquisitions Group, Merrill Lynch & Co.
12:45 – 2:15pm  Lunch and Keynote Address:  "The Federal Reserve's Tools for Responding to Financial Disruptions"
PepsiCo Dining Hall

Frederic S. Mishkin,
Member, Board of Governors, The Federal Reserve System
2:30 – 4:00pm  

Research Presentation: "The Negative Sum Game"
Professor French will present his latest research comparing the fees, expenses, and trading costs we pay to invest in the U.S. stock market with an estimate of what we would pay if everyone invested passively. Averaging over 1980 to 2006, he finds investors spend 0.65% of the aggregate value of the market each year searching for superior returns. If the typical active investor switched to a passive market portfolio, he would increase his average annual return by 80 basis points over the 1980 to 2006 period.

Stoneman Classroom


Kenneth R. French
, The Carl E. and Catherine M. Heidt Professor of Finance, Tuck School; Former President, American Finance Association

4:00pm – on   Cocktail Reception
Stell Hall