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Wall Street Symposiums and Workshops 2017

FortuneTimes Group Wall Street | New York

Hedge Fund Management

Corporate Governance

Credit Rating Trends



Hedge Fund Regulation and Trends This symposium presents an overview of the regulatory and registration requirements of hedge funds. Starting with

a review of pertinent legislation, e.g., the Securities Act of 1933, the Securities and Exchange Act of 1934, the

Investment Advisers Act and the Investment Company Act of 1940, the Commodity Futures Trading Commission Act

of 1970, and the Dodd-Frank Act of 2010, this symposium builds a historical framework, enabling participants to

examine hedge fund regulation and trends in a broad, global context. With this perspective, the symposium examines

current compliance issues with regard to the process of order-execution/clearance and settlement, insider-trading,

and soft-dollars as well as the role of prime brokers. The class also discusses post-Dodd-Frank developments. In the

process, the symposium addresses a number of issues surrounding capital-raising methods and hedge fund

participation, including: registered offerings such as IPOs, follow-on and secondary offerings, private placements

under Regulation D, PIPES and today’s Private IPOI market.

In addition, FINRA corporate finance/underwriting compensation and research analyst rules, SEC capital rules

affecting securities offerings, IPO pricing and book-building, after-market activity by underwriters (including short-

selling), stabilizing offerings under Regulation M, the documentation required for securities offerings (Underwriting

Agreements, Agreements Among Underwriters, Lock-Up Agreements, e.g.). The symposium culminates in a wide-

ranging discussion of investment strategies, with a focus upon the most recent global trends in hedge fund-corporate

activism.

Day One Agenda:

Tutorial 1: Shareholder Activists & Corporate Strategy

By 2015, there had been an upsurge in activist shareholders arguing for radical changes in companies' corporate

strategies. Personalities like Carl Icahn, Bill Ackman, and Daniel Loeb were feared and loathed in some quarters,

celebrated in others. With nearly $120 billion in assets under management in 2014, and big players like Icahn

Enterprises managing $22.3 billion, Pershing Square managing $13.4 billion, and Third Point managing $8.3 billion,

activist hedge funds had become a prominent feature of the corporate landscape, escaping some of their earlier

approbation as corporate raiders or, even worse, "greenmailers." Activism covered a range of approaches-from proxy

votes and demands for Board seats, to full blown takeover attempts-and sought to pressure changes on a wide range

of issues-from corporate governance and executive pay, to strategic direction and excessive corporate overhead. Yet

one of the most common concerned the scope of the corporation. In many cases, activists demanded the splitting up

of the corporate entity, or the spinning off or sale of part of the company to another owner.

Learning Objective: To better understand the role that activist investors play in shaping corporate strategy, to

discuss the rationale behind spin-offs, split-offs, and sales of companies, and to determine the appropriate scope of

a corporation.

Keynote Speaker

Coffee Break

Tutorial

Lunch + Industry Business Presentations

Tutorial Session

Wall Street FortuneTimes Networking Session

08:00 AM — 09:30 AM

09:30 AM — 10:00 AM

10:00 AM — 12:00 PM

12:00 PM — 02:00 PM

02:00 PM — 05:00 PM

05:00 PM — 07:00 PM



Subjects Covered: Consolidation; Corporate strategy; Diversification; Investors; Project scope; Spin-offs; Strategy;

Synergy.


Calling all professionals from Wall Street and major financial institutions, the Wall Street FortuneTimes Networking

Session provides a venue for the exchange of ideas and business opportunities among the international business

communities.

Day Two Agenda:

Workshop 1: Corporate Strategy at Berkshire Partners

The managing directors of Berkshire Partners, a mid-sized private equity firm, address strategic and organizational

challenges in response to turbulent market conditions, rapid firm growth, and the transition of leadership from its

founding partners to the next generations. To address some of these dynamics, and to protect Berkshire's corporate

advantage, the managing directors established three executive oversight committees, developed new specialized

corporate functions, and incubated an internal hedge fund group. Students are given the opportunity to assess

Berkshire's recent changes in corporate strategy and organizational design and to formulate recommendations going

forward. This case explores how a private equity firm attempts to sustain its corporate advantage through its team-

oriented culture, corporate strategy and organizational structure, and analyzes the complementary nature of strategic

and organizational changes in a dynamic environment.

Workshop 2: A Tale of Two Hedge Funds: Magnetar and Peloton

Hedge fund Magnetar Capital had returned 25 percent in 2007 with a strategy that posed significantly lower risk to

investors than the S&P 500. Magnetar had made more than $1 billion in profit by noticing that the equity tranche of

CDOs and CDO-derivative instruments were relatively mispriced. It took advantage of this anomaly by purchasing

CDO equity and buying credit default swap (CDS) protection on tranches that were considered less risky. Now it was

the job of Alec Litowitz, chairman and chief investment officer, to provide guidance to his team as they planned next

year's strategy, evaluate and prioritize their ideas, and generate new ideas of his own. An ocean away, Ron Beller was

contemplating some very different issues. Beller's firm, Peloton Partners LLP, had been one of the top-performing

hedge funds in 2007, returning in excess of 80 percent. In late January 2008 Beller accepted two prestigious awards

at a black-tie EuroHedge ceremony. A month later, his firm was bankrupt. Beller shorted the U.S. housing market

before the subprime crisis hit, and was paid handsomely for his bet. After the crisis began, however, he believed that

prices for highly rated mortgage securities were being unfairly punished, so he decided to go long AAA-rated securities

backed by Alt-A mortgage loans (between prime and subprime), levered 9x. The trade moved against Peloton in a big

way on February 14, 2008, causing $17 billion in losses and closure of the firm.This case analyzes the strategies of the

two hedge funds, focusing on how money can be made and lost during a financial crisis. The role of investment banks

as lenders to hedge funds such as Peloton is explored, as well as characteristics of the CDO market and an array of

Keynote Speaker

Coffee Break

Workshop


Tutorial Session

MIT Round Table

08:00 AM — 09:30 AM

09:30 AM — 10:00 AM

10:00 AM — 12:00 PM

12:00 PM — 02:00 PM

02:00 PM — 05:00 PM

05:00 PM — 07:00 PM



both mortgage-related and credit protection-related instruments that were actively used (for better or worse) by

hedge funds during the credit crisis of 2007 and 2008.

Workshop 3: Blackstone Alternative Asset Management

This case explores reasons for Blackstone Alternative Asset Management's (BAAM's) growth from 2007-2013, a time

when the overall fund of hedge funds industry contracted substantially. Additionally, the case analyzes evolving

business models and value propositions within the fund of hedge funds industry. J. Tomilson Hill, CEO of BAAM and

Vice-Chairman of The Blackstone Group, is the protagonist. At the time of the case, BAAM was considering two

potential directions for future growth: 1) providing hedge fund products for the defined contribution pension space,

and 2) beginning direct internal "manufacturing" of investments. In the context of the current fund of hedge funds

industry, the case considers challenges and opportunities for these potential new areas for growth.

MIT Roundtable Discussion on the Hedge Fund Industry

Featuring industry thought-leaders, seasoned executive practitioners and MIT faculty,

FortuneTimes Academy will host a Roundtable Discussion on “Transparency and Regulation in the Financial Services

Industry – How Will These Trends Shape the Future of the Industry?” This wide-ranging discussion promises to be

lively and informative. Listen to the most authoritative minds as they attempt to predict how initiatives for greater

industry transparency and regulation will, ultimately, shape the Hedge Fund and Financial Services Industry 5 to 10

years or more, into the future.

Day Three Agenda:

International 1: OCBC Versus Hedge Fund: Acquisition of Wing Hang Bank

A Singapore-based financial services company, the second largest lender in Southeast Asia, offered to acquire a Hong

Kong bank, the eighth largest lender in the country, for a premium price per share. Three months later, a multi-billion

hedge fund firm based in the United States had accumulated close to 8 per cent of the Hzong Kong bank's shares.

According to Hong Kong's securities law, the Singapore-based financial institution would have to acquire 90 per cent

of the Hong Kong bank's shares to successfully take the bank private, and there were only 25 days left for the company

to meet this requirement. The hedge fund firm's unspoken message was clear: raise your bid price to buy our shares

or we will keep the company public at your expense.

The case illustrates the challenges involved in a cross-border bank acquisition and the potential roadblocks

shareholder activism can create in a business acquisition, identifies the strategies to consider when entering a new

market and when dealing with shareholder activism, explores the competitive landscapes for the banking industry in

Southeast Asia, namely Hong Kong and Singapore, and discusses RMB internationalization and the strategic

opportunities associated with it.

Keynote Speaker

Coffee Break

Strategy Session


Tutorial Session

Certification Ceremony

08:00 AM — 09:30 AM

09:30 AM — 10:00 AM

10:00 AM — 12:00 PM

12:00 PM — 02:00 PM

02:00 PM — 05:00 PM

05:00 PM — 07:00 PM



International 2: Premier Foods Plc: Interest Rate Swaps

A vice-president of a hedge fund must determine whether his fund will take a 5 per cent equity stake in Premier Foods

Plc (Premier). At the time of the case, Premier, a publicly listed U.K. food and beverage company, was heavily indebted

following a period of aggressive acquisition growth. Moreover, Premier had issued interest rate swaps on the majority

of its debt. As the financial crisis unraveled, interest rates dramatically declined, and Premier's interest rate swaps

appeared to be further draining the firm. Against this backdrop, the case sets its ultimate objective, which is to

simulate the vice-president's analysis of the firm's debt, interest rate swaps, caps and floors before deciding whether

to invest in Premier. This case provides an opportunity to value a straightforward fixed rate swap as well as related

interest rate caps and floors. Moreover, it provides a tangible context to appreciate firms' motivation to issue swaps

while simultaneously highlighting the potential negative effect these derivative securities can have on firm value. It

also provides a context in which to discuss how the LIBOR rate fixing scandal could have negatively affected a variety

of participants in the market place.

Industry 2: Genzyme & Relational Investors: Science and Business Collide

The chairman and CEO of the Genzyme Corporation, one the country's top five biotechnology firms, has received a

phone call requesting a meeting with the cofounder and principal of a large hedge fund that now has a 2.6% stake in

his company. Before meeting with him, the CEO is aware that he needs a strategy for dealing with this "activist"

investor with a track record of forcing out CEOs. The case explores financial strategy in the hedge funds industry.

Industry 3: McDonald's, Wendy's, & Hedge Funds: Hamburger Hedging?

Are hedge funds heroes or villains? Management of Blockbuster, Time Warner, Six Flags, Knight-Ridder, and Bally

Total Fitness might prefer the "villain" appellation, but Enron, WorldCom, Tyco, and HealthSouth shareholders might

view management as the real villains and hedge funds as vehicles to oust incompetent corporate managers before

they run companies into the ground or steal them through fraudulent transactions. Could the pressure exerted by

activist hedge funds on targeted companies result in increased share prices, management accountability, and better

communication with shareholders? Or does it distract management from its primary goal of enhancing long-term

shareholder value?

The case determines the benefits and disadvantages of activist hedge fund activity from the perspective of corporate

management and shareholders; examines if a hedge fund's suggested corporate restructuring could create greater

shareholder value; and explains the changing roles and perspectives of hedge funds.



Corporate Governance and Financial Compliance Management High-risk lending and systemic failures in corporate governance and in the management of financial compliance,

combined to bring about the financial crisis of 2008 (Financial Crisis Inquiry Report, 2011). With this as background, the

symposium examines recent developments in capital markets, corporate governance and financial compliance

management. Included is an analysis of financial instruments and institutions at the heart of the crisis -- including

asset-backed securities, credit derivatives, government-sponsored entities, credit rating agencies, hedge funds, and

financial conglomerates -- in the context of a larger, "shadow banking system.” Corporate governance is then

examined from a variety of perspectives – the board of directors, senior management, investors, the media, proxy

advisors, regulators and other stakeholders. The symposium creates a framework thereby, within which the

effectiveness of governance roles and responsibilities may be assessed. Participants come away from the symposium

with a more complete and contextual understanding of corporate governance strengths and blind spots, an

appreciation for executive behaviors and actions in the face of ambiguities, and an awareness of the key steps

involved in developing skills for addressing difficult governance and financial compliance situations, the commitment

necessary for advancing financial monitoring, and the difficulties of balancing the strategic goals and risks of and by

a board of directors. Also addressed will be the implications of financial globalization for emerging market countries

and specifically with the pros and cons of attracting investment and portfolio flow, the peculiarities of global capital

movements, such as contagion and sudden stop phenomena, the roles of credit rating agencies and international

lenders and investors, the importance of currency and maturity mismatches, the effectiveness (or not) of controls on

capital flows, and the relationship between capital flows, over-indebtedness, and sovereign debt defaults.

Day One Agenda:

Tutorial 1: The CFO as Regulator of Risk

The regulatory regime that has emerged out of the age of corporate scandals and the Sarbanes-Oxley Act has forced

CFOs to review their control systems and expand their knowledge and expertise dramatically. The CFO is now

expected to be the chief compliance and chief risk officer rolled into one. How can you improve performance in this

environment? This chapter shows how the CFO can set high performance and ethical standards, abandon the worst

aspects of the fixed performance contract, and ensure transparency and accountability. This tutorial is excerpted

from "Reinventing the CFO: How Financial Managers Can Transform Their Roles and Add Greater Value."

Learning Objective: To describe how CFOs can provide an effective framework for good governance and risk

management.

Subjects Covered: CFO; Corporate governance; Decision making; Financial management; Performance

measurement; Risk management; Value creation.

Keynote Speaker

Coffee Break

Tutorial


Tutorial Session


08:00 AM — 09:30 AM

09:30 AM — 10:00 AM

10:00 AM — 12:00 PM

12:00 PM — 02:00 PM

02:00 PM — 05:00 PM

05:00 PM — 07:00 PM



Tutorial 2: Strategic Compliance Management

This tutorial explains the construct of strategic compliance management (SCM) and asserts that managers and their

firms can perform more effectively, that is, create or capture more value or better manage risk, when they comply

with applicable laws, search for innovation opportunities created by regulation and deregulation, and proactively

anticipate future regulation.

Learning Objective: To help managers see how to prevent compliance failures, forestall more onerous business

regulation, and convert regulatory constraints into opportunities for value creation and capture.

Subjects Covered: Business ethics; Compliance management; Crime; Government regulations; Innovation; Insider

trading; Legal aspects of business; Risk management; Value creation.




communities.

Day Two Agenda:

Workshop 1: Goldman Sachs Group, Inc.: Sustaining the Franchise

This case traces the history of Goldman Sachs from its origins as it grows from a partnership to one of the most

valuable franchises in the global securities industry and ultimately a listed corporation, and its transformation into a

bank holding company under the regulatory oversight of the Federal Reserve. Even by the standards of the financial

services sector - significantly restructured in recent decades - Goldman Sachs has undergone transformative

configurations while straining to hold on to the attributes that made it an industry leader. There are successes and

failures, and the case focuses on the future direction of the firm in a market and regulatory environment very different

from the past.

The workshop investigates the application of tools of industrial organization and competitive analysis to an

extraordinary firm in the financial services sector which, for internal and external reasons, has become a much more

ordinary firm. The role of strategic positioning and execution are emphasized, as are the problems of institutional

complexity, compliance and ethics, and corporate culture.

Subjects Covered: Financial ethics; Investment banking; Laws & regulations; Securities.

Workshop 2: Dow’s Bid for Rohm and Haas

This case analyzes Dow Chemical Company's proposed acquisition of Rohm and Haas in 2008. The $18.8 billion

Keynote Speaker

Coffee Break

Workshop


Tutorial Session

MIT Round Table

08:00 AM — 09:30 AM

09:30 AM — 10:00 AM

10:00 AM — 12:00 PM

12:00 PM — 02:00 PM

02:00 PM — 05:00 PM

05:00 PM — 07:00 PM



acquisition was part of Dow's strategic transformation from a slow-growth, low-margin, and cyclical producer of basic

chemicals into a higher-growth, higher-margin, and more stable producer of performance chemicals. Simultaneously,

Dow had signed a joint venture agreement with Petrochemical Industries Company (PIC) of Kuwait, a deal that would

generate $7 billion in cash that could be used to finance the all-cash offer to buy Rohm and Haas. Dow and Rohm

announced the Rohm merger on July 10, 2008, just before the financial crisis in September 2008. The focus of the

case is on what happened after the financial crisis turned into a global economic crisis. Dow, like all chemical

producers, suffered as the global economy fell into recession during the second half of 2008, and as financial markets

froze. To make matters worse, PIC cancelled the joint venture with Dow in December 2008. As a result, Dow was hurt

on three fronts: first, it lost an important funding source for the proposed acquisition; second, Dow's financial

condition and internal cash flow deteriorated dramatically (its stock price was down more than 70% during 2008); and

third, Rohm's forecast sales, earnings, and value declined precipitously thereby reducing its attractiveness as an

acquisition target. Given this confluence of events, Dow sued to cancel the merger agreement with Rohm in January

2009. Rohm responded with its own lawsuit to force consummation of the deal. As of February 2009, Dow's board of

directors and its CEO Andrew Liveris have to decide what to do first and foremost about the Rohm acquisition and

the pending lawsuits, but also about the firm's declining financial performance and the PIC joint venture.

This workshop session explores corporate control on mergers and acquisitions (M&A), valuation analysis, and

negotiations in business schools. Participants will explore the relevant financing and valuation issues inherent in

merger transactions. Specifically, the workshop has four pedagogical objectives. First, it exposes participants to the

legal side of M&A transactions by exploring detailed contractual provisions in a merger agreement. Second, it provides

an opportunity to value an acquisition target as well as potential synergies using discounted cash flow (DCF) analysis.

Third, it analyzes the impact the global economic and financial crises had on the M&A market from the Fall of 2008

through 2009. And Finally, it helps participants understand and use information contained in market securities to

assess the dynamics of merger transactions. In particular, the case presents data on the arbitrage discount and the

pricing of credit default swap (CDS) spreads as ways to understand the likelihood of consummation and the

probability of bankruptcy, respectively.

Subjects Covered: Capital structure; Contracts; Due diligence; Financial crisis; Laws & regulations; Mergers &

acquisitions; Negotiation; Risk assessment; Valuation.








Day Three Agenda:

Keynote Speaker

Coffee Break

Strategy Session


Tutorial Session


08:00 AM — 09:30 AM

09:30 AM — 10:00 AM

10:00 AM — 12:00 PM

12:00 PM — 02:00 PM

02:00 PM — 05:00 PM

05:00 PM — 07:00 PM



Risk Management Strategy 1: Basel II: Assessing the Default and Loss Characteristics of Project Finance Loans

In June 1999, the Basel Committee on Banking Supervision announced plans to revise the capital standards for banks. The

Basel Committee believed that project loans were significantly riskier than corporate loans and, therefore, warranted

higher capital charges under the new proposal (known as Basel II). Bankers, fearing that higher capital charges would

damage project lending by lowering profits and driving borrowers to nonbank competitors, formed a consortium to

oppose the proposal by studying the actual default and loss characteristics of their combined portfolios of project loans.

The study showed that project loans were not riskier than corporate loans. Armed with this data, the consortium sent a

letter to the Basel Committee in August 2002 urging them to lower the proposed capital charges on project finance loans.

This strategy session examines the new capital Accord, understand the differences between project and corporate loans,

and critique the statistical analysis conducted by the consortium. Participants, acting as bankers, must present the data

and try to convince other participants, acting as Basel Committee members, to change their position on project finance

loans. This case presents entirely new data on the performance of project loans as well as descriptions of the regulation of

bank capital and the process of setting new capital standards.

Subjects Covered: Bank loans; Loans; Negotiation; Project finance; Risk assessment; Risk management; Statistical

analysis.

Risk Management Strategy 2: Basel II: Assessing the Default and Loss Characteristics of Project Finance Loans

The credit boom that preceded the 2007-

2009 financial crisis led to several lending

practices that exposed banks to large risks.

In particular, when the financial crisis

unraveled, there were several billion

dollars' worth of leveraged buyout (LBO)

loans that were meant to be syndicated but-

due to full underwriting-had to be funded

by the originating banks. The case

protagonist is Bennett J. Goodman, a Senior

Managing Director at Blackstone. Goodman

evaluates the opportunity to buy a fraction

of the leveraged loan portfolio being

offered for sale by Citigroup. This case can

be used as a vehicle for discussing details of

leveraged financing. In particular, it

illustrates the close connection between

syndicated-lending-backed leveraged transactions and loan securitization, and provides a context for discussion of factors

that led to the leveraged credit boom that ended in 2007. The case also provides in-depth details of the structure of the

transaction and its underlying assets, and serves as a means for understanding and valuing alternative investment

strategies pursued by

private equity firms during the credit-market crisis. As a byproduct, participants learn how to use credit default swaps

(CDS), a market-based indicator, for valuation.

Subjects Covered: Advertising; Bankruptcy; Black markets; Commercial banks; Costs of bankruptcy; Derivatives;

Finance; Financial audits; Financial markets; Foreign investments; Insolvency; Investments; Liabilities; Private equity;

Restructuring; Swaps.



International Credit Rating Trends and Regulation

Designed for mid-career financial management professionals, this symposium addresses recent decisions of the

Basel Committee on Banking Supervision, describes the impact and explores the implications of the Basel Accords I.,

II. and III., considers post Dodd-Frank regulation, and the dynamic evolution and development of international

standards and trends in public and private credit-rating methodology and technology, in the context of historical

events, such as the financial crisis of 2008. The symposium addresses changes in securitization standards and

protocols, and considers the implications of corporate activism for governance and governance structures. Using a

practice-oriented approach to the most recent developments affecting the management of financial risk, this

symposium offers detailed analysis and historical synthesis, providing practitioners with the opportunity to raise

pertinent issues that affect the financial industry today.

Day One Agenda:

Tutorial 1: The Southeast Bank of Texas in the Financial Crisis

The Southeast Bank of Texas, like most other

financial institutions in the US, has fallen on hard

times during the financial crisis of the past year. Now,

in March 2009, the bank is faced with several choices

as a result of the new reforms spawned from the

financial crisis: The FDIC's Temporary Liquidity

Guarantee Program and the US Treasury's Capital

Purchase Program. Additionally, the implementation

of BASEL II has left new regulations in place for capital

requirements for banks. Irwin Greff, President and

CEO of the Southeast Bank, faces several decisions

on how to proceed with these new policies that will

surely shape the future of the bank.

This tutorial educates students about the decisions

faced by banks during the financial crisis of 2008-

2009.




communities.

Keynote Speaker

Coffee Break

Tutorial


Tutorial Session


08:00 AM — 09:30 AM

09:30 AM — 10:00 AM

10:00 AM — 12:00 PM

12:00 PM — 02:00 PM

02:00 PM — 05:00 PM

05:00 PM — 07:00 PM



Day Two Agenda:

Workshop 1, Basel II: Assessing the Default and Loss Characteristics of Project Finance Loans

In June 1999, the Basel Committee on Banking Supervision announced plans to revise the capital standards for banks.

Bankers, fearing that higher capital charges would damage project lending by lowering profits and driving borrowers

to nonbank competitors, formed a consortium to oppose the proposal by studying the actual default and loss

characteristics of their combined portfolios of project loans. The study showed that project loans were not riskier

than corporate loans. Armed with this data, the consortium sent a letter to the Basel Committee in August 2002 urging

them to lower the proposed capital charges on project finance loans.

This workshop examines the new capital Accord, understand the differences between project and corporate loans,

and critique the statistical analysis conducted by the consortium. Participants, acting as bankers, must present the

data and try to convince other students, acting as Basel Committee members, to change their position on project

finance loans. This case presents entirely new data on the performance of project loans as well as descriptions of the

regulation of bank capital and the process of setting new capital standards.

Workshop 2, High Wire Act: Credit Suisse and

Contingent Capital

Late in 2010, Credit Suisse CEO Brady Dougan

and his team closed in on the decision of

whether or not to issue contingent capital, which

Swiss regulators would require by 2019. There

were a number of substantial issues facing

Dougan and his team, including whether

contingent capital would provide sufficient loss

absorption when called upon, would there be

sufficient demand for this new instrument,

would it be cost effective capital, and what were

the risks to Credit Suisse' reputation with clients

and regulators if an issue did not go well? In

addition, The Basel Committee, the body that

recommended global bank capital standards,

had decided that much of the existing bank "hybrid debt" would no longer count as capital for regulatory purposes,

meaning banks would need to replace this portion of their equity accounts with some other form of capital. However,

Basel had yet to decide whether contingent capital would be allowable in the new "Basel III" regulatory regime.

The case explores the many tensions facing a leader and his team in deciding whether to be the first healthy firm to

issue a new capital instrument in the post-crisis world. The intersecting issues include whether to take a leadership

role in establishing a new capital standard, reputation with clients and regulators, gauging investors demand and at

Keynote Speaker

Coffee Break

Workshop


Tutorial Session

MIT Round Table

08:00 AM — 09:30 AM

09:30 AM — 10:00 AM

10:00 AM — 12:00 PM

12:00 PM — 02:00 PM

02:00 PM — 05:00 PM

05:00 PM — 07:00 PM



what cost. The case also allows participants to better understand why robust levels of capital and liquidity are

essential elements of a healthy financial firm, and financial system. Finally, it allows for an examination of one

country's response to the crisis given its unique situation of having banks that are so large that their assets swamp

GDP.








Day Three Agenda:

International 1: Jan Eriksson at Novartis Indonesia: Turmoil in the Indonesian Pharmaceutical Industry

Jan Eriksson is the country manager of the Indonesian joint venture of Basel-based Novartis (Novartis Indonesia), the

world's largest pharmaceutical company, formed by the 1996 merger between Sandoz and Ciba-Geigy. The case

describes the actions he has taken since assuming his post in May 1996. He was in the middle of merging the

Indonesian operations of Sandoz and Ciba-Geigy when the financial crisis struck Indonesia. He has prepared two

plans to deal with the crisis. In January 1996, headquarters had still not approved Erickssons' plans and he needs to

decide how to proceed.

International 2: Banking on Germany?

Explores the causes and consequences of transforming Germany's bank-oriented financial system into one more

oriented to capital markets. The economics of globalization, international accords such as Basel II, EU financial

policies, and Germany's own regulatory reforms struck to the heart of its traditional, relationship-banking model. The

outcry against these reforms grew so great that the German chancellor, Gerhard Schroder, announced that Basel II

was not acceptable for Germany, especially because it affected the financing of Mittelstand (small and medium-size

firms), the backbone of the German economy. With the economy stagnating, unemployment rising, job creation

stalling, bankruptcies reaching record rates, the budget deficit rising, and German banks increasingly suffering from

a simultaneous structural and earnings crisis, German banks and businesses wondered what the future had in store

for them.

International 3: Deferred Tax Assets in Basel III: Lessons from Japan

In a controversial decision, the Bank for International Settlements includes deferred tax assets as part of a bank's

core capital.

Keynote Speaker

Coffee Break

Strategy Session


Tutorial Session


08:00 AM — 09:30 AM

09:30 AM — 10:00 AM

10:00 AM — 12:00 PM

12:00 PM — 02:00 PM

02:00 PM — 05:00 PM

05:00 PM — 07:00 PM



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