Section I: The environment of international finance The international monetary fund 50 years after Bretton Woods - Norman S. Fieleke Trade and growth: some recent evidence - Bharat Trehan Central bank independence and economic performance - Patricia S. Pollard Section II: International securities and derivatives markets Globalization of stock, futures, and options markets - Peter A. Abken Emerging markets: a framework for institutional investment - Leslie B. Kautz, Howard D. Perlow, and George Sands The development of stock markets in China - James R. Booth and Lena Chua Concepts and trends in derivative instruments: with international applications - Alfred Lewis and Anthony Nappo The design of trading systems: lessons from abroad - Roger D. Huang and Hans R. Stoll Section III: Foreign exchange systems and markets Microstructure theory and the foreign exchange market - Mark D. Flood The U.S. currency system: a historical perspective - Steven Russell Monetary union in Europe - Joseph A. Whitt, Jr The vulnerability of pegged exchange rates: the british pound in the ERM - Mathias Zurlinden Is the foreign exchange market inefficient? - Gregory P. Hopper Section IV: Managing international financial institutions Foreign competition in U.S. banking markets - Herbert L. Baer Deregulation and competition in japanese banking - Allen B. Frankel and Paul B. Morgan Japanese banks customers in the United States - Rama Seth and Alicia Quijano Banking and commerce: the japanese case - Sun Bae Kim Implications of netting arrangements for bank risk in foreign exchange transactions - R. Alton Gilbert Internation banking and country risk analysis - Alan C. Shapiro Section V: International investment and portfolio management International bond diversification - John L. Peta Synthetic international diversification - Philippe Jorion and Leonid Roisenberg Lessons for international asset allocation - Patrick Odier and Bruno Slnik International value and growth stock returns - Carlo Capaul, Ian Rowley, and William F. Sharpe Introduction to currency options - David F. DeRosa Section VI: International capital budgeting Strategic capital budgeting decisions and the theory of internalisation - Alan M. Rugman and Alain Verbeck Capital budgeting for international business: a framework for analysis - John Holland Political risk in international capital budgeting - Scott Goddard Cost of capital in capital budgeting for foreign - Marjorie T. Stanley Section VII: International financing and capital structure decisions Foreign owned companies in the United States: malign or benign? - Cletis C. Coughlin The cost of capital for securities firms in the United States and Japan - Robert N. McCauley and Steven A. Zimmer Capital and ownership structure: a comparison of United States and Japanese manufacturing corporations - W. Carl Kester Equity carve outs in Tokyo - Ted Fikre Capital structure among latin american companies - Raj Aggarwal and G. Baliga Japan's keiretsu and Korea's chaebol - Chan Guk Huh and Sum Bae Kim Section VIII: Foreign exchange risk management The nature and causes of foreign currency exposure - John J. Pringle and Robert A. Connolly Identifying, measuring, and hedging currency risk at merck - Judy C. Lewent and A. John Kearney Managing currency exposure: the case of western mining - Peter J. Maloney

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