November 9, 2007 | The Waldorf=Astoria New York
Wharton Finance Conference 2007 FPerspectives on Global Finance: Building a Competitive Edge

Wharton Finance Conference 2007


Panels

Mergers and Acquisitions in a Competitive Landscape

The volume and size of M&A deals in 2007 have surpassed previous records. This panel explores the competition building in the M&A landscape in light of the credit crunch and increased cross-border acquisition trends. The panel will recap some of the key drivers that fuelled the recent M&A juggernaut including: M&A as a value creation opportunity for strategic buyers, a healthy fundraising environment in liquid credit markets that facilitated the financial buyers’ ability to execute mega-deals, a relatively sound economy (with inflation in check and stable interest rates), and anti-trust legal debates triggered by the size of deals and the restrictions they pose on the future playing field of possible bidders.

Panel speakers will explore M&A’s sustainability as a value-generating tool for corporations. They will explore the various valuation metrics and deal structures that characterize the current M&A cycle and compare them with historical values. Panelists will also analyze the impact of the recent credit crunch and the changing economic climate on M&A and the outlook for M&A in 2008.

Panel Directors: Amol Damle, Rama Naageswaran

Panelists:

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Wall Street Leaders on Market Competitiveness

Are U.S. financial markets losing their competitive edge? Is global competition as fair as it is free? This panel of Wall Street leaders will share their insights on some of the hot topics in capital markets competitiveness. Government provides essential safeguards for investors, but excessive litigation and regulation of capital markets can slow innovation and impose excessive costs on investors. In this panel, we are interested in finding the balance necessary to maintain confidence-inspiring standards without stifling competitiveness. With a view from the boardroom, we will discuss relations between managers and the investor community, current trends in corporate governance, Sarbanes-Oxley, and other key issues.

Panel Directors: Jesse Lucco, Matt Vogel

Panelists:

  • Moderator: Floyd Norris, Chief Financial Correspondent, The New York Times
  • Martin Lipton, Founding Partner, Wachtell, Lipton, Rosen & Katz
  • Jason T. Milazzo, Global Head of Corporate Finance Group, Morgan Stanley
  • Duncan Niederauer, President and Co-Chief Operating Officer, NYSE/Euronext
  • Frank Zarb, Former Chairman, American International Group (AIG)

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Innovation in Financial Markets

The panel will focus on innovative corporate financial applications that have allowed firms to take advantage of liquidity in capital markets, hedge their risk, and maximize flexibility within legal and regulatory frameworks. The panelists will discuss innovations that have enabled increased securitization across industries. They will also discuss the introduction of Collateralized Debt Obligations that address different asset classes and the hedging strategies employed by firms. Other topics of interest include the innovative use of sidecars in insurance, improved methods of share buybacks, and quantitative modeling techniques in investment banking.

Panel Directors: Lavanya Swetharanyan, Keith Tauro

Panelists:

  • Moderator: William Wilhelm Jr., Murray Research Professor, McIntire School of Commerce, University of Virginia
  • David V. Elkins, Vice President and Chief Financial Officer, AstraZeneca
  • Daniel Kerstein, Managing Director Head of Global Finance Solutions, Lehman Brothers
  • Paul Pepe, Managing Director, Head of Americas Corporate Finance, Merrill Lynch
  • Adriaan Van Der Knaap, Managing Director, Co-Head of US FIG Solutions Group and FIG Debt Capital Markets, UBS
  • Phil Weeber, Derivative Consultant, Structured Finance, Chatham Financial

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Changing Face of Investment Banking
Advisory vs. Ownership; New York vs. London

With leading investment banks’ increasing footprints in private equity, a new challenge faces the investment banking industry. Lucrative opportunities entice investment banks to set up their own private equity funds and to take a bigger cut of the pie. This can lead to principal vs. agent conflicts where banks act as advisors to private equity clients while actively pursuing private equity targets. How will the banks maintain this delicate balance?

Is New York under threat? Regulatory requirements, government policies and perceptions of growth in European and Asian markets have elevated the popularity of London and Hong Kong as the new financial capitals. Will New York be able to get back its lost sheen? Join us to hear industry leaders share their approach to the above issues and offer their viewpoints.

Panel Directors: Sumita Pandit, Radhika Singh

Panelists:

  • Moderator: Alex Edmans, Assistant Professor of Finance, The Wharton School
  • Christopher Birosak, Managing Director, Merrill Lynch Global Private Equity
  • John M. Buley, Managing Director and Head, JPM Mezzanine Capital
  • Robert H. Hotz, Senior Managing Director, Houlihan Lokey Howard & Zukin
  • Jill Schildkraut-Katz, Managing Director, Corporate Finance, Merrill Lynch
  • Edward M. Yorke, Vice Chairman and Head of the North American Financial Sponsor Group, Credit Suisse

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Emerging Markets: Still Emerging?

While, in the past, emerging markets were known for their volatility, they have now become more stable and resistant to financial turbulences due to strong fundamentals. In this context, the panelists will address the reasons why private equity firms and hedge funds are increasingly investing in emerging markets and how these markets were impacted by the recent credit market crunch. The panelists will also address questions such as: Which geographies are next to emerge? What asset classes will become important in the future? Are we witnessing a decoupling from the developed economies? Come hear what expert investors have to say on these questions and where they think current trends are leading the future of emerging markets.

Panel Directors: Thais Aleluia, Sol Anitua

Panelists:

  • Moderator: Roger Leeds, Research Professor, International Finance; Director, Center for International Business and Public Policy, The Paul H. Nitze School of Advanced International Studies, Johns Hopkins University
  • Emilio Bassini, Managing Principal, Bassini & Co., LLC
  • Eyal Kaplan, General Partner, Walden Israel Venture Capital
  • Jorge Mora, Managing Director, Financial Sponsors & Leveraged Finance Group, UBS
  • Jamie Nicholson, Managing Director, Fixed Income Research Emerging Markets, Credit Suisse
  • Jamil Swati, Fortress Investment Group LLC

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Towards Greater Synergies
How Will Future Trading Desks be Organized?

The focus of the panel will be on the re-organization of the Sales & Trading desks in the future. With the increased client focus on cross-asset classes, the demand on investment banks is to become one-stop shop solutions providers with minimal client touch points. Our panelists will discuss the trends in the industry on how trading desks have been organized and how they will be organized in the future, and in particular share their own experience of managing this dimension in their organizations

Panel Directors: Amit Dighe, Dominique Toublan

Panelists:

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The Changing World of Private Equity

With more capital devoted to principal investing globally over the last few years than ever before, the private equity industry has been dominating headlines in the financial world. Some of the brightest minds have been searching for opportunistic returns in the face of increased competition for deals. Is the private equity market maturing? What challenges do private equity firms face as the cost of debt increases? With leverage becoming more expensive, what alternate deal structures are likely to gain popularity to achieve IRR expectations? This panel will focus on the changing atmosphere within the private equity industry and prospects for the next few years.

Panel Directors: Ed Chaglassian, Ruchira Shukla

Panelists:

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Careers in Finance: The Do's and Don'ts of Recruiting
The Recruiters' Perspective

In an ever-competitive recruiting environment, with candidates jostling for positions among a sea of power suits and impressive resumes, we present this panel as a guide for students in the midst of the recruiting season. Recruiters from top Wall Street firms will discuss successful recruiting strategies and common errors made by applicants seeking employment at their firms. They will share tips on how to successfully navigate the job search process and remind us of the pitfalls of recruiting and how to avoid them.

Panel Directors: Khalid Kabir, Dennis Lun, Quresh Shakir

Panelists:

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