1st Mitsui Life Symposium on Global Financial Markets: Volatility in U.S. and Japanese Financial Markets
University of Michigan Business School
Ann Arbor, Michigan
October 3 & 4, 1991
October 3, 1991
Panel Discussion
Wendy Gramm, Chairperson of the Commodity Futures Trading Commission
Merton Miller, 1990 Nobel Laureate in Economics, University of Chicago
Mitsuo Sato, Deputy President of the Tokyo Stock Exchange
Stephen Timbers, Senior Executive Vice President and Chief Investment Officer, Kemper Financial Services
James Tobin, 1981 Nobel Laureate in Economics, Yale University
October 4, 1991
Session 1
Rene Stulz, Riklis Chair in Business, Ohio State University
“Global Financial Markets and the Risk Premium on U.S. Equity”
Takaaki Wakasugi, Professor of Finance, University of Tokyo
“Effects of Stock Index Arbitrage on Market Volatility in Japan”
Session 2
Robert Shiller, Stanley B. Resor Professor of Economics, Yale University
“Financial Speculation: Economic Efficiency and Public Policy”
Richard Roll, Allstate Professor of Finance, UCLA
“Industrial Structure and the Comparative Behavior of International Stock Market Indexes”