· THE INSTITUTE

FOR UANTITATIVE RESEARCH IN FNANCE

THE GROUP

®

IN OUR 24TH YEAR

-~

THE INSllTUTE FOR QUANn FALL 1989 SEMINAR • CAMELBACK IN

SUNDAY October 15,

1989

MONDAY October 16,

1989

5:00 p.m. Reception 6:00 p.m. Dinner 7:00 p.m. WORDS OF WELCOME James L. Farrell, Jr., MPT Associates, Inc., Institute Chairman

DINNER SPEAKER Joseph A. Grundfest. Commissioner. The Securities and Exchange Commission

LEVERAGED BUV-OUTS 8:30-9:00 a.m. INTRODUCTION TO THE TOPIC Speaker: Robert E. Shultz. Vice President. RJR Nabisco

9:00-10:15 a.m. POST-BUYOUT PERFORMANCE RESEARCH: DATA, METHODS AND MODELS Speaker: William F. \.ong. Guest Scholar. The Brookings Institute

10:15-10:45 a.m. Coffee Break 10:45-12:00 noon SOURCES OF VALU IN MANAGEMENT BUY-OUTS Speaker: Steven Kaplan. Graduate School of Business .

. University of Chicago

12:00-4:00 p.m. Luncheon and Person-fo-Person Conferences 4:00-5:15 p.m. LESSONS FROM THE RJR NABISCO LBO Speaker: Richard S. Ruback, Associate Professor of Business

Administrclfion, Harvard Business School

5:15-5:45 p.m. Coffee Break 5:45-7:00 p.m. DO BAD BIDDERS BECOME GOOD TARGETS? Speaker: Mark Mitchell, Research Scholar. The Securities

and Exchange Commission

7:00 p.m. Reception

AnVE RESEARCH IN RNANC

TUESDAY October 17,

1989 .

WEDNESDAY October 18,

1989

8:30-9:45 a.m. THE VALUE OF CONTROL Speaker: Jack Treynor, President, Treynor Capital Management, Inc.

9:45-10:15 a.m. Coffee Break 10:15-11:30 a.~. PUBLIC VS. PRIVATE VALUES: IMPLICATIONS OF THE GLOBAL MERGER BOOM Speaker: lawrence S. Speidell, Trustee, Batterymarch

Financial Management

11:30-12:00 p.m. BUSINESS MEmNG of the INSTITUTE 12:00-4:00 p.m. Luncheon and Person-to-Person Conferences

HIGH YIELD BONDS 4:00-5:15 p.m. LEVERAGEABILITY OF CORPORATE ASSETS Speakers: Martin L. leibowitz, Managing Director

Eric lindenberg, Director St9nley Kogelman, Vice President Salomon Brothers

5:15-5:45 p.m. Coffee Break 5:45-7:00 p.m. MORTALITY NO PERFORMANCE OF CORPORATE BONDS - ANALYZING THE DEBATE Speaker: Eclward I. Altman, Max H. Heine Professor of Finance,

St"'rn School of Business, NYU

7:00 p.m. Reception

HIGH YIEW BONDS continued 8:00-9:15 a.m. INSTITUTIONAL INVESTOR'S PERSPECTIVE OF THE HIGH-YIELD !BOND MARKET Speaker: Mura li Ramaswami, Senior Vice President, The Travelers

In estment Management Company

9:15- 9:45 a.m. Coffee Break 9:45-11 :00 a.m. ,COMMENTARY SESSION PartiCipants: Edward I. Altman

Rqbert Bernstein, Delaware Capital Management Edward I. D'Alelio, The Putnam Companies Pqul Owens, Berkeley Capital Management Mural l Ramaswaml

11:00 a.m. Seminar ConclUSion

BOARD OF DIRECTORS JAMES l. FARRELL, JR. (Chairman). MPT Associates. Inc.

ROGER F. MURRAY (VIce-Chairman Emeritus) ROBERT E. ANGELICA. AT&T

DARWIN M. BAYSTON. CFA. The Institute of Chartered Financial Analysts KATHLEEN A. CONDON. Bonkers Trust COmpany

CHARLES A. D'AMBROSIO. CFA, The Financial Analysts Journal PETER O. DIETZ. Frank Russell Company

H. GIFFORD FONG. Gifford Fong ASSOCiates WILLIAM L. FOUSE. Mellon Capital Management COrp.

MARTIN L. LEIBOWITZ, Salomon Brothers Inc. RICHARD O. MICHAUD

EUGENE E. RECORD, JR., Wellington Management COmpany DANIEL RIE, Colonial Management AssoclO1es. Inc.

ROBERT E. SHULTZ, RJR Nabisco. Inc. JACK L. TREYNOR. Treynor Capital Management. Inc.

ROBERTL. WHALEN. Connecticut Genera l life Insurance COmpany THOMAS A. WICK. Harris Trust and Savings Bonk

DALE BERMAN (Secrelary-Treasurer) ANDREW C. McCULLOCH (Administrative Director)

PROFESSOR J. PETER WILLIAMSON (Seminar Summarizer) JOHN F. WALSH (General Counsell

SPONSORS OF THE INSTITUTE ANB INVESTM.ENT MANAGEMENT COMPANY

AT&T ARONSON +FOGLER

THE BANK OF NEW YOR~ BANKERS TRUST COMPANY

BARRA BEA ASSOCIATES. INC.

BELL ATLANTIC THE BOSTON COMPANY

BOSTON INTERNATIONAL ADVISORS, INC. BUCK PENSION FUND SERVICES

CHANCEUOR CAPITAL MANAGEMENT. INC. THE CHASE MANHAnAN BANK. NA

CIGNA INVESTMENTS INC. COLLEGE RETIREMENT ASSOCIATES, INC.

COLONIAL MANAGEMENT ASSOCIATES, INC. CONNECTICUT GENERAL LIFE INSURANCE CO,

DIMENSIONALFUNDS ADVISORS. INC. DREXEL BURNHAM LAMBERT, INC.

ELF AQUITANE, INC. ,EQUITABLE CAPITAL MANAGEMENT CORPORATION

EVALUATION ASSOCIATES FIRST ASSET MANAGEMENT

FIRST CHICAGO INVESTMENT ADVISORS THE FORD FOUNDATION

FRANK RUSSELL COMPANY FRANKLIN PORTFOLIO ASSOCIATES GENERAL MO'fORS CORPORATION

GTE INVESTMENT MANAGEMENT CORPORATION GIFFORD FONG ASSOCIATES GOLDMAN, SACHS, AND CO.

HARRIS TRUST AND SAVINGS BANK IBM CORP.

INTERNATIONAL MONETARY FUND INTERNATIONAL PAPER

KIDDER, PEABODY & CO. , INCORPORATED/WEBSTER MANAGEMENT LYNCH, JONES & RYAN

MACKAY- SHIELDS FINANCIAL CORPORATION MARTINGALE ASSET MANAGEMENT

MASSACHUSrnS FINANCIAL SERVICES McKINSEY & COMPANY, INC.

MEG ASSET MANAGEMENT COMPANY INC. MELLON CAPITAL MANAGEMENT CORP

MELLON EQUITY ASSOCIATES MERRILL LYNCH CAPITAL MARKETS MILLER. ANDERSON & SHERRERD

MITCHELL HUTCHINS INSTITUTIONAL INVESTORS, INC. MONSANTO COMPANY

J.P. MORGAN INVESTMENTMANAGEMENT, INC. MORGAN STANLEY & CO.• INCORPORATED

MPT ASSOCIATES, INC. NAT WEST INTERNATIONAL TRUST CORPORATION (BAHAMAS) LIMITED

NEW AMSTERDAM PARTNERS THE NIKKO RESEARCH CENTER. INC.

NOMURA CAPITAL MANAGEMENT, INC. THE NORTHERN TRUST COMPANY

OPPENHEIMER & CO. PEAT MARWICK MAIN 8< CO.

PRUDENTIAL INVESTMENT CORPORATION RJR NABISCO, INC.

SALOMON BROTHERS. INC. SANFORD C. BERNSTEIN & CO., INC.

SEI CORPORATION SHEARSON LEHMAN HUnON, INC.

STANFORD UNIVERSITY, TREASURER'S OFFICE STATE STRm BANK & TRUST CO.

SUN LIFE ASSURANCE COMPANY OF CANADA THE TRAVELERS INVESTM.ENTMANAGEMENT COMPANY

TREYNOR CAPITAl MANAGEMENT. INC. T. ROWE PRICE ASSOCIATES

U.S. TRUST COMPANY OF NEW YORK WilliNGTON MA AGEMENT COMPANY

WEUS FARGO INVESTMENT ADVISORS WILSHIRE ASSOCIATES

WINDHAM CAPITAL MANAGEMENT THE WORLD MARKETS COMPANY PLC.

XEROX CORPORATION YALE UNIVERSITY INVESTMENTS OFFICE

YORK MANAGE ENT8< RESEARCH, INC.

THE INSTITUTE FOR QUAN ~nVE RESEARCH IN FINANCE c/o John F. Walsh, Walsh. Valdesplno-230 Park Avenue-Sulfe 1550-New York, NY 10169