Conference
On the History of Financial Innovation

March 6-7, 2003

Conference Organizers:
Christos Cabolis, William Goetzmann, & Geert Rouwenhorst

International Center for Finance,
Yale School of Management

This conference is based on the book project
Of Interest and Enterprise: Essays in the
History Of Financial Innovation
edited by K. Geert Rouwenhorst and William Goetzmann.
The study of the evolution of financial instruments
and markets has been made possible by an
anonymous gift to the International Center for Finance

Thursday, March 6th
Breakfast
8.30 - 8:50	New Haven Lawn Club, 193 Whitney Avenue
Introduction
8:50 - 9:00	Geert Rouwenhorst, Yale School of Management
Session One	Chair: Christos Cabolis, Yale School of Management
9:00 - 9:30	James Poterba, MIT, Annuities in Early Modern Europe
9:30 - 10:00	Luciano Pezzolo, University of Venice, Italian Monti: The Origins of Bonds and Government Debt
Break
10:00 - 10:30	New Haven Lawn Club
Session Two	Chair: Arturo Bris, Yale School of Management
10:30 - 11:00	Ned Downing, Transatlantic Paper and the Emergence of the American Capital Market
11:00 - 11:30	Richard Sylla, NYU, Origins of the New York Stock Exchange
11:30 - 12:00	Robert Shiller, Yale, The Invention of Inflation-Indexed Bonds in Early America
Lunch
12:00 - 1:15	International Center for Finance, 46 Hillhouse Avenue
Session Three	Chair: Henry Hansmann, Yale Law School
1:30 - 2:00	William Goetzmann, Yale and Elisabeth Köll, Case Western Reserve University, The History of Corporate Ownership in China
2:00 - 2:30	Ulrike Malmendier, Stanford, Roman Shares
2:30 - 3:00	Robert Harms, Yale, Unfettered Capitalism
Break
3:00 - 3:30	New Haven Lawn Club
Session Four	Chair: Carolyn Moehling, Yale Department of Economics
3:30 - 4:00	Alan Taylor, UC Davis and Maurice Obstfeld, Berkeley University, Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-1931
4:00 - 4:30	Benjamin Chabot and Christopher Kurz, University of Michigan, Trust Me with your Money: English Investors and the Precursor of the Modern Mutual Fund
Friday March 7th
Breakfast
8:30 - 9:00	New Haven Lawn Club, 193 Whitney Avenue
Session One	Chair: Martijn Cremers, Yale School of Management
9:00 - 9:30	Geert Rouwenhorst, Yale, The Origins of Mutual Funds
9:30 - 10:00	Larry Neal, University of Illinois, Venture Shares of the Dutch East India Company
10:00 - 10:30	Joost Jonker and Oscar Gelderblom, University of Utrecht, The Origins of Derivatives Markets
Break
10:30 - 11:00	New Haven Lawn Club
Session Two	Chair: George Hall, Yale Department of Economics
11:00 - 11:30	Paul Harrison, Federal Reserve, Some Historical Analysis of the Economic Effects of Regulation, Innovation, and Reputation on Early 18th Century Stock Market Activity
11:30 - 12:00	Valerie Hansen, Yale, Resolving an international trade dispute on the Silk Road in ca. 670 A.D.
12:00 - 12:30	Andrey Ukhov, Yale, Russian Lottery Bonds
Closing Remarks
12:30 - 12:40	Will Goetzmann, Yale School of Management
Lunch
12:40 - 2:00	International Center for Finance