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The eighteenth CEPR/Study Center Gerzensee European Summer Symposium in Financial Markets (ESSFM) will take place in Gerzensee from 16 to 27 July 2007. The meeting will include daily seminars in the morning, in which participants present their work, as well as less formal evening seminars scheduled at the beginning of the Symposium. A substantial amount of time is reserved for independent work and collaborative research, which provides participants with a unique opportunity to interact and discuss each other's research. In addition, four mornings will be devoted to 'focus sessions', each of which concentrates on some recent developments in asset pricing (week one) and corporate finance (week two). Focus sessions for the asset pricing week will be organised by Darrell Duffie (Stanford University) and Annette Vissing-Jørgensen (Northwestern University). Focus sessions for the corporate finance week will be organised by Paola Sapienza (Northwestern University and CEPR) and Toni Whited (University of Wisconsin).