A workshop of the European Science Foundation Network in Financial Markets on `International Finance' was held at Maastricht on 28/29 May. The workshop was organized by Christian Wolff, Professor of Finance at the Universiteit Limburg and Research Fellow in CEPR's Applied Microeconomics programme and hosted by the Limburg Institute of Financial Economics. A full report will appear in issue no. 7 of the Newsletter of the ESF Network in Financial Markets, September 1993. The following papers were presented:

`The Implications of First-order Risk Aversion for Asset Market Risk Premiums', Geert Bekaert (Stanford University) and Robert Hodrick and David Marshall (Northwestern University)

`An Integrated Model of Multinational Flexibility and Financial Hedging', Antonio Mello (Banco de Portugal)

`A New Approach to International Arbitrage Pricing', Ravi Bansal, David Hsieh and S Viswanathan (Duke University)

`Predictable Risk and Returns in Emerging Markets', Campbell Harvey (Duke University)

`Inflation Differentials and the Uncovered Interest Parity in the European Monetary System', Franz Palm and Peter Vlaar (Universiteit Limburg)

`Neglected Common Factors in Exchange Rate Volatility', Ronald Mahieu and Peter Schotman (Universiteit Limburg)

`Conditional Correlation in International Equity Return', Bruno Solnik (Hautes Etudes Commerciales, Jouy en Josas)