The fourth Summer Symposium of the CEPR/ESF Network in Financial Markets took place at Gerzensee, Switzerland, during 12-23 July. CEPR thanks the Studienzentrum Gerzensee for its generous hospitality for the meeting, which was organized by Colin Mayer, Professor of Economics and Finance at the University of Warwick and Chairman of the Network, and Ronald Anderson, Professor of Economics at the Université Catholique de Louvain, respectively Co-Director of and Research Fellow in CEPR's Applied Microeconomics programme, and by Marco Pagano, Professor of Economics at the Università Bocconi, Milano, and Research Fellow in CEPR's International Macroeconomics programme. A full report will appear in issue no. 8 of the Newsletter of the ESF Network in Financial Markets, October 1993. The following papers were presented:

`Sharing Default Information as a Borrower Discipline Device', Marco Pagano (Università Bocconi, Milano, and CEPR) and Jorge Padilla (Centro de Estudios Monetarios y Financieros, Madrid, and CEPR)

`The Decision to Go Public', Kristian Rydqvist and Kenneth Högholm (Stockholm School of Economics)

`Proprietary Information, Financial Intermediation and Research Incentives', Gabriella Chiesa (Università degli Studi di Brescia and Innocenzo Gasparini Institute for Economic Research, Milan) and Sudipto Bhattacharya (University of Delhi and Innocenzo Gasparini Institute for Economic Research, Milan)

`Arbitrage Chains', James Dow (London Business School) and Gary Gorton (University of Chicago)

`Short-Term Investment and the Informational Efficiency of the Market', Xavier Vives (Universitat Autònoma de Barcelona and CEPR)

`Design and Valuation of Debt Contracts', Ronald Anderson (Université Catholique de Louvain and CEPR) and Suresh Sundaresan (Columbia University)

`Self-interested Bank Regulation: Theory and Policy Implications', Arnoud Boot (Universiteit van Amsterdam) and Anjan Thakor (Indiana University)

`Disclosure and Trading with Large Market Makers: An Analysis of the London Stock Exchange', Anthony Neuberger and Narayan Naik (London Business School) and S Viswanathan (Duke University)

`Risky Debt, Bond Covenants and Optimal Capital Structure', Hayne Leland (University of California, Berkeley)

`Betting on Trends: Intuitive Forecasts of Financial Risk and Return', Werner de Bondt (University of Wisconsin)

`Strategic Debt Service', William Perraudin (Department of Applied Economics, Cambridge, and CEPR) and Pierre Mella (University of Cambridge)

`Debt Structure and the Loss of Private Benefits: The Case of the UK Insolvency Code', Julian Franks and Kjell Nyborg (London Business School)

`Short-Term Versus Long-Term Interests: A Model of Capital Structure with Multiple Investors', Erik Berglöf (Université Libre de Bruxelles and CEPR) and Ernst-Ludwig von Thadden (Universität Basel and CEPR)

`Is There a World Real Interest Rate?', Christopher Gilbert (Queen Mary and Westfield College, London, and CEPR), John Driffill (University of Southampton and CEPR) and Serena Yeoward (Queen Mary and Westfield College, London)