The third Summer Symposium of the European Science Foundation Network in Financial Markets took place at Gerzensee, Switzerland, during 13-23 July. CEPR thanks the Studienzentrum Gerzensee for its generous hospitality for the meeting, which was organized by Colin Mayer, Price Waterhouse Professor of Corporate Finance at the City University Business School, London, 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. A full report of the symposium will appear in issue no. 5 of the Newsletter of the ESF Financial Markets Network, October 1992. The following papers were presented:

`Further Evidence on Performance Evaluation: Portfolio Holdings, Recommendations, and Turnover Costs', Gonzalo Rubio (Universidad del País Vasco, Vizcaya)

`Options on the FOX: An Empirical Analysis', Manuel Arellano (Centro de Estudios Monetarios e Financieros, Madrid) and Andrew Powell (Queen Mary and Westfield College, London)

`Agency Problems, Aggregate Investment and Credit Market Equilibrium', Gabriella Chiesa (Università degli Studi di Brescia)
`Outsider Share Ownership Concentration, Corporate Value and Financial Performance', Rory Knight (Studienzentrum Gerzensee)

`Relative Purchasing Power Parity in the Medium Run', Prakash Apte (Indian Institute of Management, Bangalore), and Marian Kane and Piet Sercu (Katholieke Universiteit Leuven)

`Insider Trading, Corporate Information Sales and Market Liquidity', Giovanna Nicodano (Università Bocconi, Milano)

`Multivariate Tests of a Continuous Time Equilibrium Arbitrage Pricing Theory with Conditional Heteroskedasticity and Jumps', Mun S Ho (State University of New York at Buffalo), William Perraudin (Department of Applied Economics, Cambridge, and CEPR) and Bent Srensen (Brown University)

`Exchange Rate Expectations in International Oligopoly', Luís Cabral (Universidade Nova de Lisboa) and António Mello (Banco de Portugal and Universidade Catòlica Portuguesa)

`Strategic Debt', Robin Wells (University of Southampton)

`The Advantage to Hiding One's Hand: Speculation and Central Bank Intervention in the Foreign Exchange Market', Utpal Bhattacharya (University of Iowa) and Paul Weller (University of Iowa and CEPR)

`Real Interest Rates in the Seventies and Eighties', John Driffill and Christopher Gilbert (Queen Mary and Westfield College, London, and CEPR)

`Foreign Equity Investment Restrictions: Theory and Evidence', Rene Stulz (Ohio State University) and Walter Wasserfallen (Studienzentrum Gerzensee)

`Security Design', Arnoud Boot (Northwestern University) and Anjan Thakor (Indiana University)

`Determinants of Optimal Monitoring by Banks', Doris Neuberger (Universität Nürnberg)

`Bargaining, Reputation, and the Division of Takeover Gains', Kristian Rydqvist (Stockholm School of Economics)

`Common Value Variable Quantity Auctions', Sigrid Müller (Universität Bonn)

`Consumption, Investment and Output with Intertemporally Dependent Production and Habit Formation', Jerome Detemple and Suresh Sundaresan (Columbia University)

`Financial Liberalization and Credit Allocation: Evidence from a Panel of Ecuadorian Firms', Felipe Jaramillo, Fabio Schiantarelli and Andrew Weiss (Boston University)