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NYU Stern School of Business

Controlling Risk in Emerging-Market Transactions

December 3-4, 1997

NYU-Salomon Center, The Stern School of Business, NYU, New York City

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Profs. Edward I. Altman, Roy C. Smith and Ingo Walter

Emerging markets are the subject of a great deal of interest among bankers, both portfolio and direct investors, and traders around the world. The reasons have to do with extraordinary real growth rates and high rates of return on capital in many of these countries, as well as the unusual potential for portfolio diversification they present. At the same time, emerging market exposures are also associated with extraordinary risks, which involve macro, structural and firm-specific factors.

The intent of this seminar is to provide a comprehensive focus on the sources and management of cross-border risk related to emerging-market financial transactions. We address the issues of portfolio equity, project finance, direct investments, sovereign debt, corporate debt and cross-border bank lending to corporates, financial institutions and sovereigns. The seminar also covers a broad macroeconomic focus on the sources of distinctive emerging-market risk, including interest-rate and inflation volatility, exchange rate management, exchange controls and currency boards. Teaching techniques include credit-scoring models, scenario analysis, case analysis and simulations.

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Who should attend?

• Bankers involved in emerging market cross-border lending and risk management.
• Bankers interested in project finance, leasing, structured finance and related activities in emerging markets.

• Fund managers involved in emerging market fixed-income and equity securities.
• Managers involved in strategic positioning and execution in financial and non-financial firms in emerging market activities.

Topics:

• Size and Scope of the Emerging Market Debt Market (Altman)
• Credit Risk Issues and Derivative Securities in Emerging Markets (Altman)
• Credit Scoring Models Applied to Emerging Markets (Altman)
• Default Rates, Recoveries and Credit Risk Migration Analysis (Altman)
• Tracking Emerging Market Credit and Equity Exposures (Walter)
• Macro-Models in the Emerging Market Context (Walter)
• Techniques of Country Risk Assessment (Walter)
• Project Finance in Emerging Markets (Walter)
• Emerging-Market Portfolio Equities and Foreign Direct Investment (Smith)

Click here to register.