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NERA Vice President Dr. Sharon Brown-Hruska participated in a colloquium hosted by Duke University's Global Capital Markets Center on 15-16 November 2007. Selected academics, governmental and regulatory officials, and industry leaders discussed the likelihood of systemic crises, the mechanisms by which they arise (e.g., hedge fund failure), disintermediation, and implications in the international context. Dr. Brown-Hruska participated in a roundtable discussion on whether regulatory approaches to systemic crises should be ex ante as well as ex post, and what types of approaches -- such as transparency and disclosure -- might be appropriate.