INVITATION
(apologies for duplicated mails!)
We are pleased to invite you to our next Investment Talk, organized by the Spängler IQAM
Research Center. The Center is a joint initiative of TU Vienna (Vienna University of
Technology) and WU Vienna University of Economics and Business supported by Spängler IQAM
Invest and provides a platform for exchange in the field of asset management between
academics, practitioners and the public.
INVESTMENT TALK
Date: Wednesday, June 15th, 2016 at 4 pm
Speaker: SHERIDAN TITMAN
Topic: "Stock Return Predictability"
ABSTRACT:
Stock returns have exhibited substantial cross-sectional predictability over the past 50
years. In addition to relatively short-term predictability that relates to return
reversals and momentum, there is strong evidence of longer-term predictability that
relates to firm fundamentals, like value, profitability and asset growth. There are three
possible explanations for this evidence of long-term cross-sectional predictability. The
first is that the observed return premiums are compensation for systematic risk, the
second is that these observations are the product of data mining, and the third is that
investors made a mistake about a systematic source of risk. Our analysis supports the
third explanation and identifies a particular source of a mistake that relates to the
perceived innovation climate, which influences both the creation and destruction of
businesses.
SHERIDAN TITMAN
holds the McAllister Centennial Chair in Financial Services at the University of Texas at
Austin and is a Research Associate of the National Bureau of Economic Research. Prior to
joining the faculty at the University of Texas, Sheridan was a Professor at UCLA, the Hong
Kong University of Science and Technology and Boston College and spent the 1988-89
academic year in Washington D.C. as the special assistant to the Assistant Secretary of
the Treasury for Economic Policy. Sheridan's academic publications include both
theoretical and empirical articles on asset pricing, corporate finance, energy finance,
real estate finance and urban economics. He has also co-authored three finance textbooks,
Financial Markets and Corporate Strategy, Valuation: The Art and Science of Corporate
Investment Decisions, and Financial Management: Principles and Applications. He won the
Smith-Breeden best paper award for the Journal of Finance, the GSAM best paper award for
the Review of Finance and was a recipient of the Batterymarch Fellowship. Sheridan has
served on the editorial boards of leading academic journals, including the Journal of
Finance and the Review of Financial Studies and has served as President of both the
Western Finance Association and the American Finance Association and has served as a
Director of the American Finance Association, the Western Finance Association, the
Financial Management Association and the Asia Pacific Finance Association. He is currently
the Vice President of the American Real Estate and Urban Economics Association.
Sheridan has a B.S. from the University of Colorado and an M.S. and Ph.D. from Carnegie
Mellon University.
REGISTRATION is required. We kindly ask to register before June 8th at
si-researchcenter(a)wu.ac.at
LOCATION:
TU Wien
BA Chemie Hochhaus, Entrance 10, 11th upper floor, TUtheSky - Conference room
1060 Vienna, Getreidemarkt 9
PARKING FACILITIES: Wipark Operngasse 13 or Wipark Lehargasse 4.
Public transport:
U1, U2, U4 Karlsplatz (5 minutes walking distance)
U2 Museumsquartier
57A Getreidemarkt
TU building plan:
http://www.si-researchcenter.at/events/investment-talk
Contact and further information:
WU, Institute for Finance, Banking and Insurance , attn. Martina Schlichting, 1020 Vienna,
Welthandelsplatz 1, Building D4, Level 4
Phone: +43 1 31336 6315
Mail: si-researchcenter(a)wu.ac.at, web:
www.si-researchcenter.at