The Gutmann Center for Portfolio Management
at the University of Vienna
http://www.gutmann-center.at
is pleased to announce the
GUTMANN CENTER SYMPOSIUM 2006:
"REAL ASSETS AND PORTFOLIO MANAGEMENT"
March 27th, 2006, 9.00 am – 6.00 pm
University of Vienna - "Kleiner Festsaal"
Dr. Karl-Lueger-Platz 1, 1010 Wien
Real estate, a major driver of both the overall economy and of
individual wealth, has become an increasingly important asset class for
portfolio managers. Other real assets such as private equity and venture
capital have also generated a lot of interest recently as additional
opportunities to optimize asset allocation. However, for most investors,
these alternative investment opportunities remain rather opaque.
Internationally recognized experts will present their analyses of these
asset classes at our symposium from both an academic and practitioner’s
perspective.
KEY-NOTE ADDRESS
“Homeownership as a Constraint on Asset Allocation”
Eduardo Schwartz, UCLA
SESSION I: REAL ESTATE: PORTFOLIO CHOICE AND RETURN CHARACTERISTICS
- “Efficient Portfolios when Housing is a Hedge against Rent Risk”
Loriana Pelizzon, Università Ca' Foscari di Venezia
- “Illiquidity and Pricing Biases in the Real Estate Market”
Kerry D. Vandell, University of Wisconsin-Madison
- “Hot and Cold Housing Markets: International Evidence”
Javier Suarez, CEMFI
SESSION II: REAL ASSETS AND PORTFOLIO CHOICE
- “Comovement After Joining an Index: Spillovers of Nonfundamental Effects”
Dong Wook Lee, University of Kentucky
- “Better Regulation and Underwriter Reputation have done nothing for
IPO Underpricing over the 20th Century: Empirical Evidence from IPOs on
the London Stock Exchange”
Elroy Dimson, London Business School
- “Beautiful Asset: Art as Investment”
Michael Moses, New York University
SESSION III: PERFORMANCE OF PRIVATE EQUITY AND VENTURE CAPITAL
- “Determinants of Venture Capital Performance: Europe and the United
States”
Ulrich Hege, HEC
- “Risk-Adjusted Returns of Private Equity Investments”
Alexander Groh, Technische Universität Darmstadt
- “The Performance of Private Equity Funds”
Ludovic Phalippou, University of Amsterdam,
SESSION IV: EXPECTED RETURNS IN REAL ESTATE
- “Expected Returns and the Expected Growth in Rents of Commercial Real
Estate”
Walter Torous, UCLA
- “Assessing High House Prices: Bubbles, Fundamentals and Misperceptions”
Charles P. Himmelberg, Goldmann Sachs
Sessions will be chaired and discussed by members of the Academic
Advisory Board:
- Elroy Dimson, London Business School
- Engelbert Dockner, University of Vienna
- Robert Korajczyk, Northwestern University
- Klaus Spremann, University St. Gallen
- Neal Stoughton, University of Calgary
- Josef Zechner, University of Vienna
The participation is free, but all participants are required to REGISTER:
mail: gutmann.bwl(a)univie.ac.at
Detailed program is available at
www.gutmann-center.at !
Contact:
Gutmann Center for Portfolio Management
University of Vienna
Bruenner Str. 72
1210 Wien - Austria
phone: +43-1-4277-38186
fax: +43-1-4277-38074
mail: gutmann.bwl(a)univie.ac.at
web:
www.gutmann-center.at