CCEFM Workshop
Prof. Jin-Chuan Duan, University of Toronto
"Executive Stock Options and Incentive Effects due to Systematic Risk"
Friday, November 7th, 3:30-5:00 pm
Wirtschaftsuniversität Wien, Augasse 2-6, H 0.5 (A)
The paper is downloadable from:
http://www.bwl.univie.ac.at/bwl/fiwi3/members/stomper/ccefm/work.html
CCEFM Workshop
Prof. Gilles Chemla, University of British Columbia
"The Dynamic Trade-Off Theory with Real Investment"
Friday, October 31st, 3:30-5:00 pm
Wiener Börse Wallnerstrasse 8, 1010 Wien
The paper is downloadable from:
http://www.bwl.univie.ac.at/bwl/fiwi3/members/stomper/ccefm/work.html
Further workshops:
7.11. Jin-Chuan Duan, University of Toronto on executive stock options
21.11. Chester Spatt, Carnegie Mellon University
The Gutmann Center for Portfolio Management
(www.gutmann-center.at)
at the University of Vienna is pleased to announce the
GUTMANN SYMPOSIUM ON
CAPITAL MARKET BASED PENSION SYSTEMS
DATE: DECEMBER 1st, 2003
8.00 a.m. 6.00 p.m.
LOCATION: UNIVERSITY OF VIENNA (Austria)
Dr. Karl-Lueger-Ring 1, 1010 Wien
(Kleiner Festsaal)
The reform of pension systems is one of the greatest challenges
for most industrialized countries. As traditional
pay-as-you-go-systems increasingly face budgetary constraints,
capital market based solutions will become crucial. The
internationally recognized speakers at our symposium approach
this hot topic from an academic as well as from a practitioner's
point of view:
· Lawrence N. BADER
"Funding Corporate Pension Plans"
· David BLAKE, Pensions Institute, Birkbeck College, University
of London
PensionMetrics: On the stochastic design of pension plans
during the accumulation & distribution phases
· Bill FUNG, London Business School
"Is there sufficient Absolute Return Capacity to meet Absolute
Liabilities of Pension Funds?"
· Jeremy GOLD, Wharton School, University of Pennsylvania/
Jeremy Gold Pensions
Accounting/Actuarial Bias Enables Equity Investment by Defined
Benefit Pension Plans
· Kristian R. MILTERSEN, Norwegian School of Economics and
Business Administration
International Comparison of Interest Rate Guarantees in Life
Insurance
· Andrea PRAT, London School of Economics
"Pension Fund Governance and the Choice between Defined Benefit
and Defined Contribution Plans"
· Christian SCHLAG, Goethe-Universität Frankfurt a.M.
"Money-Back Guarantees in Individual Pension Accounts: Evidence
from the German Pension Reform"
The sessions will be discussed and chaired 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 California, Irvine
· René M. Stulz, Ohio State University, Fisher
· Suresh Sundaresan, Columbia University
· Maria Vassalou, Columbia University
· Josef Zechner, University of Vienna, Director of the Gutmann
Center for Portfolio Management
The symposium will be followed by a panel discussion and a
reception.
Participation fee: the participation is free, but all
participants are required to register. Please find further
information about registration, program, papers etc on the
homepage: http://www.gutmann-center.at.
Contact:
gutmann.bwl(a)univie.ac.at
phone: +43-1-4277-38186
fax: +43-14277-38074
The Gutmann Center for Portfolio Management is sponsored by Bank
Gutmann AG (www.gutmann.at).
This symposium is presented in cooperation with the Austrian
newspaper "DIE PRESSE" (www.diepresse.com)
to whom it may concern
Ich bitte um Verteilung des Second Call for Papers der Austrian Working
Group
on Banking & Finance.
Besten Dank im voraus
MfG - stp
KARL-FRANZENS-UNIVERSITÄT GRAZ
INSTITUT FÜR BANKEN & FINANZIERUNG
17. WORKSHOP
AUSTRIAN WORKING GROUP ON BANKING & FINANCE
28. / 29. November 2003
Second CALL for PAPERS
Der Workshop findet am Freitag, dem 28. November 2003, Nachmittag, und am
Samstag, dem 29. November 2003, Vormittag, an der KARL-FRANZENS-UNIVERSITÄT
GRAZ statt. Bezüglich der Themen ist keine Einschränkung vorgesehen.
Papers oder Extended Abstracts (ca. 2 Seiten) können bis spätestens 7.
November 2003 bei
o.Univ.-Prof. Dr. Peter Steiner
Institut für Banken und Finanzierung, Universitätsstraße 15/F2, A 8010 Graz
eingereicht werden.
Tel.: +43(0)316 380-7300 Fax: +43(0)316 380-9580 E-Mail: bafin(a)uni-graz.at
Um den angestrebten Workshopcharakter der Veranstaltung zu fördern, können
papers auch durch einen discussant besprochen werden. Jene Teilnehmer, die
eine solche Vorgangsweise wünschen, werden gebeten, ihr Manuskript bis 24.
Oktober 2003 einzureichen.
AUSTRIAN WORKING GROUP ON BANKING AND FINANCE
Ziele: Schaffen eines österreichweiten Diskussionsforums für theoretische
und empirische Forschungsarbeiten auf dem Gebiet des Bankwesens und der
Finanzwirtschaft. Förderung der Zusammenarbeit innerhalb der Hochschulen und
der Zusammenarbeit mit der Praxis.
Teilnehmer: Angesprochen sind sowohl der wissenschaftliche Nachwuchs an
allen österreichischen Universitäten und verwandten Institutionen der
Forschung als auch Praktiker in Kreditinstituten und Finanzabteilungen von
Unternehmen.
Schwerpunkte: Arbitrage Pricing - Capital Market Theory - Capital
Requirements of Financial Intermediaries -
(Auswahl) Commercial Banking - Contingent Claims Analysis - Corporate
Finance - Financial Innovations - Financial Markets Research - International
Banking and Finance - Investment Banking - Options and Futures - Performance
Measurement - Portfolio Management - Risk Management - Security Analysis.
+ Reminder + Reminder + Reminder + Reminder + Reminder + Reminder
The GUTMANN CENTER FOR PORTFOLIO MANAGEMENT
at the University of Vienna
(http://www.gutmann-center.at)
is pleased to announce the following
PUBLIC LECTURE:
Date: October 17th (Friday), 11.00 a.m.
Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien
(http://www.gutmann.at)
Speaker: Andrei SHLEIFER, Harvard University
http://post.economics.harvard.edu/faculty/shleifer/shleifer.html
The Whipple V.N. Jones Professor of Economics at Harvard University,
Andrei Shleifer holds an undergraduate degree from Harvard and a Ph.D.
from MIT. Before coming to Harvard in 1991, he has taught at Princeton
and the Chicago Business School. Shleifer has worked in the areas of
comparative corporate governance, law and finance, behavioral finance,
as well as institutional economics. He has published four books,
including The Grabbing Hand (with Robert Vishny), and Inefficient
Markets: An Introduction to Behavioral Finance, as well as over a
hundred articles. Shleifer has served as the Editor of the Quarterly
Journal of Economics between 1989 and 1999, and as an Associate Editor
of both the Journal of Finance and the Journal of Financial Economics.
He is currently the Editor of the Journal of Economic Perspectives and
an Advisory Editor of the JFE. Shleifer is a fellow of the Econometric
Society and of the American Academy of Arts and Sciences. In 1999,
Shleifer won the John Bates Clark medal of the American Economic
Association.
Title: "A Normal Country"
Russia's reforms
Abstract:
"During the 1990s, Russia underwent an extraordinary transformation from
a communist dictatorship to a multi-party democracy, from a centrally
planned economy to a market economy, and from a belligerent adversary of
the West to a cooperative partner. Yet a consensus in the US circa 2000
viewed Russia as a disastrous and threatening failure, and the 1990s as
a decade of catastrophe for its citizens. Analyzing a variety of
economic and political data, we demonstrate a large gap between this
perception and the facts. In contrast to the common image, by the late
1990s Russia had become a typical middle-income capitalist democracy."
PLEASE NOTE: THE PAPER CAN BE DOWNLOADED FROM
http://www.gutmann-center.at/bridging/public_lectures/paper_shleifer.pdf
Please register - Contact:
Brigitte Juchelka, Bank Gutmann AG
mail: brigitte.juchelka(a)gutmann.at
Tel.: +43-1-50220-357
Fax: +43-1-50220-249
Further information:
Dorothea Grimm
Gutmann Center for Portfolio Management
mail: dorothea.grimm(a)univie.ac.at
Phone: +43-1-4277-38186
web: http://www.gutmann-center.at
Upcoming CCEFM Workshops:
Prof. Andrei Shleifer, Harvard University
"What works in Securities Laws?"
Friday, October 17th, 3:30-5:00 pm
Wiener Börse, Wallnerstrasse 8, 1010 Wien
Prof. Michael Brennan, UCLA
"The Dynamics of International Equity Market Expectations"
Friday, October 24th, 3:30-5:00 pm
Wiener Börse, Wallnerstrasse 8, 1010 Wien
For further information, see the following page:
http://www.bwl.univie.ac.at/bwl/fiwi3/members/stomper/ccefm/work.html
* REMINDER * REMINDER * REMINDER * REMINDER * REMINDER * REMINDER *
REMINDER * REMINDER
The GUTMANN CENTER FOR PORTFOLIO MANAGEMENT
at the University of Vienna
(http://www.gutmann-center.at)
is pleased to announce the following
PUBLIC LECTURE:
Date: October, 6th (Monday), 4.00 p.m.
Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien
(http://www.gutmann.at)
Speaker: Michael J. BRENNAN
former Irwin and Goldyne Hearsh Professor of Banking and Finance
at the University of California, Los Angeles
Professor of Finance at the London Business School.
Prof. Brennan, a consultant and Director of Smith Breeden Associates, is
the former Irwin and Goldyne Hearsh Professor of Banking and Finance at
the University of California, Los Angeles, and Professor of Finance at
the London Business School.
Dr. Brennan's research interests include asset pricing, corporate
finance, the pricing and role of derivative securities, market
microstructure, and the role of information in capital markets, and he
has published extensively in all of these areas. He is currently
working on several issues, including the problem of asset allocation
when investors face time varying opportunity sets, the determinants of
international flows of portfolio investment, and the valuation of assets
under time-varying market risk aversion.
A former President of the American Finance Association, the Society for
Financial Studies, and the Western Finance Association, Dr. Brennan has
also served as Editor of the Journal of Finance and was the Founding
Editor of the Review of Financial Studies. He has consulted extensively
for corporations in Canada and the US, and in 1995 he was awarded the
INQUIRE Europe prize for his work on corporate hedging strategies
Title: "REASONABLE BELIEFS"
Abstract:
"In this talk I will be concerned with the assessment of the equity
premium the difference between the expected returns on stocks and
bonds. I will argue that traditional ways of assessing the premium are
inappropriate in world in which the premium varies over time, and
propose alternatives. Finally, I will discuss the implications of
time-variation in the equity premium for the spending policies of
endowments."
Please register - Contact:
Brigitte Juchelka, Bank Gutmann AG
mail: brigitte.juchelka(a)gutmann.at
Tel.: +43-1-50220-357
Fax: +43-1-50220-249
Further information:
Dorothea Grimm
Gutmann Center for Portfolio Management
mail: dorothea.grimm(a)univie.ac.at
Phone: +43-1-4277-38186
web: http://www.gutmann-center.at