GUTMANN CENTER FOR PORTFOLIO MANAGEMENT
at the University of Vienna - http//:www.gutmann-center.at
invites to the following
PUBLIC LECTURE:
(Apologies for any cross-listings!):
Date: December 5th, 2005 - 4.00 p.m.
Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien
Speaker: Prof. Dr. Terrance ODEAN (www.odean.org)
Haas School of Business at the University of California, Berkeley
Title: "INVESTOR BEHAVIOR AND MARKET EFFICIENCY"
Abstract:
Professor Terrance Odean will present his research on how psychological
biases and decision heuristics affect the trading of individual
investors and the impact of this trading on investor welfare and market
efficiency. Analyzing the trading records of hundreds of thousands of
individual and institutional investors, Professor Odean finds that
individual investors tend to trade too frequently, hold onto their
losing investments, and buy stocks that are in the news. Psychological
motivations for these behaviors are overconfidence, a desire to avoid
feeling regret, and the limits of human attention. Investors, especially
those who have experienced recent success, are likely to be
overconfident about their abilities. Overconfidence leads to excessive
trading and lower returns. The stocks that individual investors buy tend
to subsequently under-perform those they sell. Active investors tend to
under-perform buy-and-hold investors. Men, who tend to be more
overconfident than women, trade 45% more actively than women thereby
hurting their net returns. And investors who switch to online trading
tend to trade more actively, more speculatively, and less successfully
after going online. And investors tend to buy stocks that are in the
news, irrespective of whether the news is good or bad. These trading
behaviors lead to substantial reductions in portfolio returns for
individual investors. Furthermore, the trading of individual investors
forecasts future asset returns.
About Terrance Odean:
Terrance Odean (www.odean.org) is Professor of Finance at the Haas
School of Business, University of California, Berkeley. He is director
of UC Berkeley’s Experimental Social Science Laboratory, associate
editor of The Review of Financial Studies, and a member of the Russell
Sage Behavioral Economics Roundtable.
Professor Odean is an internationally highly respected scholar in the
field of behavioral finance. His research focuses on the implications of
overconfidence on investment behavior. It has been cited in The Wall
Street Journal, The New York Times, The L.A. Times, The Washington Post,
The International Herald Tribune, Time, Newsweek, U.S. News and World
Report, Barron's, Forbes, Business Week, Smart Money, Bloomberg
Personal, Worth, Kipplinger's Personal Finance, and several other
publications.
Professor Odean earned a B.A. in Statistics at the University of
California, Berkeley in 1990 and a Ph.D. in Finance from the Haas School
of Business in 1997. He held a position at the Graduate School of
Management, University of California Davies and returned to the Haas
School in 2001.
Please REGISTER:
Mail: gutmann.bwl(a)univie.ac.at
Phone: +43-1-4277-38186 - Fax: +43-1-4277-38074
Contact and further information:
Gutmann Center for Portfolio Management
University of Vienna - Mag. Dorothea GRIMM
Bruenner Str. 72 - A-1210 Wien
phone: +43-1-4277-38186 - fax: +43-1-4277-38074
mail: gutmann.bwl(a)univie.ac.at - web: www.gutmann-center.at
Im *Institut für Finanzierung und Finanzmärkte, Abteilung Betriebliche
Finanzierung*, ist voraussichtlich ab 15. Dezember 2005 bis 14. Dezember
2009 die Stelle *eines wissenschaftlichen Mitarbeiters/ einer
wissenschaftlichen Mitarbeiterin* (ArbeitnehmerIn der
Wirtschaftsuniversität Wien gem. § 128 UG 2002 idgF), *vollbeschäftigt
*zu besetzen.
*Notwendige Kenntnisse und Qualifikationen:*
EU-Bürger/in, abgeschlossenes Studium der Sozial- und
Wirtschaftswissenschaften
*Erwünschte Kenntnisse und Qualifikationen:*
Vertiefte Kenntnisse auf dem Gebiet der Finanzierung, der EDV-Anwendung
und der englischen Sprache, Interesse an entscheidungsorientierter,
analytischer finanzwirtschaftlicher Forschung
Weitere Infos auf http://www.wu-wien.ac.at/aktuell/mblatt/pdf/MB07_05.pdf
This is a reminder for the VGSF Research Seminar that is going to take place
tomorrow, Friday Nov. 18th, from 15:30 to 17:00 at the BWZ in Floridsdorf
(University of Vienna, a detailed plan can be found at
http://www.univie.ac.at/Wirtschaftswissenschaften/) in lecture room 3 (HS
3).
Prof. Hans Degryse from CentER-Tilburg University is going to give a talk on
"SMEs and Bank Lending Relationships: The Impact of Mergers". For further
information regarding Prof. Degryse look at
http://www.tilburguniversity.nl/faculties/feb/finance/people/degryse/
For further information and upcoming visitors, please refer to
www.vgsf.ac.at. If you would like to discuss your research with Prof.
Degryse, please contact michael.halling(a)univie.ac.at.
Best,
Michael Halling
GUTMANN CENTER FOR PORTFOLIO MANAGEMENT
at the University of Vienna - http//:www.gutmann-center.at
invites to the following
PUBLIC LECTURE:
(Apologies for any cross-listings!):
Date: December 5th, 2005 - 4.00 p.m.
Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien
Speaker: Prof. Dr. Terrance ODEAN (www.odean.org)
Haas School of Business at the University of California, Berkeley
Title: "INVESTOR BEHAVIOR AND MARKET EFFICIENCY"
Abstract:
Professor Terrance Odean will present his research on how psychological
biases and decision heuristics affect the trading of individual
investors and the impact of this trading on investor welfare and market
efficiency. Analyzing the trading records of hundreds of thousands of
individual and institutional investors, Professor Odean finds that
individual investors tend to trade too frequently, hold onto their
losing investments, and buy stocks that are in the news. Psychological
motivations for these behaviors are overconfidence, a desire to avoid
feeling regret, and the limits of human attention. Investors, especially
those who have experienced recent success, are likely to be
overconfident about their abilities. Overconfidence leads to excessive
trading and lower returns. The stocks that individual investors buy tend
to subsequently under-perform those they sell. Active investors tend to
under-perform buy-and-hold investors. Men, who tend to be more
overconfident than women, trade 45% more actively than women thereby
hurting their net returns. And investors who switch to online trading
tend to trade more actively, more speculatively, and less successfully
after going online. And investors tend to buy stocks that are in the
news, irrespective of whether the news is good or bad. These trading
behaviors lead to substantial reductions in portfolio returns for
individual investors. Furthermore, the trading of individual investors
forecasts future asset returns.
About Terrance Odean:
Terrance Odean (www.odean.org) is Professor of Finance at the Haas
School of Business, University of California, Berkeley. He is director
of UC Berkeley’s Experimental Social Science Laboratory, associate
editor of The Review of Financial Studies, and a member of the Russell
Sage Behavioral Economics Roundtable.
Professor Odean is an internationally highly respected scholar in the
field of behavioral finance. His research focuses on the implications of
overconfidence on investment behavior. It has been cited in The Wall
Street Journal, The New York Times, The L.A. Times, The Washington Post,
The International Herald Tribune, Time, Newsweek, U.S. News and World
Report, Barron's, Forbes, Business Week, Smart Money, Bloomberg
Personal, Worth, Kipplinger's Personal Finance, and several other
publications.
Professor Odean earned a B.A. in Statistics at the University of
California, Berkeley in 1990 and a Ph.D. in Finance from the Haas School
of Business in 1997. He held a position at the Graduate School of
Management, University of California Davies and returned to the Haas
School in 2001.
Please REGISTER:
Mail: gutmann.bwl(a)univie.ac.at
Phone: +43-1-4277-38186 - Fax: +43-1-4277-38074
Contact and further information:
Gutmann Center for Portfolio Management
University of Vienna - Mag. Dorothea GRIMM
Bruenner Str. 72 - A-1210 Wien
phone: +43-1-4277-38186 - fax: +43-1-4277-38074
mail: gutmann.bwl(a)univie.ac.at - web: www.gutmann-center.at
Das Institut für Betriebliche Finanzwirtschaft der Universität Innsbruck (ab
1.1.2006: Institut für Banken und Finanzen) veranstaltet am 25./26.11. im
Universitätszentrum Obergurgl einen Workshop zum Thema Kreditrisikomanagement.
Die Liste der Vortragenden inkludiert unter anderem Prof. Wolfgang Bühler
(Mannheim) und Prof. Stefan Pichler (WU Wien). Das Programm und
organisatorische Informationen finden Sie unter
http://uibk.ac.at/congress/krm/krm.html
Anmeldungen sind noch möglich, Details dazu finden Sie ebenfalls auf der
Website.
Beste Grüße,
Michael Hanke
--
Univ.Prof. Dr. Michael Hanke
Institut für Betriebliche Finanzwirtschaft
Universität Innsbruck
Universitätsstr. 15
6020 Innsbruck
Tel.: (43)512 507-7552, Fax: -2846
e-mail: Michael.Hanke(a)uibk.ac.at
RE: CARISMA FINANCIAL ENGINEERING WORKSHOPS <http://www.unicom.co.uk/events/event_details.asp?productid=1473&catid=1&sub…>
EXTREME VALUE THEORY AND COPULAS <http://www.unicom.co.uk/events/event_details.asp?productid=1456&catid=1&sub…> , 29 November 2005, London
Presenters: Paul Embrechts, Johanna Neslehova, Rosario Dell'Aquila, RiskLab, ETH Zurich; Claudio Romano, Credit Risk Analyst, Capitalia Bank Holding, Rome; Annalisa Di Clemente, University of Rome;
FINANCIAL INNOVATION AND NEW STRUCTURED PRODUCTS IN THE EQUITY WORLD <http://www.unicom.co.uk/events/event_details.asp?productid=1457&catid=1&sub…> , 30 November 2005, London
Presenter: Dilip Madan, Robert H. Smith School of Business, University of Maryland / Consultant to Morgan Stanley
PRACTICAL FINANCIAL OPTIMISATION: DECISION MAKING FOR FINANCIAL ENGINEERS <http://www.unicom.co.uk/events/event_details.asp?productid=1458&catid=1&sub…> ,1 December 2005, London
Presenters: Stavros Zenios, Wharton School of Business /University of Cyprus; Gautam Mitra, CARISMA, Brunel University
HIDDEN MARKOV MODELS, KALMAN FILTERS, ROBUST REGRESSION <http://www.unicom.co.uk/events/event_details.asp?productid=1468&catid=1&sub…> , 2 December 2005, London
Presenters: Paresh Date, Rogemar Mamon, Keming Yu, CARISMA, Brunel University;
We are pleased to announce the above workshops. The objective of the four one-day events is to bring together practitioners, academics working in the area of risk management, financial engineering, quantitative finance and optimisation. They will provide an opportunity for participants engaged at the forefront of this area to discuss problems and challenges and suggest fruitful directions for future research, which focus on the emerging requirements of the finance industry.
The speaker panel includes world leaders such as Dilip Madan, Robert H. Smith School of Business, University of Maryland/ Consultant to Morgan Stanley; Paul Embrechts and colleagues, RiskLab, ETH, Zurich; Gautam Mitra, CARISMA, Brunel University; Stavros Zenios, Wharton School of Business/University of Cyprus; Claudio Romano, Credit Risk Analyst, Capitalia Bank Holding, Rome. All the speakers have achieved distinction through their research contributions and also possess wide experience of real world applications of highly sophisticated quantitative models.
You will learn about the latest developments in the field from acknowledged research leaders, gathered together in London. By networking and listening to the presentations, you will gain valuable knowledge and practical techniques to apply your own area of practice or research. You will gain first hand experience of the innovative thinking and best practices currently being developed in some of the world's leading educational institutions.
For further details please go to www.carisma.brunel.ac.uk/FE.html <http://www.carisma.brunel.ac.uk/FE.html> or www.unicom.co.uk/finance , either download brochure or email info(a)unicom.co.uk <mailto:info@unicom.co.uk> for a PDF filer.
The events are organised by the Centre for the Analysis of Risk and Optimisation Modelling Applications (CARISMA) at Brunel University, and managed by UNICOM Seminars.
We will appreciate if could put the poster on your bulleting board and make your colleagues aware of these events. We look forward to welcoming you and your colleagues to the workshops; please contact me if you require further information.
Best regards
Michael Sun
xiaochen.sun(a)brunel.ac.uk or michael(a)unicom.co.uk
CARISMA, www.carisma.brunel.ac.uk <http://www.carisma.brunel.ac.uk>
UNICOM Seminars, www.unicom.co.uk/finance <http://www.unicom.co.uk/finance>
Michael(Xiaochen) Sun
CARISMA, www.carisma.brunel.ac.uk
Centre for the Analysis of Risk and Optimisation Modelling Application;
School of Computing, Information Systems and Mathematics
Brunel University
Middlesex
Uxbridge, UB8 3PH
United Kingdom
* xiaochen.sun(a)brunel.ac.uk <mailto:xiaochen.sun@brunel.ac.uk>
http://mam3xs.blogspot.com/
*(+44) (0)1895 265625
*(+44) (0)7841873292
This is a reminder for the VGSF Research Seminar that is going to take place
tomorrow, Friday Nov. 4th, from 15:30 to 17:00 at the BWZ in Floridsdorf
(University of Vienna, a detailed plan can be found at
http://www.univie.ac.at/Wirtschaftswissenschaften/) in lecture room 3 (HS
3).
Prof. Espen Eckbo from Dartmouth College is going to give a talk on "The
Toehold Puzzle". For further information regarding Prof. Eckbo who is a
leading scholar in the area of corporate finance and especially in corporate
governance related issues look at
http://mba.tuck.dartmouth.edu/pages/faculty/espen.eckbo/
For further information and upcoming visitors, please refer to
www.vgsf.ac.at.
Best,
Michael Halling