Prof. Dirk Hackbarth from Washington University in St. Louis is giving a
VGSF research seminar on "Corporate Bond Credit Spreads and Forecast
Dispersion" on FRIDAY, Nov. 3rd, from 15:30 to 17:00 at the WU Wien
(Seminarraum D204, UZA 4, Nordbergstrasse 15, 1090 Wien, see
http://www.wu-wien.ac.at/portal/ueber_wu/standorte/lageplan4 for a detailed
plan). Please find the paper's abstract below.
Dirk asked me NOT to put his paper onto our webpage. If you want to get the
paper, please contact me via email and I send it to you.
Dirk is going to be available for meetings on Friday. If you are interested,
please contact Michael Halling (michael.halling(a)univie.ac.at).
Best,
Michael Halling
Abstract
Recent research establishes a negative relation between stock returns and
dispersion of analysts' earnings forecasts, arguing that, due to short-sale
constraints in equity markets, asset prices more reflect the views of
optimistic investors. In this article, we examine whether a similar effect
prevails in corporate bond markets. After controlling for common bond-level,
firm-level, and macroeconomic variables, we find evidence that bonds of
firms with higher dispersion demand significantly higher credit spreads than
otherwise similar bonds and that changes in dispersion reliably predict
changes in credit spreads. We argue the dominating effect of dispersion is
to proxy for future cash flow uncertainty due to the limited role of
short-sale constraints in corporate bond markets.
Prof. Will Goetzmann from Yale University is giving a VGSF research seminar
on "Risk Aversion and Clientele Effects" on TUESDAY, October 31st, from
15:30 to 17:00 at the WU Wien (Room H.DE03, UZA 4, Base Floor,
Nordbergstrasse 15, 1090 Wien, see
http://www.wu-wien.ac.at/portal/ueber_wu/standorte/lageplan4 for a detailed
plan). Please find the paper's abstract below.
Prof. Goetzmann is going to be in Vienna on Monday and Tuesday. If you like
to meet him and to discuss your research with him, please contact Michael
Halling (michael.halling(a)univie.ac.at).
Best,
Michael Halling
Abstract
We estimate preferences toward risk of investors in growth and value stock
indices, which represent two widely followed investment styles. We find
differences in risk preferences for the two clienteles. Value investors are
more averse to risk, while growth investors are more willing to accept risk.
Estimated preferences also exhibit different time series patterns. Risk
preferences of value investors show stronger persistence in the time series
during our time period. This is consistent with investors in value stocks
being a more stable clientele. We find evidence that indicates the presence
of switchers-investors who move funds between the two styles. Switchers
react to returns on the styles, and also react to changes in risk of the
styles. Further, we construct trading strategies in the value growth index
options markets and find that the strategies generate positive returns.
Overall, the evidence is consistent with the hypothesis that different
clienteles, characterized by differences in risk preferences and trading
habits, exist. Further, trading strategies can be formed to exploit the
existence of clienteles.
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: OCTOBER 30th, 2006 (Monday), 4.00 pm
Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien
Speaker:
Prof. Dr. WILLIAM N. GOETZMANN, Yale School of Management -
International Center for Finance; Harvard Business School
http://viking.som.yale.edu/
Title: LESSONS FROM HEDGE FUND REGISTRATION
Abstract:
In February, 2006, hedge funds operating in the U.S. were required to
register with the Securities and Exchange Commission. This paper
addresses the question of the relevance of the information contained in
these filings. We find that hedge funds filing with the SEC had better
past performance and more assets than non-filers - supporting the
assertion that filing is a potential signal of quality. We also find a
strong positive association between potential conflicts and past legal
and regulatory problems - supporting that SEC filings provides
information relevant to detecting operational risk. Finally we find that
while information contained in SEC filings may be redundant to some
market participants such as creditors, it may be very useful to hedge
fund investors.
About William N. Goetzmann:
Will Goetzmann is the Edwin J. Beinecke Professor of Finance and
Management Studies and Director of the International Center for Finance
at the Yale School of Management.
He is an expert on a diverse range of investments, including stocks,
hedge funds, mutual funds, real estate, and paintings. His research
topics include global investing, forecasting stock markets, selecting
mutual fund managers, housing as investment, and the risk and return of
art. His work has been featured in the Wall Street Journal, the New York
Times, Business Week, the Economist, Forbes, and Art and Auction.
Professor Goetzmann has a background in arts and media management. As a
documentary film-maker, he has written and co-produced programs for
"Nova" and the "American Masters" series, including a profile of the
artist Thomas Eakins. A former director of Denver's Museum of Western
Art, Professor Goetzmann co-authored the award winning book, The West of
the Imagination.
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 - 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
Dear colleague:
I would like to invite you to participate and give us a presentation
in the Stream "Dynamics and Control of Economic Processes" at
the 22nd European Conference on Operational Research, which
will take place in Prague, capital of the Czech Republic, from
July 8-11, 2007.
Perhaps you are also interested in organizing a Session in this
stream (containing 3-4 papers) related to a topic of your research
fields in the area of Dynamical Systems. If you are interested,
please send us the name of your possible session(s), and your
data.
You can find information about the related areas and contacts on
the conference web page: http://euro2007.vse.cz/. In this week,
the Invited Streams will be inserted into the Electronical
Submission system of the conference; then, your possible Invited
Session could become added there, before the abstract
submission of will start.
With friendly regards
and best wishes,
Gustav Feichtinger
Im *Institut für Quantitative BWL und Operations Research *ist
voraussichtlich ab 18. Februar 2007 bis 31. August 2009 die Stelle eines
wissenschaftlichen Mitarbeiters/einer wissenschaftlichen Mitarbeiterin
(ArbeitnehmerIn der Wirtschaftsuniversität Wien gem. § 128 UG 2002
idgF), vollbeschäftigt, zu besetzen.
Wir weisen Sie darauf hin, dass der WU-Entwicklungsplan für
wissenschaftliche Mitarbeiter/ wissenschaftliche Mitarbeiterinnen eine
maximale Befristungsdauer von 4 Jahren vorsieht.
Bewerber/innen, die bereits als Ersatzkräfte an der WU beschäftigt sind,
können daher nur mehr für die auf die 4 Jahre fehlende Zeit eingestellt
werden.
Notwendige Kenntnisse und Qualifikationen:
EU-Bürger/in, abgeschlossenes Studium der Sozial- und
Wirtschaftswissenschaften und/oder Mathematik und/oder
Wirtschaftsingenieurwesen bzw. gleichzuhaltende Qualifikation
Erwünschte Kenntnisse und Qualifikationen:
Eignung zur Mitarbeit in Lehre (insbesondere Finanzierung,
gegebenenfalls Operations Research) und Forschung des Instituts;
Mitbetreuung der Telematik-Plattform "learn@wu"; Mitarbeit im
organisatorisch-administrativen Bereich (insbesondere
Prüfungsadministration)*
Kennzahl: 69748*
Schriftliche Bewerbungen mit Lebenslauf und Zeugnissen (Kopien) sind
unter Angabe der angeführten Kennzahl an die PERSONALABTEILUNG der
Wirtschaftsuniversität Wien, Augasse 2-6, 1090 Wien zu richten.
Ende der Bewerbungsfrist: 8. November 2006
Bitte die Kennzahl unbedingt anführen!
Der Rektor:
o. Univ.Prof. Dr. Christoph Badelt
Link:
http://www.wu-wien.ac.at/start/jobs/ausschrwisspers#w168
MfG
M. Nettekoven
--
-------------------------------------------------------------
Univ.-Ass. Dr. Michaela Nettekoven
Wirtschaftsuniversitaet Wien
Institut für Quantitative Betriebswirtschaftslehre und Operations Research
UZA 4, 4. Stock, Bauteil D
Nordbergstraße 15, A - 1090 Wien
Tel.: +43-1-31336-4561, Fax: +43-1-31336-708
Email: michaela.nettekoven(a)wu-wien.ac.at
Web: <http://www.wu-wien.ac.at/or/>
Prof. Marcin Kacperczyk from UBC is giving a VGSF research seminar on "Labor
Unions, Operating Leverage, and Expected Stock Returns" on MONDAY, October
16th, from 16:30 to 18:00 at the WU Wien (UZA 4, Nordbergstrasse 15, 1090
Wien, Room D204, 2. Obergeschoß, see
http://www.wu-wien.ac.at/portal/ueber_wu/standorte/lageplan4 for a detailed
plan). Please find the paper's abstract below.
Marcin is going to be in Vienna on Monday. If you like to meet him and to
discuss your research with him, please contact Michael Halling
(michael.halling(a)univie.ac.at).
Best,
Michael Halling
Abstract
We examine the effect of an important friction in the labor market, that
generated by labor unions, on the cross-section of expected stock returns.
We hypothesize that labor unions increase expected stock returns by
increasing firms share of fixed labor costs in total labor costs and thus
their operating leverage. Consistent with our hypothesis, we find that
expected returns are higher for firms in more unionized industries and that
the effect is stronger when unions face a more favorable bargaining
environment. Furthermore, using instrumental-variables techniques we
establish a causal link from unionization to expected returns. Finally, we
provide evidence that unions increase expected returns through the operating
leverage channel. Overall, our findings underline the importance of labor
markets imperfections in understanding cross-sectional variation in
expected returns.
Prof. Xavier Freixas from Universitat Pompeu Fabra, Barcelona, is giving a
VGSF research seminar in cooperation with the "Oesterreichischen
Nationalbank" (Austrian Central Bank) on "How Can Emerging Market Economies
Benefit from a Corporate Bond Market?" on FRIDAY, October 13th, from 15:30
to 17:00 at the "Oesterreichische Nationalbank" (!!!), Otto-Wagner-Platz 3,
1090 Wien, Veranstaltungssaal, Erdgeschoss. Unfortunately, lastest versions
of the paper or the abstract are not available.
Note again the CHANGED LOCATION as this seminar takes place at the
"Oesterreichische Nationalbank".
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: OCTOBER 30th, 2006 (Monday), 4.00 pm
Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien
Speaker: Prof. Dr. WILLIAM N. GOETZMANN, Yale School of Management -
International Center for Finance; Harvard Business School
http://viking.som.yale.edu/
Title: LESSONS FROM HEDGE FUND REGISTRATION
Abstract:
In February, 2006, hedge funds operating in the U.S. were required to
register with the Securities and Exchange Commission. This paper
addresses the question of the relevance of the information contained in
these filings. We find that hedge funds filing with the SEC had better
past performance and more assets than non-filers - supporting the
assertion that filing is a potential signal of quality. We also find a
strong positive association between potential conflicts and past legal
and regulatory problems - supporting that SEC filings provides
information relevant to detecting operational risk. Finally we find that
while information contained in SEC filings may be redundant to some
market participants such as creditors, it may be very useful to hedge
fund investors.
About William N. Goetzmann:
Will Goetzmann is the Edwin J. Beinecke Professor of Finance and
Management Studies and Director of the International Center for Finance
at the Yale School of Management.
He is an expert on a diverse range of investments, including stocks,
hedge funds, mutual funds, real estate, and paintings. His research
topics include global investing, forecasting stock markets, selecting
mutual fund managers, housing as investment, and the risk and return of
art. His work has been featured in the Wall Street Journal, the New York
Times, Business Week, the Economist, Forbes, and Art and Auction.
Professor Goetzmann has a background in arts and media management. As a
documentary film-maker, he has written and co-produced programs for
"Nova" and the "American Masters" series, including a profile of the
artist Thomas Eakins. A former director of Denver's Museum of Western
Art, Professor Goetzmann co-authored the award winning book, The West of
the Imagination.
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 - 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
Dear colleague,
unfortunately, the link of the 'response form' of the call for paper 'EMNet2007'
was incorrect. Below is the final revised form.
CALL FOR PAPERS - EMNet 2007, Erasmus University Rotterdam
The third international conference on ECONOMICS AND MANAGEMENT OF NETWORKS
will be held at the Rotterdam School of Management, Erasmus University
Rotterdam, from June 28 to June 30, 2007, in Rotterdam, The Netherlands. The
purpose of the conference is to provide an international discussion forum
for research in economics and management of networks. Theoretical,
conceptual and empirical papers from all areas in economics and management
of franchising, cooperatives, joint ventures, licensing, strategic
alliances, venture capital relations, virtual networks and other hybrids,
are invited.
Procedures for Submitting Papers
Authors who want to present a paper should submit an abstract (1 page) and
return the response form (published under http://www.univie.ac.at/EMNET )
as soon as possible, but not later than February 28, 2007. Please e-mail
the response form to:
George W.J. Hendrikse (ghendrikse(a)rsm.nl)
Rotterdam School of Management, Erasmus University Rotterdam
PO Box 1738, Office T08-56
3000 DR Rotterdam, The Netherlands
and
Josef Windsperger (josef.windsperger(a)univie.ac.at)
University of Vienna
Center for Business Studies
Brünner Str. 72
A-1210 Vienna, Austria
Conference Fees: 190 EUR (including lunch, dinner and coffee breaks)
Researchers from non-EU Eastern European countries, less developed countries
and PhD students are requested to pay 120 EUR.
Conference information can be found at the conference web page:
http://www.univie.ac.at/EMNET/
Electronic conference proceedings and an edited book will be published.
Important Deadlines:
February 28, 2007
Abstract and response form
MARCH 31, 2007
Confirmation of acceptance of the proposal
MAY 15, 2007
Conference registration and payment of the conference fee
MAY 31, 2007
One copy of the paper through e-mail to George Hendrikse and
Josef Windsperger
JUNE 15, 2007
Final program available ( http://www.univie.ac.at/EMNET )
Organizing Committee
George Hendrikse (chairman), RSM, Erasmus University Rotterdam
Josef Windsperger, University of Vienna
Tao Jiang, RSM
Li Feng, RSM
Bart Dietz, RSM
Decia Jansen, RSM
Scientific Committee
Ilan Alon, Rollins College, Crummer Graduate School of Business, Florida,
USA
Carlos Fdez. De Arroyabe, ESIC, Madrid, Spain
Benito Arrunada, Universitat Pompeu Fabra, Barcelona, Spain
Paolo F. Azevedo, National Distance University, Madrid, Spain
Eric Brousseau, Université de Paris X, Nanterre, France
Jenny Buchan, University of New South Wales, Sydney, Australia
Gerard Cliquet, Université de Rennes 1, France
Rajiv P. Dant, University of South Florida, Tampa, USA
Thomas Ehrmann, Universität Münster, Germany
Lorelle Frazer, Griffith University, Meadowbrook, Australia
Pierre Garrouste, Centre ATOM, Université de Paris 1 and Université
Lumiere-Lyon 2, France
Anna Grandori, Bocconi Univeristy, Milan, Italy
John Hagedoorrn, Universiteit Maastricht, Maastricht, NL
George Hendrikse, Erasmus University Rotterdam, NL
Liesbeth Kneppers, University of Groningen, NL
Claude Menard, Centre ATOM, Université de Paris 1, France
Tahir M. Nisar, University of Southhampton, Southhampton, UK
Emmanuel Raynaud, INRA SADAPT & Centre ATOM, Université de Paris 1
(Sorbonne), France
Aric Rindfleisch, University of Wisconsin-Madison, USA
Vivian L.S. Silva, University of Sao Paolo, Brazil
Brian Silverman, Rotman School of Management, University of Toronto,
Toronto, USA
Bernard L. Simonin, Tufts University, Medford, USA
Andrew Terry, University of New South Wales, Australia
Mika Tuunanen, University of Kuopio, Finland
Windsperger Josef, University of Vienna, Austria)
--
Josef Windsperger, PhD
Associate Professor of Organization and Management (ao. Univ.-Prof.)
University of Vienna, Center for Business Studies
Bruenner Str. 72; A-1210 Vienna, Austria
Phone: +431 4277 38180; Fax: +431 4277 38174
Email: josef.windsperger(a)univie.ac.at
URL: http://www.univie.ac.at/im
CALL FOR PAPERS - EMNet 2007, Erasmus University Rotterdam
The third international conference on ECONOMICS AND MANAGEMENT OF
NETWORKS will be held at the Rotterdam School of Management, Erasmus
University Rotterdam, from June 28 to June 30, 2007, in Rotterdam, The
Netherlands. The purpose of the conference is to provide an
international discussion forum for research in economics and management
of networks. Theoretical, conceptual and empirical papers from all areas
in economics and management of franchising, cooperatives, joint
ventures, licensing, strategic alliances, venture capital relations,
virtual networks and other hybrids, are invited.
FRANCHISING
COOPERATIVES
JOINT VENTURES
STRATEGIC ALLIANCES
LICENCING
VENTURE CAPITAL RELATIONS
VIRTUAL NETWORKS
OTHER NETWORK FORMS
Relevant topics that are related to these network forms include those
listed below:
Theoretical Views on Networks
Governance
Organization Design and Decision Rights
Economics & Law and Regulation
Knowledge Management Issues
Strategic Management
Ownership and Incentives
Organizational Behavior
Industry Studies
International Management
IT and Networks
Comparative Institutional Analysis
Marketing and Distribution Channel
International Market Entry
Entrepreneurship and Innovation
Competition between Network Forms
Procedures for Submitting Papers
Authors who want to present a paper should submit an abstract (1 page)
and return the response form
<http://www.univie.ac.at/EMNET/2005/registration_form.htm> as soon as
possible, but not later than February 28, 2007. Please e-mail the
response form <http://www.univie.ac.at/EMNET/2005/registration_form.htm> to:
George W.J. Hendrikse (ghendrikse(a)rsm.nl)
Rotterdam School of Management, Erasmus University Rotterdam
PO Box 1738, Office T08-56
3000 DR Rotterdam, The Netherlands
and
Josef Windsperger (josef.windsperger(a)univie.ac.at)
University of Vienna
Center for Business Studies
Brünner Str. 72
A-1210 Vienna, Austria
Conference Fees: 190 EUR (including lunch, dinner and coffee breaks)
Researchers from non-EU Eastern European countries, less developed
countries and PhD students are requested to pay 120 EUR.
Conference information can be found at the conference web page:
www.univie.ac.at/EMNET/ <http://www.univie.ac.at/EMNET>
Electronic conference proceedings and an edited book will be published.
Important Deadlines:
February 28, 2007
Abstract and response form
MARCH 31, 2007
Confirmation of acceptance of the proposal
MAY 15, 2007
Conference registration and payment of the conference fee
MAY 31, 2007
One copy of the paper through e-mail to George Hendrikse and
Josef Windsperger
JUNE 15, 2007
Final program available (www.univie.ac.at/EMNET
<http://www.univie.ac.at/EMNET>)
Organizing Committee
George Hendrikse (chairman), RSM, Erasmus University Rotterdam
Josef Windsperger, University of Vienna
Tao Jiang, RSM
Li Feng, RSM
Bart Dietz, RSM
Decia Jansen, RSM
Scientific Committee
Ilan Alon, Rollins College, Crummer Graduate School of Business,
Florida, USA
Carlos Fdez. De Arroyabe, ESIC, Madrid, Spain
Benito Arrunada, Universitat Pompeu Fabra, Barcelona, Spain
Paolo F. Azevedo, National Distance University, Madrid, Spain
Eric Brousseau, Université de Paris X, Nanterre, France
Jenny Buchan, University of New South Wales, Sydney, Australia
Gerard Cliquet, Université de Rennes 1, France
Rajiv P. Dant, University of South Florida, Tampa, USA
Thomas Ehrmann, Universität Münster, Germany
Lorelle Frazer, Griffith University, Meadowbrook, Australia
Pierre Garrouste, Centre ATOM, Université de Paris 1 and Université
Lumiere-Lyon 2, France
Anna Grandori, Bocconi Univeristy, Milan, Italy
John Hagedoorrn, Universiteit Maastricht, Maastricht, NL
George Hendrikse, Erasmus University Rotterdam, NL
Liesbeth Kneppers, University of Groningen, NL
Claude Menard, Centre ATOM, Université de Paris 1, France
Tahir M. Nisar, University of Southhampton, Southhampton, UK
Emmanuel Raynaud, INRA SADAPT & Centre ATOM, Université de Paris 1
(Sorbonne), France
Aric Rindfleisch, University of Wisconsin-Madison, USA
Vivian L.S. Silva, University of Sao Paolo, Brazil
Brian Silverman, Rotman School of Management, University of Toronto,
Toronto, USA
Bernard L. Simonin, Tufts University, Medford, USA
Andrew Terry, University of New South Wales, Australia
Mika Tuunanen, University of Kuopio, Finland
Windsperger Josef, University of Vienna, Austria)
--
Josef Windsperger, PhD
Associate Professor of Organization and Management (ao. Univ.-Prof.)
University of Vienna, Center for Business Studies
Bruenner Str. 72; A-1210 Vienna, Austria
Phone: +431 4277 38180; Fax: +431 4277 38174
Email: josef.windsperger(a)univie.ac.at
URL: http://www.univie.ac.at/im