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: January 21st, 4.30 p.m. Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien (http://www.gutmann.at) Speaker: STEPHEN A. ROSS, MIT Sloan Management School Franco Modigliani Professor of Financial Economics http://sloancf.mit.edu/vpf/facstaff.cfm?ID=226&ProfType=F&sortor der=name A widely published author in finance and economics, Stephen Ross is best known as the inventor of the Arbitrage Pricing Theory of Agency, as well as the codiscoverer of risk-neutral pricing and the binomial model for pricing derivatives. His book Corporate Finance is in its fourth edition. Ross' current research efforts involve a variety of phenomena in financial markets. He is a principal of Roll & Ross Asset Management Corporation, which employs technology that Ross helped develop to manage over $3 billion in investments worldwide. He is a fellow of the American Academy of Arts and Sciences and is a director of Freddie Mac, Algorithmics, Inc., and the College Retirement Equities Fund. He is also a trustee of the California Institute of Technology. Title: "A NEOCLASSICAL VIEW OF BEHAVIORAL FINANCE AND THE CLOSED END FUND PUZZLE-IMPLICATIONS FOR ASSET MANAGEMENT" Abstract: "There is a rising interest in the use of anomalies and behavioral finance in asset management. Some of the results from this work are of potential value and much is not. Of most value are the empirical findings when they are properly understood and interpreted. Of least value are the 'behavioral explanations'. Without a solid neoclassical financial basis for an anomaly, trading on the basis of it is perilous." 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