Reminder: INVITATION / CONFERENCE ANNOUNCEMENT The WU Gutmann Center for Portfolio Management is proud to invite to its sixth symposium. WU GUTMANN CENTER SYMPOSIUM 2011: "LIQUIDITY AND ASSET MANAGEMENT" http://www.wu.ac.at/gc/whatwedo/bridging/symposia June 15, 2011 - 09:00-17:30 Venue: WU (Vienna University of Economics and Business) Festsaal, UZA 1, Augasse 2-6, 1090 Vienna PROGRAM 08:30 Registration 09:00-09:15 Welcome 09:15-10:45 SESSION I Chair: William F. Sharpe, Stanford University HOW DOES ILLIQUIDITY AFFECT DELEGATED PORTFOLIO CHOICE? Luis Goncalves-Pinto, University of Southern California Discussant: Neal Stoughton, UNSW Sydney THE DIMINISHING LIQUIDITY PREMIUM Azi Ben-Rephael, Tel Aviv University (joint with Ohad Kadan and Avi Wohl) Discussant: Yong Chen, Virginia Tech EVAPORATING LIQUIDITY Stefan Nagel, Stanford University Discussant: Miguel A. Ferreira, Universidade Nova de Lisboa 10:45-11:15 Coffee Break 11:15-12:45 SESSION II Chair: Alexander Mürmann, WU ECONOMETRIC MEASURES OF SYSTEMIC RISK IN THE FINANCE AND INSURANCE SECTORS Mila Getmansky Sherman, University of Massachusetts (joint with Monica Billio, Andrew Lo and Loriana Pelizzon) Discussant: Joost Driessen, Tilburg University CAN HEDGE FUNDS TIME MARKET LIQUIDITY? Yong Chen, Virginia Tech (joint with Charles Cao, Bing Liang and Andrew Lo) Discussant: Azi Ben-Rephael, Tel Aviv University HEDGE FUND STOCK TRADING IN THE FINANCIAL CRISIS OF 2007-2008 Francesco Franzoni, University of Lugano (joint with Itzhak Ben-David and Rabih Moussawi) Discussant: Stefan Nagel, Stanford University 12:45-13:45 Lunch Break 13:45-15:15 SESSION III Chair: Thomas Gehrig, University of Vienna MONEY AND LIQUIDITY IN FINANCIAL MARKETS Kjell G. Nyborg, University of Zürich (joint with Per Östberg) Discussant: Loriana Pelizzon, Università Ca'Foscari di Venezia AN ASSET PRICING APPROACH TO LIQUIDITY EFFECTS IN CORPORATE BOND MARKETS Joost Driessen, Tilburg University (joint with Dion Bongaerts and Frank de Jong) Discussant: Lubos Pastor, University of Chicago ILLIQUIDITY OR CREDIT DETERIORATION: A STUDY OF LIQUIDITY IN THE US CORPORATE BOND MARKET DURING FINANCIAL CRISES Rainer Jankowitsch, WU (joint with Nils Friewald and Marti G. Subrahmanyam) Discussant: Robert Korajczyk, Northwestern University 15:15-15:45 Coffee Break 15:45-17:15 SESSION IV Chair: Terrance Odean, University of California, Berkeley THE GEOGRAPHY OF MUTUAL FUNDS: THE ADVANTAGE OF DISTANT INVESTORS Miguel A. Ferreira, Universidade Nova de Lisboa (joint with Massimo Massa and Pedro Matos) Discussant: Susan Christoffersen, University of Toronto INVESTORS' HORIZONS AND THE AMPLIFICATION OF MARKET SHOCKS Cristina Cella, Stockholm School of Economics (joint with Andrew Ellul and Mariassunta Giannetti) Discussant: Luis Goncalves-Pinto, University of Southern California MONEY FUND RUNS Russ Wermers, University of Maryland Discussant: Thomas Dangl, Vienna University of Technology 17:15 Concluding Remarks and Refreshments PLEASE REGISTER not later than June 8th, 2011: gutmann-center(a)wu.ac.at Participation is free of charge CONTACT AND FURTHER INFORMATION: WU Gutmann Center for Portfolio Management WU (Vienna University of Economics and Business) Department of Finance, Accounting and Statistics Phone: +43-1-31336-4244 gutmann-center(a)wu.ac.at www.gutmann-center.at