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