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: March 27th, 2007, 4.30 pm Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien Speaker: Prof. Dr. CHRISTOPHER HENNESSY, Haas School of Business at the University of California, Berkeley http://www.haas.berkeley.edu/faculty/hennessy.html Title: UNDERSTANDING CORPORATE ANNOUNCEMENT EFFECTS Abstract: Empirical evidence indicates that announced changes in corporate financing and investment policies have statistically significant effects on stock returns. For example, share prices rise in response to increased capital expenditures, debt-for-equity substitutions, and share repurchases. Although these effects are currently understood at a qualitative level, a quantitative framework is still absent. This talk will discuss recent efforts at quantitative modeling of the information content of corporate announcement effects. Implications for asset pricing and credit default risk are also discussed. About Christopher Hennessy: Christopher Hennessy is Associate Professor and Finance Department Chairman at the Walter A. Haas School of Business at the University of California, Berkeley. Professor Hennessy received a Master of Public Affairs Degree from the Woodrow Wilson School and a Ph.D. in Economics from Princeton University. He was Senior Associate of the Barents Group of KPMG Peat Marwick. Hennessy's research centers on the effects of taxes and private information on corporate financing, investment, and asset prices. His work has been recognized with two Brattle Prizes for outstanding corporate finance paper published in the Journal of Finance. 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