Colleagues:
Get a head start on the August 10-12, 2000, San Antonio, Texas
conference presentations and publications by submitting a paper or
proposal for the 18th Annual International Conference of the Association
of Management and International Association of Management (AoM/IAoM)
early bird deadline of December 31, 1999. Select your topical specialty
from the Division and Track at http://www.aom-iaom.org/dir3-div.html
Click Guidelines at URL: http://www.aom-iaom.org/2-submission.html
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-A conference where the new replaces the old!
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-A must for every creative intellect.
-Become a part of it.
Look forward to hearing from you.
Robin Webb
Assistant to the President, for
Karin Klenke, Ph.D., President
AoM / IAoM
kldi(a)mindspring.com
AoMgt(a)Infi.Net
AoM(a)Series2000.com
1-804-320-5571 or 1-757-482-2273
Fax: 1-757-482-0325
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Im Rahmen des Finance Research Seminar l=E4dt das IHS=20
zum Vortrag von
Christoph Kuzmics (PHD Student an der University of Cambridge)=20
"The Equity Premium Puzzle"
=20
Montag 20.12.1999, 16.00-17.30, SZ VI
IHS, 1060 Wien, Stumpergasse 56, ein. =20
Michael Jeckle, Institute of Advanced Studies, Department of Economics and
Finance
Stumpergasse 56, 1060 Vienna Austria
Tel ++43/1/59991/211
=========================================================================
CCEFM (Center for Central European Markets),
eine Initiative der Universitaet Wien, Wirtschaftsuniversitaet Wien,
Technischen Universitaet Wien und der Wiener Börse AG,
laedt nochmals zum Workshop von
Stavros Zenios (University of Cyprus)
über das Thema
"Integrated Simulation and Optimization Models for Tracking
International Fixed Income Indices"
am Freitag, den 17. Dezember von 16.00 bis 17.30,
im Hörsaal 7, Freihaus der TU-Wien, 1040 Wien,
Wiedner Hauptstraße 8-10, ein.
Informationen über weitere Vorträge finden Sie unter
http://info.tuwien.ac.at/ccefm/
=========================================================================
CCEFM (Center for Central European Markets),
eine Initiative der Universitaet Wien, Wirtschaftsuniversitaet Wien,
Technischen Universitaet Wien und der Wiener Börse AG,
laedt zum Workshop von
Stavros Zenios (University of Cyprus)
am Freitag, den 17. Dezember von 16.00 bis 17.30,
im Hörsaal 7, Freihaus der TU-Wien, 1040 Wien,
Wiedner Hauptstraße 8-10, ein.
Informationen über weitere Vorträge finden Sie unter
http://info.tuwien.ac.at/ccefm/
=========================================================================
-- A N N O U N C E M E N T --
The Finance Research Seminar, IHS, presents
Dominique DUPONT (Board of Governors of the Federal Reserve System)
"Equilibrium Price with Institutional Investors and with Naive Traders"
Monday, Dec.13 1999, 4:30pm-6pm
IHS, HS II, Stumpergasse 56, 1060 Wien,
Abstract:
This paper uses an equilibrium framework to study how institutional
investors, through their ability to better process information, influence
the volatility and the informativeness of asset prices. The model features
a price-sensitive liquidity trader and multiple informed traders, each of
whom observes a private signal correlated with the true value of the asset.
These informed traders are alternatively institutional investors, who are
"rational" insofar as they condition on the market clearing price when
making investment decisions, and individual investors, who are "naive"
insofar as they do not condition on the equilibrium price. The model shows
that the equilibrium price is more volatile and less informative when the
informed traders are rational than when they are naive. The dependence of
the informativeness and the variance of the equilibrium price on the
model^Òs parameters is also investigated.
The paper can be downloaded at
http://www.ihs.ac.at/departments/fin/dupont-pub
=========================================================================