INVITATION The WU Gutmann Center cordially invites you to the forthcoming WU GUTMANN CENTER PUBLIC LECTURE www.gutmann-center.at (apologies for duplicated mails!) **************************************************************************** Date: MAY 3 (Thursday), 2012 - 4:00 pm Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien Speaker: Prof. Dr. LISA KRAMER, Rotman School of Management, University of Toronto Title: "WINTER BLUES: THE IMPLICATIONS OF SEASONAL CHANGES IN INVESTOR RISK APPETITE" ABSTRACT: In recent years, evidence has been mounting that human characteristics such as emotion and mood play a role in economic and financial decision making. In this presentation we will consider evidence at the individual level which demonstrates that mood directly impacts investors' risk preferences. We will also consider evidence at the aggregate market level to show that mood has an impact on the price of risk, the return on safe and risky assets, capital flows, and other important economic quantities. This research represents an important building block in the field of behavioral finance, linking human psychology with financial markets and even leading to broad predictability of market movements based on sharp changes in risk appetite. ABOUT LISA KRAMER: Lisa Kramer is an Associate Professor of Finance in the University of Toronto's Rotman School of Management where she is the Canadian Securities Institute Research Foundation Limited Term Professor. She recently spent a one-year sabbatical as a Visiting Scholar in the Psychology Department at Stanford University. Her Ph.D. in finance is from the Sauder School of Business at the University of British Columbia. Professor Kramer is an expert on behavioural finance, with interests in neuroeconomics, investments, capital market seasonality, human decisions, and emotions. Some of her best-known and most provocative research is based on identifying instances where investors' psychological tendencies lead to widespread movements in financial markets. She has delivered seminars at universities, conferences, private institutions, and government agencies around the world. Her work has been published in journals including the American Economic Review and the Journal of Financial and Quantitative Analysis. Her studies have been profiled by media outlets including The Wall Street Journal, US News and World Reports, The Washington Post, The Daily Telegraph, Business Week, and SmartMoney Magazine. More information about Professor Kramer: http://www.lisakramer.com **Please REGISTER**: Mail: gutmann-center(a)wu.ac.at Phone: +43-1-31336-4244 Please contact gutmann-center(a)wu.ac.at if you do not wish to receive any further invitations from us! CONTACT AND FURTHER INFORMATION: WU Gutmann Center for Portfolio Management WU (Wirtschaftsuniversität Wien) - Department of Finance, Accounting and Statistics Mag. Dorothea GRIMM www.gutmann-center.at