The GUTMANN CENTER FOR PORTFOLIO MANAGEMENT
at the University of Vienna
http://www.gutmann-center.at
is pleased to announce the following PUBLIC LECTURE:
Date: May 30th, 2005 - 5.00 p.m.:
Speaker: Prof. Dr. Hayne E. LELAND, Berkeley
http://www.haas.berkeley.edu/faculty/leland.html
Title: OPTIMAL PORTFOLIO IMPLEMENTATION
with Transactions Costs and Taxes
Abstract:
Traditional portfolio theory, developed by Markowitz and others,
helps to determine an "ideal" set of asset proportions. But it
ignores the costs of implementation, including trading costs and
taxes. How does one take these factors into account when
selecting and managing a portfolio? We provide some answers to
these questions.
CV:
Hayne Leland is Professor of Finance at the University of
California, Berkeley. His research has covered topics in asset
management, corporate finance, and economics.
He is a founding principal of Leland Rubinstein Obrien
Associates (LOR), which invented the technique of "portfolio
insurance." In 1987 he was named one of Fortune Magazine's
"Businessmen of the Year." In 1990 LOR pioneered and launched
the first-ever Exchange-Traded Fund (ETF), the SuperTrust.
Leland is a past President of the American Finance Association,
and serves on the Scientific Advisory Boards of numerous
academic and financial institutions, including the EuroNext and
Wells Fargo Asset Management.
Location: Bank Gutmann AG
(
http://www.gutmann.at),
Schwarzenbergplatz 16, 1010 Wien
Registration: brigitte.juchelka(a)gutmann.at
phone: +43-1-50220-357
Further information at:
www.gutmann-center.at
Contact: gutmann.bwl(a)univie.ac.at
phone: 43-1-4277-38186