INVITATION TO GUTMANN CENTER SYMPOSIUM ON HEDGE FUNDS November 29th, 2004 University of Vienna Dr. Karl Lueger-Ring 1, 1010 Wien Program as pdf: http://gutmann-center.univie.ac.at/bridging/gutmann_symposia/200 4_on_hedge_funds/Symp04-Folder.pdf REGISTRATION IS REQUIRED!: gutmann.bwl(a)univie.ac.at Further information: www.gutmann-center.at In cooperation with: www.diepresse.com ---------------------------------------------------------------- ----------------- In times of falling stock markets and not very promising bond markets, investors are looking for alternatives. Hedge Funds promise stable and attractive returns both during rising as well as falling marketsbut come with the disadvantage that they are frequently a black box for investors.The internationally recognized speakers at our symposium will shed some light on this hot topic from an academic as well as a practitioner's point of view. PROGRAM 08.30 - 09.00 Registration (Kleiner Festsaal) 09.00 - 09.15 Welcome (Kleiner Festsaal) Josef Zechner, University of Vienna Session 1 (Kleiner Festsaal) Chair: Josef Zechner, University of Vienna 09.15 - 09.45 Mila Getmansky, Isenberg School of Management at UMASS "The Life Cycle of Hedge Funds: Fund Flows, Size and Performance" Discussant: Stefan Pichler, Vienna University of Economics and BA 09.45 - 10.15 Julien Hugonnier, University of Lausanne "Mutual Fund Portfolio Choice in the Presence of Dynamic Flows" Discussant: Thomas Dangl, Vienna University of Technology 10.15 - 10.45 Narayan Y. Naik, London Business School "Flows, Performance, and Managerial Incentives in Hedge Funds“ Discussant: Otto Randl, ISK Vienna 10.45 - 11.15 - Coffee Break - Session 2 (Kleiner Festsaal) Chair: Klaus Spremann, University of St. Gallen 11.15 - 11.45 Ryan J. Davies, Babson College "Fund of Hedge Funds Portfolio Selection: A Multiple-Objective Approach" Discussant: Steven Thorley, Brigham Young University 11.45 - 12.15 Terry Marsh, Quantal Inc./ UC Berkeley "Equity Market Neutral Hedge Funds" Discussant: Engelbert Dockner, University of Vienna 12.15 -12.45 Oleg Bondarenko, Washington University in St. Louis "Market Price of Variance Risk and Performance of Hedge Funds" Discussant: Shmuel Kandel, Tel Aviv University 12.45 - 14.15 - Lunch Buffet - PARALLEL SESSIONS: Session 3a Parallel Session I (Kleiner Festsaal) Chair: Shmuel Kandel, Tel Aviv University 14.15 – 14.45 Martin Ruckes, University of Wisconsin-Madison "Liquidity, Borrowing Structure, and Limits to Arbitrage" Discussant: Alfred Lehar, University of Vienna 14.45 – 15.15 Maria Vassalou, Columbia University "Corporate Innovation and its Effects on Equity Returns" Discussant: Neal Stoughton, University of Calgary 15.15 – 15.45 Kuan Xu, Dalhousie University "Myopic Loss Aversion and Margin of Safety" Discussant: Elroy Dimson, London Business School Session 3b Parallel Session II (Hörsaal 16) Chair: Terry Marsh, Quantal International Inc./ UC Berkeley 14.15 – 14.45 George O Aragon, Boston College "Share Restrictions and Asset Pricing – Evidence from the Hedge Fund Industry" Discussant: Peter Pope, Lancaster University 14.45 – 15.15 Yong Chen, Boston College "Timing ability in the focus market of hedge funds" Discussant: Michael Halling, University of Vienna 15.15. – 15.45 Robert Kosowski, INSEAD "Is Stellar Hedge Fund Performance for Real?" Discussant: Robert Korajczyk, Northwestern University Panel Discussion (Kleiner Festsaal) 16.00 - 17.30 “Hedge Funds – Temporary Fad or Here to Stay?” Chair: Michael Prüller, “Die Presse” Discussants: - Elroy Dimson, London Business School - Terry Marsh, UC Berkeley/ Quantal International Inc. - Friedrich Strasser, Bank Gutmann AG - Josef Zechner, University of Vienna ---------------------------------------------------------------- ----------- Gutmann Center for Portfolio Management University of Vienna Bruenner Strasse 72 A-1210 Wien/Vienna Austria Phone: +43-1-4277-38186 Fax: +43-1-4277-38074 e-mail: gutmann.bwl(a)univie.ac.at Homepage: www.gutmann-center.at