INVITATION   The WU Gutmann Center cordially invites you to the forthcoming   WU GUTMANN CENTER PUBLIC LECTURE (apologies for duplicated mails!)   ************************************************************************* Date: JANUARY 21 (Tuesday), 2014, 4:00 pm Location: Bank Gutmann, Schwarzenbergplatz 16, A-1010 Wien  Speaker: Prof. Stephen Satchell, University of Sydney and University of Cambridge http://sydney.edu.au/business/staff/stephens Title: "Psychic Returns to Cultural Investments"  ABSTRACT: This paper presents procedures for evaluating psychic returns to cultural assets. Measuring the psychic return of art investments is an important issue in cultural economics. We focus on the psychic returns of art relative to equity using British data from 1895 to 2011. However, our arguments are entirely general. We take into account the substantial costs involved in art investment and also discuss the existing estimates of the psychic returns to art in the literature which are typically between 10 to 30 percent. Applying utility based models and equilibrium based models, we construct new estimates of psychic returns based on plausible portfolio weights and also trace the linkages of psychic returns of art to other markets by an examination of trade flows. About Stephen Satchell: Stephen Satchell is working on a number of topics in the broad areas of econometrics, finance, risk measurement and utility theory. He has an interest in both theoretical and empirical problems. Many of his research problems are motivated by practical investment issues. His current research looks at alternative methods of portfolio construction and risk management, as well as on non-linear dynamic models. He is also active in researching the UK mortgage and housing markets.  Stephen Satchell is the editor of the Journal of Asset Management, and he has published extensively in various top-journals. He has strong links with Inquire (Institute for Quantitative Investment Research), an organization that finances academic research on quantitative investment. He is also on the management committee of LQG (London Quant Group).  Stephen Satchell is a Fellow of Trinity College Cambridge where he has Isaac Newton's rooms. **Please REGISTER**: Mail: gutmann-center(a)wu.ac.at Phone: +43-1-31336-5238 CONTACT AND FURTHER INFORMATION: WU Gutmann Center for Portfolio Management WU (Wirtschaftsuniversität Wien) Department of Finance, Accounting and Statistics Sabina Krickl www.gutmann-center.at