The Gutmann Center for Portfolio Management at the University of Vienna http://www.gutmann-center.at is pleased to announce the GUTMANN CENTER SYMPOSIUM 2006: "REAL ASSETS AND PORTFOLIO MANAGEMENT" - apologies for any cross-postings!! - March 27th, 2006, 9.00 am – 6.00 pm University of Vienna - "Kleiner Festsaal" Dr. Karl-Lueger-Platz 1, 1010 Wien Real estate, a major driver of both the overall economy and of individual wealth, has become an increasingly important asset class for portfolio managers. Other real assets such as private equity and venture capital have also generated a lot of interest recently as additional opportunities to optimize asset allocation. However, for most investors, these alternative investment opportunities remain rather opaque. Internationally recognized experts will present their analyses of these asset classes at our symposium from both an academic and practitioner’s perspective. NO CONFERENCE FEE - ONLY REGISTRATION REQUIRED PLEASE REGISTER VIA E-MAIL NOT LATER THAN MARCH 14th: gutmann.bwl(a)univie.ac.at PROGRAM 08.15-09.00 REGISTRATION 09.00-09.10 WELCOME AND PRESENTATION OF THE GUTMANN CENTER PHD-SCHOLARSHIP 2005/2006 Josef Zechner, University of Vienna and Gutmann Center Rudolf Stahl, CEO Bank Gutmann AG Recipient: Jin Yu, Vienna Graduate School of Finance (VGSF) 09.10-10.40 SESSION I: REAL ESTATE: PORTFOLIO CHOICE AND RETURN CHARACTERISTICS Chair: Engelbert Dockner, University of Vienna 09.10-09.40 “Efficient Portfolios when Housing is a Hedge against Rent Risk” Speaker: Loriana Pelizzon, Università Ca' Foscari di Venezia Discussant: Walter Torous, UCLA 09.40-10.10 “Illiquidity and Pricing Biases in the Real Estate Market” Speaker: Kerry D. Vandell, University of Wisconsin-Madison Discussant: Charles Himmelberg, Goldman Sachs 10.10-10.40 “Hot and Cold Housing Markets: International Evidence” Speaker: Javier Suarez, CEMFI Discussant: Robert Korajczyk, Northwestern University 10.40-11.00 - Coffee Break - 11.00-12.30 SESSION II: REAL ASSETS AND PORTFOLIO CHOICE Chair: Tomas Björk, Stockholm School of Economics 11.00-11.30 “Comovement After Joining an Index: Spillovers of Nonfundamental Effects” Speaker: Dong Wook Lee, University of Kentucky Discussant: Youchang Wu, University of Vienna 11.30-12.00 “Better Regulation and Underwriter Reputation have done nothing for IPO Underpricing over the 20th Century: Empirical Evidence from IPOs on the London Stock Exchange” Speaker: Elroy Dimson, London Business School Discussant: Neal Stoughton, University of Calgary 12.00-12.30 “Beautiful Asset: Art as Investment” Speaker: Michael Moses, New York University Discussant: Klaus Spremann, University St. Gallen 12.30-13.30 - Lunch Buffet - 13.30-14.15 KEY-NOTE-ADDRESS “Homeownership as a Constraint on Asset Allocation” Speaker: Eduardo Schwartz, UCLA 14.15-14.45 - Coffee Break - 14.45-16.15 SESSION III: PERFORMANCE OF PRIVATE EQUITY AND VENTURE CAPITAL Chair: Elroy Dimson, London Business School 14.45-15.15 “Determinants of Venture Capital Performance: Europe and the United States” Speaker: Ulrich Hege, HEC Discussant: Michael Halling, University of Vienna 15.15-15.45 “Risk-Adjusted Returns of Private Equity Investments” Speaker: Alexander Groh, TU Darmstadt Discussant: Engelbert Dockner, University of Vienna 15.45-16.15 “The Performance of Private Equity Funds” Speaker: Ludovic Phalippou, University of Amsterdam, Discussant: Stefan Pichler, Vienna University of Economics and Business Administration 16.15-16.30 - Coffee Break - 16.30-17.30 SESSION IV: EXPECTED RETURNS IN REAL ESTATE Chair: Klaus Spremann, University St. Gallen 16.30-17.00 “Expected Returns and the Expected Growth in Rents of Commercial Real Estate” Speaker: Walter Torous, UCLA Discussant: Alex Stomper, Institute for Advanced Studies, Vienna 17.00-17.30 “Assessing High House Prices: Bubbles, Fundamentals and Misperceptions” Speaker: Charles P. Himmelberg, Goldman Sachs Discussant: Javier Suarez, CEMFI CONCLUDING REMARKS Josef Zechner, University of Vienna and Gutmann Center - Refreshments – The Gutmann Center Symposium 2006 is organized in cooperation with: DIE PRESSE – www.diepresse.com CONTACT AND FURTHER INFORMATION: Gutmann Center for Portfolio Management University of Vienna Bruenner Strasse 72 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