VFN-L April 1997

vfn-l@fam.tuwien.ac.at

5 participants
9 discussions

Externe Performance Attribution
by Stefan Pichler 29 Apr '97

29 Apr '97

Technische Universitaet Wien Abteilung Industriefinanzierung / Investment Banking Einladung zum Vortrag "Externe Performance Attribution" Dr. Peter Reichling Universitaet Mainz Dienstag, 6. Mai 1997, 17.30-19.00 Floragasse 7, Seminarraum Parterre Dr. Stefan Pichler Department of Finance Vienna University of Technology Floragasse 7/4, A-1040 Wien Phone: ++43-1-5051973-15 Fax: ++43-1-5051973-17

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Going Public
by Stefan Pichler 29 Apr '97

29 Apr '97

Prof. Helmut Uhlir Seminar aus Industriefinanzierung Einladung zum Vortrag "Der Gang an die Boerse am Beispiel KTM" Mag. Paul Severin Leiter der Aktienanalyse, Creditanstalt/Bankverein Mittwoch, 30. April 1997, 17.00-18.30 Floragasse 7/4, Seminarraum im Parterre Dr. Stefan Pichler Department of Finance Vienna University of Technology Floragasse 7/4, A-1040 Wien Phone: ++43-1-5051973-15 Fax: ++43-1-5051973-17 =========================================================================

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Seminar in Finance
by Scheiner Gertrude 15 Apr '97

15 Apr '97

SEMINAR IN FINANCE Christian Helmenstein, Gabriel Lee (Biweekly Mondays) Monday, 21. April 1997 Wolfgang AUSSENEGG (Technical University of Vienna Short and Long-Run Performance of IPOs in the Austrian Stock Market Abstract: This paper investigates the price behaviour of initial public offerings (IPOs) of equities listed on the Vienna Stock Exchange during the period from 1984 to 1996. In accordance with the findings for other markets, the average initial returns of Austrian IPOs are significantly positive. For a total sample of 66 IPOs, an average first day return of 6.5 per cent is documented which is lower than for most other IPO markets. More than a quarter of all IPOs are overpriced with negative initial returns. Several hypotheses to explain the observed unterpricing of Austrian IPOs are tested. The short-run aftermarket performance (first year) is found to be not significantly different from zero, whereas in the long-run (first three years) the total sample of Austrian IPOs underperform benchmark firms. An investor would have had to invest 22 per cent more money in IPOs than in non IPO firms of similar size to have the same wealth three years after the offering date. There is also evidence that the main reason for this underperformance are poorly performing family-owned IPOs. Place: Institute for Advanced Studies, Stumpergasse 56, 1060 Vienna, SZ VI Time: 17:00h-18:30h Info: http://www.wsr.ac.at/ihs-html/fin/finsem.html =========================================================================

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EINLADUNG
by Erika Ristl 04 Apr '97

04 Apr '97

WIRTSCHAFTSTHEORETISCHES FORSCHUNGSSEMINAR der Wiener Universit=E4ten gemeinsam mit dem Institut f=FCr H=F6here Studien und der National=F6konomischen Gesellschaf= t 10. April 1997 16.00 s.t.: Matthias RAITH (Universitaet Bielefeld) "Optimizing Multi-Stage Negotiations" 17.30 s.t.: Nina MADERNER (Universitaet Wien) "Optimal Contracts with Type-Dependent Reservation Utilities" 24. April 1997: 16.00 s.t.: Rabah AMIR (Wissenschaftszentrum Berlin) "Modelling Imperfectly Appropriable R & D via Spillovers 17.30 s.t.: Gerhard CLEMENZ (Universitaet Wien) Imperfectly Observable Emissions, Adverse Selection and Output Restrictions" Die Vortraege finden im Institut f=FCr Hoehere Studien, Stumpergasse 56, 1060 Wien, H=F6rsaal II, statt. Das Seminar steht allen Interessierten offen. Insbesondere wird die Teilnahme von fortgeschrittenen Studierenden begruesst. Die naechsten Vortraege finden am 15. und 22. Mai 1997 statt. Egbert Dierker =========================================================================

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Finance Forschungsseminar
by Scheiner Gertrude 03 Apr '97

03 Apr '97

SEMINAR IN FINANCE Christian Helmenstein, Gabriel Lee (Biweekly Mondays) Monday, 07. April 1997 Martin Scheicher (University of Vienna, Department of Economics) "Modeling Polish Stock Returns" Abstract: This paper studies the econometric modeling of returns from the Warsaw Stock Exchange. We collect the statistical properties of returns and compare them to a sample from the German stock market. Then we evaluate the fit of two types of models: GARCH and Poisson Jump processes. We find that GARCH dominates the Jump model. Place: Institute for Advanced Studies, Stumpergasse 56, 1060 Vienna, SZ VI Time: 17:00h-18:30h Info: http://www.wsr.ac.at/ihs-html/fin/finsem.html =========================================================================

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Terminkorrektur
by Andrea Gaunersdorfer 02 Apr '97

02 Apr '97

Der Vortrag "The Homeownership Choice, Life Cycle Savings and Household Demand for Debt: Some Issues'' von Prof. Larry Jones (University of British Columbia) im Rahmen des Betriebswirtschaftlichen Forschungsseminars des Instituts fuer Betriebswirtschaftslehre der Universitaet Wien findet am Montag, 14. 4. 1997 um 12.30 Uhr (nicht am 17.4.) im BWZ-Bruennerstrasse (Hoersaal 3) statt. =========================================================================

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None
by Elke PENDL 01 Apr '97

01 Apr '97

VSX WORKSHOPS Einladungen zu den Vortraegen "Risk-Value Efficient Portfolios and Asset Pricing'' Professor Guenter Franke (Universitaet Konstanz) Freitag, 11. April 1997 von 15:30 - 17:00 im Hoersaal 8 des Betriebswirtschaftlichen Zentrums der Universit"at Wien, Bruenner Strasse 72, 1210 Wien "Bidder Behavior in Multiple Unit Auctions: Evidence from Swedish Treasury Auctions'' Professor Nyborg Kjell (London Business School) Freitag, 25. April 1997 von 15:30 - 17:00 im Hoersaal 8 des Betriebswirtschaftlichen Zentrums der Universitaet Wien, Bruenner Strasse 72, 1210 Wien =========================================================================

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None
by Elke PENDL 01 Apr '97

01 Apr '97

Einladung zum Betriebswirtschaftlichen Forschungsseminar des Institutes fuer Betriebswiss., Arbeitswiss. und Betriebswirtschaftslehre der Technischen Universitaet Wien A-1040 Wien, Theresianumgasse 27 Professor Adolf Stepan und des Institutes fuer Betriebswirtschaftslehre der Universitaet Wien A-1210 Wien, Bruenner Strasse 72 Professor Erich Loitlsberger "Uberraschende archaeologische Funde des Rechnungswesens in Sumerien'' Prof. Ricco Mattessich (University of British Columbia)} Dienstag, 15. April 1997 von 16:00 - 17:30 im Seminarraum 1 des Betriebswirtschaftlichen Zentrums der Universitaet Wien, Bruenner Strasse 72, 1210 Wien =========================================================================

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None
by Elke PENDL 01 Apr '97

01 Apr '97

Einladungen zu den Betriebswirtschaftlichen Forschungsseminaren des Institutes fuer Betriebswirtschaftslehre der Universitaet Wien A-1210 Wien, Bruennerstrasse 72 "The Homeownership Choice, Life Cycle Savings and Household Demand for Debt: Some Issues'' Prof. Larry Jones (University of British Columbia) Montag, 17. 4. 1997, 12.30 Uhr BWZ-Bruennerstrasse (Hoersaal 3) "Share blocks and corporate control in the UK'' Prof. Colin Mayer (University of Oxford) Montag, 21. 4. 1997, 12.00 Uhr BWZ-Bruennerstrasse (Hoersaal 3) =========================================================================

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VFN-L April 1997