VFN-L March 2005

vfn-l@fam.tuwien.ac.at

3 participants
5 discussions

[VFN] SCOR-Preis fuer Aktuarwissenschaften 2005 (fwd)
by VFN-L admin * Andreas Schamanek 31 Mar '05

31 Mar '05

---------- Forwarded message ---------- From: Walter Schachermayer <wschach(a)fam.tuwien.ac.at> ---------- Forwarded message ---------- Date: Thu, 31 Mar 2005 11:50:12 +0200 From: Hans-Joachim Zwiesler <zwiesler(a)mathematik.uni-ulm.de> Subject: SCOR-Preis für Aktuarwissenschaften 2005 Sehr geehrte Kolleginnen und Kollegen, zum nunmehr neunten Mal stiftet das Rückversicherungsunternehmen SCOR Deutschland, Tochtergesellschaft der französischen SCOR-Gruppe, die zu den Top Ten unter den internationalen Rückversicherern zählt, in Zusammenarbeit mit der Universität Ulm drei Preise zur Förderung von Nachwuchswissenschaftlern deutschsprachiger Universitäten, deren Arbeiten einen Bezug zu aktuarwissenschaftlichen Fragestellungen aufweisen. Die Ausschreibung ist bewusst breit und interdisziplinär angelegt und erlaubt auch die Einreichung von Dissertationen und Diplomarbeiten. Im Namen der Jury und von SCOR Deutschland möchte ich Sie herzlich bitten, die beiliegende Ausschreibung an geeignete Interessenten weiterzugeben. Mit freundlichen Grüßen Hans-Joachim Zwiesler [attachment removed and saved to below URL by admin] URL : http://www.fam.tuwien.ac.at/listsdata/20050331T1331.pdf Type: PDF document, version 1.4 Size: 23438

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[VFN] CCEFM-IHS seminar
by Alfred Lehar 30 Mar '05

30 Mar '05

CCEFM Workshop The next CCEFM workshop is by Thomas Steinberger Defined Benefit Plans: Risk Sharing, Default and Regulation Friday, April 1st, 3.30-5.00 pm, Wiener Börse, Wallnerstrasse 8, 1010 Wien --------------------- The next CCEFM workshop is by Jun Liu TBA Friday, April 8th, 3.30-5.00 pm, Wiener Börse, Wallnerstrasse 8, 1010 Wien ---------------------- Alfred Lehar University of Vienna Bruenner Strasse 72 A-1210 Wien Austria / Europe Tel: +43 1 4277 38077 Fax: +43 1 4277 38074

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[VFN] Gutmann Center Public Lecture April 13th Suleyman Basak
by Gutmann Center-D. Grimm 30 Mar '05

30 Mar '05

The GUTMANN CENTER FOR PORTFOLIO MANAGEMENT at the University of Vienna http://www.gutmann-center.at is pleased to announce the following PUBLIC LECTURE: - Apologies for any cross-listings!! - Date: April 13th, 2005 - 5.00 p.m. Speaker: Prof. Dr. Suleyman BASAK London Business School http://faculty.london.edu/sbasak/ Title: "IMPLICIT INCENTIVES AND BENCHMARKING IN MONEY MANAGEMENT" Abstract: Money managers are rewarded for increasing the value of assets under management, and predominantly so in the mutual fund industry. This gives the manager an implicit incentive to exploit the well-documented positive fund-flows to relative-performance relationship by manipulating her risk exposure. In a dynamic asset allocation framework, this presentation will argue that as the year-end approaches, the ensuing convexities in the manager's objective induce her to closely mimic the index, relative to which her performance is evaluated, when the fund's year-to-date return is sufficiently high. As her relative performance falls behind, she chooses to deviate from the index by either increasing or decreasing the volatility of her portfolio. The maximum deviation is achieved at a critical level of underperformance. It may be optimal for the manager to reach such deviation via selling the risky asset despite its positive risk premium. Costs of misaligned incentives to investors resulting from the manager's policy are economically significant. The presentation then will demonstrate how a simple risk management practice that accounts for benchmarking can ameliorate the adverse effects of managerial incentives. Location: Bank Gutmann AG (http://www.gutmann.at), Schwarzenbergplatz 16, A - 1010 Vienna, Austria Please REGISTER: brigitte.juchelka(a)gutmann.at phone: +43-1-50220-357 Further information about the Gutmann Center: Gutmann Center for Portfolio Management University of Vienna Bruenner Str. 72 A-1210 Wien Austria phone: +43-1-4277-38186 fax: +43-1-4277-38074 mail: gutmann.bwl(a)univie.ac.at web: www.gutmann-center.at

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[VFN] CCEFM-IHS seminar
by Alfred Lehar 15 Mar '05

15 Mar '05

CCEFM Workshop Doron Avramov, University of Maryland Investing in Mutual Funds when Returns are Predictable Friday, March 18th, 3.30-5.00 pm !****** different location *******! HS 2,Institute for advanced studies, Stumpergasse 56, 1060 Wien !****** different location *******! The paper is downloadable from: http://www.vgsf.ac.at/ --------------------- The next CCEFM workshop is by Thomas Steinberger, Defined Benefit Plans: Risk Sharing, Default and Regulation Friday, April 1st, 3.30-5.00 pm, Wiener Börse, Wallnerstrasse 8, 1010 Wien ---------------------- Alfred Lehar University of Vienna Bruenner Strasse 72 A-1210 Wien Austria / Europe Tel: +43 1 4277 38077 Fax: +43 1 4277 38074

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[VFN] CCEFM-IHS seminar
by Alfred Lehar 04 Mar '05

04 Mar '05

CCEFM Workshop Christine Parlour, Carnegie Mellon University "Credit Risk Transfer" Friday, March 11th, 3.30-5.00 pm, !****** different location *******! HS 2,Institute for advanced studies, Stumpergasse 56, 1060 Wien !****** different location *******! The paper will be downloadable within the next few days from: http://www.vgsf.ac.at/ --------------------- The next CCEFM workshop is by Doron Avramov, University of Maryland Title: TBA Friday, March 18th, 3.30-5.00 pm, Location: TBA ---------------------- Alfred Lehar University of Vienna Bruenner Strasse 72 A-1210 Wien Austria / Europe Tel: +43 1 4277 38077 Fax: +43 1 4277 38074

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VFN-L March 2005