Lu Zhang from the University of Michigan is giving a VGSF research seminar
on "Regularities" on FRIDAY, April 27th, from 15:30 to 17:00 in HS 7 at the
BWZ, Brünnerstrasse 72, 1210 Wien. See the VGSF webpage (Activities & Events
--> Research Seminars) for a map of the location, the paper to download and
this term's entire schedule of seminars.
Please find the paper's abstract below. Lu is going to be in Vienna for the
ENTIRE WEEK. He would be very happy to discuss research with the local
faculty. Please contact Michael Halling if you are interested and would like
to take advantage of this opportunity.
Best,
Michael Halling
Abstract
The neoclassical q-theory provides a good start to understanding the cross
section of returns. Under constant return to scale stock returns equal
levered investment returns, which are tied directly to firm characteristics.
This equation predicts the empirical relations of average returns with
book-to-market, investment, and earnings surprises. We estimate the model
via GMM by minimizing the differences between average stock returns and
average levered investment returns. Our model captures the average return
patterns in portfolios sorted on capital investment and double-sorted on
size and book-to-market, including the small-stock value premium. The model
also partially captures post-earnings-announcement drift and its higher
magnitude in small firms.
---------- Forwarded message ----------
Date: Wed, 18 Apr 2007 16:30:32 +0200
From: Margit Wegleitner <...(a)wu-wien.ac.at>
Subject: Re: Ausschreibung Professuren im Bereich Finance
Position Announcement [reference 79990]:
Full Professor of Finance: Asset Management
Vienna University of Economics and Business Administration
(Wirtschaftsuniversität Wien)
The Vienna University of Economics and Business Administration
(Wirtschaftsuniversität Wien, WU) invites applications for the
position of Full Professor of Finance (Asset Management), Department
of Finance and Accounting.
(...) [same text as below removed by admin]
Position Announcement[reference 80090]:
Full Professor of Finance: Corporate Finance
Vienna University of Economics and Business Administration
(Wirtschaftsuniversität Wien)
The Vienna University of Economics and Business Administration
(Wirtschaftsuniversität Wien, WU) invites applications for the
position of Full Professor of Finance (Corporate Finance), Department
of Finance and Accounting. Wirtschaftsuniversität Wien is the largest
university of its kind in the European Union and well positioned in
the heart of Europe. The University maintains an excellent position as
a centre for research and teaching and draws an international group of
students and faculty. It offers a broad range of subjects in all areas
of economics and business administration. Resources and facilities are
internationally comparable. The University is EQUIS accredited. For
details see http://www.wu-wien.ac.at
Applicants should have (a) a solid academic qualification (e.g. PhD,
Habilitation); (b) an outstanding international reputation in high
quality scholarship and research in the area of finance; (c) a strong
record in attracting research funding; (d) a demonstrated commitment
to excellence in teaching; and (e) proven qualities of leadership.
We stress high research achievement in all areas of finance with
particular emphasis on corporate finance and an interest in teaching
finance on bachelor, master, and PhD levels as well as in executive
programs. Teaching experience in English is required; teaching
experience in German is not necessary. Non German-speaking candidates
are expected to acquire proficiency in German over a certain period of
time.
For details of the position, please contact Professor Stefan Bogner,
Chairman, Department of Finance and Accounting, phone:
++43-1-31336-4242, E-Mail: stefan.bogner(a)wu-wien.ac.at
Candidates should send their applications (curriculum vitae, list of
publications, list of classes held as well as copies of the five major
publications) to the Rector of Wirtschaftsuniversität Wien, Professor
Christoph Badelt, Augasse 2-6, A-1090 Vienna. Electronic applications
can be sent to brigitte.parnigoni(a)wu-wien.ac.at . Applications,
quoting reference 80090 [80090 for "Full Professor of Finance:
Corporate Finance", 79990 for "Full Professor of Finance: Asset
Management"], need to reach WU by May 18, 2007.
The Vienna University of Economics and Business Administration is an
Equal Opportunity Employer and seeks to increase the number of its
female faculty members. Therefore qualified women are strongly
encouraged to apply. In case of equal qualification, female candidates
will be given preference.
Massimo Massa from INSEAD is giving a VGSF research seminar on "Cosmetic
Mergers: The Effect of Style Investing on the Market for Corporate Control"
on FRIDAY, April 20th, from 15:30 to 17:00 in HS 7 at the BWZ,
Brünnerstrasse 72, 1210 Wien. See the VGSF webpage (Activities & Events -->
Research Seminars) for a map of the location, the paper to download and this
term's entire schedule of seminars.
Please find the paper's abstract below. Massimo is going to be in Vienna on
Friday. He would be very happy to discuss research with the local faculty.
Please contact Michael Halling if you are interested and would like to take
advantage of this opportunity.
Best,
Michael Halling
Abstract
We study the impact of style investing on the market for corporate control.
We argue that a firm may choose to boost its market value by merging with a
firm that belongs to a style that is more favored by the market. By using
data on the flows in mutual funds, we construct a measure of neglectedness,
which relies directly on the identification of sentiment-induced investor
demand, rather than being a direct transformation of stock market data. We
show that bidders tend to pair with targets that are relatively less
neglected. The merger with a less neglected target generates a halo effect
from the target to the bidder that induces the market to evaluate the assets
of the more neglected bidder at the (inflated) market value of the less
neglected target. Both bidder and target premia are positively related to
the difference in neglectedness between bidder and target. However, the
targets ability to appropriate the gain is reduced by the fact that its
bargaining position is weaker when the bidders potential for asset
appreciation is higher. We document a better medium-term performance of more
neglected firms taking over less neglected firms. The bidder managers
engaging in these cosmetic mergers take advantage of the window of
opportunity created by the higher stock price induced by the M&A deal to
reduce their stake in the firm under convenient conditions.