INVITATION
The WU Gutmann Center cordially invites you to the forthcoming
WU GUTMANN CENTER PUBLIC LECTURE
www.gutmann-center.at
(apologies for duplicated mails!)
DATE: DECEMBER 15 (Thursday), 2011 - 4:00 pm
Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien
SPEAKER: Prof. Dr. JEFFREY R. BROWN, University of Illinois at Urbana-Champaign
http://business.illinois.edu/jbrown/
Title: BEHAVIORAL ASPECTS OF INSURING LIFETIME INCOME
ABSTRACT:
Economists have long been puzzled by why so few individuals choose to take steps to ensure that they will have guaranteed income for life. After many decades of research having failed to provide a robust answer to this "annuity puzzle," psychologists and behavioral economists have begun to explore alternative explanations for consumers' aversion to annuities and other lifetime income products. This emerging literature suggests that individuals' observed reluctance to insure length-of-life risks is not fully rational. This talk will discuss some "non-rational" explanations for retiree behavior, including the role of complexity, poor financial literacy, sensitivity to framing, the role of default options, and "rules of thumb" that consumers follow when making decisions about lifetime income. The discussion will also focus on the implications of these findings for private markets and public policy responses.
ABOUT JEFFREY R. BROWN:
Jeffrey R. Brown is the William Karnes Professor of Finance in the College of Business at the University of Illinois at Urbana-Champaign. He also serves as Director of the College of Business' Center on Business and Public Policy, and as Associate Director of the NBER Retirement Research Center. Prior to joining the Illinois faculty, Dr. Brown was an assistant professor of public policy at Harvard University's John F. Kennedy School of Government. During 2001-2002, he served as Senior Economist at the White House Council of Economic Advisers, where he focused primarily on Social Security, pension reform, and terrorism risk insurance. During 2001 he also served on the staff of the President's Commission to Strengthen Social Security. In 2006, President Bush nominated, and the Senate confirmed, Dr. Brown as a member of the Social Security Advisory Board. Professor Brown holds a Ph.D. in economics from MIT.
Professor Brown has published extensively on public and private insurance markets, including publications in top economic and finance journals and numerous books. He is the recipient of numerous research awards including the TIAA CREF Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security. Professor Brown is a co-founder and co-editor of the Journal of Pension Economics and Finance. He has also served as a consultant, expert witness, or expert panelist for the Executive Office of the President, the U.S. General Accounting Office, the U.S. Treasury, and the World Bank.
Please REGISTER:
Mail: gutmann-center(a)wu.ac.at
Phone: +43-1-31336-4244
CONTACT AND FURTHER INFORMATION:
WU Gutmann Center for Portfolio Management
WU (Wirtschaftsuniversität Wien) - Department of Finance, Accounting and Statistics
Mag. Dorothea GRIMM
www.gutmann-center.at
Dear Colleagues,
As part of the EPSRC Symposium on Probability at Warwick in 2011/12
we are organising a meeting on Optimal Stopping, Optimal Control and
Finance to be held on the 16-20th July 2012.
Registration is now open, and a list of confirmed speakers can be found
on the conference website:
http://www2.warwick.ac.uk/fac/sci/maths/research/events/2011-2012/symposium…
We hope you will consider attending this workshop, and please forward
this announcement to colleagues who you think may be interested.
We hope to be able to provide financial support to some participants. If
you would like to be considered, please indicate this during the
registration process.
While the programme is almost full, there may still be opportunities for
some participants to present their work - please contact one of the
organisers for further information.
Best wishes,
The organisers
Alex Cox, Ben Hambly, David Hobson, Goran Peskir
--
_______________________________________________________________________
Dr Alexander Cox tel: 01225 386187
Dept of Mathematical Sciences fax: 01225 386492
University of Bath email: a.m.g.cox(a)bath.ac.uk
Bath, BA2 7AY, UK web: http://www.maths.bath.ac.uk/~mapamgc/
_______________________________________________________________________
INVITATION
The WU Gutmann Center cordially invites you to the forthcoming
WU GUTMANN CENTER PUBLIC LECTURE
www.gutmann-center.at
(apologies for duplicated mails!)
Date: DECEMBER 5 (Monday), 2011 - 4:00 pm
Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien
Speaker: Prof. Dr. LUBOS PASTOR, The University of Chicago Booth School of Business
http://www.ChicagoBooth.edu/fac/lubos.pastor/
Title: POLITICAL UNCERTAINTY AND THE STOCK MARKET
ABSTRACT:
We study the pricing of political uncertainty in a general equilibrium model of government policy choice. We find that political uncertainty commands a risk premium whose magnitude is larger in poorer economic conditions. Political uncertainty reduces the value of the implicit put protection that the government provides to the market. It also makes stocks more volatile and more correlated when the economy is weak. In addition, we find that government policies cannot be judged by the stock market response to their announcement. Announcements of deeper reforms tend to elicit less favorable stock market reactions.
ABOUT LUBOS PASTOR:
Lubos Pastor is Charles P. McQuaid Professor of Finance at the University of Chicago Booth School of Business. He is also a Research Associate at the National Bureau of Economic Research and a Research Fellow at the Centre for Economic Policy and Research. In addition, he serves as an Associate Editor of the Journal of Finance and Journal of Financial Economics, as a Director of the Western Finance Association, and is a former Associate Editor of the Review of Financial Studies. Professor Pastor has been teaching at the University of Chicago since 1999 when he obtained a Ph.D. in finance from the Wharton School at the University of Pennsylvania.
Professor Pastor's research focuses mostly on asset pricing and asset management. He has written on a broad range of topics such as liquidity risk, stock price bubbles, portfolio choice, performance evaluation, return predictability, long-run volatility, cost of capital, technological revolutions, government-induced uncertainty, and IPOs. He has analyzed parameter uncertainty and its resolution by learning. His articles have appeared in the American Economic Review, Journal of Finance, Journal of Financial Economics, Journal of Political Economy, Review of Financial Studies, as well as nonacademic publications such as the Financial Times. He has earned numerous prizes for research and teaching.
Lubos Pastor is a member of the WU Gutmann Center's Academic Advisory Board.
For more information about Professor Pastor: http://www.ChicagoBooth.edu/fac/lubos.pastor/
Please REGISTER:
Mail: gutmann-center(a)wu.ac.at
Phone: +43-1-31336-4244
***NEXT WU Gutmann Center Public Lecture:
DECEMBER 15:
Prof. Dr. JEFFREY R. BROWN: "BEHAVIORAL ASPECTS OF INSURING LIFETIME INCOME"***
http://www.wu.ac.at/gc/whatwedo/bridging/lectures
CONTACT AND FURTHER INFORMATION:
WU Gutmann Center for Portfolio Management
WU (Wirtschaftsuniversität Wien) - Department of Finance, Accounting and Statistics
Mag. Dorothea GRIMM
www.gutmann-center.at