INVITATION
The WU Gutmann Center cordially invites you to the forthcoming
WU GUTMANN CENTER PUBLIC LECTURE
(apologies for duplicated mails!)
*************************************************************************
Date: OCTOBER 29 (Tuesday), 2013, 4:00 pm
Location: NOTE! Other than stated in an earlier invitation the public lecture takes
place at Bank Gutmann, Schwarzenbergplatz 16, A-1010 Wien
Speaker: Prof. Suleyman Basak, London Business School and CEPR
http://faculty.london.edu/sbasak/
Title: "The Financialization of Commodities "
ABSTRACT:
A sharp increase in the popularity of commodity investing in the past decade has triggered
an unprecedented inflow of institutional funds into commodity futures markets. Such
financialization of commodities coincided with significant booms and busts in commodity
markets, raising concerns of policymakers. In this talk, I explore the effects of
financialization in a model that features institutional investors alongside traditional futures
markets participants. The institutional investors care about their performance relative to a
commodity index. We find that if a commodity futures is included in the index, supply and
demand shocks specific to that commodity spill over to all other commodity futures markets.
In contrast, supply and demand shocks to a nonindex commodity affect just that commodity
market alone. Moreover, prices and volatilities of all commodity futures go up, but more so
for the index futures than for nonindex ones. Furthermore, financialization - the presence of
institutional investors - leads to an increase in correlations amongst commodity futures as
well as in equity-commodity correlations. Consistent with empirical evidence, the increases
in the correlations between index commodities exceed those for nonindex ones. We perform
a simple calibration and find that financialization accounts for 11% to 17% of commodity
futures prices and the rest is attributable to fundamentals.
About Suleyman Basak:
Dr. Basak is Professor of Finance at London Business School and a Research Fellow to the
Center of Economic Policy Research. He was an Assistant Professor of Finance at the
Wharton School of the University of Pennsylvania, was a visitor at the Graduate School of
Business at the University of Chicago, and acted as a consultant to Goldman, Sachs & Co.
He received his Ph.D. in Financial Economics from Carnegie Mellon University. Dr. Basak´s
research focuses on asset pricing, asset allocation, risk management, market imperfections,
international finance and financial innovation. His work has addressed issues related to
portfolio insurance, VaR-based risk management, benchmarking, credit risk, tax arbitrage,
incentive problems plaguing institutional asset management, and mispricing, arbitrageurs
and monopoly power in financial markets. His research is the recipient of several awards
including the American Association of Individual Investors Award for the Best Paper on
Investments, and the Alexander Henderson Award for Excellence in Economic Theory.
**Please REGISTER**:
Mail: gutmann-center(a)wu.ac.at
Phone: +43-1-31336-5238
CONTACT AND FURTHER INFORMATION:
WU Gutmann Center for Portfolio Management WU (Wirtschaftsuniversität Wien)
Department of Finance, Accounting and Statistics
Sabina Krickl
www.gutmann-center.at
INVITATION
We are pleased to invite you to this year's Investment Seminar (formerly Vienna Seminar on Asset Management), organized by the Spängler IQAM Research Center. The Center is a joint initiative of TU Vienna (Vienna University of Technology) and WU Vienna University of Economics and Business supported by Spängler IQAM Invest and combines the strengths of two leading Universities in Austria. It aims to be a platform for exchange in the field of asset management between academics, practitioners and the public. This is achieved by supporting the generation and implementation of knowledge and experience in the process of value creation for investors.
INVESTMENT SEMINAR
"Asset Management in Europe: Adapting to Institutional Change"
Tuesday, November 26, 2013
3:15-3:30 pm WELCOME
3:30-5:00 pm SESSION 1: "Institutional Change in Europe", Session Chair: Engelbert Dockner (WU Vienna University of Economics and Business)
3:30-4:00 pm Lucrezia Reichlin (London Business School), "Post-Recession Europe: What are the Challenges"
4:00-4:30 pm Jan Pieter Krahnen (Goethe University Frankfurt), "Europe's New Bank Regulation: Implications for Investors"
4:30-5:00 pm Discussion
5:00-5:30 pm Coffee break
5:30-6:45 pm SESSION 2: "New Developments in Asset Management", Panel Discussion, Session Chair: Josef Zechner (WU Vienna University of Economics and Business)
Discussants: Thomas Dangl (TU Vienna), Raman Uppal (EDHEC Business School), Doron Avramov (The Hebrew University of Jerusalem), Amit Goyal (University of Lausanne)
7:00 pm Refreshments
Registration is required. We kindly ask to register at office(a)si-researchcenter.at
Location:
WU, Building LC (Library & Learning Center), Festsaal 2 (http://gis.wu.ac.at/index.html?roomShow=LC.0.200)
Welthandelsplatz 1, 1020 Vienna
Contact and further information:
WU, Institute for Finance, Banking and Insurance
att. Martina Schlichting
Welthandelsplatz 1, Building D4, 4th Floor
1020 Vienna
Phone: +43 1 31336 6315
Mail: office(a)si-researchcenter.at
Web: www.si-researchcenter.at
INVITATION
The WU Gutmann Center cordially invites you to the forthcoming
WU GUTMANN CENTER PUBLIC LECTURE
(apologies for duplicated mails!)
*************************************************************************
Date: OCTOBER 29 (Tuesday), 2013, 4:00 pm
Location: WU Campus, AD.0.144 (Sitzungssaal 1), Welthandelsplatz 1, 1020 Wien
Speaker: Prof. Suleyman BASAK, London Business School and CEPR
http://faculty.london.edu/sbasak/
Title: "THE FINANCIALIZATION OF COMMODITIES"
ABSTRACT:
A sharp increase in the popularity of commodity investing in the past decade has triggered an unprecedented inflow of institutional funds into commodity futures markets. Such financialization of commodities coincided with significant booms and busts in commodity markets, raising concerns of policymakers. In this talk, I explore the effects of financialization in a model that features institutional investors alongside traditional futures markets participants. The institutional investors care about their performance relative to a commodity index. We find that if a commodity futures is included in the index, supply and demand shocks specific to that commodity spill over to all other commodity futures markets. In contrast, supply and demand shocks to a nonindex commodity affect just that commodity market alone. Moreover, prices and volatilities of all commodity futures go up, but more so for the index futures than for nonindex ones. Furthermore, financialization - the presence of institutional investors - leads to an increase in correlations amongst commodity futures as well as in equity-commodity correlations. Consistent with empirical evidence, the increases in the correlations between index commodities exceed those for nonindex ones. We perform a simple calibration and find that financialization accounts for 11% to 17% of commodity futures prices and the rest is attributable to fundamentals.
About Suleyman Basak:
Dr. Basak is Professor of Finance at London Business School and a Research Fellow to the Center of Economic Policy Research. He was an Assistant Professor of Finance at the Wharton School of the University of Pennsylvania, was a visitor at the Graduate School of Business at the University of Chicago, and acted as a consultant to Goldman, Sachs & Co. He received his Ph.D. in Financial Economics from Carnegie Mellon University. Dr. Basak's research focuses on asset pricing, asset allocation, risk management, market imperfections, international finance and financial innovation. His work has addressed issues related to portfolio insurance, VaR-based risk management, benchmarking, credit risk, tax arbitrage, incentive problems plaguing institutional asset management, and mispricing, arbitrageurs and monopoly power in financial markets. His research is the recipient of several awards including the American Association of Individual Investors Award for the Best Paper on Investments, and the Alexander Henderson Award for Excellence in Economic Theory.
**Please REGISTER**:
Mail: gutmann-center(a)wu.ac.at
Phone: +43-1-31336-5238
CONTACT AND FURTHER INFORMATION:
WU Gutmann Center for Portfolio Management
WU (Wirtschaftsuniversität Wien)
Department of Finance, Accounting and Statistics
Sabina Krickl
www.gutmann-center.at
Das Institut für Bank- und Versicherungswirtschaft der FH JOANNEUM strebt eine führende Position in der berufsbegleitenden akademischen Ausbildung für die Bank- und Versicherungswirtschaft in Österreich an.
Zu diesem Zweck gelangt folgende Stelle zur Ausschreibung:
FH-Professur für
Bank- und Versicherungswirtschaft
Anforderungsprofil:
Gesucht wird eine Persönlichkeit, die über fundierte theoretische Kenntnisse und umfassende Berufserfahrung in qualifizierter/leitender Position in der Bank- bzw. Versicherungswirtschaft verfügt. Wünschenswert sind Know-how bzw. Projekterfahrung in einem der nachstehenden Bereiche in der Bank- bzw. Versicherungswirtschaft: Asset Management, Aufsicht und Regulierung, Controlling und Unternehmenssteuerung, Geschäftsprozessmanagement, Privat- und Geschäftskunden, Produktentwicklung, Risikomanagement, Unternehmensentwicklung, Vertriebsmanagement.
Einstellungsvoraussetzungen sind ein abgeschlossenes Hochschulstudium (Master bzw. Diplom), eine fünfjährige einschlägige Berufspraxis, von der möglichst drei Jahre außerhalb einer Hochschule ausgeübt worden sein sollen, sowie die besondere Befähigung zu wissenschaftlicher Arbeit, vorzugsweise belegt durch eine Promotion. Darüber hinaus wird ein Nachweis über eine entsprechende pädagogisch-didaktische Eignung erwartet.
BewerberInnen mit einem ausgeprägten versicherungswirtschaftlichen Hintergrund werden bevorzugt behandelt.
Aufgabengebiete:
- Abhaltung von einschlägigen Lehrveranstaltungen aus Bank- bzw. Versicherungswirtschaft;
- Betreuung von akademischen Abschlussarbeiten (Bachelor- und Masterarbeiten);
- Akquisition und Durchführung von einschlägigen anwendungsbezogenen Forschungsprojekten;
- Engagement beim Auf- und Ausbau von Kooperationen und Schwerpunkten in Forschung und Lehre am Institut;
- Bereitschaft zur aktiven Mitgestaltung bei Aufbau und Entwicklung neuer Studiengänge (insbesondere dem Master-Studiengang Bank- und Versicherungsmanagement) sowie Weiterbildungsangeboten des Instituts für Bank- und Versicherungswirtschaft.
Beschäftigungsausmaß: 50 - 100%
Monatliches Mindestgehalt : EUR 3.850,- brutto bei 100% (Überzahlung möglich)
Dienstbeginn: Jänner 2014
Dienstort: Graz
Ihre schriftliche Bewerbung mit aussagekräftigen Bewerbungsunterlagen schicken Sie bitte unter Angabe der Kennnummer KN 820 13 004 bis zum Montag, 4. November 2013 an:
FH JOANNEUM Gesellschaft mbH, z. H. Herr David Puhl
Alte Poststraße 147, 8020 Graz, Österreich
Tel: +43 (0)316 54 53-8807, Fax: +43 (0)316 54 53-98807
E-Mail: david.puhl(a)fh-joanneum.at<mailto:david.puhl@fh-joanneum.at>
www.fh-joanneum.at/jobs<http://www.fh-joanneum.at/jobs>
Nähere Informationen erhalten Sie von:
Ao. Univ.-Prof. Dr. Roland Mestel
Leiter Institut für Bank- und Versicherungswirtschaft
Tel: +43 (0)316 5453-7100
E-Mail: roland.mestel(a)fh-joanneum.at<mailto:roland.mestel@fh-joanneum.at>
FH JOANNEUM Gesellschaft mbH
Rechtsform/Legal form: GmbH
Firmenbuchgericht/Court of registry: Landesgericht für ZRS Graz
Firmenbuchnummer/Company registration: FN 125888 f
DVR: 0813559
UID-Nr.: ATU 42361001