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[VFN] Special Issue of JR and EMNet 2009 in Sarajevo
by Josef Windsperger 05 Jun '08

05 Jun '08

Dear colleague, attached you will find the CALL for papers for the SPECIAL ISSUE of JOURNAL of RETAILING to the theme of FRANCHISING. Rajiv Dant, Marko Grunhagen and I are jointly co-editing this issue. > Announcement of EMNet 2009: September 3 - 5, 2009 The forth international conference on Economics and Management of Networks (EMNet) will take place at the School of Economics and Business, University of Sarajevo, Bosnia and Herzegovina (www.efsa.unsa.ba). The call for papers will be sent out in October. Conference information will be found at: http://www.univie.ac.at/EMNET > Best regards, Josef Windsperger CALL FOR PAPERS Journal of Retailing Special Issue: Franchising and Retailing Rajiv P. Dant, University of Oklahoma Marko Grünhagen, Eastern Illinois University Josef Windsperger, University of Vienna Special Issue Co-Editors Franchising is the world’s fastest growing form of retailing. The Journal of Retailing is proud to announce a Special Issue focused on the broad-based theme of franchising in retail settings. In this issue, we hope to feature multidisciplinary franchising research so long as the authors can relate the manuscript to the context of retailing. Manuscripts that significantly advance the boundaries of our current knowledge of franchising, in both single-country and multi-cultural settings, are equally encouraged. The Special Issue is seeking submissions that provide new insights into franchising as a vehicle to deliver value to all retail aspects of a franchise system in the broader sense, such as retail customers, franchisees, or the broader franchisee-franchisor relationship. Topics for this Special Issue could include (but are not limited to): • Examination of relationships critical to the retailer-franchisee beyond the common fast-food setting • The role of franchising in shattering the glass ceilings for women and minorities • Plural forms theory of franchising • Cross cultural examination of the ownership redirection thesis • Consumer research perspectives on franchise service delivery • Incorporating personality variables into traditionally B2B oriented franchising research • Reexamination of franchising research topics using longitudinal data • Investigation of consolidation pressures and downsizing effects in franchise systems • Integration and synthesis of traditional franchise theories in retail settings • Cross cultural examination of theoretical frameworks commonly used in explaining the franchising phenomenon in the North American context (e.g., agency theory, resource dependence theory, signaling theory, transaction cost analysis, property rights theory, etc.) • Cross country examination of the legal aspects of franchising and its impact on the evolution of franchising • Research into the evolution and outcomes of franchise contracts and their impact on the governance of retail franchise systems Papers should be submitted to the Journal of Retailing by September 30, 2009, with a cover letter indicating that the paper is intended for the Special Issue. See http://ees.elsevier.com/retail/ for details of submission guidelines. However, submit the manuscript to the co-editors via email. Do not use the electronic submission process of the Journal. Special Issue Co-Editors: Professor Rajiv P. Dant Professor Marko Grünhagen Professor Josef Windsperger University of Oklahoma Eastern Illinois University University of Vienna Price College of Business Lumpkin College of Business & Applied Sciences Center for Business Studies 307 West Brooks 4012 Lumpkin Hall Bruenner Str. 72 Norman, OK 73019-4001 Charleston, IL 61920 1210 Vienna U.S.A. U.S.A. AUSTRIA Phone: +1-405-325-4675 Phone: +1-217-581-6906 Phone: +431-4277-38180 Email : rdant(a)ou.edu Email : mgrunhagen(a)eiu.edu Email : josef.windsperger(a)univie.ac.at

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[VFN] 5. GARP-Treffen
by Eugen Puschkarski 05 Jun '08

05 Jun '08

Sehr geehrte Damen, sehr geehrte Herren! Wir möchten Sie über unser 5. GARP-Treffen, welches wir freundlicherweise bei der Volksbank Wien, Filiale Schottenring 1 (1090 Wien) abhalten dürfen, informieren. Es findet am 26.6.2008 (18:00 - 21:00 Uhr) statt. Agenda: 18:00 Registration 18:15 Welcome note by Mag. Franz Reif, Head of Strategic Risk Management, Volksbank AG 18:30 Präsentation: "Behavioral ratings - Verhaltensratings", Mag. Alexander Tscherteu, Head of Group Credit Risk Management, Volksbank AG 19:30 Präsentation: "Interest Rate Risk Stress-Testing for the Banking Book", Dr. Franz Jakob, Head of Risk Controlling, RLB NÖ-W AG 20:00 Buffet und Networking Wir ersuchen Sie, wie gewohnt um Anmeldung unter folgendem Link: http://www.garp.com/login.aspx?URL=%2fmembership%2fOnlineRegistration.aspx%3 Je nach gewünschter Inanspruchnahme der GARP-Leistungen, gibt es verschiedene Mitgliedskategorien, welche mit jährlichen Kosten von 0 bis 150 USD verbunden sind (die Teilnahme an den Local Chapter Meetings ist als *Affiliate Membership* kostenlos). http://www.garp.com/membership/benefits.aspx Zur rechtzeitigen Planung erlauben wir uns Ihnen vorweg unsere voraussichtlichen Veranstaltungstermine für das 3. und 4. Quartal 2008 bekanntzugeben: 22.09.2008 10.11.2008 01.12.2008 Beste Grüße Harald Hauer Österreichische Elektrizitätswirtschafts-AG (Verbund) Am Hof 6a; 1011 Wien Sitz: Wien; Firmenbuch: FN 76023 z; HG Wien e-mail: Harald.Hauer(a)verbund.at http://www.verbund.at Eugen Puschkarski Oesterreichische Nationalbank Otto Wagner Platz 3, POB 61, A-1011 Vienna, Austria Phone (+43-1) 40420-4419 Fax (+43-1) 40420-4499 e-mail: Eugen.Puschkarski(a)oenb.at http://www.oenb.at

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Re: [VFN] Einladung zum Workshop "The Economics of CG and Mergers"
by heide.marie.wurm＠univie.ac.at 04 Jun '08

04 Jun '08

Information and Invitation to the Workshop and Presentation of the Festschrift "The Economics of Corporate Governance and Mergers" June 20 and 21, 2008 Please find the detailed program at: http://www.univie.ac.at/vwl/Research/Workshop%20Mueller/einladung.pdf Sorry for possible cross-postings. H.M.Wurm

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[VFN] Invitation June 3rd talk Dr. Marc Faber (alias "Dr. Doom") at WU Wien
by Grimm, Dorothea 30 May '08

30 May '08

DAS DEPARTMENT FÜR FINANZWIRTSCHAFT UND RECHNUNGSWESEN DER WIRTSCHAFTSUNIVERSITÄT WIEN UND DIE ZZ-VERMÖGENSVERWALTUNG laden Sie ein zum Vortrag von DR MARC FABER (alias "DR. DOOM) WILL THE FIRST SYNCHRONIZED GLOBAL ECONOMIC BOOM IN THE 200-YEAR OLD HISTORY OF CAPITALISM ALSO LEAD TO A SYNCHRONIZED BUST? DATUM: 3. Juni 2008, 12.00 Uhr Ort: Wirtschaftsuniversität Wien Hörsaal 04, UZA 1, Zone B, blau

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[VFN] Workshop on Numerics and Stochastics (fwd)
by VFN-L admin * Andreas Schamanek 28 May '08

28 May '08

---------- Forwarded message ---------- Date: Wed, 28 May 2008 13:27:12 +0300 From: Stefan Geiss <geiss(a)maths.jyu.fi> Subject: Workshop on Numerics and Stochastics (...) Second Announcement ------------------- Workshop on Numerics and Stochastics August 25-29, 2008 Helsinki University of Technology Institute of Mathematics as part of the * Special Year in Numerics 2008-2009 * European Science Foundation through the European Scientific Network Advanced Mathematical Methods for Finance (AMaMeF) The workshop is devoted to the various connections between Numerics and Stochastics from the theoretical point of view and from the view point of applications, for example in finance. Among the speakers are: Vlad Bally (University of Marne-la-Vallée, Paris) Bruno Bouchard (University Paris-Dauphine) Pierre Del Moral (INRIA, Bordeaux) François Delarue (University Paris VII) Steffen Dereich (Technical University Berlin) Emmanuel Gobet (InP Grenoble) Stefan Heinrich (University Kaiserslautern) Arturo Kohatsu-Higa (University Pompeu Fabra) Damien Lamberton (University of Marne-la-Vallée, Paris) Antoine Lejay (INRIA, Nancy) Stéphane Menozzi (University Paris VII) Thomas Müller-Gronbach (University Magdeburg) Klaus Ritter (Technical University Darmstadt) Anders Szepessy (KTH, Stockholm) Aleksander Veretennikov (University of Leeds) * Deadline for registration: 1st of August 2008. In case you propose a talk, we recommend registering as early as possible. * Conference fee: there will be no fee, but small charges for optional social events * http: //math.tkk.fi/numericsyear/numstoch/ * Contact: numstoch(a)lists.jyu.fi * Organizers: Timo Eirola Dario Gasbarra Stefan Geiss Damien Lamberton Teemu Pennanen

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[VFN] Research talk: Jochen Lawrenz
by Tanja Veza 26 May '08

26 May '08

Dear colleagues, you are kindly invited to attend the following research talk: Jochen Lawrenz (Institute for Banking and Finance, University of Innsbruck) will talk about "Optimal Design of Rating-Trigger Step-Up Bonds: Agency Conflicts Versus Asymmetric Information" (cf. abstract below) on Wednesday, May 28th, 2008 at 4 p.m. at Vienna Univ of Econ & Bsns Admin, Heiligenstaedter Str. 46-48, in Meeting Room 1. Kind regards, Stefan Pichler --------------------------------- Abstract: In this paper, we analyze corporate bonds with a rating-triggered step-up provision in a continuous-time framework with bankruptcy costs and tax benefits. While without any further frictions, step-up bonds do not add firm value relative to straight debt, agency conflicts and asymmetric information are two possible explanations for the issuance of these instruments. We treat both motives (separately) in a unified framework to obtain conclusions about both the optimal design and the conditions for the use of step-up bonds. The closed-form solutions for the optimal contract design reveal that step-up bonds issued by firms that face a risk-shifting problem fundamentally differ from those in the case of asymmetric information. Furthermore, we show that firms with a high initial risk only use step-up bonds to overcome problems of asymmetric information but not to mitigate risk-shifting problems. A further difference between the two motives is that in the case of risk-shifting, step-up bonds are only used when the agency conflict is sufficiently severe, while for signalling reasons even a modest problem of asymmetric information supports the use of step-up bonds. -- Tanja Veza, Ass.Prof. Institute for Banking and Finance Vienna Univ of Econ & Bsns Admin Heiligenstaedter Str. 46-48, 1190 Vienna, Austria Phone (Fax): +43 1 31336 (90) 4685

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[VFN] Institute for Finance and Investments ... Ankuendigung (fwd)
by VFN-L admin * Andreas Schamanek 13 May '08

13 May '08

---------- Forwarded message ---------- Date: Thu, 8 May 2008 12:27:06 +0200 From: "Schlichting, Martina" <Martina.Schlichting(a)wu-wien.ac.at> Subject: Ankuendigung (...) [Text des PDF-Attachments konvertiert und eingefügt von VFN-L-Admin] Ausschreibung von Stellen für wissenschaftliches Universitätspersonal Im Institute for Finance and Investments ist voraussichtlich ab 1. Juni 2008 bis 31. Mai 2012 eine Stelle für einen wissenschaftlichen Mitarbeiter/eine wissenschaftliche Mitarbeiterin (ArbeitnehmerIn der Wirtschaftsuniversität Wien gem. § 128 UG 2002 idgF), vollbeschäftigt zu besetzen. Wir weisen Sie darauf hin, dass der WU-Personalentwicklungsplan für Wissenschaftliche Mitarbeiter/ Wissenschaftliche Mitarbeiterinnen eine maximale Befristungsdauer von 4 Jahren vorsieht. Bewerber/innen, die bereits als Ersatzkräfte an der WU beschäftigt sind, können daher nur mehr für die auf die 4 Jahre fehlende Zeit eingestellt werden. Weiters weisen wir daraufhin, dass die Wiederbestellung von Personen, die bereits eine Stelle als wissenschaftlicher Mitarbeiter/wissenschaftliche Mitarbeiterin inne hatten, aus rechtlichen Gründen nicht möglich ist. Notwendige Kenntnisse und Qualifikationen: abgeschlossenes Studium der Wirtschaftswissenschaften (Betriebswirtschaft/Volkswirtschaft) bzw. gleichzuhaltende Qualifikation Erwünschte Kenntnisse und Qualifikationen: Erfahrung im wissenschaftlichen Arbeiten in einem der folgenden Teilgebiete der Finanzwirtschaft: Corporate Finance, Asset-Management, Asset Pricing, Risikomanagement, Banking oder einem verwandten Teilgebiet der Volkswirtschaftslehre, wie Entscheidungstheorie, Corporate Governance, Spieltheorie etc. Durchdringung eines dieser Fächer entweder im Rahmen empirischer oder theoretischer Analysen. Lehrerfahrung im Rahmen universitärer Ausbildungen Kennzahl: 106205 Schriftliche Bewerbungen mit Lebenslauf und Zeugnissen (Kopien) sind unter Angabe der angeführten Kennzahl an die PERSONALABTEILUNG der Wirtschaftsuniversität Wien, Augasse 2-6, 1090 Wien (sekretariatpersabt(a)wu-wien.ac.at) zu richten. Ende der Bewerbungsfrist: 21. Mai 2008 Bitte die Kennzahl unbedingt anführen! Mag. Anna Jaschek Leiterin der Personalabteilung -- Institute for Finance and Investments Department of Finance and Accounting Vienna University of Economics and Business Administration Heiligenstädter Str. 46-48/DG 2.02 1190 Vienna Austria Tel: +43 1 31336-6315 Fax: +43 1 31336-906315

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[VFN] VGSF research seminars: Wei Xiong & Terry Odeen
by Youchang Wu 22 Apr '08

22 Apr '08

Dear colleagues, You are kindly invited to attend the following VGSF research seminars: ***Seminar 1: Delegated Asset Management and Market Segmentation ***Speaker: Wei Xiong (Princeton University) ****Time: 2008-04-23, Wednesday, 15:30-17:00 !!!* ***Location: 1190, Heiligenstädter Strasse 46-48, seminar room 1 (ground floor) (WU-H46) ***Seminar 2: Day Trading in Equilibrium ***Speaker: Terrance Odean (Haas School of Business, Berkeley) ***Time: 2008-04-25, Friday, 15:30-17:00 ***Location: 1190, Heiligenstädter Strasse 46-48, seminar room 1 (ground floor) (WU-H46) The paper to be presented by Terrance Odean can be downloaded at http://www.vgsf.ac.at/activities/seminars.htm. The abstracts are attached below. Please note that the special time for the first seminar of this week. Please also be informed that from now on VGSF research seminars will only be announced through the VGSF newsletter. You are kindly invited to subscribe to the VGSF newsletter at https://lists.wu-wien.ac.at/mailman/listinfo/vgsf-newsletter if you have not yet done it. Wei Xiong will be available for individual meetings on Wednesday, and Terrance Odean will be available on Friday afternoon before the seminar. If you would like to talk to them in person, please contact me as soon as possible. Best regards, Youchang Wu Abstract 1: This paper explains capital immobility in financial markets based on agency frictions in delegated asset management. Our key insight is that confining a fund to investing in a single market increases the efficiency of incentive provision to the fund manager through benchmarking and reduces the agency cost. We show that this benefit can dominate the cost of forgone investment gain due to restricted investment choices, and therefore provide a justification of capital confinement provisions commonly specified in asset management contracts. Our model offers a new perspective on liquidity crises. After investors distribute their capital into different market segments through institutionally managed funds, agency considerations can largely confine capital within its initial market segments, thus refraining liquidity from flowing down to a distressed market. Abstract 2: When an investor buys and sells the same stock on the same day, he has made a day trade. We analyze the performance of day traders in Taiwan. Day trading by individual investors is prevalent in Taiwan – accounting for over 20 percent of total volume from 1995 through 1999. Individual investors account for over 97 percent of all day trading activity. Day trading is extremely concentrated. About one percent of individual investors account for half of day trading and one fourth of total trading by individual investors. Heavy day traders earn gross profits, but their profits are not sufficient to cover transaction costs. Moreover, in the typical six month period, more than eight out of ten day traders lose money. Despite these bleak findings, there is strong evidence of persistent ability for a relatively small group of day traders. Traders with strong past performance continue to earn strong returns. The stocks they buy outperform those they sell by 62 basis points /per day/. This spread is sufficiently large to cover transaction costs.

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[VFN] Risk Control Strategies for Hedge Funds and Program Trading - 4th Annual CARISMA conference (fwd)
by VFN-L admin * Andreas Schamanek 17 Apr '08

17 Apr '08

-------- Forwarded message ---------- Date: Thu, 17 Apr 2008 16:55:09 +0100 From: Xiaochen Sun <Xiaochen.Sun(a)brunel.ac.uk> Subject: Risk Control Strategies for Hedge Funds and Program Trading - 4th Annual CARISMA conference We are pleased to announce the 4th Annual CARISMA conference, which takes place in London at 7City Learning on 1-2 July 2008. The theme of the conference is "Risk Control Strategies for Hedge Funds and Program Trading". There are also four pre- and post-conference workshops. For further details see http://www.optirisk-systems.com/events/carisma2008.asp The conference provides a platform to discuss the applications and advances, and to explore future research directions. The focus is on the emerging requirements of the finance industry, from the perspective of performance monitoring, regulation and compliance. It brings together practitioners and academics working in the area of financial planning, optimisation and risk modelling. The satellite workshops provide an in-depth view of related topics in investment and risk modelling. Speakers include: * Carlo Acerbi, Abaxbank * Art Asriev, Bear Stearns * Les Balzer, The University of New South Wales * Dan Bienstock, Columbia University * Nicos Christofides, Imperial College * Robert Clarkson, Cass Business School, City University. * M A H Dempster, Centre for Financial Research, Judge Business School, University of Cambridge & Cambridge Systems Associates Limited * Dan diBartolomeo, Northfield Information Services Inc * Chanaka Edirisinghe, University of Tennessee * Philip Gagner, RavenPack Int'l * Gerd Infanger, Stanford University * Dilip Madan, University of Maryland, Consultant to Morgan Stanley & Visiting Professor, CARISMA (Risk Awards Quant of the Year 2008) * Gautam Mitra, CARISMA, Brunel University * Andrew Robinson, SunGard-APT * Bernd Scherer, Morgan Stanley * Rob Stubbs, Axioma * Stefan Thurner, red.stars.com * Xunyu Zhou, University of Oxford Topics: * Risk Management for Hedge Funds * Long-Short Portfolios with Downside Risk Control * Credit Crunch, Liquidity, and Equity Market Neutral Strategies: Managing Risk in High Volatility Markets * Dynamic Asset Allocation * Automated Risk Management for Global Macro Strategies * Actuarial Insights into Hedge Fund Management * Optimal Trade Execution * Risk Management for Equity Trading: Fat Tails and Liquidity Gaps * Optimal Technical Trading Rules and Risk Control in Managing Stock Portfolios * Portfolio Implementation Shortfall Trading Strategies * Dynamic Behavioural Portfolio Choice * Coherent Measures of Risk * Automated Statistical Arbitrage Funds * Efficiencies in Multi-Account Optimisation Pre/Post Conference Workshops: 30 June 2008: Two Half-Day WORKSHOPS: Morning: Robust Portfolio Optimisation Afternoon: LDI/ALM 3 July 2008: Two Half-Day WORKSHOPS: Morning: New Developments: Performance Measures and Structured Products; Coherent Risk Measures and Liquidity Risk Afternoon: RavenPack workshop: News Analytics and Financial Modelling ############################### # Apologise for any cross sending ## ############################### ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Michael(Xiaochen) Sun, BA(BTBU), MSc(Hull), PhD Student, CARISMA, www.carisma.brunel.ac.uk <http://www.carisma.brunel.ac.uk/> The Centre for the Analysis of Risk and OptimISation Modelling Applications School of Information Systems, Computing and Mathematics Brunel University, Uxbridge, UB8 3PH, Middlesex, United Kingdom Telephone: +44 1895 265625 [M503], Fax: +44 1895 269732 Webpage:http://people.brunel.ac.uk/~mapgxcs <http://people.brunel.ac.uk/~mapgxcs> http://optirisk.googlepages.com <http://optirisk.googlepages.com/> Blog: http://mam3xs.blogspot.com <http://mam3xs.blogspot.com/> ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ <http://mam3xs.blogspot.com/>

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[VFN] VGSF research workshop: Ilan Cooper & Harjoat Bhamra
by Youchang Wu 16 Apr '08

16 Apr '08

Dear colleagues, You are kindly invited to attend the following VGSF research seminars: ***Seminar 1: Real Investment and Risk Dynamics ***Speaker: Ilan Cooper (Tel Aviv University) ***Time: 2008-04-18, Friday, 14:00-15:30 ***Location: 1190, Heiligenstädter Strasse 46-48, seminar room 1 (ground floor) (WU-H46) ***Seminar 2: The Levered Equity Risk Premium and Credit Spreads: A Unified Framework ***Speaker: Harjoat Bhamra (University of British Columbia) ***Time: 2008-04-18, Friday, 16:00-17:30 ***Location: 1190, Heiligenstädter Strasse 46-48, seminar room 1 (ground floor) (WU-H46) The papers to be presented can be downloaded from the VGSF website (http://www.vgsf.ac.at/activities/seminars.htm). The abstracts are attached below. If you would like to arrange an individual meeting with the speakers, please contact me as soon as possible. Best regards, Youchang Wu Abstract 1: We show that systematic risk falls sharply following firm investment and rises after disin- vestment. The risk dynamics we uncover are driven by real investment and not by changes in firm characteristics and are strongest among firms with valuable investment opportunities, high adjustment costs of investment and low operating leverage. Consistent with rational pricing, firms with poor investment opportunities, those most likely to be overinvesting, ex- perience an increase in average returns and systematic risk following investment. For firms with valuable growth opportunities the bulk of the negative investment (asset growth)-future returns relationship stems from differences in risk factor loadings between high and low in- vesting firms. Abstract 2: We embed a structural model of credit risk inside a consumption-based model, which allows us to price equity and corporate debt in a single framework. Our key economic assumptions are that the first and second moments of earnings and consumption growth depend on the state of the economy which switches randomly, creating intertemporal risk, which agents prefer to resolve quickly because they have Epstein- Zin-Weil preferences; agents choose capital structure and default times. Our model generates co-movement between aggregate stock return volatility and credit spreads, consistent with the data and potentially resolves the equity risk premium and credit spread puzzles.

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[VFN] IHS Workshop: July 1-2, 2008 (fwd)
by VFN-L admin * Andreas Schamanek 09 Apr '08

09 Apr '08

---------- Forwarded message ---------- Date: Wed, 02 Apr 2008 11:00:14 +0200 From: Walter Fisher <fisher(a)ihs.ac.at> Subject: IHS Workshop: July 1-2, 2008 Dear Colleagues, I am writing to invite you to attend a workshop at IHS: "Incomplete Market Economies with Production" Organized by Egbert Dierker and Klaus Ritzberger This will take place at Institute for Advanced Studies, Vienna July 1-2, 2008. For your information, I attach the Announcement, which includes a preliminary list of speakers and the contact information. [attachment removed by admin since it is available online at http://www.ihs.ac.at/index.php3?id=1100 ] If you have any questions, please don't hesitate to ask. Best regards, Walt Fisher -- Walter H. Fisher Department Head Economics and Finance Institute for Advanced Studies A-1060 Vienna Stumpergasse 56 Austria Email: fisher(a)ihs.ac.at http://elaine.ihs.ac.at/~fisher/

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[VFN] VGSF research seminar: Antoon Pelsser
by Youchang Wu 09 Apr '08

09 Apr '08

Dear colleagues, You are kindly invited to attend the following VGSF research seminar: ***Topic: Approximate Solutions for Indifference Pricing under General Utility Functions ***Speaker: Antoon Pelsser (University of Amsterdam) ***Time: 2008-04-11, Friday, 15:30-17:00 ***Location: 1190, Heiligenstädter Strasse 46-48, seminar room 1 (ground floor) (WU-H46) The paper to be presented can be downloaded from the VGSF website (http://www.vgsf.ac.at/activities/seminars.htm). The abstract is attached below. Professor Antoon Pelsser will arrive at WU-H46 on Thursday. If you would like to arrange an individual meeting with him, please contact professor Damir Filipovic. Best regards, Youchang *Abstract. *With the aid of Taylor-based approximations, this paper presents results for pricing insurance contracts by using indifference pricing under general utility functions. We discuss the connection between the resulting “theoretical” indifference prices and the pricing rule-of-thumb that practitioners use: Best Estimate plus a “Market Value Margin”. Furthermore, we compare our approximations with known analytical results for exponential and power utility.

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[VFN] VGSF newsletter
by Alois Geyer 02 Apr '08

02 Apr '08

The Vienna Graduate School of Finance (VGSF) is now hosting a public mailing list. You are invited to subscribe to this newsletter at https://lists.wu-wien.ac.at/mailman/listinfo/vgsf-newsletter This newsletter will be mainly used to announce presentations in the VGSF research seminar and to provide other information related to research in finance. In the near future, announcements regarding the VGSF research seminar will not be announced anymore via the Vienna Finance Newsletter (VFN-L), but only via the vgsf- newsletter. To reach all subscribers of the vgsf-newsletter you can write an email to vgsf-newsletter at wu-wien.ac.at Please note that vgsf-newsletter is a moderated list; thus postings will be distributed subject to confirmation of an administrator. Best regards, Alois Geyer -- Thanks to Hermann Elendner for his support. -- The list is operated by courtesy of WU-Wien ZID and GNU/Mailman.

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[VFN] VGSF research workshops: Whited & Björk
by Youchang Wu 02 Apr '08

02 Apr '08

Dear colleagues, You are kindly invited to attend the following VGSF research seminars: Seminar 1: What gives? A Study of Firms' Reactions to Cash Shortfalls Speaker: Toni Whited (University of Wisconsin-Madison) Time: 2008-04-04, Friday, 14:00-15:30 Seminar 2: Time Inconsistent Stochastic Control Speaker: Tomas Björk (Stockholm School of Economics) Time: 2008-04-04, Friday, 16:00-17:30 Location: 1190, Heiligenstädter Strasse 46-48, seminar room 1 (ground floor) (WU-H46) The paper to be presented by Toni Whited can be downloaded from the VGSF website (http://www.vgsf.ac.at/activities/seminars.htm). The abstracts are attached below. Best regards, Youchang *What Gives? A Study of FirmsReactions to Cash Shortfalls* *Abstract* This paper examines the relative magnitude of financial versus real frictions by looking at how firms react to exogenous cash shortfalls. To answer the question theoretically, we examine a dynamic model of financing and exogenous cash shortfalls. We find that when financing costs are high, firms adjust on real margins and vice versa. To answer the question empirically, we use a regression discontinuity design, in which the discontinuity is the point of violation of underfunding of corporate defined benefit pension plans. We examine firm-year observations in which the firms pension assets are just barely less than its pension liabilities, and in which, consequently, the firm must make a mandatory contribution to its pension plan. We compare this group to a control group of firm-year observations in which the rm has just barely escaped having to make a mandatory contribution. In this quasi-experimental setting, we find little evidence that firms cut back on their real activities such as employment and investment. Instead, they use a variety of financial tools, such as cash, working capital management, and short-term external financing to fund their pension liabilities. *Time Inconsistent Stochastic Control Abstract *In this talk we will present some recent work on non-classical stochastic control problems which are "time inconsistent" in the sense that they cannot be treated by dynamic programming. We present a game-theoretic approach to such problems and we derive an extended version of the Hamilton-Jacobi-Bellman equation in terms of a system of PDEs for the determination of the associated subgame perfect Nash equilibrium strategy. We also present applications from finance.

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[VFN] Stellenausschreibung: wissenschaftliche(r) MitarbeiterIn am Institut für Regulierungsökonomie
by Rammerstorfer Margarethe 27 Mar '08

27 Mar '08

Wissenschaftliche/r Mitarbeiter/in Das Forschungsinstitut für Regulierungsökonomie an der Wirtschaftsuniversität Wien hat das primäre Ziel sich mittelfristig als ein international anerkanntes und unabhängiges Forschungszentrum zur Analyse von regulierungsökonomischen Fragestellungen zu etablieren. Die resultierenden Forschungsarbeiten sollen langfristig innovative Erweiterungen der Grundlagenforschung darstellen. Gleichzeitig verfolgte das Forschungsinstitut für Regulierungsökonomie auch die Entwicklung von praxistauglichen Strategien für reale Märkte. Im Rahmen des Instituts wird eine enge Kooperation von Wissenschaftern der Wirtschaftsuniversität Wien mit ausländischen Forschern angestrebt und gleichzeitig der Erfahrungsaustausch mit der Praxis gefördert. Am Forschungsinstitut für Regulierungsökonomie ist ab sofort für 3 Jahre eine Stelle für einen drittmittelfinanzierten wissenschaftlichen Mitarbeiter/ eine drittmittelfinanzierte wissenschaftliche Mitarbeiterin (ArbeitnehmerIn der Wirtschaftsuniversität Wien gem. §128 UG 2002 idgF), vollbeschäftigt zu besetzen. Notwendige Kenntnisse und Qualifikationen: abgeschlossenes Studium der Wirtschafts- und Sozialwissenschaften Zusätzlich erwünschte Kenntnisse und Qualifikationen: gute analytische Fähigkeiten, sehr gute Kenntnisse in Finanzwirtschaft und quantitativen Methoden, gute EDV-Kenntnisse, Programmierkenntnisse von Vorteil, hervorragende Kenntnisse in Englisch. Kennzahl: 102648 Schriftliche Bewerbungen mit Lebenslauf und Zeugnissen (Kopie) sind unter Angabe der angeführten Kennzahl an die Personalabteilung der Wirtschaftsuniversität Wien, Augasse 2-6, 1090 Wien ( <mailto:sekretariatpersabt@wu-wien.ac.at> sekretariatpersabt(a)wu-wien.ac.at) zu richten. Ende der Bewerbungsfrist: 2. April 2008 Bitte die Kennzahl unbedingt anführen! Nähere Auskünfte erteilt Prof. Dr. Stefan Bogner ( <mailto:stefan.bogner@wu-wien.ac.at> stefan.bogner(a)wu-wien.ac.at) Online: http://www.wu-wien.ac.at/portal/dl/personal/jobs/ausschrwisspers#w120

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[VFN] Ausschreibung WU-Professur Finance
by Nicole Reinecke 20 Mar '08

20 Mar '08

Call for Applications: Full Professor of Finance Vienna University of Economics and Business Administration (Wirtschaftsuniversität Wien); Ref.No. 103290 Vienna University of Economics and Business Administration (Wirtschaftsuniversität Wien, WU) is now inviting applications for the position of Full Professor of Finance. The Vienna University of Economics and Business Administration is the largest business university in the European Union and is centrally located at the heart of Europe. The University maintains an excellent position as a center for research and teaching and attracts an international group of students and faculty. It offers a broad range of subjects in all areas of economics and business administration. The finance group at the Vienna University of Economics and Business Administration is one of the largest in the German-speaking world. Resources and facilities are comparable to those of internationally leading institutions. The University is EQUIS accredited and is striving to achieve a top position among the leading European business universities. For details, please see www.wu-wien.ac.at <http://www.wu-wien.ac.at/> . Applicants should have: a) a solid academic qualification (e.g. PhD, Habilitation) in Finance or a related area; b) an outstanding international reputation in high quality scholarship in the area of finance; c) a strong record in attracting research funding; d) a demonstrated commitment to excellence in executive teaching; and e) proven leadership qualities. The successful candidate is expected to have established an international reputation as a researcher in his/her field and have an outstanding publication record. All fields of finance will be considered, but preference will be given to the fields of derivatives, asset pricing, securities design, empirical finance and risk management. We expect a strong interest in teaching finance at bachelor, master, and PhD levels as well as in executive education programs. Teaching experience in English is required; teaching experience in German is not necessary. Non-German-speaking candidates will be expected to acquire proficiency in German over a certain period of time. For details of the position, please contact Professor Stefan Pichler, Department of Finance and Accounting, by phone: ++43-1-31336-5685, or email: stefan.pichler(a)wu-wien.ac.at. Candidates should send their applications (curriculum vitae, list of publications, list of classes held as well as copies of five major journal publications) to the Rector of Wirtschaftsuniversität Wien, Professor Christoph Badelt, Augasse 2-6, A-1090 Vienna. Electronic applications are preferred and can be sent to nicole.reinecke(a)wu-wien.ac.at <mailto:brigitte.parnigoni@wu-wien.ac.at> . Please quote reference no. 103290 when submitting your application. Applications must be submitted by April 30th, 2008. 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. <http://www.wu-wien.ac.at/>

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[VFN] Special Semester on Stochastics with Emphasis on Finance, RICAM, Linz, Austria, Sep-Dec 2008
by Hansjoerg Albrecher 18 Mar '08

18 Mar '08

From September 2008 to December 2008, there will be a Special Semester on Stochastics with Emphasis on Finance at the Johann Radon Institute for Computational and Applied Mathematics (RICAM) of the Austrian Academy of Sciences in Linz. The goal of this Special Semester is to provide a stimulating environment for mathematicians, quantitative economists and, in particular, researchers in the areas of applied probability and analysis, computational methods and finance to jointly address emerging challenges in the interface between stochastics and finance. There will be a series of thematic workshops with leading experts in the field. Experienced researchers, post-docs and doctoral students will have the opportunity to collaborate at RICAM in an interdisciplinary atmosphere in order to gain new perspectives and to develop novel approaches. Funding is available for longer stays during the semester. We particularly encourage young researchers to apply. For more details on the activities planned for the Special Semester as well as for application forms, see the webpage http://www.ricam.oeaw.ac.at/specsem/sef/ Scientific Committee: Hansjörg Albrecher (University of Linz & RICAM, Austria), Karl Kunisch (University of Graz & RICAM, Austria), Hanna Pikkarainen (RICAM, Austria), Wolfgang Runggaldier (University of Padova, Italy (Chair)), Walter Schachermayer (TU Vienna & RICAM, Austria)

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[VFN] VGSF research seminar: Engelbert Dockner
by Youchang Wu 06 Mar '08

06 Mar '08

Professor Engelbert Dockner from Vienna University of Economics and Business Administration is giving a VGSF research seminar on "Choice of Rating Technology and Price Formation in Imperfect Credit Markets" on March 7 (Friday, 13:15-14:45) at Wirtschaftsuniversität Wien - H46 (1190, Heiligenstädter Strasse 46-48), seminar room 2 (ground floor). The paper to be presented will be posted on the VGSF website soon (http://www.vgsf.ac.at/activities/seminars.htm). Please kindly note the new location and the special time of this seminar. Best regards, Youchang

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[VFN] Stellenausschreibung Institut für Risikomanagement und Versicherung
by Alexander Mürmann 28 Feb '08

28 Feb '08

Liebe Kolleginnen und Kollegen, ich bitte auch die weitere Stellenausschreibung am Institut für Risikomamangement und Versicherung zu beachten. Mit besten Grüßen, Alexander Mürmann. __________________________________________________ Alexander Mürmann, Ph.D. Professor of Risk Management and Insurance Institute of Risk Management and Insurance Vienna University of Economics and Business Administration Heiligenstädter Str. 46-48, A-1190 Wien, AUSTRIA Phone + 43-1-31336 4948 Fax + 43-1-31336 712 E-Mail <mailto:alexander.muermann@wu-wien.ac.at> alexander.muermann(a)wu-wien.ac.at Im Institute for Risk Management and Insurance sind 2 Stellen für Wissenschaftliche MitarbeiterInnen oder 1 Stelle für einen Assistenten/eine Assistentin (ArbeitnehmerIn der Wirtschaftsuniversität Wien gem. § 128 UG 2002 idgF), vollbeschäftigt zu besetzen. Vertragsdauer: Wissenschaftliche/r Mitarbeiter/in: 1. Mai 2008 bis 30. April 2012 Assistent/in: 1. Mai 2008 bis 30. April 2014 Wir weisen Sie darauf hin, dass der WU-Personalentwicklungsplan für Wissenschaftliche Mitarbeiter/ Wissenschaftliche Mitarbeiterinnen eine maximale Befristungsdauer von 4 Jahren vorsieht. Bewerber/innen, die bereits als Ersatzkräfte an der WU beschäftigt sind, können daher nur mehr für die auf die 4 Jahre fehlende Zeit eingestellt werden. Weiters weisen wir daraufhin, dass die Wiederbestellung von Personen, die bereits eine Stelle als wissenschaftlicher Mitarbeiter/wissenschaftliche Mitarbeiterin inne hatten, aus rechtlichen Gründen nicht möglich ist. Wir weisen Sie darauf hin, dass der WU-Personalentwicklungsplan für Assistent/inn/en eine maximale Befristungsdauer von 6 Jahren vorsieht. Bewerber/innen, die bereits als Ersatzkräfte an der WU beschäftigt sind, können daher nur mehr für die auf die 6 Jahre fehlende Zeit eingestellt werden. Weiters weisen wir daraufhin, dass die Wiederbestellung von Personen, die bereits einen Assistent/inn/enposten Säule 2 inne hatten, aus rechtlichen Gründen nicht möglich ist. Notwendige Kenntnisse und Qualifikationen: für Wissenschaftliche/n Mitarbeiter/in: abgeschlossenes Studium der Sozial- und Wirtschaftswissenschaften, Mathematik oder Physik bzw. gleichzuhaltende Qualifikation für Assistent/in: abgeschlossenes oder kurz vor Abschluss stehendes Doktoratsstudium der Sozial- und Wirtschaftswissenschaften oder Mathematik/Statistik mit wirtschaftswissenschaftlicher Ausrichtung bzw. gleichzuhaltende Qualifikation Erwünschte Kenntnisse und Qualifikationen: für Wissenschaftliche/n Mitarbeiter/in: starkes Interesse am wissenschaftlichen Arbeiten mit Anwendungen im Bereich des Risikomanagements und/oder Versicherungswirtschaft mit dem Ziel der Promotion in Sozial- und Wirtschaftswissenschaften, Bereitschaft zur Unterstützung und Mitarbeit in der Lehre, gute EDV-Kenntnisse, sehr gute Englischkenntnisse für Assistent/in: selbständige Forschungsorientierung mit Interessen im Bereich Risikomanagement und/oder Versicherungswirtschaft mit dem Ziel der Publikation in internationalen Fachzeitschriften, Bereitschaft zur Mitarbeit in der Lehre, sehr gute Englischkenntnisse Kennzahl: 101995 Schriftliche Bewerbungen mit Lebenslauf und Zeugnissen (Kopien) sind unter Angabe der angeführten Kennzahl an die PERSONALABTEILUNG der Wirtschaftsuniversität Wien, Augasse 2-6, 1090 Wien ( <mailto:sekretariatpersabt@wu-wien.ac.at> sekretariatpersabt(a)wu-wien.ac.at) zu richten. Ende der Bewerbungsfrist: 19. März 2008 Bitte die Kennzahl unbedingt anführen!

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[VFN] Stellenausschreibung Institut für Risikomanagement und Versicherung
by Alexander Mürmann 20 Feb '08

20 Feb '08

Liebe Kolleginnen und Kollegen, am Institut für Versicherung und Risikomanagement an der WU Wien suche ich die Stelle eines/r wissenschaftlichen MitarbeiterIn zu besetzen. Das Institut ist Teil des Departments für Finanzierung und Rechnungswesen. Ich bitte Sie, untenstehende Ausschreibung zu beachten und an potentielle Kandidaten/Innen weiterzuleiten. Mit bestem Dank und Grüßen, Alexander Mürmann. __________________________________________________ Alexander Mürmann, Ph.D. Professor of Risk Management and Insurance Institute of Risk Management and Insurance Vienna University of Economics and Business Administration Heiligenstädter Str. 46-48, A-1190 Wien, AUSTRIA Phone + 43-1-31336 4948 Fax + 43-1-31336 712 E-Mail <mailto:alexander.muermann@wu-wien.ac.at> alexander.muermann(a)wu-wien.ac.at Im Institut für Versicherungswirtschaft ist voraussichtlich ab 1. April 2008 bis 31. März 2012 eine Stelle für einen wissenschaftlichen Mitarbeiter/eine wissenschaftliche Mitarbeiterin (ArbeitnehmerIn der Wirtschaftsuniversität Wien gem. § 128 UG 2002 idgF), vollbeschäftigt zu besetzen. Wir weisen Sie darauf hin, dass der WU-Personalentwicklungsplan für Wissenschaftliche Mitarbeiter/ Wissenschaftliche Mitarbeiterinnen eine maximale Befristungsdauer von 4 Jahren vorsieht. Bewerber/innen, die bereits als Ersatzkräfte an der WU beschäftigt sind, können daher nur mehr für die auf die 4 Jahre fehlende Zeit eingestellt werden. Weiters weisen wir daraufhin, dass die Wiederbestellung von Personen, die bereits eine Stelle als wissenschaftlicher Mitarbeiter/wissenschaftliche Mitarbeiterin inne hatten, aus rechtlichen Gründen nicht möglich ist. Notwendige Kenntnisse und Qualifikationen: abgeschlossenes Studium der Sozial- und Wirtschaftswissenschaften, Mathematik oder Physik bzw. gleichzuhaltende Qualifikation Erwünschte Kenntnisse und Qualifikationen: starkes Interesse am wissenschaftlichen Arbeiten mit Anwendungen im Bereich des Risikomanagements und/oder Versicherungswirtschaft mit dem Ziel der Promotion in Sozial- und Wirtschaftswissenschaften; Bereitschaft zur Unterstützung und Mitarbeit in der Lehre, gute EDV-Kenntnisse, sehr gute Englischkenntnisse Kennzahl: 100295 Schriftliche Bewerbungen mit Lebenslauf und Zeugnissen (Kopien) sind unter Angabe der angeführten Kennzahl an die PERSONALABTEILUNG der Wirtschaftsuniversität Wien, Augasse 2-6, 1090 Wien (sekretariatpersabt(a)wu-wien.ac.at) zu richten. Ende der Bewerbungsfrist: 5. März 2008 Bitte die Kennzahl unbedingt anführen! Der Rektor: o. Univ.Prof. Dr. Christoph Badelt

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[VFN] conference on Corporate Governance
by Andrea Gaunersdorfer 29 Jan '08

29 Jan '08

The European Corporate Governance Institute (ECGI) is organizing a conference on Corporate Governance in Oxford on 10-11 June 2008. The conference is part of the ECGI Corporate Governance Best Paper Competition. Papers included in the conference will be automatically eligible for inclusion in the Competition. They will also be eligible for fast track reviewing for inclusion in the /Review of Finance/ (RoF) free of charge. You are invited to submit a paper for inclusion in the conference and for consideration by the competition. Details of the competition, the conference, the fast track submission and the procedure by which papers will be selected are available at http://www.ecgi.org/competitions/rof/index.php Papers should be submitted by February 15th.

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[VFN] Reminder: Invitation January 31st: Public Lecture with Mark Seasholes "Time Variation in Liquidity: The Role of Market Maker Inventories and Revenues"
by Gutmann Center-D.Grimm 28 Jan '08

28 Jan '08

GUTMANN CENTER FOR PORTFOLIO MANAGEMENT at the University of Vienna - http//:www.gutmann-center.at invites to the following PUBLIC LECTURE: - apologies for duplicated emails! - Date: January 31st, 2008 (Thursday) - 4.00 pm Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien Speaker: Prof. Dr. Mark SEASHOLES, Santa Clara University, London Business School and INSEAD http://www.seasholes.com/ Title: TIME VARIATION IN LIQUIDITY: THE ROLE OF MARKET MAKER INVENTORIES AND REVENUES Abstract: We use an 11-year panel of NYSE specialist inventory positions and revenues to study two aspects of financial markets: stock price reversals (temporary mispricings) and liquidity. Understanding when stocks are mispriced and when liquidity is drying up is of key importance to asset managers. We show that as stock prices go up, market-makers sell. As stock prices fall, market-makers buy. Market-makers are compensated for taking on risky positions via stock price reversals. Sorting stocks based on inventory positions predict reversals of 33 basis points over the following week and 45 basis points over the following two weeks. Sorting stocks by current returns and inventory positions can predict reversals of over 85 basis points per week. Combining inventory positions with NYSE specialist revenues allows us to predict liquidity (at the market-level) at a daily frequency. As prices fall, market-makers lose money on current positions. They also increase positions and thus risk. The net result is that market-makers are less willing to provide liquidity. Our tests are done at both the market-level and at the specialist firm level. Our results suggest an important role for market makers' financial positions in explaining the time variation of liquidity. About Mark Seasholes: Mark Seasholes is an Assistant Professor of Finance. He received his BA from Wesleyan University and his AM and PhD degrees from Harvard University. Mark's research focuses on investor behavior around the world. He has written on cross-border equity investments, herding behavior of individual investors, and loss aversion. Current work focuses on the role and pricing of liquidity. One project looks at the systematic liquidity demands of individual investors. A second project studies NYSE specialist inventories (a measure of liquidity provided to the market). Mark studied physics at Wesleyan University. After graduating from college, he spent a number of years working on Wall Street and in the emerging markets of East/Central Europe. He has completed a valuation project in Honduras, helped with the Lloyds of London restructuring, and given a series of lectures in the People's Republic of China. Professor Seasholes taught at U.C. Berkeley Haas School from 2000 to 2007 where he won teaching awards in three programs: Daytime MBA, Undergrad Program, and Berkeley-Columbia Executive MBA. He continues to teach in Executive Education programs where he receives top ratings. Please REGISTER: Mail: gutmann.bwl(a)univie.ac.at Phone: +43-1-4277-38186 - Fax: +43-1-4277-38074 Contact and further information: Gutmann Center for Portfolio Management University of Vienna - Mag. Dorothea GRIMM Bruenner Str. 72 - 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] VGSF research workshop: prof. Susan Christoffersen
by Youchang Wu 23 Jan '08

23 Jan '08

Professor Susan Christoffersen from McGill University is giving a VGSF research seminar on "Fund Flows vs. Family Flows: Evidence from the Cross Section of Brokers" on January 25 (Friday, 15:30-17:00) at Institute for Advanced Studies(HS II), Stumpergasse 56, 1060 Vienna. You can download the paper to be presented at the VGSF webpage (Activities & Events--> Research Seminars). The abstract of the paper is attached below. Professor Christoffersen is going to visit BWZ on Jan 25. If you would like to meet her at BWZ, please let me know as soon as possible. Kind regards, Youchang Wu Evidence that brokers influence the mutual-fund flows they intermediate suggests that funds’ families make important choices about their use of brokerage. We address these choices by relating the flows in and out of funds to, on one hand, the involvement of brokers who are or aren’t affiliated with the fund, and their revenue-sharing with the family, and on the other hand, the simultaneous flows of other funds in the same family. Among our findings are that affiliated brokers increase recapture of outflows but also cannibalization of inflows, and that consumer sentiment increases the market power of unaffiliated brokers.

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[VFN] VGSF research workshop: Rohit Rahi
by Youchang Wu 14 Jan '08

14 Jan '08

Professor Rohit Rahi from London School of Economics is giving a VGSF research seminar on "Arbitrage Networks" on January 18 (Friday, 15:30-17:00) at Institute for Advanced Studies(HS II),Stumpergasse 56, 1060 Vienna. You can download the paper to be presented at the VGSF webpage (Activities & Events--> Research Seminars). The abstract of the paper is attached below. Professor Rahi is going to visit Vienna from Jan 16 to 21. If you would like to meet him, please let me know as soon as possible. Kind regards, Youchang Wu This paper is studies the general equilibrium implications of arbitrage trades by strategic players in segmented financial markets. Arbitrageurs exploit clientele effects and choose to specialize in one category of trades, taking into consideration all other arbitrage strategies. This results in an equilibrium network of arbitrageurs. The optimal network for arbitrageurs is of the hub-spoke kind. The equilibrium network, in contrast, is never optimal for arbitrageurs and is never hub-spoke. The reason is that equilibrium networks suffer from a Prisoner’s Dilemma problem that prevents network externalities from being internalized. We show that, as the number of intermediaries grows, equilibrium allocations converge to those of the frictionless complete-markets Arrow-Debreu economy.

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[VFN] Invitation January 31st: Public Lecture with Mark Seasholes "Time Variation in Liquidity: The Role of Market Maker Inventories and Revenues"
by Gutmann Center-D.Grimm 14 Jan '08

14 Jan '08

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