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1159 discussions

Seminar in Finance
by Gertrude Scheiner 18 Feb '97

18 Feb '97

SEMINAR IN FINANCE Christian Helmenstein, Gabriel Lee (Biweekly Mondays) Monday, 24. February 1997 C. ZULEHNER (IHS) "Auction Theory" Abstract: The importance of auction theory has gained increased recognition in the scientific community, the latest recognition being the awarding of the Nobel price to Vickrey and Mirrlees. Auction theory has been applied in quite different fields, both theoretically and empirically. This paper provides a survey about the theoretical results. Place: Institute for Advanced Studies, Stumpergasse 56, 1060 Vienna, HS II Time: 17:00h-18:30h Info: http://www.wsr.ac.at/ihs-html/fin/finsem.html -- =========================================================================

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Gastvortrag - Einladung
by Roland Dipplinger 21 Jan '97

21 Jan '97

EINLADUNG zum Gastvortrag Dr. Otto Waibel, Mitglied des Vorstandes Vorarlberger Kraftwerke AG Mi, 22.1.1997, 16:30 Uhr S. 3006, Stiege 6; 4.OG, UZA III Althanstrasse 39-45 A-1090 Wien ---------------------------------------------------------------------- Institut fuer Finanzierung und Finanzmaerkte Univ. Prof. Dipl. Kfm. Dr. Otto Loistl Althanstrasse 39-45, A-1090 Wien Tel.: ++43-1-31336-4173, Fax: -761 @: otto.loistl(a)wu-wien.ac.at =========================================================================

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(Fwd) WWWOR PERFORMANCE OF FINANCIAL INSTITUTIONS (fwd)
by Andrea Gaunersdorfer 20 Jan '97

20 Jan '97

>From tatume(a)rider.wharton.upenn.edu Sun Mar 19 17:27:57 2000 Date: Thu, 16 Jan 1997 12:00:06 -0500 >From: Ed Tatum <tatume(a)rider.wharton.upenn.edu> Organization: Financial Institutions Center To: wwwor(a)mat.gsia.cmu.edu Subject: PERFORMANCE OF FINANCIAL INSTITUTIONS Status: RO X-Status: X-Keywords: X-UID: 235 SECOND CALL FOR PAPERS BACKGROUND INFORMATION: While the efficiency of the capital markets is widely and extensively studied, little has been done to study the efficiency of the Institutions that operate in these markets. What are the forms of efficiency or lack thereof of a financial Institution? What are the drivers of performance that enhance or inhibit efficiency? These issues have only recently been under the scrutiny of scholarly inquiry motivated by the increased competitiveness with the globalization of the financial markets and the increased use of information technology in the delivery of financial services. Serious inroads have been made in providing answers to these questions. CONFERENCE FOCUS: This interdisciplinary conference brings together scholars from around the world in economics, finance, operations management, marketing and other disciplines to describe and understand the performance of financial institutions. The conference is tentatively structured as follows: Session 1: Institutional Efficiency: What Is It? This session explores alternative notions of efficiency, including productivity, profitability, and quality of the services delivered by financial institutions. Session 2: Institutional Efficiency: What Drives It? Papers in this session explore the drivers of institution efficiency, including scale and scope economies, technology, human resource practices, etc. Session 3: Efficiency of the Financial Intermediation Process: What Is It? This session defines alternative notions of efficiency of the financial intermediation process, looking particularly at risk management, asset-liability matching, and intertemporal smoothing of fund flows. Session 4: Efficiency of the Financial Intermediation Process: What Drives It? Given the various notions of intermediation efficiency, this session explores the characteristics of the market that limit the efficiency of financial intermediaries, including regulation and institutional structure. Session 5: Innovations in Financial Services: Alternative Institutions This session explores the impact of innovations in the structure of the financial services market and the range of services offered to the consumer, including the rise of mutual funds and other non-bank competitors, on the efficiency of the financial system. Session 6: Innovations in Financial Services: Alternative Channels The rise of new distribution channels, enabled by technology, will be considered in this session along with their impact on the efficiency of institutions, the intermediation process and the end consumer. Session 7: International Studies of Efficiency Papers in this session study the efficiency, as described above, within and between countries. CONFERENCE DATE AND LOCATION: The conference will be held May 8-10, 1997, at the Wharton School of the University of Pennsylvania. CONFERENCE ORGANIZERS: Name: Dr. Patrick Harker E-mail: harker(a)opim.wharton.upenn.edu Postal: Financial Institutions Center, The Wharton School, 3301 Steinberg Hall-Dietrich Hall, University of Pennsylvania, Philadelphia, PA 19104-6367, U.S.A. Name: Dr. Stavros A. Zenios E-mail: zenioss(a)atlas.pba.ucy.ac.cy Postal: School of Economics and Management, University of Cyprus, 75 Kallipoleos Street, P.O. Box 537, CY 1678, Nicosia, CYPRUS PAPER SUBMISSION PROCESS: To participate, please send five copies of your article to the address below no later than February 28, 1997. Authors of accepted articles will be notified by March 15, 1997. If you have any questions, please feel free to contact the organizers. Submit all manuscripts to: All papers to be presented will be rigorously refereed and placed in an edited volume to be published by Cambridge University Press. A select group of papers will be invited to be published in a special issue of Management Science. CONTACT: Submit all manuscripts to: Postal: Performance of Financial Institutions, Financial Institutions Center, The Wharton School, 434 Vance Hall, Philadelphia, PA 19104-6301, U.S.A. Please see our home page at http://wrdsenet.wharton.upenn.edu/fic/wfic/new.html for further details. This message was to the WWWOR mailing list (WWW and Operations Research). Send postings to wwwor(a)mat.gsia.cmu.edu . Send administrative requests to majordomo(a)mat.gsia.cmu.edu or use the web interface at http://mat.gsia.cmu.edu/cgi-bin/lwgate/WWWOR/ ------------------------------------------------------------------ Dr. Andrea Gaunersdorfer Department of Business Administration University of Vienna Tel.: +43-1-29 1 28-466 Bruenner Strasse 72 FAX: +43-1-29 1 28-464 A - 1210 Wien e-mail: gauner(a)finance2.bwl.univie.ac.at =========================================================================

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Seminar in Finance
by Gertrude Scheiner 16 Jan '97

16 Jan '97

SEMINAR IN FINANCE Christian Helmenstein, Gabriel Lee (Biweekly Mondays) Monday, 27. January 1997 Dusan M^ÐSZAROS (ING Baring Securities - Bratislava) On Efficiency and Anomalies of the Slovak Capital Market Abstract: In this paper I test for predictability of stock prices traded on the Bratislava Stock Exchange and document some anomalies of the Slovak capital market. Three of the five most liquid stocks conform to a random walk, but both Slovak stock market indexes do not. I show that 74 % of the securities have significant first lag autocorrelation with a negative mean autocorrelation of -0.217. The indexes exhibit daily seasonality: The average Monday return is negative and significantly different from the average returns of the rest of the week. The volatility of the stock returns is largest over the weekend and the highest average daily turnover is reported for Mondays. In the cross-sectional regression a model with standard market beta explains only 33.8 % of the expected return. However, a model with beta and natural logarithm of the firm size explains 74.4 % of the expected returns. Place: Institute for Advanced Studies, Stumpergasse 56, 1060 Vienna, SZ VI Time: 17:00h-18:30h Info: http://www.wsr.ac.at/ihs-html/fin/finsem.html =========================================================================

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Wirtschaftstheoretisches Forschungsseminar
by Erika Ristl 16 Jan '97

16 Jan '97

EINLADUNG zum Wirtschaftstheoretischen Forschungsseminar der Wiener Universit=E4ten gemeinsam mit dem Institut f=FCr H=F6here Studien und der National=F6konomischen Gesellschaf= t ACHTUNG!! =C4NDERUNG DER BEGINNZEITEN! 23. J=E4nner 1997: 17.30 Uhr: Birgit GRODAL (University Copenhagen) "Clubs and the Market" 30. J=E4nner 1997: (Zus=E4tzlicher Termin) 16.00 Uhr: Robert WALDMANN (Eruopean University Institute Florenz) "Demography and Growth" 17.30 Uhr: Manfred NEUMANN (Universit=E4t Bonn) "Inflation=E4re Geldpolitik und Zentralbankverfassung: eine positive Theorie" Die Vortr=E4ge finden im Institut f=FCr H=F6here Studien, Stumpergasse 56,= 1060 Wien, H=F6rsaal II, statt. Das Seminar steht allen Interessierten offen. Insbesondere wird die Teilnahme von fortgeschrittenen Studierenden begruesst. Der n=E4chste Vortrag findet am 13. M=E4rz 1997 statt. Egbert Dierker =========================================================================

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None
by Elke PENDL 14 Jan '97

14 Jan '97

Einladung zum Betriebswirtschaftlichen Forschungsseminar des Institutes fuer Betriebswirtschaftslehre der Universitaet Wien A-1210 Wien, Bruennerstrasse 72 Donnerstag, 30. Jaenner 1997, 14:00 BWZ-Bruennerstrasse (Besprechungsraum Nr. 156 - Lehrstuhl Professor Wagner) Professor Dr. Lutz Hildebrandt ''Panelanalyse unbeobachtbarer Einflussgroessen in der Erfolgsfaktorenforschung''- =========================================================================

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None
by Elke PENDL 14 Jan '97

14 Jan '97

o. Univ.-Prof. Dr. Engelbert J. Dockner o. Univ.-Prof. Dr. Josef Zechner VSX WORKSHOP !!! TERMIN"ANDERUNG !!! Einladung zum Vortrag von Professor Julian Franks, London Business School mit dem Thema ''The Ownership and Control of German Corporations'' Aufgrund einer Terminkollision mit der Konferenz der Austrian Working Group of Banking and Finance wird der Vortrag von Professor Franks auf Freitag, 17. Jaenner 1997, 10.00 - 11.30, Seminarraum 1 des Betriebswirtschaftlichen Zentrums der Universitaet Wien, Bruenner Strasse 72, 1210 Wien verschoben. =========================================================================

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(Fwd) SNDE_L FW: Artificial Stock Market working paper avai
by Andrea Gaunersdorfer 08 Jan '97

08 Jan '97

------- Forwarded Message Follows ------- >From McClelland_R(a)dcgate.bls.gov Sun Mar 19 17:27:57 2000 >From: McClelland_R <McClelland_R(a)dcgate.bls.gov> To: "'snde_l'" <snde_l(a)email.rutgers.edu> Subject: SNDE_L FW: Artificial Stock Market working paper available Date: Tue, 7 Jan 1997 10:03:29 -0500 Status: RO X-Status: X-Keywords: X-UID: 229 **************************************************************** * To post a message, send it to OWNER-SNDE_L(a)EMAIL.RUTGERS.EDU * * To leave the list, send the message UNSUBSCRIBE SNDE_L * * to MAJORDOMO(a)EMAIL.RUTGERS.EDU * * To resolve any problems, contact MCCLELLAND_R(a)BLS.GOV * **************************************************************** ---------- <bigger> Asset Pricing Under Endogenous Expectations in an Artificial Stock Market by W. B. Arthur, J. H. Holland, , B. LeBaron, R. G. Palmer, and P. Tayler ABSTRACT: We propose a theory of asset pricing based on heterogeneous agents who continually adapt their expectations to the market that these expectations aggregatively create. And we explore the implications of this theory computationally using our Santa Fe artificial stock market. Asset markets, we argue, have a recursive nature in that agents' expectations are formed on the basis of their anticipations of other agents' expectations, which precludes expectations being formed by deductive means. Instead, traders continually hypothesize (continually explore) expectational models, buy or sell on the basis of those that perform best, and confirm or discard these according to their performance. Thus, individual beliefs or expectations become endogenous to the market, and constantly compete within an ecology of others' beliefs or expectations. The ecology of beliefs co-evolves over time. Computer experiments with this endogenous-expectations market explain one of the more striking puzzles in finance: that market traders often believe in such concepts as technical trading, "market psychology," and bandwagon effects, while academic theorists believe in market efficiency and a lack of speculative opportunities. Both views, we show, are correct, but within different regimes. Within a regime where investors explore alternative expectational models at a low rate, the market settles into the rational-expectations equilibrium of the efficient-market literature. Within a regime where the rate of exploration of alternative expectations is higher, the market self-organizes into a complex pattern. It acquires a rich psychology, technical trading emerges, temporary bubbles and crashes occur, and asset prices and trading volume show statistical features (in particular, GARCH behavior) characteristic of actual market data. Postscript is available at: http://www.santafe.edu/sfi/publications/96wplist.html Paper copies can be requested from: wp(a)santafe.edu (All authors are affiliated with the Santa Fe Institute where Arthur is the Citibank Professor. In addition, Holland is Professor of Computer Science and Engineering, University of Michigan, Ann Arbor; LeBaron is Associate Professor of Economics, University of Wisconsin, Madison; Palmer is Professor of Physics, Duke University; and Tayler is with the Dept. of Computer Science, Brunel University, London.) </bigger> =========================================================================

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None
by Elke PENDL 19 Dec '96

19 Dec '96

VSX WORKSHOP Einladung zum Vortrag von Professor Julian Franks, London Business School mit dem Thema ueber ''The Ownership and Control of German Corporations'' am Freitag, 17. Jaenner 1997, 13.30 - 15.00 Uhr im Hoersaal 4 des Betriebswirtschaftlichen Zentrums der Universitaet Wien, Bruenner Strasse 72, 1210 Wien. =========================================================================

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Wirtschaftstheoretisches Forschungsseminar
by Erika Ristl 19 Dec '96

19 Dec '96

Termine im J=E4nner 1997: 16. J=E4nner 1997: 16.00 Uhr: Clemens PUPPE (Universit=E4t Wien) "Valuing Diversity" 17.30 Uhr: Kai-Uwe K=DCHN (CSIS, Barcelona) "A Theory of Union Power and Labor Turnover" 23. J=E4nner 1997: 16.00 Uhr: Robert WALDMANN (European University Institute Florenz) Titel des Vortrags wird noch bekanntgegeben. 17.30 Uhr: Birgit GRODAL (University Copenhagen) "Clubs and the Market" 30. J=E4nner 1997: Zus=E4tzlicher Termin - Ge=E4nderte Beginnzeit! 17.15 Uhr: Manfred NEUMANN (Universit=E4t Bonn) "Inflation=E4re Geldpolitik und Zentralbankverfassung: eine positive Theorie" Die Vortr=E4ge finden im Institut f=FCr H=F6here Studien, Stumpergasse 56,= 1060 Wien, H=F6rsaal II, statt. Egbert Dierker

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