INVITATION
The WU Gutmann Center cordially invites you to the forthcoming
WU GUTMANN CENTER PUBLIC LECTURE
(apologies for duplicated mails!)
Date: December 15 (Tuesday), 2015, 4:00 pm
Location: Bank Gutmann, Schwarzenbergplatz 16, A-1010 Vienna
Speaker: Prof. Marcin Kacperczyk
http://www.imperial.ac.uk/people/m.kacperczyk
Title: "Chasing Private Information"
Abstract
Using a sample of 3,586 illegal insider trades documented by the SEC, we examine whether asset prices and volume reveal firm-specific private information to markets. We find that information embedded in equity markets is a weak signal of private information. In turn, information embedded in option markets offers a strong signal of informed trading. We show that volume is generally more informative about insider trading than are prices. Further, we show that the impact of insider trades persists irrespective of whether insiders trade strategically or not. Finally, we document significant information spillovers from equity to option markets, but not vice versa. Overall, our results provide strong and novel guidance in the search for private information.
About Marcin Kacperczyk
Marcin Kacperczyk is a Professor of Finance at Imperial College London. He is also a Research Associate at the Center for Economic Policy Research, a former Faculty Research Fellow at the National Bureau of Economic Research, and Associate Editor at the Review of Financial Studies and Review of Finance.
His research has been published in leading academic and practitioner journals, including Econometrica, the Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics, and the Review of Financial Studies. His work has been widely covered by media, such as CNN, CNBC, Bloomberg, WSJ, FT, NYT, Business Week, U.S. News, and Washington Post. Two of his papers have been nominated for the Smith Breeden Prize, and received the Spängler IQAM Prize for the best paper published in the Review of Finance.
**Please REGISTER**:
Mail: gutmann-center(a)wu.ac.at<mailto:gutmann-center@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<http://www.gutmann-center.at>
Please contact gutmann-center(a)wu.ac.at<mailto:gutmann-center@wu.ac.at> if you do not wish to receive any further invitations from us!
INVITATION
The WU Gutmann Center cordially invites you to the forthcoming
WU GUTMANN CENTER PUBLIC LECTURE
(apologies for duplicated mails!)
Date: December 15 (Tuesday), 2015, 4:00 pm
Location: Bank Gutmann, Schwarzenbergplatz 16, A-1010 Vienna
Speaker: Prof. Marcin Kacperczyk
http://www.imperial.ac.uk/people/m.kacperczyk
Title: "Chasing Private Information"
Abstract
Using a sample of 3,586 illegal insider trades documented by the SEC, we examine whether asset prices and volume reveal firm-specific private information to markets. We find that information embedded in equity markets is a weak signal of private information. In turn, information embedded in option markets offers a strong signal of informed trading. We show that volume is generally more informative about insider trading than are prices. Further, we show that the impact of insider trades persists irrespective of whether insiders trade strategically or not. Finally, we document significant information spillovers from equity to option markets, but not vice versa. Overall, our results provide strong and novel guidance in the search for private information.
About Marcin Kacperczyk
Marcin Kacperczyk is a Professor of Finance at Imperial College London. He is also a Research Associate at the Center for Economic Policy Research, a former Faculty Research Fellow at the National Bureau of Economic Research, and Associate Editor at the Review of Financial Studies and Review of Finance.
His research has been published in leading academic and practitioner journals, including Econometrica, the Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics, and the Review of Financial Studies. His work has been widely covered by media, such as CNN, CNBC, Bloomberg, WSJ, FT, NYT, Business Week, U.S. News, and Washington Post. Two of his papers have been nominated for the Smith Breeden Prize, and received the Spängler IQAM Prize for the best paper published in the Review of Finance.
**Please REGISTER**:
Mail: gutmann-center(a)wu.ac.at<mailto:gutmann-center@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<http://www.gutmann-center.at>
Please contact gutmann-center(a)wu.ac.at<mailto:gutmann-center@wu.ac.at> if you do not wish to receive any further invitations from us!
Sehr geehrte Damen und Herren!
Die Austrian Working Group on Banking and Finance (AWG) der
Österreichischen Bankwissenschaftlichen Gesellschaft (BWG), Wien,
organisiert in Zusammenarbeit mit der Karl-Franzens-Universität Graz,
Institut Für Banken und Finanzierung, den
30. WORKSHOP der AWG
am 27. und 28. November 2015
Wir dürfen Ihnen nachstehend den Link zum Programm und zur Anmeldung
übersenden und würden uns über Ihr Interesse freuen.
http://bwg.at/bwg/bwg_v4.nsf/sysPages/30workshopawg.html/$file/Programm_AWG…
Mit freundlichen Grüßen
Markus Bunk
___________________________
Dr. Markus Bunk
Geschäftsführer
Österreichische Bankwissenschaftliche Gesellschaft
Eßlinggasse 17/5, A-1010 Wien
T: +431 533 50 50
F: +431 533 50 50 33
E: office(a)bwg.at
Internet: www.bwg.at
EINLADUNG
(Bitte entschuldigen Sie doppelte Zusendungen!)
INVESTMENT SEMINAR
Spängler IQAM Research Center
14:00 Begrüßung
ZUKUNFTSMODELL KAPITALGEDECKTE PENSIONSVORSORGE? (Session 1)
Moderator: Univ.-Prof. Dr. Dr.h.c. Josef Zechner (Professor of Finance, WU Wirtschaftsuniversität Wien, Stv. Vorsitzender des Aufsichtsrats und Mitglied der Wissenschaftlichen Leitung, Spängler IQAM Invest)
14:15 Umlage und Kapitaldeckung: Die verfreundeten Geschwister Prof. Dr. Dr.h.c. Bert Rürup (Präsident des Handelsblatt Research Institute, Düsseldorf und eh. „Wirtschaftsweiser“)
14:45 Strategien und Herausforderungen der Schweizer Pensionskassen – Lehren für Österreich Christoph Oeschger (Geschäftsführer der Avadis Vorsorge AG und Stiftungsrat der Avadis Anlagestiftung, Baden, Schweiz)
15:15 Diskussion
HERAUSFORDERUNGEN UND TRENDS FÜR PENSIONSFONDS (Session 2)
Moderator: Univ.-Prof. DDr. Thomas Dangl (Professor of Finance, TU Technische Universität Wien und Mitglied der Wissenschaftlichen Leitung, Spängler IQAM Invest GmbH)
16:15 Responsible Investing | Vortrag in englischer Sprache Elroy Dimson (Emeritierter Professor der London Business School, Chairman des Newton Centre for Endowment Asset Management der Cambridge Judge Business School sowie Vorsitzender des Strategierates des staatlichen norwegischen Pensionsfonds)
16.45 Diskussion mit anschließender
PODIUMSDISKUSSION: Herausforderungen und Trends für Pensionsfonds
Moderator: Univ.-Prof. Dr. Dr.h.c. Josef Zechner
Einleitendes Impulsreferat von Paul Wessling (Fachkreisleitung Kapitalanlagen & Asset Management, Vereinigung der Versicherungs-Betriebswirte, VVB Köln)
Diskussionsteilnehmer: Christoph Oeschger, Prof. Dr. Dr.h.c. Bert Rürup, Dr. Thomas Steinberger (CIO, Geschäftsführer und Mitglied der Wissenschaftlichen Leitung, Spängler IQAM Invest GmbH) und Paul Wessling
UM ANMELDUNG BIS 16. NOVEMBER WIRD GEBETEN unter si-researchcenter(a)wu.ac.at<mailto:si-researchcenter@wu.ac.at>
Ort:
Oesterreichische Kontrollbank, Reitersaal (EG)
1010 Wien, Strauchgasse 3
Anfahrt
- mit öffentlichen Verkehrsmitteln: U3 bis Station Herrengasse (Ausgang Herrengasse)
- mit dem Auto: Kostenpflichtige Parkmöglichkeiten in der Parkgarage am Hof (Am Hof 1, 1010 Wien) oder Freyung (Herrengasse, 1010 Wien)
Kontakt:
WU, Department of Finance, Accounting and Statistics
1020 Wien, Welthandelsplatz 1, Gebäude D4, 4. Stock attn. Martina Schlichting
Tel: +43 1 31336 6315
Mail: si-researchcenter(a)wu.ac.at<mailto:si-researchcenter@wu.ac.at>,
Web: www.si-researchcenter.at<http://www.si-researchcenter.at>
Betreff: [VFN] 30. Workshop der AWG
Die Austrian Working Group on Banking and Finance (AWG) der
Österreichischen Bankwissenschaftlichen Gesellschaft (BWG), Wien,
organisiert in Zusammenarbeit mit der Karl-Franzens-Universität Graz,
Institut Für Banken und Finanzierung, den 30. WORKSHOP der AWG
27./28. November 2015
LAST CALL for PAPERS
Der Workshop findet am Freitag, 27. November 2015 (Nachmittag) und am
Samstag, 28. November 2015 (Vormittag) an der Karl-Franzens-Universität
Graz statt.
Bezüglich der Themen gibt es keine Einschränkung.
Papers oder Extended Abstracts (ca. 2 Seiten) – vorzugsweise in englischer
Sprache – sind bis spätestens 15. Oktober 2015 per eMail einzureichen an:
awg30(a)uni-graz.at
Um den angestrebten Workshop-Charakter der Veranstaltung zu fördern, kann
jeder Vortrag durch eine/n Discussant besprochen werden. Teilnehmende, die
eine solche Vorgangsweise wünschen, werden gebeten, ihr Manuskript bis 1.
Oktober 2015 einzureichen.
AUSTRIAN WORKING GROUP ON BANKING AND FINANCE
Ziele: Schaffen eines österreichweiten Diskussionsforums für
theoretische und empirische Forschungsarbeiten auf dem Gebiet des
Bankwesens und der Finanzwirtschaft. Förderung der Zusammenarbeit innerhalb
der Hochschulen und der Zusammenarbeit mit der Praxis.
Teilnehmende: Angesprochen sind sowohl der wissenschaftliche
Nachwuchs
an allen österreichischen Universitäten und verwandten Institutionen der
Forschung als auch Praktiker/innen in Kreditinstituten und
Finanzabteilungen von Unternehmen.
Schwerpunkte: (Auszug) Asset Pricing – Banking –
Behavioral
Economics – Central Banking and Regulation – Corporate Finance – Corporate
Governance - Derivatives – Empirical Finance – Experimental Finance –
Financial Econometrics – Financial Economics - Financial Innovations –
International Finance – Market Microstructure – Performance Measurement –
Portfolio Analysis – Real Estate Finance – Risk Management – Security
Analysis.
Die Teilnahme am Workshop ist KOSTENLOS.
UNIVERSITY OF GRAZ, INSTITUTE OF BANKING AND FINANCE, 30th WORKSHOP
AUSTRIAN WORKING GROUP ON BANKING & FINANCE
27-28 November 2015
Organized in cooperation with
Austrian Society for Bank Research (BWG), Vienna.
Second CALL for PAPERS
Workshop: Friday Nov 27 2015 (afternoon), Saturday Nov 28 November 2015
(morning).
Those wishing to present their research at the workshop are invited to
submit a full paper or a detailed abstract of about 2 pages until 15
October 2015 via e-mail to:
awg30(a)uni-graz.at
Those who wish to have (in addition to comments and recommendations from
the audience) a discussant for their paper should indicate this when
submitting the paper. In this case a full paper has to be submitted by 1
October 2015.
AUSTRIAN WORKING GROUP ON BANKING AND FINANCE
Aim:
The aim of the workshop is to offer a forum for discussion of theoretical
and empirical research in all areas of banking and finance throughout
Austria.
Participants:
All researchers (especially also junior researchers) at universities and
other research institutions as well as practitioners of the financial
industry (including finance departments of industrial and service
companies) are highly welcome to submit and present their research. Junior
researchers are for example encouraged to present one of their PhD thesis
papers/projects.
Topics:
(Selection)
Asset Pricing – Banking – Behavioral Economics – Central Banking and
Regulation – Corporate Finance – Corporate Governance - Derivatives –
Empirical Finance – Experimental Finance – Financial Econometrics –
Financial Economics - Financial Innovations – International Finance –
Market Microstructure – Performance Measurement – Portfolio Analysis – Real
Estate Finance – Risk Management – Security Analysis.
There is NO submission or registration fee for the workshop.
INVITATION - REMINDER
(apologies for duplicated mails!)
We are pleased to invite you to our next Investment Talk, 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 provides a platform for exchange in the field of asset management between academics, practitioners and the public.
INVESTMENT TALK
Date: Monday, June 29th, 2015 at 4 pm
Speaker: VASANT NAIK
Topic: "Quantitative Valuation Metrics and Macro Investing"
ABSTRACT: My talk will explore the design and use of quantitative valuation metrics in assessing the balance of risk and reward in macro markets: global equities, global duration and credit. We will also attempt to glean investment insights from the current readings of some of these metrics and discuss the construction of optimal portfolios of these assets in the present environment.
Vasant Naik is Executive Vice President and Global Head of the Empirical Research of PIMCO, London.
Please find further information at http://europe.pimco.com/EN/Experts/Pages/Vasant-Naik.aspx
REGISTRATION is required. We kindly ask to register at si-researchcenter(a)wu.ac.at
LOCATION:
TU Wien
BA Chemie Hochhaus, Entrance 10, 11th upper floor, TUtheSky - Conference room
1060 Vienna, Getreidemarkt 9
The TU building plan you can find here: http://www.si-researchcenter.at/events/investment-talk
PARKING FACILITIES:
Wipark Operngasse 13 oder Wipark Lehargasse 4.
Public transport:
U1, U2, U4 Karlsplatz (5 minutes walking distance)
U2 Museumsquartier
57A Getreidemarkt
TU building plan: http://www.si-researchcenter.at/events/investment-talk
Contact and further information:
WU, Institute for Finance, Banking and Insurance attn. Martina Schlichting Welthandelsplatz 1, Building D4, Level 4
1020 Vienna
Phone: +43 1 31336 6315
Mail: si-researchcenter(a)wu.ac.at, Web: www.si-researchcenter.at
INVITATION
(apologies for duplicated mails!)
We are pleased to invite you to our next Investment Talk, 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 provides a platform for exchange in the field of asset management between academics, practitioners and the public.
INVESTMENT TALK
Date: Monday, June 29th, 2015 at 4 pm
Speaker: VASANT NAIK
Topic: "Quantitative Valuation Metrics and Macro Investing"
ABSTRACT: My talk will explore the design and use of quantitative valuation metrics in assessing the balance of risk and reward in macro markets: global equities, global duration and credit. We will also attempt to glean investment insights from the current readings of some of these metrics and discuss the construction of optimal portfolios of these assets in the present environment.
Vasant Naik is Executive Vice President and Global Head of the Empirical Research of PIMCO, London.
Please find further information at http://europe.pimco.com/EN/Experts/Pages/Vasant-Naik.aspx
REGISTRATION is required. We kindly ask to register before June 22nd at si-researchcenter(a)wu.ac.at
LOCATION:
TU Wien
BA Chemie Hochhaus, Entrance 10, 11th upper floor, TUtheSky - Conference room
1060 Vienna, Getreidemarkt 9
The TU building plan you can find here: http://www.si-researchcenter.at/events/investment-talk
PARKING FACILITIES:
Wipark Operngasse 13 oder Wipark Lehargasse 4.
Public transport:
U1, U2, U4 Karlsplatz (5 minutes walking distance)
U2 Museumsquartier
57A Getreidemarkt
TU building plan: http://www.si-researchcenter.at/events/investment-talk
Contact and further information:
WU, Institute for Finance, Banking and Insurance
attn. Martina Schlichting
Welthandelsplatz 1, Building D4, Level 4
1020 Vienna
Phone: +43 1 31336 6315
Mail: si-researchcenter(a)wu.ac.at, Web: www.si-researchcenter.at
We are happy to announce the completion of the second, fully revised
edition of our book
Quantitative Risk Management: Concepts, Techniques and Tools (Princeton
University Press)
In order to celebrate this event there will be a workshop and
book-launch featuring talks by Alex McNeil and Paul Embrechts, a book
presentation and a reception. Moreover, it will be possible to buy the
new edition of the book at a reduced rate and to have it signed by the
authors.
Date and venue: *June 10, 2015, 15:30-18:30,* WU, Executive Academy, Foyer
Further details under
http://www.wu.ac.at/statmath/detail-statmath/news/detail/News/quantitative-…
If you want to attend please send an email to Karin Haupt,
karin.haupt(a)wu.ac.at by june, 1st.
Participation is free of charge.
We are looking forward to welcoming you at the event
Rüdiger Frey, Paul Embrechts and Alex McNeil
--
Prof. Ruediger Frey
Institute for Statistics and Mathematics
WU Vienna
Welthandelsplatz 1, Building D4
A-1020 Vienna, Austria
email: ruediger.frey(a)wu.ac.at
web: http://statmath.wu.ac.at/~frey/
INVITATION
The WU Gutmann Center cordially invites you to the forthcoming
WU GUTMANN CENTER PUBLIC LECTURE
(apologies for duplicated mails!)
************************************************************************
Date: May 21 (Thursday), 2015, 4:00 pm
PLEASE NOTE: THE LOCATION IS DIFFERENT FROM USUAL PUBLIC LECTURES!
Location: WU University of Economics and Business Vienna
Library and Learning Center, LC - Festsaal 2
1020 Vienna, Welthandelsplatz 1
Speaker: Prof. Rossen Valkanov, http://rady.ucsd.edu/faculty/directory/valkanov/
Title: Complexity in Structured Finance: Financial Wizardry or Smoke and Mirrors?
ABSTRACT: We use data from prospectus supplements to create measures of the complexity of
We We use data from prospectus supplements to create measures of the complexity of securitized
products. We find that securities in more complex deals default more. However, yields of more
complex securities are not higher at issuance indicating that investors do not perceive such assets
as more likely to default. The relation between complexity and default is not primarily due to
issuers masking low quality loans as it persists after controlling for the collateral default rate.
Rather than creating safer securities, complexity disadvantages more senior securities within a
deal. Rating agencies are more lenient in rating complex deals.
About Rossen Valkanov: Rossen Valkanov is Professor of Finance at the Rady School of
Management at the University of California, San Diego (UCSD). He received his Ph.D. in economics
from Princeton University. In 1999, he became an assistant professor of finance at UCLA's
Anderson School of Management where he remained until his appointment at UC San Diego. From
2001 to present he teaches empirical finance at the University of California, Berkeley's Haas School
of Management. He is also a guest professor of the PhD program at the Vienna Graduate School of
Finance (VGSF). Rossen Valkanov is a member of many professional organizations including the
American Finance Association, the American Economic Association, the Econometric Society and
the Bachelier Society. His research focusses on empirical asset pricing, financial econometrics,
portfolio choice, monetary policy, and real estate .
More information about Rossen Valkanov: http://rady.ucsd.edu/faculty/directory/valkanov/
**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
Sehr geehrte Damen und Herren,
Der Studiengang "Quantitative Asset and Risk Management" (kurz: ARIMA) startet heuer im Herbst zum siebenten Mal und unsere AbsolventInnen haben hervorragende Chancen auf dem momentan doch recht schwierigen Arbeitsmarkt.
Gerade im Bereich "Risikomanagement" suchen Banken und Versicherungen verstärkt Personal, um den regulatorischen Herausforderungen - Basel III, Solvency II - gerecht werden zu können.
***Für das kommende Studienjahr 2015/16 werden noch Bewerbungen bis zum 31.05.2015 entgegen genommen.***
Internationalisierung:
Die Entwicklung dieses Programmes erfolgte gemeinsam mit internationalen Partneruniversitaeten und wurde von der EU als Joint Degree Curriculum Development Programm gefoerdert. Im 4. Semester findet daher ein verpflichtender Auslandsaufenthalt (mindestens zwei Wochen) bei einer der Partneruniversitaeten in Bologna, Iasi oder Katowice statt. Daraus ergibt sich auch, dass die Unterrichtssprache durchgaengig Englisch ist. Weitere Möglichkeiten zum Studierendenaustausch besteht mit der University of Xiamen (China) und der Higher School of Economics in Moskau.
Das Ziel von ARIMA
besteht darin, den Studierenden ein umfassendes Verstaendnis ueber die Zusammenhaenge zwischen Asset- und Risikomanagement im Finanzbereich zu vermitteln.
Die AbsolventInnen erhalten eine fundierte Ausbildung im Risikomanagement (Quantifizierung von Risiken, Risikoaggregation; integrierte Steuerung von Banken und Versicherungen etc.) und Asset Management (Assetklassen, Portfolioselektion, Asset Liability Management, etc.). Hinzu treten methodisch-analytische Kenntnisse und Fertigkeiten, vor allem in Finanzmathematik und Statistik.
Voraussetzungen zur Teilnahme am Masterprogramm:
Im Anschluss an ein wirtschafts-, sozial-, natur- oder rechtswissenschaftliches oder technisches Studium einer Universitaet oder Fachhochschule kann der vier Semester umfassende und berufsbegleitend organisierte Masterstudiengang ARIMA absolviert werden.
Weiters muessen besuchte Lehrveranstaltungen im Bereich Mathematik/Statisitk und Wirtschaftswissenschaften nachgewiesen werden.
Aufnahmeverfahren:
Formales Kriterium fuer die Teilnahme am Aufnahmeverfahren ist eine schriftliche Bewerbung bis spaetestens 31. Mai 2015.
Das Aufnahmeverfahren selbst besteht aus einem Interview (Diskussion eines aktuellen, finanzwirtschaftlichen Artikels auf englisch) und einem Multiple-Choice Test. Die Literatur fuer den MC-Test kann von der homepage der FH des bfi Wien heruntergeladen werden.
LektorenInnenpool aus dem wissenschaftlichen und berufsrelvanten Bereich:
Um einerseits theoretische Grundlagen zu vermitteln und andererseits die Anwendung der Theorie in der Praxis aufzuzeigen, konnten namhafte Lektoren aus diesen Bereichen fuer eine Vortragstaetigkeit in ARIMA gewonnen werden. Beispielshaft seien das IHS, die TU Wien, Oesterreichische Grossbanken und die OeNB genannt.
Wir hoffen, Ihr Interesse fuer den Studiengang geweckt zu haben und wuerden uns sehr freuen, wenn Sie dieses Schreiben an weiterbildungsinteressierte Personen in Ihrem Unternehmen weiterleiten wuerden. Fuer weitere Fragen stehen wir Ihnen gerne zur Verfuegung (silvia.helmreich(a)fh-vie.ac.at) oder besuchen Sie unsere homepage:
http://www.fh-vie.ac.at/en/Degree-Programmes/Master/Quantitative-Asset-and-…
Mit freundlichen Gruessen
Prof. (FH) Mag. Silvia Helmreich
Studiengangsleiterin ARIMA
Fachhochschule des bfi Wien GmbH
Wohlmutstrasse 22
1020 Wien
Tel.: +43 1 7201286 - 972
e-mail: silvia.helmreich(a)fh-vie.ac.at
http://www.fh-vie.ac.at
P.S.: die Kosten des Masterstudienganges betragen EUR 363,36 im Semester.
________________________________
Firmenwortlaut: Fachhochschule des bfi Wien Gesellschaft m.b.H
Firmenbuchnummer: 148597 a
Firmenbuchgericht: Handelsgericht Wien
Firmensitz: Wohlmutstraße 22, 1020 Wien
This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of this message, which arise as a result of e-mail transmission. If verification is required please request a hard-copy version.