MODUL University Vienna is an international private university owned by
the Vienna Chamber of Commerce and Industry, the largest provider of
private education in Austria. The university campus is located on
Kahlenberg, a scenic hill with a spectacular view of the capital of
Austria. Since 2007, MODUL University Vienna offers cutting-edge
education (BBA, BSc, MSc, MBA and PhD study programs) in the areas of
international management, new media technology, public governance,
sustainable development, and tourism and hospitality management.
Position Announcement - Assistant Professor
MODUL University Vienna is an international university located on top of
Kahlenberg with a panoramic view over the City of Vienna. The Department
of International Management is seeking an outstanding young scholar to
teach undergraduate and graduate courses www.modul.ac.at/study-programs.
The teaching load for this position is five weekly units per semester –
one unit equals 45 minutes in the class room.
*Responsibilities: *
·independent research**
·contributing to research and teaching within the scope of the
department and study program (BsC in International Management)**
·teaching and administrative tasks**
·assisting support activities**
·holding classes and conducting examinations independently**
*What we expect:*
·an outstanding average grade on your university degree and/ or
doctorate in business administration or a related field
·Advanced skills in quantitative research methods, f.e. econometric skills
·a very high standard of English (teaching experience in English is a plus)
·Advanced MS Office skills or equivalent
·Familiar with datasources as f.e. Bloomberg, Amadeus etc.
Salary and Application Process:
The position remains open until filled; the review of applications will
commence in September 2014.MU Vienna offers five-year contracts with the
option to renew after a performance evaluation. The initial salary is
EUR 55,000 before taxes, with additional remuneration for extra teaching
and outstanding scholarship. MU Vienna is an equal opportunity employer
and strongly encourages qualified women to apply. Please send your
application including cover letter, curriculum vitae, list of
publications and statement of research and teaching interest to
katrin.brueckner(at)modul.ac.at (in English; preferably as a single PDF
file not exceeding 8 MB).
link: http://modul.ac.at/uploads/files/user_upload/IM-Assistant_Prof.pdf
+------------------------------------
|
| 2nd European Actuarial Journal (EAJ) Conference
| Vienna, September 10-12, 2014
|
| EAJ Educational Workshop
| Vienna, September 8-9, 2014
|
| http://www.fam.tuwien.ac.at/eaj2014/
|
+-------------------------------------------------------------------
The 2nd European Actuarial Journal (EAJ) Conference (Vienna, September
10-12, 2014) is an international conference in actuarial science and
insurance mathematics. The aim is to bring together practicing actuaries
and academics to discuss about challenging and current topics in
actuarial science. We invite researchers and practitioners to join the
event in the heart of beautiful Austria.
The EAJ Educational Workshop (Vienna, September 8-9, 2014) is a
satellite event of the 2nd EAJ Conference, aimed at both academics and
practitioners and providing a general overview over the past and current
research results and their practical applications.
We are proud to announce to already have registrations from the
following countries:
Algeria - Argentina - Australia - Austria - Belgium - Brazil - China -
Colombia - Denmark - Finland - France - Germany - Greece - Iceland -
Iran - Israel - Italy - Latvia - Netherlands - Norway - Portugal -
Russia - Singapore - Slovenia - Spain - Sweden - Switzerland - Taiwan -
Turkey - Ukraine - United Kingdom - USA
With best regards from the organisers,
Actuarial Association of Austria
Vienna University of Technology
For early registrations until July 25, a discount of 10% is allowed.
Details and Registration for EAJ 2014: http://fam.tuwien.ac.at/eaj2014/
--------------------------------------------------------------------
2nd EAJ Conference 2014
Wednesday, September 10 - Friday, September 12, 2014
EAJ Educational Workshop
Monday, September 8 - Tuesday, September 9, 2014
Website:
http://www.fam.tuwien.ac.at/eaj2014/
Location:
Vienna University of Technology
Wiedner Hauptstr. 8, 1040 Wien, Austria
Organized by:
Actuarial Association of Austria
Vienna University of Technology
Sponsored by (alphabetical order):
arithmetica
Drei-Banken Versicherung
fintegral consulting
Gen Re - General Reinsurance
HDI Versicherung
Milliman
Munich RE - Münchener Rückversicherungs-Gesellschaft
Sparkassen Versicherung - Vienna Insurance Group
Springer-Verlag
http://www.fam.tuwien.ac.at/eaj2014/sponsors.php
Invited Speakers and Talks...
... at the EAJ Conference:
Hansjörg Albrecher (University of Lausanne, CH)
Francesca Biagini (LMU Munich, DE)
Andrew Cairns (Heriot-Watt University, Edinburgh, UK)
Alexander Dotterweich (KPMG, Munich, DE)
Hansjörg Furrer (Swiss Financial Market Supervisory Authority, CH)
Stefan Jaschke (Munich Re, DE)
Claus Mischler (Standard Life, Frankfurt, DE)
Ragnar Norberg (ISFA, Universite Lyon 1, FR)
Daniel Ryan (Swiss Re, London, UK)
Michael Schlögl (Vienna Insurance Group, AT)
Hanspeter Schmidli (University of Cologne, DE)
Mogens Steffensen (University of Copenhagen, DK)
Nele Vandaele (KBC Group, Brussels, BE)
... at the EAJ Educational Workshop:
Carole Bernard (University of Waterloo, CA)
Enrico Biffis (Imperial College Business School, London, UK)
Claudia Czado (Technische Universität München, DE)
Stéphane Loisel (ISFA, Université Lyon 1, FR)
Alfred Müller (University of Siegen, DE)
http://www.fam.tuwien.ac.at/eaj2014/speakers.php
Submission of Contributed Talks & Posters:
The call for posters is open until July 31, 2014.
Submissions of contributed talks is already closed.
http://www.fam.tuwien.ac.at/eaj2014/contributions.php
Participation and Registration:
Registration is possible until August 15, 2014.
For early registrations until July 25, 2014, a discount
of 10% is allowed.
http://www.fam.tuwien.ac.at/eaj2014/registration.php
CPD:
The attendance at EAJ 2014 (full week, Sept. 8-12) may qualify
for up to 29 CPD credits for those delegates whose national
actuarial organization's CPD requirements recognize EAJ 2014.
The EAJ Educational Workshop (Sept. 8-9, 1014) may qualify for up
to 13 CPD credits and the EAJ Conference (Sept. 10-12, 1014)
may qualify for up to 16 CPD credits. See details on:
http://www.fam.tuwien.ac.at/eaj2014/cpd.php
*EINLADUNG*
**
Sehr geehrte Damen und Herren,
ganz herzlich möchten wir Sie auf diesem Weg zu folgender Ausgabe der
Podiumsdiskussionsreihe "Kahlenberger Gespräche" einladen:
*"Impact Investment - ein MUSS für jeden Investor"***Wann:
*Donnerstag**, 12. Juni 2014, 18:30 Uhr*
**Wo: *MODUL University Vienna, Am Kahlenberg 1, 1190 Wien*
**
*Moderation*: Franz Schellhorn, Leiter der Denkfabrik Agenda Austria
*Keynote: *Karl (Charly) Kleissner, Social Impact Investor, Philosoph
und Millionär
Bitte entnehmen Sie nachfolgendem Link detaillierte Informationen zur
Veranstaltung:
*http://www.modulcareer.at/newsevents/kahlenberger-gespraeche/impact-investment.html*
**
Wir bitte um Ihre Anmeldung per E-mail an *ana.todorovic(a)modul.ac.at*
bis 10. Juni 2014.
Wir freuen uns auf Ihr Kommen!
*Hani El-Sharkawi*Leiter MODUL Career
*MODUL University Vienna*Am Kahlenberg 1, 1190 Wien, Austriawww.modul.ac.at
MODUL University Vienna GmbH,HG Wien, FN 277162t, ATU 62643214
--
------------------------------------------------------------------------
*Dr. Margarethe Rammerstorfer *
Associate Professor for Finance
Head of Department
Department of International Management
Program Area Director International Management
*MODUL University Vienna*
Am Kahlenberg 1, 1190 Wien, Austria
T: +43 (1) 3203555 650
F: +43 (1) 3203555 903
margarethe.rammerstorfer(a)modul.ac.at
<mailto:%0A%0Amargarethe.rammerstorfer@modul.ac.at>
www.modul.ac.at
+-----------------------------------------------
|
| 2nd European Actuarial Journal (EAJ)
| Conference & Educational Workshop
|
| Vienna, September 8-12, 2014
|
| http://www.fam.tuwien.ac.at/eaj2014/
|
+----------------------------------------------------------------------
The 2nd European Actuarial Journal (EAJ) Conference (Vienna, September
10-12, 2014) is an international conference in actuarial science and
insurance mathematics. The aim is to bring together practicing actuaries
and academics to discuss about challenging and current topics in
actuarial science. We invite researchers and practitioners to present
their scientific work - the call for contributed talks and posters is
open until June 15, 2014.
The EAJ Educational Workshop (Vienna, September 8-9, 2014) is a
satellite event of the 2nd EAJ Conference, aimed at both academics and
practitioners and providing a general overview over the past and current
research results and their practical applications.
Details and Registration for EAJ 2014: http://fam.tuwien.ac.at/eaj2014/.
-----------------------------------------------------------------------
EAJ Conference 2014
Wednesday, September 10 - Friday, September 12, 2014
EAJ Educational Workshop
Monday, September 8 - Tuesday, September 9, 2014
Conference Website:
http://www.fam.tuwien.ac.at/eaj2014/
Location:
Vienna University of Technology
Wiedner Hauptstr. 8, 1040 Wien, Austria
Organized by:
Actuarial Association of Austria
Vienna University of Technology
Sponsored by (alphabetical order):
arithmetica
Drei-Banken Versicherung
fintegral consulting
HDI Versicherung
Milliman
Munich RE - Münchener Rückversicherungs-Gesellschaft
Sparkassen Versicherung - Vienna Insurance Group
Gen Re - General Reinsurance
Springer-Verlag
(further sponsors are welcome)
http://www.fam.tuwien.ac.at/eaj2014/sponsors.php
Invited Speakers and Talks...
... at the EAJ Conference:
Hansjörg Albrecher (University of Lausanne, CH)
Francesca Biagini (LMU Munich, DE)
Andrew Cairns (Heriot-Watt University, Edinburgh, UK)
Alexander Dotterweich (KPMG, Munich, DE)
Hansjörg Furrer (Swiss Financial Market Supervisory Authority, CH)
Stefan Jaschke (Munich Re, DE)
Claus Mischler (Standard Life, Frankfurt, DE)
Ragnar Norberg (ISFA, Universite Lyon 1, FR)
Daniel Ryan (Swiss Re, London, UK)
Michael Schlögl (Vienna Insurance Group, AT)
Hanspeter Schmidli (University of Cologne, DE)
Mogens Steffensen (University of Copenhagen, DK)
Nele Vandaele (KBC Group, Brussels, BE)
... at the EAJ Educational Workshop:
Carole Bernard (University of Waterloo, CA)
Enrico Biffis (Imperial College Business School, London, UK)
Claudia Czado (Technische Universität München, DE)
Stéphane Loisel (ISFA, Université Lyon 1, FR)
Alfred Müller (University of Siegen, DE)
http://www.fam.tuwien.ac.at/eaj2014/speakers.php
Submission of Contributed Talks & Posters:
The call for contributed talks & posters is open until June 15, 2014.
Acceptance/rejection letters will be sent by July 7 at the latest.
http://www.fam.tuwien.ac.at/eaj2014/contributions.php
Participation and Registration:
Registration is possible until August 15, 2014.
For early registrations until July 15, 2014, a discount
of 10% is allowed.
http://www.fam.tuwien.ac.at/eaj2014/registration.php
CPD:
The attendance at EAJ 2014 (full week, Sept. 8-12) may qualify
for up to 29 CPD credits for those delegates whose national
actuarial organization's CPD requirements recognize EAJ 2014.
The EAJ Educational Workshop (Sept. 8-9, 1014) may qualify for up
to 13 CPD credits and the EAJ Conference (Sept. 10-12, 1014)
may qualify for up to 16 CPD credits. See details on:
http://www.fam.tuwien.ac.at/eaj2014/cpd.php
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 2nd, 2014 at 4:30 pm
Speaker: PROF. MALCOLM P. BAKER
Topic: "THE LOW RISK ANOMALY: IMPLICATIONS FOR INVESTMENT, ASSET ALLOCATION, AND CORPORATE FINANCE"
ABSTRACT:
One of the basic principles of finance is that, in competitive and efficient markets, investors earn higher average returns only by taking greater risks. Asset classes follow this pattern: Stocks have returned more than bonds, and bonds have returned more than cash. But, within the stock market, the pattern is reversed. Low risk stocks, whether measured by volatility or market beta, have outperformed high risk stocks on average in eighty years of U.S. stock market history and in thirty years of international data. Drawing on his research, Professor Baker will describe the behavioral and institutional explanations for this anomaly and discuss the potential implications for investment, asset allocation, and corporate finance.
ABOUT Malcolm P. Baker:
Prof. Malcolm P. Baker is the Robert G. Kirby Professor of Business Administration at the Harvard Business School and the program director for corporate finance at the National Bureau of Economic Research.
Further information about Malcolm P. Baker: http://www.hbs.edu/faculty/Pages/profile.aspx?facId=10639&facInfo=pub
REGISTRATION IS REQUIRED. We kindly ask to register before May 28th at si-researchcenter(a)wu.ac.at
LOCATION:
WU, Building AD
AD.O.114, Conference room 1
http://gis.wu.ac.at/index.html?roomShow=AD.0.114&setLng=en
Welthandelsplatz 1, 1020 Vienna
CONTACT AND FURTHER INFORMATION:
WU, Institute for Finance, Banking and Insurance
att. 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
DEPARTMENT OF FINANCE, ACCOUNTING AND STATISTICS
29. WORKSHOP - AUSTRIAN WORKING GROUP ON BANKING & FINANCE
21. und 22. November 2014, Wien
First CALL for PAPERS
Der Workshop findet am Freitag, 21. November 2014, nachmittags, und am Samstag, 22. November 2014, vormittags, an der WU Wien statt.
Bezüglich der Themen gibt es keine Einschränkung. Papers oder Extended Abstracts (ca. zwei Seiten) - vorzugsweise in englischer Sprache - können bis spätestens 22. September 2014 bei Prof. Dr. Stefan Bogner, Department of Finance, Accounting and Statistics, WU Wien, Welthandelsplatz 1, 1020 Wien oder e-mail: stefan.bogner(a)wu.ac.at eingereicht werden. Das Programm wird am 20. Oktober 2014 bekanntgemacht.
Um den Workshop-Charakter der Veranstaltung zu fördern, soll jeder Vortrag durch einen Discussant besprochen wird. Das Finden geeigneter Discussants liegt in der Verantwortung von Prof. Bogner sowie den jeweiligen Session Chairs.
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.
Teilnehmer: Angesprochen sind sowohl der wissenschaftliche Nachwuchs an allen österreichischen Universitäten und verwandten Institutionen der Forschung als auch Praktiker in Kreditinstituten und Finanzabteilungen von Unternehmen.
Schwerpunkte: Arbitrage Pricing - Capital Market Theory - Capital Requirements of Financial - (Auswahl) Intermediaries - Commercial Banking - Contingent Claims Analysis - Corporate Finance - Financial Innovations - Financial Markets Research - International Banking and Finance - Investment Banking - Options and Futures - Performance Measurement - Portfolio Management - Risk Management - Security Analysis.
**************************************************************************************************
DEPARTMENT OF FINANCE, ACCOUNTING AND STATISTICS
29. WORKSHOP - AUSTRIAN WORKING GROUP ON BANKING & FINANCE
21. and 22. November 2014, Vienna
First CALL for PAPERS
The workshop will take place November 21, 2014 (afternoon) und November 22, 2014 (morning) at WU Wien.
Full papers or detailed abstracts in all areas of banking and finance are welcome and have to be submitted by September 22, 2014 to Prof. Stefan Bogner, Department of Finance, Accounting and Statistics, WU Wien, Welthandelsplatz 1, 1020 Wien or via e-mail: stefan.bogner(a)wu.ac.at<mailto:stefan.bogner@wu.ac.at>.
Notification of acceptance: October, 20, 2014.
Every paper presentation will be supported by a prepared discussion. The assignment of discussants is the responsibility of Prof. Bogner and the respective session chair.
AUSTRIAN WORKING GROUP ON BANKING AND FINANCE
The aim of the Austrian Working Group on Banking and Finance is to generate a discussion forum for theoretical and empirical research in all areas of banking and finance throughout Austria. 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, e.g. encouraged to present one of their PhD Thesis papers/projects.
Jointly Organized by WU Wien, Department of Finance, Accounting and Statistics, Institute for Finance, Banking and Insurance, Vienna, Austria and Austrian Society for Bank Research (BWG), Vienna, Austria
Topics can include but are not limited to:
Arbitrage Pricing, Behavioral Finance, Capital Market Theory, Capital Requirements of Financial Institutions, Commercial Banking, Contingent Claims Analysis, Corporate Finance, Financial Innovations, Financial Markets Research, Intermediaries, International Banking and Finance, Investment Banking, Options and Futures, Performance Measurement, Portfolio Management, Risk Management, Security Analysis.
INVITATION
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 2nd, 2014 at 4:30 pm
SPEAKER: Prof. MALCOLM P. BAKER
TOPIC: "The Low Risk Anomaly: Implications for Investment, Asset Allocation, and Corporate Finance"
ABSTRACT:
One of the basic principles of finance is that, in competitive and efficient markets, investors earn higher average returns only by taking greater risks. Asset classes follow this pattern: Stocks have returned more than bonds, and bonds have returned more than cash. But, within the stock market, the pattern is reversed. Low risk stocks, whether measured by volatility or market beta, have outperformed high risk stocks on average in eighty years of U.S. stock market history and in thirty years of international data. Drawing on his research, Professor Baker will describe the behavioral and institutional explanations for this anomaly and discuss the potential implications for investment, asset allocation, and corporate finance.
ABOUT Malcolm P. Baker:
Prof. Malcolm P. Baker is the Robert G. Kirby Professor of Business Administration at the Harvard Business School and the program director for corporate finance at the National Bureau of Economic Research.
Further information about Malcolm P. Baker: http://www.hbs.edu/faculty/Pages/profile.aspx?facId=10639&facInfo=pub
Registration is required. We kindly ask to register before May 28th at office(a)si-researchcenter.at
Location:
WU, Building AD
AD.O.114, Conference room 1
http://gis.wu.ac.at/index.html?roomShow=AD.0.114&setLng=en
Welthandelsplatz 1, 1020 Vienna
Contact and further information:
WU, Institute for Finance, Banking and Insurance
att. Martina Schlichting
Welthandelsplatz 1, Building D4, Level 4
1020 Vienna
Phone: +43 1 31336 6315
Mail: office(a)si-researchcenter.at, Web: www.si-researchcenter.at
+------------------------------------------
|
| Teenage Think Tank
| http://www.teenagethinktank.at/
|
+------------------------------------------------------
Die Initiative "Teenage Think Tank" startet am 25. April 2014 und hat
sich das Ziel gesetzt interessierten SchülerInnen den praktischen Nutzen
von Mathematik in der Wirtschaft aufzuzeigen. Möglich wird das durch die
Kooperation mit der Technischen Universität Wien, dem Stadtschulrat für
Wien und dem Science Center Netzwerk.Reale Probleme aus Wirtschaft und
Gesellschaft durch innovative Ansätze mit mathematischen Methoden lösen
- nicht weniger ist der Anspruch des Teenage Think Tank. Ermöglicht
werden soll dies durch einen generationenübergreifenden
Wissensaustausch. In den angebotenen Workshops wird die Plattform
geboten, um die Ideen der Teenager zu sammeln und gemeinsam mit
ExpertInnen weiterzuentwickeln. Die Resultate werden im Anschluss auf
Umsetzungsmöglichkeit und Innovationskraft getestet.
**"Die Ideen der Teenager sind unsere Zukunft"**
ist Mitinitiator Bernhard Kronfellner überzeugt.
**Ideen fördern - erarbeiten - testen**
Mathematik zählt noch immer nicht zu den meistgenannten Lieblingsfächern
in der Schule. Dennoch ist der Bedarf an kompetenten MathematikerInnen
in der Wirtschaft hoch. Um ein Bindeglied zwischen Schulmathematik,
interessierten SchülerInnen und Firmen zu schaffen, wurde der Teenage
Think Tank ins Leben gerufen. Anhand praktischer Probleme, die die
Vortragenden aus ihrem Berufsleben beisteuern, wird der Nutzen von
Mathematik im Alltag erlebbar. Gleichzeitig sehen SchülerInnen, in
welche unterschiedlichen Bereiche eine technisch-naturwissenschaftliche
Ausbildung führen kann. Die Vortragenden der Startworkshops arbeiten
z.B. in den Bereichen Bankenwesen, Medizin oder Rechtswissenschaften.
Von Wirtschaftsseite besteht das Interesse an der Meinung der
Jugendlichen zu aktuellen Fragestellungen. Durch gezielte Einbindung der
Teenager sollen adäquate Lösungen gemeinsam entwickelt werden. Der
Schulmathematik bietet sich die Option den Unterricht durch reale
Beispiele zu erweitern und die konkrete Anwendbarkeit des Erlernten zu
demonstrieren.
**Vernetzung erwünscht**
Neben den Workshop-Terminen - in Folge sollen ein bis zwei pro Semester
stattfinden - steht eine App zur Vernetzung zur Verfügung. Diese soll
durchgehenden Kontakt zwischen den Beteiligten ermöglichen. Neue Ideen
können eingereicht werden, bestehende Ideen können bewertet werden und
Rechenbeispiele aus der Praxis werden angeboten. Die Ergebnisse aus den
Workshops werden in White Papers veröffentlicht. SchülerInnen haben
somit Ergebnisse parat, die ihr Engagement dokumentieren.
**Teenage Think Tank - Kick off Veranstaltung**
Freitag, 25. April 2014, 15:00 - 19. 30 Uhr
Festsaal der TU Wien Karlsplatz 13, 1040 Wien
Die Teilnahme ist kostenfrei! (Online-Anmeldung erbeten)
Kurzentschlossene interessierte SchülerInnen der Oberstufe sind herzlich
eingeladen!
Webtipp: http://www.teenagethinktank.at/
**Rückfragehinweise:**
Prof. Manfred Kronfellner
Institut für Diskrete Mathematik und Geometrie
Technische Universität Wien
Wiedner Hauptstraße 8-10, 1040 Wien
M +43-699-19384561
manfred.kronfellner(a)tuwien.ac.at
[Text von
http://www.tuwien.ac.at/aktuelles/news_detail/article/8749/?no_cache=1 ]
INVITATION
The WU Gutmann Center cordially invites you to the forthcoming
WU GUTMANN CENTER PUBLIC LECTURE
(apologies for duplicated mails!)
************************************************************************
Date: APRIL 8 (Tuesday), 2014, 4:00 pm
Location: Bank Gutmann, Schwarzenbergplatz 16, A-1010 Vienna
Speaker: Prof. Susan Christoffersen, University of Toronto, Rotman School of Management
http://www.rotman.utoronto.ca/FacultyAndResearch/Faculty/FacultyBios/Christ…
x
Title: On the demand for high-beta stocks: Evidence from mutual funds
ABSTRACT:
Prior studies have documented that pension plan sponsors rigorously monitor a fund´s
performance relative to a benchmark. We use a first-difference approach to causally show
that in an effort to beat benchmarks, fund managers controlling large pension assets reduce
fees and increase their exposure to higher risk (high-beta) stocks. Managers increase beta
without affecting tracking error because they strategically substitute low-beta stocks for
high-beta stocks with low idiosyncratic volatility. The findings support theoretical conjectures
that benchmarking pressures increase demand for high-beta stocks and help to explain their
abnormally low returns. Managerial risk-taking responses to benchmarking pressures
complicate financial planning for investors as portfolio risk increases with the amount of
retirement money managed in the mutual fund.
About Susan Christoffersen:
Susan Christoffersen is an Associate Professor of Finance. Her research focuses on mutual
funds and the role of financial institutions in capital markets. She has published in top
finance journals and cited in The New York Times, International Herald Tribune, Bloomberg
News Service, and The Wall Street Journal. Susan has received grants from SSHRC, IFM2,
and FQRSC and research awards from Q-Group, Bank of Canada, BSI Gamma Foundation,
INQUIRE, and the Swiss Finance Institute. Susan was awarded the Limited Term
Professorship by the Canadian Securities Institute Research Foundation in 2005.
**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
(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. Both the topic and the speaker for our next event are particularly interesting. We will be discussing the risk and return characteristics of five long-established Bordeaux wines, with price histories that go back more than 100 years. Our speaker is Professor Elroy Dimson, who is well-known for his important contributions in the field of asset management, such as his work on estimating betas or his work on risk premia in the stock markets.
INVESTMENT TALK
Date: Wednesday, March 19, 2014 - 4 pm
Speaker: PROF. ELROY DIMSON
Topic: "THE PRICE OF WINE"
ABSTRACT:
We examine the impact of aging on wine prices and the performance of wine as a long-term investment using a unique historical database for five long-established Bordeaux wines that we construct from auction and dealer prices. We estimate the life-cycle price patterns with a regression model that avoids multicollinearity between age, vintage year, and time by replacing vintage effects with annual data on production yields and weather quality. In line with the predictions of an illustrative model, we observe the highest appreciation rates for young high-quality wines that are still maturing. Our results also suggest that owners of famous wines receive non-pecuniary benefits-especially for old bottles-even though this "psychic" dividend is probably small relative to financial returns. Using an arithmetic repeat-sales regression, we estimate an annualized real financial return to wine investments (net of insurance and storage costs) of 4.1% between 1900 and 2012. Wine returns are lower than equity returns but positively correlated with them, yet wine does outperform government bonds, art, and stamps. We note that the historical returns on wine documented here may have exceeded ex ante expectations.
ABOUT ELROY DIMSON:
Elroy Dimson co-directs the Centre for Endowment Asset Management at Cambridge Judge Business School, chairs the Strategy Council for the Norwegian Government Pension Fund, chairs the Policy Committee for FTSE Group, and is Emeritus Professor of Finance at London Business School. His publications include Triumph of the Optimists, Endowment Asset Management, and the Global Investment Returns Yearbook. He has been an Associate Editor of Journal of Finance, Review of Finance and other journals.
A co-designer of the FTSE 100 index, Elroy chairs FTSE's advisory board and serves on the Financial Analysts Journal board. He is on the investment committees of Guy's & St Thomas' Charity and the Foundation for Social Entrepreneurs. He is past president of the European Finance Association, and Honorary Fellow of the CFA Society of the UK (FSIP) and of the Institute of Actuaries. He recently received the CFA Institute's James Vertin award, the Moskowitz prize, and the Bernstein Fabozzi/Jacobs Levy award.
REGISTRATION IS REQUIRED. We kindly ask to register before March 10th at office(a)si-researchcenter.at
LOCATION:
WU, Building LC (Library & Learning Center),
Festsaal 1 (http://gis.wu.ac.at/index.html?roomShow=LC.0.100)
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