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[VFN] Position Announcement - Assistant Professor
by Margarethe Rammerstorfer 29 Jul '14

29 Jul '14

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

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[VFN] 2nd European Actuarial Journal (EAJ) Conference
by Sandra Trenovatz 15 Jul '14

15 Jul '14

+------------------------------------ | | 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

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[VFN] Einladung zu den Kahlenberger Gesprächen
by Margarethe Rammerstorfer 06 Jun '14

06 Jun '14

*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

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[VFN] 2nd European Actuarial Journal (EAJ) Conference & Educational Workshop, Vienna, Austria
by Sandra Trenovatz 26 May '14

26 May '14

+----------------------------------------------- | | 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

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[VFN] REMINDER: Investment Talk Prof. Malcolm P. Baker, June 2nd
by si-researchcenter 22 May '14

22 May '14

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[VFN] CALL FOR PAPERS AWG 2014
by Fuchs, Daniela 08 May '14

08 May '14

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.

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[VFN] INVITATION: Investment Talk Prof. Malcolm P. Baker, June 2nd
by Schlichting, Martina 06 May '14

06 May '14

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

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[VFN] Mathematik & Wirtschaft: Veranstaltungen für (Oberstufen-)SchülerInnen
by Sandra Trenovatz 23 Apr '14

23 Apr '14

+------------------------------------------ | | 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 ]

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[VFN] INVITATION Apr 8: WU Gutmann Center Public Lecture - Susan Christoffersen - On the demand for high-beta stocks
by Alois Geyer 24 Mar '14

24 Mar '14

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

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[VFN] Reminder - Investment Talk March 19 - Prof. Elroy Dimson
by si-researchcenter 04 Mar '14

04 Mar '14

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

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