Workshop
Institutional Framework for the Carbon Market:
Can Financial Markets and Institutions be a Model?
Date: November 25, 2010
Time: 12.00 – 18.30
Venue: Institute of Banking and Finance (i:bf), University of
Graz, Austria
Universitaetsstrasse 15/F2, SR 15.25
Aim of this workshop:
Aim of this workshop is to discuss the role of financial markets and
institutions for the carbon market, with a special focus on the EU
Emissions Trading System (EU-ETS). Questions addressed are the role banks
play for hedging companies under the EU-ETS, whether a higher degree of
regulation and market oversight is needed for the EU-ETS and what the main
differences to other commodity markets are. Furthermore it will be
discussed what lessons can be learned from financial markets regarding
market oversight and from central banks regarding the management of
monetary policy. The workshop brings together leading experts of carbon
market policy from academia and practice.
Contact and registration:
Prof. Roland Mestel
Institute of Banking and Finance, University of Graz
Email: silvia.gersin(a)uni-graz.at
Phone: +43 316 380 7300
Agenda
12:00 – 12:30 Welcome and Introduction
Roland Mestel (Institute of Banking and Finance) and Andreas Tuerk (Wegener
Center)
12:30 – 14:00
Session 1 Quo Vadis, EU-ETS?
Barbara Buchner, Climate Policy Initiative, Venice: Is there a need for
more market oversight and regulation in the EU-ETS?
Stefan Schleicher, University of Graz and Austrian Institute for Economic
Research: The role of CO2 prices for low-carbon technologies: latest
empirical evidence from the EU-ETS.
Michael Loretz, University of Graz: A real option-based approach for CO2
price management.
14:00 – 14.30 Coffee break
14:30 – 16:00
Session 2 Carbon markets in practice: Lessons from financial and
commodity markets
Stefan Ulreich, E.ON Energy Trading, Duesseldorf: The role of the CO2 price
for investment decisions in the energy sector: Is the CO2 market
sufficiently hedged against price risks?
Nicolas Stephan, Caisse des Dépôts, Paris: Managing carbon markets: Lessons
from commodity markets.
Claire Dufour, BlueNext, Paris: Regulating carbon markets: The view of a
CO2 exchange.
16:00 – 16.30 Coffee break
16:30 – 18:00
Panel
Discussion What is needed to increase the success of the CO2 market?
Panelists: Barbara Buchner, Claire Dufour, Nicolas Stephan, Stefan Ulreich
18:00 Concluding remarks by Roland Mestel and Andreas Tuerk
About the participating organizations:
BlueNext:
BlueNext is one of the leading environmental trading exchanges, founded
by NYSE Euronext and Caisse des Dépôts. BlueNext offers spot trading of
CO2 emission rights and derivative products for the EU-Emissions Trading
Scheme, as well as Certified Emissions Reductions (CERs) generated under
the Kyoto Protocol’s Clean Development Mechanism.
Claire Dufour is product manager and participates in the development of
new products and services and monitors regulatory and competitive
environments of carbon markets.
Caisse des Dépôts:
The Caisse des Dépôts group, a long term investor, is a public group in
France serving the economic development of the country. Within CDC, CDC
Climat Research is a centre for analysis and research on climate change
economics. It provides information and expertise to the general public,
companies, experts and public decision-makers.
Nicolas Stephan, having a strong background in global commodity and
energy markets, carries out research on carbon funds and innovations in
carbon finance.
Climate Policy Initiative:
CPI was established by George Soros as a nonprofit institution that
examines the effectiveness of energy and climate policies around the
globe. It works closely with the finance and business communities to
understand how emerging climate policies create and affect markets that
allocate investment capital. The initiative maintains offices in key
countries around the world.
Barbara Buchner is director of the CPI office in Venice, Italy.
E.ON Energy Trading:
E.ON Energy Trading is one of Europe’s leading energy trading businesses
and the commercial heart of E.ON, one of the largest investor-owned power
and gas companies in the world. As the link between E.ON and the world’s
wholesale energy markets, the company buys and sells electricity, natural
gas, oil, coal, freight, biomass and emissions certificates.
Stefan Ulreich is one of the leading energy policy experts in E-ON Energy
Trading. Before joining E.ON Energy Trading he worked as a quantitative
analyst in an investment bank.
University of Graz:
Within its current research portfolio the University of Graz combines
excellent know-how regarding carbon markets (Wegener Center) with long
term experience in the fields of finance and investment (Institute of
Banking and Finance). The research is based on a strong theoretical
background and is applied in empirical market analyses.
Stefan Schleicher is senior advicer to the Wegener Center.
Michael Loretz is a PhD canditate at the Institute of Banking and
Finance.
AWG - Austrian Working Group on Banking and Finance
Das ibf der Universität Graz veranstaltet am 26. und 27. November 2010
gemeinsam mit der Bankwissenschaftlichen Gesellschaft und der
Oesterreichischen Nationalbank den
25. Workshop der AWG
Universität Graz, Institut für Banken und Finanzierung
Universitätsstraße 15, 8010 Graz
Bauteil E, HS 15.04 und 15.05
e-mail: silvia.gersin(a)uni-graz.at bzw. awg(a)bwg.at
Programm
Freitag, 26.11.2010
09:00 Eröffnung durch den Rektor der Universität Graz, Univ.-Prof.
Dr. Alfred Gutschelhofer, und Univ.-Prof. Dr. Peter Steiner
Vorträge zum Thema "Bankenstruktur und
Unternehmensfinanzierung"
09:15 – 10:00 Univ.-Prof. Dr. Thomas Hartmann-Wendels, Universität Köln
Venture Capital Finanzierung – Bewertung, Agency Probleme und
Risikoteilung
10:00 – 10:40 Univ.-Prof. Dr. Ewald Nowotny, Gouverneur OeNB
Finanzierungsbedingungen, Kreditvergabe und Finanzkrise –
Österreich im internationalen Vergleich
10:40 – 11:00 Kaffeepause
11:00 – 11:30 VD Dipl.-Kfm Arndt M. Hallmann, RLB Stmk
Auswirkungen der Banken – und Kapitalmarktregulierung auf die
Unternehmensfinanzierung
11:30 – 12:00 Dr. Ralf Kronberger, WKÖ
Die Kreditversorgung der österreichischen mittelständischen
Unternehmen – Die Sicht der Kreditnachfrager
12:00 – 12:30 VD Mag. Johann Moser, aws
Liquiditäts- und Risikoaspekte der Unternehmensfinanzierung –
Was können Förderinstitutionen beitragen?
12:30 – 14:00 Mittagessen
14:00 – 15:30 Session I: Regulierung und Finanzmarktstabilität
Reicht Bankregulierung zur Vermeidung schwerer Finanzkrisen?
Gunther Tichy, ÖAW
Makroökonomische Auswirkungen von BASEL III
Emanuel Kopp / Christian Ragacs / Stefan Schmitz, OeNB
Regulatory Medicine Against Financial Market Instability: What
Helps And What Hurts?
Stefan Kerbl, ONeB
15:30 – 16:00 Kaffeepause
16:00 – 17.00 Session II: Banking and Finance
How much to retain? Theory and Evidence from Structured Finance
Transactions
John Kiff, IMF / Michael Kisser, Norwegian School of Economics
and Business Administration
Bank Office Outreach, Structure and Performance in Regional
Banking Markets
Johann Burgstaller, Uni Linz
17:00 – 17:30 Special Session: 25 Jahre AWG – ein „wissenschaftlicher“
Rückblick
Stefan Pichler, WU Wien
Ab 18:00 Abendessen und geselliges Beisammensein auf Einladung der BWG im
Thomawirt-
A-8010 Graz, Leonhardstraße 40-42
Samstag, 27.11.2010
9:00 – 10:30 Session III: Empirische Kapitalmarktforschung
Exploring the performance of government debt issuance
Alexander Eisl / Hermann Elender/ Stefan Pichler, WU Wien
Trading on key figures: Empirical evidence from S&P500 stocks
Alexander Brauneis, Uni Klagenfurt/ Roland Mestel, Uni Graz
Institutionelle Determinanten von F&E Investitionen
Jörg C. Mahlich, WKO / Burcin Yurtoglu, Uni Wien
10:30 – 11:00 Kaffeepause
11:00 – 12:30 Session IV: Behavioral Finance
Entscheidungsverhalten von Finanzmarktakteuren – eine
soziologische Betrachtung
Klaus Kraemer, Uni Graz
Can Prospect Theory explain the popularity of savings plans?
Manfred Frühwirth / Georg Mikula, WU Wien
Entscheidungsverhalten unter Risiko im Gruppen- und
Geschlechterkontext: Eine experimentelle Analyse
Andrea Essl / Stefan Palan, Uni Graz
Vorprogramm zum 25. Workshop der AWG:
Workshop zum Thema
Institutional Framework for the Carbon Market:
Can Financial Markets and Institutions be a Model?
25. November 2010, 12.00 - 18.30 Uhr
Ort: Universität Graz, Universitätsstraße 15 / F2, SR 15.25
Leitung: Roland Mestel, Uni Graz
Die Veranstaltung findet im Zuge eines vom Jubiläumsfonds der OeNB
geförderten Forschungsprojektes statt und beschäftigt sich mit der Frage
des institutionelles Design von CO2-Märkten, konkret dem European Union
Greenhouse Gas Emission Trading System (EU ETS). Im Rahmen der Konferenz
finden Vorträge internationaler Fachleute zu verschiedenen Themen statt
(Konferenzsprache: Englisch), die im folgenden Workshop vertieft werden.
Zu Inhalten und Vortragenden ergeht eine eigene Aussendung über vfn.
INVITATION
(apologies for cross-postings!)
WU COMPETENCE DAY 2010:
"THE NEW FINANCIAL ARCHITECTURE"
NOVEMBER 18th, 2010
www.wu.ac.at/wucompetenceday
organized by the WU Department of Finance, Accounting and Statistics
PROGRAM
9:30-10:00 Welcome
Christoph Badelt, Rector
Barbara Sporn, Vice-Rector
Josef Zechner, Professor of Finance and Investments
10:00-10:30 KEYNOTE SPEECH: "FINANCIAL REGULATION"
CHARLES GOODHART, London School of Economics (LSE)
10:30-11:00 Coffee Break
11:00-11:30 KEYNOTE SPEECH: "FINANCIAL SYSTEM REFORM AFTER THE CRISIS"
MARTIN HELLWIG, Max Planck Institute for Research on Collective Goods
11:30-12:30 Panel Discussion:
"THE NEW FINANCIAL ARCHITECTURE:
WHAT DO WE NEED, WHAT DO WE WANT, AND WHAT CAN WE DO WITHOUT?"
Wilhelm Molterer, Member of Parliament and former Minister of Finance
Friedrich Strasser, CIO and member of the Executive Board of Bank Gutmann AG
Josef Zechner, Professor of Finance and Investments, WU
Moderator: Michael Prüller, Die Presse
12:30-14:00 Buffet Lunch
14:00-15:30 PARALLEL SESSIONS
Session 1: "ADVANCES IN ASSET MANAGEMENT" - Session Chair: Josef Zechner
Session 2: "HOUSEHOLD FINANCE" - Session Chair: Engelbert Dockner
Session 3: "CUSTOMER BEHAVIOR AND INFORMATION PROBLEMS IN INSURANCE MARKETS"
Session Chair: Alexander Mürmann
15:30 Refreshments
Further information and REGISTRATION: www.wu.ac.at/wucompetenceday
Contact: dorothea.grimm(a)wu.ac.at
REMINDER
INVITATION
WU GUTMANN CENTER PUBLIC LECTURE
www.gutmann-center.at
(apologies for cross-postings!)
DATE: October, 13th, 2010 (Wednesday) - 4.00 pm
Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien
SPEAKER: Prof. Dr. Robert A. KORAJCZYK, Kellogg School of Management, Northwestern University http://www.kellogg.northwestern.edu/faculty/directory/korajczyk_robert.aspx
TITLE: ALTERNATIVE ASSET RETURNS IN THE FINANCIAL CRISIS: RISK EXPOSURES AND RISK MISMEASUREMENT
ABSTRACT:
During the recent financial crisis an index of hedge funds had returns of -20% while the U.S. stock market return was -51%. These large negative returns on hedge funds, which often claim large diversification advantages due to their focus on absolute returns, has been viewed as anomalous by many observers. I argue that (a) hedge funds, on average, have significant market exposure even using standard risk estimation methods, (b) that standard methods of risk estimation underestimate market exposure, and (c) linear risk models further underestimate downside risk for certain funds. With proper methods for risk estimation, the returns on most hedge fund indices were as expected, given the crash in equity prices. This result has important implications for portfolio choice and asset management.
ABOUT ROBERT A. KORAJCZYK:
A member of the Kellogg School faculty since 1982, Robert A. Korajczyk is the Harry G. Guthmann Professor of Finance and Director of the Zell Center for Risk Research. He is a past Senior Associate Dean: Curriculum and Teaching and past Chair of the Finance Department.
Professor Korajczyk received his BA, MBA, and PhD degrees from the University of Chicago. His research interests are in the areas of investments and empirical asset pricing. He is a recipient of the 2009 Crowell Prize for best paper in the field of quantitative asset management, awarded by PanAgora Asset Management, and several other research and teaching awards.
Professor Korajczyk is a past editor and associate editor of several leading finance journals. He has held visiting faculty appointments at the University of Chicago, the University of Vienna, and the Hong Kong University of Science and Technology. He has served as a consultant to the World Bank and a number of other organizations.
Robert A. Korajczyk is a founding member of the WU Gutmann Center Academic Advisory Board.
Please REGISTER:
Mail: gutmann-center(a)wu.ac.at
Phone: +43-1-31336-4244
CONTACT AND FURTHER INFORMATION:
WU Gutmann Center for Portfolio Management WU (Wirtschaftsuniversität Wien) Department of Finance, Accounting and Statistics Mag. Dorothea GRIMM Heiligenstädter Str. 46-48, 1190 Wien www.gutmann-center.at
Announcing a Special Year, hosted by WPI on:
Financial Engineering for Energy and Commodity Risk
Management
and hedging of Commodity Derivatives
Those interested in registering for one of
the mini-courses please see the
following links:
http://www.wpi.ac.at/themes.php
and also
http://www.math.nyu.edu/~laurence/Wpi/vienna-Energy-bis.htm
Regards,
Peter Laurence
INVITATION
WU GUTMANN CENTER PUBLIC LECTURE
www.gutmann-center.at
(apologies for cross-postings!)
DATE: October, 13th, 2010 (Wednesday) - 4.00 pm
Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien
SPEAKER: Prof. Dr. Robert A. KORAJCZYK, Kellogg School of Management, Northwestern University
http://www.kellogg.northwestern.edu/faculty/directory/korajczyk_robert.aspx
TITLE: ALTERNATIVE ASSET RETURNS IN THE FINANCIAL CRISIS: RISK EXPOSURES AND RISK MISMEASUREMENT
ABSTRACT:
During the recent financial crisis an index of hedge funds had returns of -20% while the U.S. stock market return was -51%. These large negative returns on hedge funds, which often claim large diversification advantages due to their focus on absolute returns, has been viewed as anomalous by many observers. I argue that (a) hedge funds, on average, have significant market exposure even using standard risk estimation methods, (b) that standard methods of risk estimation underestimate market exposure, and (c) linear risk models further underestimate downside risk for certain funds. With proper methods for risk estimation, the returns on most hedge fund indices were as expected, given the crash in equity prices. This result has important implications for portfolio choice and asset management.
ABOUT ROBERT A. KORAJCZYK:
A member of the Kellogg School faculty since 1982, Robert A. Korajczyk is the Harry G. Guthmann Professor of Finance and Director of the Zell Center for Risk Research. He is a past Senior Associate Dean: Curriculum and Teaching and past Chair of the Finance Department.
Professor Korajczyk received his BA, MBA, and PhD degrees from the University of Chicago. His research interests are in the areas of investments and empirical asset pricing. He is a recipient of the 2009 Crowell Prize for best paper in the field of quantitative asset management, awarded by PanAgora Asset Management, and several other research and teaching awards.
Professor Korajczyk is a past editor and associate editor of several leading finance journals. He has held visiting faculty appointments at the University of Chicago, the University of Vienna, and the Hong Kong University of Science and Technology. He has served as a consultant to the World Bank and a number of other organizations.
Robert A. Korajczyk is a founding member of the WU Gutmann Center Academic Advisory Board.
Please REGISTER:
Mail: gutmann-center(a)wu.ac.at
Phone: +43-1-31336-4244
CONTACT AND FURTHER INFORMATION:
WU Gutmann Center for Portfolio Management
WU (Wirtschaftsuniversität Wien)
Department of Finance, Accounting and Statistics
Mag. Dorothea GRIMM
Heiligenstädter Str. 46-48, 1190 Wien
www.gutmann-center.at
CALL FOR PAPERS / CONFERENCE ANNOUNCEMENT
(apologies for cross-postings!)
WU GUTMANN CENTER SYMPOSIUM 2011
"LIQUIDITY AND ASSET MANAGEMENT"
JUNE 15, 2011
WU Gutmann Center for Portfolio Management
WU (Vienna University of Economics and Business), Austria
www.gutmann-center.at
The WU Gutmann Center for Portfolio Management is proud to announce its sixth symposium to be held at WU (Vienna University of Economics and Business), Austria.
The general topic of the symposium is "Liquidity and Asset Management". Papers submitted to this year's symposium can address but are not restricted to the following aspects of this general topic:
(i) Liquidity risks and their measurement
(ii) Liquidity management
(iii) Liquidity constraints and portfolio choice
(iv) Liquidity and expected asset returns
(v) Market liquidity during financial crises
(vi) Regulation and liquidity
(vii) Illiquidity contagion
(viii)Funding liquidity and market liquidity
PAPER SUBMISSION:
Papers covering topics mentioned above should be submitted by email (in Acrobat PDF) not later than December 1st, 2010 to the following address:
E-mail: gutmann-center(a)wu.ac.at
CONTACT:
WU Gutmann Center for Portfolio Management
Speaker: Alois Geyer
Administrative Manager: Dorothea Grimm
WU (Vienna University of Economics and Business)
Heiligenstädter Straße 46-48, 1190 Wien (Vienna), Austria
Phone: +43-1-31336-4244
E-mail: gutmann-center(a)wu.ac.at - Web: http://www.gutmann-center.at/
All submissions will be reviewed by a committee composed of members of the WU Gutmann Center's Academic Advisory Board and decisions will be announced by March 1st, 2011.
Submission and participation are free of charge. Presenting authors are invited to apply to WU Gutmann Center to cover their accommodation and travel expenses.
Im Institute for Finance, Banking and Insurance ist voraussichtlich ab 01. Dezember 2010 bis 30. November 2015 eine Stelle für einen Universitätsassistenten/eine Universitätsassistentin prae doc (Teaching and Research Associate) (Angestellte/r gemäß Kollektivvertrag für die Arbeitnehmer/innen der Universitäten) Beschäftigungsausmaß: 75%, 30 Std./Woche zu besetzen.
Wir weisen darauf hin, dass der WU-Personalentwicklungsplan für Universitätsassistent/in prae doc eine maximale Befristungsdauer von sechs Jahren vorsieht. Bewerber/innen, die bereits als Ersatzkräfte an der WU beschäftigt sind, können daher nur mehr für die auf die sechs Jahre fehlende Zeit eingestellt werden. Die Wiederbestellung von Personen, die bereits eine Stelle als Universitätsassistent/in prae doc inne hatten, ist lediglich auf eine Stelle eines Universitätsassistenten postdoc/einer Universitätsassistentin post doc im Tenure Track möglich.
Aufgabengebiet: Unterstützung und Mitarbeit in der Lehre und Forschung im Bereich Finance, Risk Management or Insurance.
Notwendige Kenntnisse und Qualifikationen: Abschluss eines wirtschaftswissenschaftlichen Studiums mit einem Schwerpunkt in Finanzwirtschaft bzw. einer benachbarten Wissenschaftsdisziplin oder Abschluss des Studienzweiges Wirtschaftsmathematik, Statistik oder Physik; Voraussetzungen für die Aufnahme bzw. Absolvierung eines wirtschaftswissenschaftlichen Doktoratsstudiums.
Erwünschte Kenntnisse und Qualifikationen: Starkes Interesse am wissenschaftlichen Arbeiten mit Anwendungen in Corporate Finance, Corporate Risk Management, Insurance oder Fair Value Accounting und Kapitalmarktregulierung mit dem Ziel der Promotion; sehr gute Kenntnisse im Bereich quantitativer und analytischer Methoden in den Wirtschaftswissenschaften; sehr gute Englischkenntnisse; Teamfähigkeit und Selbständigkeit.
Kennzahl: 1639
Bitte bewerben Sie sich auf unserer Homepage unter http://www.wu.ac.at/jobs.
Ende der Bewerbungsfrist: 13. Oktober 2010
Daniela Fuchs
Office Finance
Institute for Finance, Banking and Insurance
Department of Finance, Accounting and Statistics
WU
Wirtschaftsuniversität Wien
Vienna University of Economics and Business
Heiligenstädter Straße 46-48, A - 1190 Wien, Austria
Tel.: 01/31336/4691
Fax: 01/31336/904691
daniela.fuchs(a)wu.ac.at
---------- Forwarded message ----------
Date: Mon, 02 Aug 2010 01:52:37 +1000
From: Caroline Dobson <Caroline.Dobson(a)uts.edu.au>
Subject: * Reminder* QMF 2010: Early Bird Finishes August 5
[Note by list-admin: The full version of the newsletter is available
on-line at http://www.bus.uts.edu.au/fin&econ/qfrc/newsletter.html ]
(...)
REMINDER: EARLY BIRD ENDS ON AUGUST 5
The Quantitative Methods in Finance - QMF2010
<http://www.qfrc.uts.edu.au/qmf/downloads/qmf_poster_2010.pdf> will
bring together leading experts in Quantitative Finance from Industry
and Academia for a 4-day conference in Sydney, Australia from 15 to 18
December
(...)