Prof. Marcin Kacperczyk from UBC is giving a VGSF research seminar on "Labor
Unions, Operating Leverage, and Expected Stock Returns" on MONDAY, October
16th, from 16:30 to 18:00 at the WU Wien (UZA 4, Nordbergstrasse 15, 1090
Wien, Room D204, 2. Obergeschoß, see
http://www.wu-wien.ac.at/portal/ueber_wu/standorte/lageplan4 for a detailed
plan). Please find the paper's abstract below.
Marcin is going to be in Vienna on Monday. If you like to meet him and to
discuss your research with him, please contact Michael Halling
(michael.halling(a)univie.ac.at).
Best,
Michael Halling
Abstract
We examine the effect of an important friction in the labor market, that
generated by labor unions, on the cross-section of expected stock returns.
We hypothesize that labor unions increase expected stock returns by
increasing firms share of fixed labor costs in total labor costs and thus
their operating leverage. Consistent with our hypothesis, we find that
expected returns are higher for firms in more unionized industries and that
the effect is stronger when unions face a more favorable bargaining
environment. Furthermore, using instrumental-variables techniques we
establish a causal link from unionization to expected returns. Finally, we
provide evidence that unions increase expected returns through the operating
leverage channel. Overall, our findings underline the importance of labor
markets imperfections in understanding cross-sectional variation in
expected returns.
Prof. Xavier Freixas from Universitat Pompeu Fabra, Barcelona, is giving a
VGSF research seminar in cooperation with the "Oesterreichischen
Nationalbank" (Austrian Central Bank) on "How Can Emerging Market Economies
Benefit from a Corporate Bond Market?" on FRIDAY, October 13th, from 15:30
to 17:00 at the "Oesterreichische Nationalbank" (!!!), Otto-Wagner-Platz 3,
1090 Wien, Veranstaltungssaal, Erdgeschoss. Unfortunately, lastest versions
of the paper or the abstract are not available.
Note again the CHANGED LOCATION as this seminar takes place at the
"Oesterreichische Nationalbank".
Best,
Michael Halling
GUTMANN CENTER FOR PORTFOLIO MANAGEMENT
at the University of Vienna - http//:www.gutmann-center.at
invites to the following
PUBLIC LECTURE:
(Apologies for any cross-listings!):
Date: OCTOBER 30th, 2006 (Monday), 4.00 pm
Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien
Speaker: Prof. Dr. WILLIAM N. GOETZMANN, Yale School of Management -
International Center for Finance; Harvard Business School
http://viking.som.yale.edu/
Title: LESSONS FROM HEDGE FUND REGISTRATION
Abstract:
In February, 2006, hedge funds operating in the U.S. were required to
register with the Securities and Exchange Commission. This paper
addresses the question of the relevance of the information contained in
these filings. We find that hedge funds filing with the SEC had better
past performance and more assets than non-filers - supporting the
assertion that filing is a potential signal of quality. We also find a
strong positive association between potential conflicts and past legal
and regulatory problems - supporting that SEC filings provides
information relevant to detecting operational risk. Finally we find that
while information contained in SEC filings may be redundant to some
market participants such as creditors, it may be very useful to hedge
fund investors.
About William N. Goetzmann:
Will Goetzmann is the Edwin J. Beinecke Professor of Finance and
Management Studies and Director of the International Center for Finance
at the Yale School of Management.
He is an expert on a diverse range of investments, including stocks,
hedge funds, mutual funds, real estate, and paintings. His research
topics include global investing, forecasting stock markets, selecting
mutual fund managers, housing as investment, and the risk and return of
art. His work has been featured in the Wall Street Journal, the New York
Times, Business Week, the Economist, Forbes, and Art and Auction.
Professor Goetzmann has a background in arts and media management. As a
documentary film-maker, he has written and co-produced programs for
"Nova" and the "American Masters" series, including a profile of the
artist Thomas Eakins. A former director of Denver's Museum of Western
Art, Professor Goetzmann co-authored the award winning book, The West of
the Imagination.
Please REGISTER:
Mail: gutmann.bwl(a)univie.ac.at
Phone: +43-1-4277-38186 - Fax: +43-1-4277-38074
Contact and further information:
Gutmann Center for Portfolio Management
University of Vienna - Mag. Dorothea GRIMM
Bruenner Str. 72 - 1210 Wien (Austria)
phone: +43-1-4277-38186 - fax: +43-1-4277-38074
mail: gutmann.bwl(a)univie.ac.at - web: www.gutmann-center.at
Dear colleague,
unfortunately, the link of the 'response form' of the call for paper 'EMNet2007'
was incorrect. Below is the final revised form.
CALL FOR PAPERS - EMNet 2007, Erasmus University Rotterdam
The third international conference on ECONOMICS AND MANAGEMENT OF NETWORKS
will be held at the Rotterdam School of Management, Erasmus University
Rotterdam, from June 28 to June 30, 2007, in Rotterdam, The Netherlands. The
purpose of the conference is to provide an international discussion forum
for research in economics and management of networks. Theoretical,
conceptual and empirical papers from all areas in economics and management
of franchising, cooperatives, joint ventures, licensing, strategic
alliances, venture capital relations, virtual networks and other hybrids,
are invited.
Procedures for Submitting Papers
Authors who want to present a paper should submit an abstract (1 page) and
return the response form (published under http://www.univie.ac.at/EMNET )
as soon as possible, but not later than February 28, 2007. Please e-mail
the response form to:
George W.J. Hendrikse (ghendrikse(a)rsm.nl)
Rotterdam School of Management, Erasmus University Rotterdam
PO Box 1738, Office T08-56
3000 DR Rotterdam, The Netherlands
and
Josef Windsperger (josef.windsperger(a)univie.ac.at)
University of Vienna
Center for Business Studies
Brünner Str. 72
A-1210 Vienna, Austria
Conference Fees: 190 EUR (including lunch, dinner and coffee breaks)
Researchers from non-EU Eastern European countries, less developed countries
and PhD students are requested to pay 120 EUR.
Conference information can be found at the conference web page:
http://www.univie.ac.at/EMNET/
Electronic conference proceedings and an edited book will be published.
Important Deadlines:
February 28, 2007
Abstract and response form
MARCH 31, 2007
Confirmation of acceptance of the proposal
MAY 15, 2007
Conference registration and payment of the conference fee
MAY 31, 2007
One copy of the paper through e-mail to George Hendrikse and
Josef Windsperger
JUNE 15, 2007
Final program available ( http://www.univie.ac.at/EMNET )
Organizing Committee
George Hendrikse (chairman), RSM, Erasmus University Rotterdam
Josef Windsperger, University of Vienna
Tao Jiang, RSM
Li Feng, RSM
Bart Dietz, RSM
Decia Jansen, RSM
Scientific Committee
Ilan Alon, Rollins College, Crummer Graduate School of Business, Florida,
USA
Carlos Fdez. De Arroyabe, ESIC, Madrid, Spain
Benito Arrunada, Universitat Pompeu Fabra, Barcelona, Spain
Paolo F. Azevedo, National Distance University, Madrid, Spain
Eric Brousseau, Université de Paris X, Nanterre, France
Jenny Buchan, University of New South Wales, Sydney, Australia
Gerard Cliquet, Université de Rennes 1, France
Rajiv P. Dant, University of South Florida, Tampa, USA
Thomas Ehrmann, Universität Münster, Germany
Lorelle Frazer, Griffith University, Meadowbrook, Australia
Pierre Garrouste, Centre ATOM, Université de Paris 1 and Université
Lumiere-Lyon 2, France
Anna Grandori, Bocconi Univeristy, Milan, Italy
John Hagedoorrn, Universiteit Maastricht, Maastricht, NL
George Hendrikse, Erasmus University Rotterdam, NL
Liesbeth Kneppers, University of Groningen, NL
Claude Menard, Centre ATOM, Université de Paris 1, France
Tahir M. Nisar, University of Southhampton, Southhampton, UK
Emmanuel Raynaud, INRA SADAPT & Centre ATOM, Université de Paris 1
(Sorbonne), France
Aric Rindfleisch, University of Wisconsin-Madison, USA
Vivian L.S. Silva, University of Sao Paolo, Brazil
Brian Silverman, Rotman School of Management, University of Toronto,
Toronto, USA
Bernard L. Simonin, Tufts University, Medford, USA
Andrew Terry, University of New South Wales, Australia
Mika Tuunanen, University of Kuopio, Finland
Windsperger Josef, University of Vienna, Austria)
--
Josef Windsperger, PhD
Associate Professor of Organization and Management (ao. Univ.-Prof.)
University of Vienna, Center for Business Studies
Bruenner Str. 72; A-1210 Vienna, Austria
Phone: +431 4277 38180; Fax: +431 4277 38174
Email: josef.windsperger(a)univie.ac.at
URL: http://www.univie.ac.at/im
CALL FOR PAPERS - EMNet 2007, Erasmus University Rotterdam
The third international conference on ECONOMICS AND MANAGEMENT OF
NETWORKS will be held at the Rotterdam School of Management, Erasmus
University Rotterdam, from June 28 to June 30, 2007, in Rotterdam, The
Netherlands. The purpose of the conference is to provide an
international discussion forum for research in economics and management
of networks. Theoretical, conceptual and empirical papers from all areas
in economics and management of franchising, cooperatives, joint
ventures, licensing, strategic alliances, venture capital relations,
virtual networks and other hybrids, are invited.
FRANCHISING
COOPERATIVES
JOINT VENTURES
STRATEGIC ALLIANCES
LICENCING
VENTURE CAPITAL RELATIONS
VIRTUAL NETWORKS
OTHER NETWORK FORMS
Relevant topics that are related to these network forms include those
listed below:
Theoretical Views on Networks
Governance
Organization Design and Decision Rights
Economics & Law and Regulation
Knowledge Management Issues
Strategic Management
Ownership and Incentives
Organizational Behavior
Industry Studies
International Management
IT and Networks
Comparative Institutional Analysis
Marketing and Distribution Channel
International Market Entry
Entrepreneurship and Innovation
Competition between Network Forms
Procedures for Submitting Papers
Authors who want to present a paper should submit an abstract (1 page)
and return the response form
<http://www.univie.ac.at/EMNET/2005/registration_form.htm> as soon as
possible, but not later than February 28, 2007. Please e-mail the
response form <http://www.univie.ac.at/EMNET/2005/registration_form.htm> to:
George W.J. Hendrikse (ghendrikse(a)rsm.nl)
Rotterdam School of Management, Erasmus University Rotterdam
PO Box 1738, Office T08-56
3000 DR Rotterdam, The Netherlands
and
Josef Windsperger (josef.windsperger(a)univie.ac.at)
University of Vienna
Center for Business Studies
Brünner Str. 72
A-1210 Vienna, Austria
Conference Fees: 190 EUR (including lunch, dinner and coffee breaks)
Researchers from non-EU Eastern European countries, less developed
countries and PhD students are requested to pay 120 EUR.
Conference information can be found at the conference web page:
www.univie.ac.at/EMNET/ <http://www.univie.ac.at/EMNET>
Electronic conference proceedings and an edited book will be published.
Important Deadlines:
February 28, 2007
Abstract and response form
MARCH 31, 2007
Confirmation of acceptance of the proposal
MAY 15, 2007
Conference registration and payment of the conference fee
MAY 31, 2007
One copy of the paper through e-mail to George Hendrikse and
Josef Windsperger
JUNE 15, 2007
Final program available (www.univie.ac.at/EMNET
<http://www.univie.ac.at/EMNET>)
Organizing Committee
George Hendrikse (chairman), RSM, Erasmus University Rotterdam
Josef Windsperger, University of Vienna
Tao Jiang, RSM
Li Feng, RSM
Bart Dietz, RSM
Decia Jansen, RSM
Scientific Committee
Ilan Alon, Rollins College, Crummer Graduate School of Business,
Florida, USA
Carlos Fdez. De Arroyabe, ESIC, Madrid, Spain
Benito Arrunada, Universitat Pompeu Fabra, Barcelona, Spain
Paolo F. Azevedo, National Distance University, Madrid, Spain
Eric Brousseau, Université de Paris X, Nanterre, France
Jenny Buchan, University of New South Wales, Sydney, Australia
Gerard Cliquet, Université de Rennes 1, France
Rajiv P. Dant, University of South Florida, Tampa, USA
Thomas Ehrmann, Universität Münster, Germany
Lorelle Frazer, Griffith University, Meadowbrook, Australia
Pierre Garrouste, Centre ATOM, Université de Paris 1 and Université
Lumiere-Lyon 2, France
Anna Grandori, Bocconi Univeristy, Milan, Italy
John Hagedoorrn, Universiteit Maastricht, Maastricht, NL
George Hendrikse, Erasmus University Rotterdam, NL
Liesbeth Kneppers, University of Groningen, NL
Claude Menard, Centre ATOM, Université de Paris 1, France
Tahir M. Nisar, University of Southhampton, Southhampton, UK
Emmanuel Raynaud, INRA SADAPT & Centre ATOM, Université de Paris 1
(Sorbonne), France
Aric Rindfleisch, University of Wisconsin-Madison, USA
Vivian L.S. Silva, University of Sao Paolo, Brazil
Brian Silverman, Rotman School of Management, University of Toronto,
Toronto, USA
Bernard L. Simonin, Tufts University, Medford, USA
Andrew Terry, University of New South Wales, Australia
Mika Tuunanen, University of Kuopio, Finland
Windsperger Josef, University of Vienna, Austria)
--
Josef Windsperger, PhD
Associate Professor of Organization and Management (ao. Univ.-Prof.)
University of Vienna, Center for Business Studies
Bruenner Str. 72; A-1210 Vienna, Austria
Phone: +431 4277 38180; Fax: +431 4277 38174
Email: josef.windsperger(a)univie.ac.at
URL: http://www.univie.ac.at/im
Prof. Ashley Wang from UC Irvine is giving a VGSF research seminar on "Asset
Pricing and Mispricing" on MONDAY, October 9th, from 16:30 to 18:00 at the
WU Wien (Seminarraum A. 619, UZA 4, 6. Stock, Block A, Nordbergstrasse 15,
1090 Wien, see
http://www.wu-wien.ac.at/portal/ueber_wu/standorte/lageplan4 for a detailed
plan). Please find the paper's abstract below.
Ashley is going to be in Vienna on Monday. If you like to meet her and to
discuss your research with her, please contact Michael Halling
(michael.halling(a)univie.ac.at).
Best,
Michael Halling
Abstract
In this paper we develop models for stock returns when stock prices are
subject to stochastic mispricing errors. We show that expected rates of
return depend not only on the fundamental risk that is captured by a
standard asset pricing model, but also on the type and degree of asset
mispricing, even when the mispricing is zero on average. Empirically, the
mispricing induced return bias, proxied either by Kalman filter estimates or
by volatility and variance ratio of residual returns, are shown to be
significantly associated with realized risk adjusted returns.
Prof. Peter Swan from the University of New South Wales is giving a VGSF
research seminar on "OPTIMAL PORTFOLIO BALANCING UNDER CONVENTIONAL
PREFERENCES AND TRANSACTION COSTS EXPLAINS THE EQUITY PREMIUM PUZZLE" on
FRIDAY, October 6th, from 15:30 to 17:00 at the WU Wien (UZA 4,
Nordbergstrasse 15, 1090 Wien, Room D204, 2. Obergeschoß, see
http://www.wu-wien.ac.at/portal/ueber_wu/standorte/lageplan4 for a detailed
plan). Please find the paper's abstract below.
Peter is going to be in Vienna on Friday. If you like to meet him and to
discuss your research with him, please contact Alex Stomper
(stomper(a)ihs.ac.at).
Best,
Michael Halling
Abstract
Adding a motivation for trading due to endowment differences to the standard
assumptions of asset pricing, we investigate the impact of a variety of
impediments to trade including transactions costs and illiquidity due to
small participant numbers. We calibrate to observed activity levels,
returns, transaction costs and volatility in equity and bond markets to show
that equity investors benefit from the ability to trade freely, and thus
require a high return of 6 to 8% pa for bearing even modest transactional
charges of 0.5%. Our findings are consistent with most empirical facts and
explain a number of anomalies in addition to the equity premium puzzle.
Am 17./18. 11. 2006 findet im Universitätszentrum Obergurgl ein Workshop zum
Thema Risikomanagement statt. Papers können noch bis spätestens 11. Oktober
eingereicht werden. Den CFP und weitere Informationen finden Sie unter
http://www.uibk.ac.at/congress/krm/krm.html
Beste Grüße aus Tirol,
Michael Hanke
The preliminary schedule of the VGSF Research Seminar for the coming
semester can be found on the VGSF website (www.vgsf.ac.at-->Activities and
Events-->Research Seminars).
This semester's seminars are going to take place at the WU Wien (UZA 4,
Nordbergstrasse 15, 1090 Wien, Room D204, 2. Obergeschoß, see
http://www.wu-wien.ac.at/portal/ueber_wu/standorte/lageplan4 for a detailed
plan). The only exception is Xavier Freixas's seminar which is co-organized
and hosted by the Austrian Central Bank.
The seminar is going to take place, as usual, on Fridays from 15:30 to
17:00. Due to visitors' time constraints, however, individual seminars might
take place on different days (and different seminar rooms at the WU Wien).
These seminars are appropriately highlighted on the webpage.
Seminar speakers are going to include Peter Swan, Ashley Wang, Xavier
Freixas, Marcin Kacperczyk, Will Goetzman, Dirk Hackbarth, Erik Theissen,
Nicole Branger, Peter Bossaerts and Denis Gromb.
If you have further questions regarding the seminar, please contact
michael.halling(a)univie.ac.at.
Kind Regards,
Michael Halling
Sehr geehrte Damen und Herren,
ich darf Sie auf folgende Veranstaltung aufmerksam machen:
21. WORKSHOP AUSTRIAN WORKING GROUP ON BANKING & FINANCE
24. / 25. November 2006
ALPEN-ADRIA-UNIVERSITÄT KLAGENFURT
Last CALL for PAPERS
http://www.uni-klu.ac.at/fgk/assets/images/AWG/AWG-21_CfP.pdf
Bitte REGISTRIEREN Sie Ihre Teilnahme unter
http://www.uni-klu.ac.at/fgk/html/Anmeldeformular.html
Der Workshop findet am Freitag, dem 24. November 2006, Nachmittag, und am Samstag, dem
25. November 2006, Vormittag, an der ALPEN-ADRIA-UNIVERSITÄT KLAGENFURTstatt.
Bezüglich der Themen ist keine Einschränkung vorgesehen.
Papers oder Extended Abstracts (ca. 2 Seiten) können bis spätestens 29. Oktober 2006 bei
o.Univ.-Prof. Mag. Dr. Wolfgang Nadvornik
Institut für Finanzmanagement, Universitätsstraße 65-67, A 9020 Klagenfurt
Tel.: +43(0)463 2700-4002 Fax: +43(0)463 2700-4092 E-Mail: barbara.wernig(a)uni-klu.ac.at
eingereicht werden.
Um den angestrebten Workshopcharakter der Veranstaltung zu fördern, können papers auch
durch einen discussant besprochen werden. Jene Teilnehmer, die eine solche Vorgangsweise
wünschen, werden gebeten, ihr Manuskript bis 15. Oktober 2006 einzureichen.
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 - Business Valuation - Capital Market Theory - Capital Requirements of
(Auswahl) Financial 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.