CCEFM/IHS Workshop
Ernst Maug, Humboldt University
Do Shareholders Vote Strategically? Evidence on the Advisory Role of Annual
General Meetings
The paper can be downloaded from
http://www2.wu-wien.ac.at/ccefm/activities/workshops.htm
Friday, November 12th, 3.30-5.00 pm, Wiener Börse, Wallnerstrasse 8, 1010
Wien
You might be interested in the
Artificial Economics'2005 Conference:
Symposium in Agent-based Computational Methods
in Finance, Game Theory and their applications
I am including the full CfP because the website is not yet available.
-- Andreas Schamanek
*******************************************************
PRELIMINARY CALL FOR PAPERS
for
+-----------------------------+
| Artificial Economics'2005 |
+-----------------------------+
Symposium in Agent-based Computational Methods
in Finance, Game Theory and their applications
Lille, September 15--16, 2005
http://cisco.univ-lille1.fr/ae2005
*******************************************************
----------------------------------------------------------------------
CONTEXT
----------------------------------------------------------------------
Agent-based Computational Economics (ACE) deals with the computational
study of economies as complex adaptive systems implying interacting
agents with cognitive skills. This area has provoked, in various
fields of Economics, a great deal of academic interest, in relation
with the Complex System approaches.
One of the first use of agent based models has been popularized by
Axelrod in his theory of evolution of cooperation. In this early work
he used extensively computational simulations and methods in order to
study strategic behaviour in the iterated prisoner's dilemma. This
work is still influencing many researches in various scientific
fields. It has for instance been the foundations of a new approach of
the game theory based on computational ideas.
In the mid eighties, under the impulsion of the Santa-Fe Institute,
and especially Christopher Langton, a new field of research, called
Artificial Life (AL), has emerged. The idea of AL was to mimic real
life under its various aspects to understand the basic principles of
life. This has lead to encompass wider ideas such as complexity,
evolution, auto-organisation and emergence. All concepts induced by
those approaches have influenced social scientists among others.
Following those initial attempts to mix computational approaches and
social sciences, for instance among the pioneering works using ACE in
finance, one can refer to the Artificial Stock Market by Palmer,
Arthur, Holland, LeBaron, and Taylor. This model, based on bounded
rationality and inductive reasoning, is one of the first allowing
correct simulations of real world stock market dynamics. This work has
been done by people coming from various scientific fields (Economics,
Game Theory, Computer Science and Finance).
Recently, another growing field appeared, dealing with the study of
the formation and the dynamics of social networks. To understand the
spread of information as well as the social beliefs one has to
consider the underlying social networks that can have different
effects on those processes. This special topic is another where
physicists, computer scientists and economists join their efforts to
explore the idea that economic activity is embedded in social
structure.
All thoses approaches intensively use computer simulation as well as
artificial intelligence concepts mostly based on multi-agents
systems. In this context, the most used models come from game theory.
Therefore, Agent-based Computational Economics is more and more an
important methodology in many Social-Sciences (the Management
Sciences, Sociology, Economics, Conflicts Resolution, etc). It becomes
now widely used to test theoretical models or to investigate their
properties when analytical solutions are not possible.
----------------------------------------------------------------------
AIMS AND SCOPES
----------------------------------------------------------------------
The main aims of the event are to:
* present computer-science based multi-agent methodologies and tools
with their applications to social-scientists (mainly people from
economics and the management sciences)
* present uses and needs of multi-agent based models and their
constraints, as used by those social scientists, to computer
scientists
* favor the meeting of people and ideas of those two communities in
order to be able to construct a much structured multi-disciplinary
approach.
For its first edition, the Symposium will thus present recent
scientific advances in the fields of ACE but is also widely open to
methodological surveys. Topics include but are not limited to the
following:
* Computational Game Theory (Non-Cooperative, Cooperative,
Evolutionary, Pure coordination Games...)
* Discrete choice models in Economics and the Management Sciences
* Emergence and dynamics of Norms and Conventions
* Financial Market and Organization Models (Stock prices dynamics,
Herding in Financial Markets)
* Epistemology and Agent-based Methodological issues
* Dynamics of social and economic networks
----------------------------------------------------------------------
IMPORTANT DATES
----------------------------------------------------------------------
* March 1st, 2005 : Submission of papers
* April 8th, 2005 : Notification of acceptance
* June 1st, 2005 : Final paper due
* September 15-16, 2005 : AE'2005
The symposium will last two days and will take place in Lille, which
is very well connected to most major european cities. It will offer
presentations of papers selected by the program committee as well as
special invited keynote sessions. Exchanges and discussions will have
a large space in the final program.
----------------------------------------------------------------------
PAPER SUBMISSION AND PROCEEDINGS
and original works, has to be sent by electronic mail and in acrobat
(.pdf) format to the following email address:
ae2005(a)univ-lille1.fr
Short versions of the paper must be 5 pages long. Further details and
authors guideline will also be available from the main website at
http://cisco.univ-lille1.fr/ae2005
All accepted papers will be published in proceedings of the symposium
which will have an ISBN. After the event we plan to publish a special
issue of a journal presenting some selected papers, which may have
been modified after remarks and discussions done during the
conference.
----------------------------------------------------------------------
ORGANIZING COMMITTEE
----------------------------------------------------------------------
* Bruno BEAUFILS, USTL/CNRS
* Olivier BRANDOUY, USTL/CNRS
* Julien DERVEEUW, USTL/CRNS
* Denis PHAN, Universite' de Rennes I
* Philippe MATHIEU, USTL/CNRS
----------------------------------------------------------------------
PROGRAM COMMITTEE
----------------------------------------------------------------------
Chair : Pr Philippe MATHIEU
* Fre'de'ric AMBLARD - Universite' de Toulouse 1, France
* Ge'rard BALLOT - ERMES, Universite' de Paris 2, France
* Bruno BEAUFILS - LIFL, USTL, France
* Paul BOURGINE - CREA, E'cole Polytechnique, France
* Olivier BRANDOUY - CLAREE, USTL, France
* Charlotte BRUUN - Aalborg University, Danemark
* Jose' Maria CASTRO CALDAS - ISCTE, DINAMIA, Portugal
* Christophe DEISSENBERG - GREQAM, France
* Jean-Paul DELAHAYE - LIFL, USTL, France
* Jacques FERBER - LIRMM, Universite' de Montpellier II, France
* Bernard FORGUES - CLAREE, USTL, France
* Wander JAGER - University of Groningen, The Netherlands
* Marco JANSSEN - CIPEC, Indiana University, USA
* Philippe LAMARRE - LINA, Universite' de Nantes, France
* Luigi MARENGO - DSGSS, Universita` di Teramo, Italy
* Philippe MATHIEU - LIFL, USTL, France
* Denis PHAN - Universite' de Rennes I, France
* Juliette ROUCHIER - GREQAM, France
* Elpida TZAFESTAS - National Technical University of Athens, Greece
* Nicolaas VRIEND - Queen Mary University of London, United Kingdom
* Bernard WALLISER - CERAS, ENPC, France
* Murat YILDIZOGLU - IFREDE-E3I, Universite' Montesquieu Bordeaux IV,
France
----------------------------------------------------------------------
CONTACT
----------------------------------------------------------------------
Pr Philippe MATHIEU
email : philippe.mathieu(a)lifl.fr
www : http://cisco.univ-lille1.fr/ae2005
----------------------------------------------------------------------
GUTMANN CENTER FOR PORTFOLIO MANAGEMENT
at the University of Vienna
http://www.gutmann-center.at
is pleased to invite to the following
PUBLIC LECTURE:
- Apologies for any cross-postings!! -
Date: November 9th 2004, 4.30 p.m. -
LOCATION: Bank Gutmann AG (http://www.gutmann.at),
Schwarzenbergplatz 16, A - 1010 Vienna, Austria
Speaker: ERNESTO ROSSI DI MONTELERA, Observatoire de la
Finance http://www.obsfin.ch/
Title: "PROFIT AND ETHICS: ENEMIES, PARTNERS, OR
UNCONCERNED?"
Abstract:
Why should we talk about ethics in the context of financial
activities, a field that would appear to be highly and
exclusively technical ? Anyway, we must face the fact that the
topic of ethics is more and more widely addressed (but also
feared) in the economic and financial communities. It looks as
if ethics were simultaneously perceived as an obstacle to the
competition for profit but also as a profitable sales
proposition ! Do we have in fact a clear idea of what ethics are
and what is the meaning of the word ? It certainly has something
to do with the idea of trust and of shared rules (and values) as
a necessary condition for a smooth establishment and functioning
of financial relations. So the question arises : are ethics a
cost that should be born in the superior interest of the civil
society, or a condition for better performances ? Should one
expect from "ethical funds" a better return or a better
conscience ? The obvious need for trust leads to the question of
Common Good, a notion of respectable antiquity, but very
difficult to define and to implement. Basical questions should
than be raised : how do we take into consideration the
complexity of any reality ? How can we define its various levels
and bring them to bear in our decisions ? What help can we find
in certain traditional doctrines, as for instance the doctrine
of virtues (of which maybe the virtue of liberalitas is a good
example in our case) ? Are we not sometime (or too often) the
victims of utopian illusions, as in the case of the quest for a
risk-free (zero risk !) society ? What could we say of such
trends as "responsible investment" or "microfinance" ? The
primary problem of ethics is not the definition of the correct
behaviours or the drafting of codes of deontology, but the
search for the ends and means to be discovered in the reality of
things, in the nature of man and in the meaning of his actions :
before the questions about how things should be comes the
question of what things are and to what ends we should direct
them. In our case the primary question could be, for instance :
what is money ?
Please REGISTER:
brigitte.juchelka(a)gutmann.at
phone: +43-1-50220-357
Further information about the Gutmann Center:
Mag. Dorothea Grimm
Gutmann Center for Portfolio Management
University of Vienna
phone: +43-1-4277-38186
mail: dorothea.grimm(a)univie.ac.at
web: www.gutmann-center.at
BSI Gamma, ISK Wien and Universität Wien invite to a
CONFERENCE and PANEL DISCUSSION on
CORPORATE GOVERNANCE
November 11, 2004
Palais Coburg
-----------------------------------------------------
Please register by November 4, 2004 at isk(a)iskwien.at
-----------------------------------------------------
Programme: www.iskwien.at/upload/invito_vienna_04.pdf
13.15 Welcome
Prof. Josef Zechner, Prof. Rene Stulz
13.30 - 15.00 Session 1
Predicting Firms' Corporate Governance Choices: Evidence from Korea
Bernard Black, Hasung Jang, Woochan Kim
Discussant: Rene Stulz
Watching the Stop from the Front Seat: Determinant of Venture Capitalists' Representation on the Board
Eli Talmor, Reddi Kotha
Discussant: Thomas Dangl
15.30 - 17.00 Session 2
The Valuation Effect of Corporate Governance Changes: Evidence from Cross-Border Mergers
Arturo Bris, Christos Cabolis
Discussant: Klaus Gugler
Corporate Governance and Earnings Management: International Evidence
Francois Degeorge, Yuan Ding, Thomas Jeanjean, Herve STolowy
Discussant: Alex Stomper
17.30 - 19.15 Session 3
The Corporate Governance Role of the Media: Clinical Evidence from Russia
Luigi Zingales, Alexander Dyck
Discussant: Ernst Maug
PANEL DISCUSSION: Can corporate insiders be tamed?
Alexander Dyck, Harvard Business School
Michael Eberhartinger, Austrian Corporate Governance Committee
Ernst Maug, University of Berlin
Stefan Zapotocky, CEO Vienna Stock Exchange
19.15 Cocktails
-----------------------------------------------------
Further information:
Dr. Otto Randl
Institut für strategische Kapitalmarktforschung
Coburgbastei 4/1
1010 Wien
T: +43-1-51818-900
T: +43-1-51818-920
E: otto.randl(a)iskwien.at
CCEFM/IHS Workshop
Rick Green, Carnegie Mellon University
Financial Intermediation and the Costs of Trading in an Opaque Market
The paper will by downloadable from
http://www2.wu-wien.ac.at/ccefm/activities/workshops.htm within the next few
days.
(!) Wednesday (!), Nov 3rd, 3.30-5.00 pm,
Wiener Börse, Wallnerstrasse 8, 1010 Wien
----------------------
The next workshop is by
Ernst Maug, Humboldt University
Do Shareholders Vote Strategically? Evidence on the Advisory Role of Annual
General Meetings
Friday, November 12th, 3.30-5.00 pm, Wiener Börse, Wallnerstrasse 8, 1010
Wien
----------------------
Alfred Lehar
University of Vienna
Bruenner Strasse 72
A-1210 Wien
Austria / Europe
Tel: +43 1 4277 38077
Fax: +43 1 4277 38074
We would like to invite you to the following presentation at the Institut
für Kreditwirtschaft, WU Wien:
Financial Engineering and Quantitative Research: Experiences at JPMorgan
Wednesday, November 10, 2004 at 18:00 h
Hörsaal D205 (UZA4)
Abstract:
The aim of this talk is to give an insight into everyday life of JPMorgan's
derivatives business across asset classes. On the one hand, we will point
out areas of responsibilities of structurers, traders and quants as well as
the interplay between these three teams. On the other hand, we will give a
number of examples showing typical challenges (in terms of product
development, model requirements and implementation issues) and how we solved
them. In this regard, we will discuss equity specific and credit specific
products, as well as some ideas concerning the interplay of equity and
credit. Finally, we conclude by describing typical job profiles for a
marketer, trader or quant and how to prepare successfully for interviews.
Speaker & Discussant:
Dr Eva Strasser, Associate with JPMorgan London, working in Equity
Derivatives Research and specializing on the development of equity-specific
models and products as well as on equity-credit related topics
Johannes Sommer, Associate with JPMorgan London, working in Investment
Banking Advisory, specializing on M&A, equity and debt transactions for
listed real estate companies
--
|dr christopher summer ||wu wien, institut fuer kreditwirtschaft
|tel +43 1 31336 5006 ||www.wu-wien.ac.at/usr/kredit/csummer
|fax +43 1 3100580 ||christopher.summer(a)wu-wien.ac.at
GUTMANN CENTER FOR PORTFOLIO MANAGEMENT
at the University of Vienna
http://www.gutmann-center.at
is pleased to invite to the following
PUBLIC LECTURE:
- Apologies for any cross-postings!! -
Date: November 9th 2004, 4.30 p.m. -
Speaker: Ernesto Rossi di Montelera, Observatoire de la
Finance http://www.obsfin.ch/
Title: "PROFIT AND ETHICS: ENEMIES, PARTNERS, OR
UNCONCERNED?"
Abstract:
Why should we talk about ethics in the context of financial
activities, a field that would appear to be highly and
exclusively technical ? Anyway, we must face the fact that the
topic of ethics is more and more widely addressed (but also
feared) in the economic and financial communities. It looks as
if ethics were simultaneously perceived as an obstacle to the
competition for profit but also as a profitable sales
proposition ! Do we have in fact a clear idea of what ethics are
and what is the meaning of the word ? It certainly has something
to do with the idea of trust and of shared rules (and values) as
a necessary condition for a smooth establishment and functioning
of financial relations. So the question arises : are ethics a
cost that should be born in the superior interest of the civil
society, or a condition for better performances ? Should one
expect from "ethical funds" a better return or a better
conscience ? The obvious need for trust leads to the question of
Common Good, a notion of respectable antiquity, but very
difficult to define and to implement. Basical questions should
than be raised : how do we take into consideration the
complexity of any reality ? How can we define its various levels
and bring them to bear in our decisions ? What help can we find
in certain traditional doctrines, as for instance the doctrine
of virtues (of which maybe the virtue of liberalitas is a good
example in our case) ? Are we not sometime (or too often) the
victims of utopian illusions, as in the case of the quest for a
risk-free (zero risk !) society ? What could we say of such
trends as "responsible investment" or "microfinance" ? The
primary problem of ethics is not the definition of the correct
behaviours or the drafting of codes of deontology, but the
search for the ends and means to be discovered in the reality of
things, in the nature of man and in the meaning of his actions :
before the questions about how things should be comes the
question of what things are and to what ends we should direct
them. In our case the primary question could be, for instance :
what is money ?
Location: Bank Gutmann AG (http://www.gutmann.at),
Schwarzenbergplatz 16, A - 1010 Vienna, Austria
Participation is free, but REGISTRATION required:
brigitte.juchelka(a)gutmann.at
phone: +43-1-50220-357
Further information about the Gutmann Center:
Mag. Dorothea Grimm
Gutmann Center for Portfolio Management
University of Vienna
phone: +43-1-4277-38186
mail: dorothea.grimm(a)univie.ac.at
web: www.gutmann-center.at
***** LAST CALL FOR PAPERS *****
Der 19. Workshop der Austrian Working Group on Banking and Finance
findet am 26. und 27. November 2004 an der Wirtschaftsuniversität Wien
statt.
Angesprochen sind sowohl Forscher/inn/en an allen österreichischen
Universitäten und verwandten Institutionen als auch Praktiker/innen, die
wissenschaftliche Arbeiten im Bereich Banken und Finanzwirtschaft einem
kritischen Fachpublikum vorstellen möchten. Bei der Auswahl der Vorträge
wird besonders auf die Förderung des wissenschaftlichen Nachwuchses Wert
gelegt.
Alle Interessent/inn/en sind herzlich eingeladen Papers oder Extended
Abstracts bis 31. Oktober 2004 an Prof. Stefan Bogner
(stefan.bogner(a)wu-wien.ac.at)
oder Prof. Stefan Pichler (stefan.pichler(a)wu-wien.ac.at) zu senden.
Mit freundlichen Grüßen Stefan Pichler
*******************************************
Univ.-Prof. Mag. Dr. Stefan Pichler
Wirtschaftsuniversität Wien
Institut für Kreditwirtschaft
UZA 4, 6. Stock Kern B
Nordbergstraße 15
A-1090 Wien
Tel: ++43 1 31336 4691
Fax: ++43 1 3100580
E-mail: <mailto:stefan.pichler@wu-wien.ac.at>
stefan.pichler(a)wu-wien.ac.at
Web: <http://www.wu-wien.ac.at/wwwu/institute/ikw/>
http://www.wu-wien.ac.at/wwwu/institute/ikw/
*******************************************
BSI Gamma, ISK Wien and Universität Wien invite to a
CONFERENCE and PANEL DISCUSSION on
CORPORATE GOVERNANCE
November 11, 2004
Palais Coburg
-----------------------------------------------------
Programme:
13.15 Welcome
Prof. Josef Zechner, Prof. Rene Stulz
13.30 - 15.00 Session 1
Predicting Firms' Corporate Governance Choices: Evidence from Korea
Bernard Black, Hasung Jang, Woochan Kim
Discussant: Rene Stulz
Watching the Stop from the Front Seat: Determinant of Venture Capitalists' Representation on the Board
Eli Talmor, Reddi Kotha
Discussant: Thomas Dangl
15.30 - 17.00 Session 2
The Valuation Effect of Corporate Governance Changes: Evidence from Cross-Border Mergers
Arturo Bris, Christos Cabolis
Discussant: Klaus Gugler
Corporate Governance and Earnings Management: International Evidence
Francois Degeorge, Yuan Ding, Thomas Jeanjean, Herve STolowy
Discussant: Alex Stomper
17.30 - 19.15 Session 3
The Corporate Governance Role of the Media: Clinical Evidence from Russia
Luigi Zingales, Alexander Dyck
Discussant: Ernst Maug
PANEL DISCUSSION: Can corporate insiders be tamed?
Alexander Dyck, Harvard Business School
Michael Eberhartinger, Austrian Corporate Governance Committee
Ernst Maug, University of Berlin
Stefan Zapotocky, CEO Vienna Stock Exchange
19.15 Cocktails
-----------------------------------------------------
Please reply by October 29, 2004 to gamma.foundation(a)bsi.ch or isk(a)iskwien.at
-----------------------------------------------------
Further information:
Dr. Otto Randl
Institut für strategische Kapitalmarktforschung
Coburgbastei 4/1
1010 Wien
T: +43-1-51818-900
T: +43-1-51818-920
E: otto.randl(a)iskwien.at