The Gutmann Center for Portfolio Management
at the University of Vienna
http://www.gutmann-center.at
is pleased to announce the
GUTMANN CENTER SYMPOSIUM 2006:
"REAL ASSETS AND PORTFOLIO MANAGEMENT"
- apologies for any cross-postings!! -
March 27th, 2006, 9.00 am – 6.00 pm
University of Vienna - "Kleiner Festsaal"
Dr. Karl-Lueger-Platz 1, 1010 Wien
Real estate, a major driver of both the overall economy and of
individual wealth, has become an increasingly important asset class for
portfolio managers. Other real assets such as private equity and venture
capital have also generated a lot of interest recently as additional
opportunities to optimize asset allocation. However, for most investors,
these alternative investment opportunities remain rather opaque.
Internationally recognized experts will present their analyses of these
asset classes at our symposium from both an academic and practitioner’s
perspective.
NO CONFERENCE FEE - ONLY REGISTRATION REQUIRED
PLEASE REGISTER VIA E-MAIL NOT LATER THAN MARCH 14th:
gutmann.bwl(a)univie.ac.at
PROGRAM
08.15-09.00 REGISTRATION
09.00-09.10 WELCOME AND PRESENTATION OF THE GUTMANN CENTER
PHD-SCHOLARSHIP 2005/2006
Josef Zechner, University of Vienna and Gutmann Center
Rudolf Stahl, CEO Bank Gutmann AG
Recipient: Jin Yu, Vienna Graduate School of Finance (VGSF)
09.10-10.40 SESSION I: REAL ESTATE: PORTFOLIO CHOICE AND RETURN
CHARACTERISTICS
Chair: Engelbert Dockner, University of Vienna
09.10-09.40 “Efficient Portfolios when Housing is a Hedge against Rent Risk”
Speaker: Loriana Pelizzon, Università Ca' Foscari di Venezia
Discussant: Walter Torous, UCLA
09.40-10.10 “Illiquidity and Pricing Biases in the Real Estate Market”
Speaker: Kerry D. Vandell, University of Wisconsin-Madison
Discussant: Charles Himmelberg, Goldman Sachs
10.10-10.40 “Hot and Cold Housing Markets: International Evidence”
Speaker: Javier Suarez, CEMFI
Discussant: Robert Korajczyk, Northwestern University
10.40-11.00 - Coffee Break -
11.00-12.30 SESSION II: REAL ASSETS AND PORTFOLIO CHOICE
Chair: Tomas Björk, Stockholm School of Economics
11.00-11.30 “Comovement After Joining an Index: Spillovers of
Nonfundamental Effects”
Speaker: Dong Wook Lee, University of Kentucky
Discussant: Youchang Wu, University of Vienna
11.30-12.00 “Better Regulation and Underwriter Reputation have done
nothing for IPO Underpricing over the 20th Century: Empirical Evidence
from IPOs on the London Stock Exchange”
Speaker: Elroy Dimson, London Business School
Discussant: Neal Stoughton, University of Calgary
12.00-12.30 “Beautiful Asset: Art as Investment”
Speaker: Michael Moses, New York University
Discussant: Klaus Spremann, University St. Gallen
12.30-13.30 - Lunch Buffet -
13.30-14.15 KEY-NOTE-ADDRESS
“Homeownership as a Constraint on Asset Allocation”
Speaker: Eduardo Schwartz, UCLA
14.15-14.45 - Coffee Break -
14.45-16.15 SESSION III: PERFORMANCE OF PRIVATE EQUITY AND VENTURE CAPITAL
Chair: Elroy Dimson, London Business School
14.45-15.15 “Determinants of Venture Capital Performance: Europe and the
United States”
Speaker: Ulrich Hege, HEC
Discussant: Michael Halling, University of Vienna
15.15-15.45 “Risk-Adjusted Returns of Private Equity Investments”
Speaker: Alexander Groh, TU Darmstadt
Discussant: Engelbert Dockner, University of Vienna
15.45-16.15 “The Performance of Private Equity Funds”
Speaker: Ludovic Phalippou, University of Amsterdam,
Discussant: Stefan Pichler, Vienna University of Economics and Business
Administration
16.15-16.30 - Coffee Break -
16.30-17.30 SESSION IV: EXPECTED RETURNS IN REAL ESTATE
Chair: Klaus Spremann, University St. Gallen
16.30-17.00 “Expected Returns and the Expected Growth in Rents of
Commercial Real Estate”
Speaker: Walter Torous, UCLA
Discussant: Alex Stomper, Institute for Advanced Studies, Vienna
17.00-17.30 “Assessing High House Prices: Bubbles, Fundamentals and
Misperceptions”
Speaker: Charles P. Himmelberg, Goldman Sachs
Discussant: Javier Suarez, CEMFI
CONCLUDING REMARKS
Josef Zechner, University of Vienna and Gutmann Center
- Refreshments –
The Gutmann Center Symposium 2006 is organized in cooperation with:
DIE PRESSE –
www.diepresse.com
CONTACT AND FURTHER INFORMATION:
Gutmann Center for Portfolio Management
University of Vienna
Bruenner Strasse 72
1210 Wien (Vienna), Austria
Phone: +43-1-4277-38186
Fax: +43-1-4277-38074
E-mail: gutmann.bwl(a)univie.ac.at
Homepage:
www.gutmann-center.at