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The GUTMANN CENTER FOR PORTFOLIO MANAGEMENT
at the University of Vienna
(
http://www.gutmann-center.at)
is pleased to announce the following
PUBLIC LECTURE:
Date: October, 6th (Monday), 4.00 p.m.
Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien
(
http://www.gutmann.at)
Speaker: Michael J. BRENNAN
former Irwin and Goldyne Hearsh Professor of Banking and Finance
at the University of California, Los Angeles
Professor of Finance at the London Business School.
Prof. Brennan, a consultant and Director of Smith Breeden Associates, is
the former Irwin and Goldyne Hearsh Professor of Banking and Finance at
the University of California, Los Angeles, and Professor of Finance at
the London Business School.
Dr. Brennan's research interests include asset pricing, corporate
finance, the pricing and role of derivative securities, market
microstructure, and the role of information in capital markets, and he
has published extensively in all of these areas. He is currently
working on several issues, including the problem of asset allocation
when investors face time varying opportunity sets, the determinants of
international flows of portfolio investment, and the valuation of assets
under time-varying market risk aversion.
A former President of the American Finance Association, the Society for
Financial Studies, and the Western Finance Association, Dr. Brennan has
also served as Editor of the Journal of Finance and was the Founding
Editor of the Review of Financial Studies. He has consulted extensively
for corporations in Canada and the US, and in 1995 he was awarded the
INQUIRE Europe prize for his work on corporate hedging strategies
Title: "REASONABLE BELIEFS"
Abstract:
"In this talk I will be concerned with the assessment of the equity
premium the difference between the expected returns on stocks and
bonds. I will argue that traditional ways of assessing the premium are
inappropriate in world in which the premium varies over time, and
propose alternatives. Finally, I will discuss the implications of
time-variation in the equity premium for the spending policies of
endowments."
Please register - Contact:
Brigitte Juchelka, Bank Gutmann AG
mail: brigitte.juchelka(a)gutmann.at
Tel.: +43-1-50220-357
Fax: +43-1-50220-249
Further information:
Dorothea Grimm
Gutmann Center for Portfolio Management
mail: dorothea.grimm(a)univie.ac.at
Phone: +43-1-4277-38186
web:
http://www.gutmann-center.at