-- From: "gutmann-center(a)wu.ac.at" <gutmann-center(a)wu.ac.at> --
INVITATION
The WU Gutmann Center cordially invites you to the forthcoming
WU GUTMANN CENTER PUBLIC LECTURE
(apologies for duplicated mails!)
Date: Monday, December 5, 2016 4:00 pm
Location: Bank Gutmann, Schwarzenbergplatz 16, A-1010 Vienna
Speaker: Prof. Elroy Dimson
https://www.london.edu/faculty-and-research/faculty/profiles/dimson-e#.V2fc…
Title: "Does Hiking Damage Your Wealth?"
Abstract
Investors are preoccupied with the impact on financial markets of changes in central-bank
interest rates. We use over a century of daily US returns together with 85 years of UK
data to examine the immediate effect of rate hikes and cuts on stock and bond markets. We
also look globally at the impact of interest rate changes on equity and bond returns using
annual data for 21 countries from 1900 to 2015. Using a trading strategy that avoids
look-ahead bias, we compare returns over entire interest rate hiking and easing cycles for
equities, bonds, bills, currencies, and risk premia. We analyze long-term returns from
industry sectors and factors such as size, value, carry and momentum, and also study real
asset returns since 1900 on precious metals, collectibles and real estate. In all cases,
hiking cycles damage your wealth compared to easing cycles.
About Elroy Dimson
Elroy Dimson chairs the Newton Centre for Endowment Asset Management at Cambridge Judge
Business School, and is Emeritus Professor of Finance at London Business School. He is a
Non-Executive Director of FTSE International, is on the Steering Committee of the
Financial Economists' Roundtable, and is an Advisory Council member for Financial
Analysts Journal. He is a Fellow of the Royal Historical Society and of The Risk
Institute, and Honorary Fellow of CFA UK and of the Institute of Actuaries. His PhD is
from London Business School. Books include Triumph of the Optimists, the Global Investment
Returns Yearbook 2016, the Global Investment Returns Sourcebook 2016(all with Paul Marsh
and Mike Staunton), Endowment Asset Management(with Shanta Acharya), and Financial Market
History (with David Chambers, forthcoming). Publications since 2015 on active ownership
(Review of Financial Studies), real assets (Journal of Financial Economics), financial
history (Journal of Financial and Quantitative Analysis), endowment strategy (Financial
Analysts Journal), long-horizon investing (five book chapters), case studies on manager
selection and on stocks for the long run (both Harvard Business School).
**Please REGISTER**:
Mail: gutmann-center@wu.ac.at<mailto:gutmann-center@wu.ac.at>
Phone: +43-1-31336-5238
CONTACT AND FURTHER INFORMATION:
WU Gutmann Center for Portfolio Management WU (Wirtschaftsuniversität Wien)
Department of Finance, Accounting and Statistics
Sabina Krickl
www.gutmann-center.at<http://www.gutmann-center.at>
Please contact gutmann-center@wu.ac.at<mailto:gutmann-center@wu.ac.at> if you do not
wish to receive any further invitations from us!
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