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: January 21st, 4.30 p.m. Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien (http://www.gutmann.at)

Speaker: STEPHEN A. ROSS, MIT Sloan Management School Franco Modigliani Professor of Financial Economics

http://sloancf.mit.edu/vpf/facstaff.cfm?ID=226&ProfType=F&sortor der=name

A widely published author in finance and economics, Stephen Ross is best known as the inventor of the Arbitrage Pricing Theory of Agency, as well as the codiscoverer of risk-neutral pricing and the binomial model for pricing derivatives. His book Corporate Finance is in its fourth edition. Ross' current research efforts involve a variety of phenomena in financial markets. He is a principal of Roll & Ross Asset Management Corporation, which employs technology that Ross helped develop to manage over $3 billion in investments worldwide. He is a fellow of the American Academy of Arts and Sciences and is a director of Freddie Mac, Algorithmics, Inc., and the College Retirement Equities Fund. He is also a trustee of the California Institute of Technology.

Title: "A NEOCLASSICAL VIEW OF BEHAVIORAL FINANCE AND THE CLOSED END FUND PUZZLE-IMPLICATIONS FOR ASSET MANAGEMENT"

Please register - Contact:

Brigitte Juchelka, Bank Gutmann AG mail: brigitte.juchelka@gutmann.at Tel.: +43-1-50220-357 Fax: +43-1-50220-249

Further information:

Dorothea Grimm Gutmann Center for Portfolio Management mail: dorothea.grimm@univie.ac.at Phone: +43-1-4277-38186 web: http://www.gutmann-center.at