The Gutmann Center for Portfolio Management at the University of Vienna http://www.gutmann-center.at is pleased to announce the

GUTMANN CENTER SYMPOSIUM ON HEDGE FUNDS

Date: November 29th, 2004 Location: University of Vienna, Austria

In times of falling stock markets and not very promising bond markets, investors are looking for alternatives. Hedge Funds promise stable and attractive returns both during rising as well as falling markets but come with the disadvantage that they are frequently a black box for investors. The internationally recognized speakers at our symposium will shed some light on this hot topic from an academic as well as a practitioner's point of view:

- George O. Aragon, Boston College "Share Restrictions and Asset Pricing - Evidence from the Hedge Fund Industry" - Oleg Bondarenko, University of Illinois at Chicago "Market Price of Variance Risk and Performance of Hedge Funds" - Yong Chen, Boston College "Timing ability in the focus market of hedge funds" - Ryan J. Davies, Babson College "Fund of Hedge Funds Portfolio Selection: A Multiple-Objective Approach" - Mila Getmansky, Isenberg School of Management at UMASS, Amherst "The Life Cycle of Hedge Funds: Fund Flows, Size and Performance" - Julien Hugonnier, University of Lausanne "Mutual Fund Portfolio Choice in the Presence of Dynamic Flows" - Narayan Naik , London Business School "Flows, Performance, and Managerial Incentives in the Hedge Fund Industry" - Robert Kosowski, INSEAD "Is Stellar Hedge Fund Performance for Real?" - Martin Ruckes, University of Wisconsin-Madison "Liquidity, Borrowing Structure, and Limits to Arbitrage" - Terry Marsh, Quantal/ UC Berkeley "Equity Market Neutral Hedge Funds" - Maria Vassalou, Columbia University "Corporate Innovation and its Effects on Equity Returns" - Kuan Xu, Dalhousie University "Myopic Loss Aversion and Margin of Safety"

Sessions will be chaired and discussed by members of the Academic Advisory Board: - Elroy Dimson, London Business School - Engelbert Dockner, University of Vienna - Robert Korajczyk, Northwestern University - Klaus Spremann, University St. Gallen - Neal Stoughton, University of California, Irvine - Josef Zechner, University of Vienna The presentations will be followed by a PANEL DISCUSSION. The participation is free, but all participants are required to REGISTER:

mail: gutmann.bwl@univie.ac.at

Contact: Gutmann Center for Portfolio Management University of Vienna Bruenner Str. 72 A-1210 Wien Austria phone: +43-1-4277-38186 fax: +43-1-4277-38074 mail: gutmann.bwl@univie.ac.at web: www.gutmann-center.at

Apologies for cross postings!!