GUTMANN CENTER FOR PORTFOLIO MANAGEMENT at the University of Vienna - http//:www.gutmann-center.at invites to the following PUBLIC LECTURE: - apologies for duplicated emails! - Date: June 26th, 2007, 4.00 pm Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien Speaker: Prof. Dr. David HIRSHLEIFER, University of California at Irvine http://web.merage.uci.edu/~Hirshleifer/ Title: A TOUR OF BEHAVIORAL FINANCE Abstract: Using classical tools, the behavioral revolution in finance has laid the groundwork for a new asset pricing paradigm based upon the psychology of investors. In this approach, security expected returns are determined by both risk and mispricing. In this overview of psychology and asset pricing, I describe how psychological bias affects investor decisions and market prices. I illustrate with examples of how feelings, limited attention, and overconfidence affect financial markets. About David Hirshleifer: David Hirshleifer is Professor of Finance and Merage Chair in Business Growth at the Merage School of Business, University of California-Irvine, which he joined after serving as the Kurtz Chair in Finance at Ohio State University, the Waterman Professor of Finance at the University of Michigan, and as a tenured faculty member at UCLA. Some of his recent research has explored psychology and securities markets, how emotions affect stock prices and managerial decision biases, and how firms exploit market inefficiency. He has also conducted research on risk management, corporate finance, futures pricing, and the role of social learning in the spread of fads and fashions. His research has been profiled in international news media, and has won several awards, including the Smith-Breeden Award for outstanding paper in the Journal of Finance. Professor Hirshleifer has served as a consultant for securities and money management firms; as editor of the Review of Financial Studies; as associate editor of the Journal of Finance; in editorial positions at several other finance, economics, and strategy journals; and as director of the American Finance Association and the Western Finance Association. Please REGISTER: Mail: gutmann.bwl(a)univie.ac.at Phone: +43-1-4277-38186 - Fax: +43-1-4277-38074 Contact and further information: Gutmann Center for Portfolio Management University of Vienna - Mag. Dorothea GRIMM Bruenner Str. 72 - 1210 Wien (Austria) phone: +43-1-4277-38186 - fax: +43-1-4277-38074 mail: gutmann.bwl(a)univie.ac.at - web: www.gutmann-center.at