The Gutmann Center for Portfolio Management at the University of Vienna http://www.gutmann-center.at is pleased to announce the GUTMANN CENTER SYMPOSIUM 2006: "REAL ASSETS AND PORTFOLIO MANAGEMENT" March 27th, 2006, 9.00 am – 6.00 pm University of Vienna - "Kleiner Festsaal" Dr. Karl-Lueger-Platz 1, 1010 Wien Real estate, a major driver of both the overall economy and of individual wealth, has become an increasingly important asset class for portfolio managers. Other real assets such as private equity and venture capital have also generated a lot of interest recently as additional opportunities to optimize asset allocation. However, for most investors, these alternative investment opportunities remain rather opaque. Internationally recognized experts will present their analyses of these asset classes at our symposium from both an academic and practitioner’s perspective. KEY-NOTE ADDRESS “Homeownership as a Constraint on Asset Allocation” Eduardo Schwartz, UCLA SESSION I: REAL ESTATE: PORTFOLIO CHOICE AND RETURN CHARACTERISTICS - “Efficient Portfolios when Housing is a Hedge against Rent Risk” Loriana Pelizzon, Università Ca' Foscari di Venezia - “Illiquidity and Pricing Biases in the Real Estate Market” Kerry D. Vandell, University of Wisconsin-Madison - “Hot and Cold Housing Markets: International Evidence” Javier Suarez, CEMFI SESSION II: REAL ASSETS AND PORTFOLIO CHOICE - “Comovement After Joining an Index: Spillovers of Nonfundamental Effects” Dong Wook Lee, University of Kentucky - “Better Regulation and Underwriter Reputation have done nothing for IPO Underpricing over the 20th Century: Empirical Evidence from IPOs on the London Stock Exchange” Elroy Dimson, London Business School - “Beautiful Asset: Art as Investment” Michael Moses, New York University SESSION III: PERFORMANCE OF PRIVATE EQUITY AND VENTURE CAPITAL - “Determinants of Venture Capital Performance: Europe and the United States” Ulrich Hege, HEC - “Risk-Adjusted Returns of Private Equity Investments” Alexander Groh, Technische Universität Darmstadt - “The Performance of Private Equity Funds” Ludovic Phalippou, University of Amsterdam, SESSION IV: EXPECTED RETURNS IN REAL ESTATE - “Expected Returns and the Expected Growth in Rents of Commercial Real Estate” Walter Torous, UCLA - “Assessing High House Prices: Bubbles, Fundamentals and Misperceptions” Charles P. Himmelberg, Goldmann Sachs 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 Calgary - Josef Zechner, University of Vienna The participation is free, but all participants are required to REGISTER: mail: gutmann.bwl(a)univie.ac.at Detailed program is available at www.gutmann-center.at ! Contact: Gutmann Center for Portfolio Management University of Vienna 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