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: October, 6th (Monday), 4.00 p.m. Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien (http://www.gutmann.at)

Speaker: Michael J. BRENNAN former Irwin and Goldyne Hearsh Professor of Banking and Finance at the University of California, Los Angeles Professor of Finance at the London Business School.

Prof. Brennan, a consultant and Director of Smith Breeden Associates, is the former Irwin and Goldyne Hearsh Professor of Banking and Finance at the University of California, Los Angeles, and Professor of Finance at the London Business School.

Dr. Brennan's research interests include asset pricing, corporate finance, the pricing and role of derivative securities, market microstructure, and the role of information in capital markets, and he has published extensively in all of these areas. He is currently working on several issues, including the problem of asset allocation when investors face time varying opportunity sets, the determinants of international flows of portfolio investment, and the valuation of assets under time-varying market risk aversion.

A former President of the American Finance Association, the Society for Financial Studies, and the Western Finance Association, Dr. Brennan has also served as Editor of the Journal of Finance and was the Founding Editor of the Review of Financial Studies. He has consulted extensively for corporations in Canada and the US, and in 1995 he was awarded the INQUIRE Europe prize for his work on corporate hedging strategies

Title: "REASONABLE BELIEFS"

Abstract:

"In this talk I will be concerned with the assessment of the equity premium – the difference between the expected returns on stocks and bonds. I will argue that traditional ways of assessing the premium are inappropriate in world in which the premium varies over time, and propose alternatives. Finally, I will discuss the implications of time-variation in the equity premium for the spending policies of endowments."

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