Symposia

WU Gutmann Center Symposium 2017

FINANCIAL ADVICE AND ASSET MANAGEMENT

 

June 19, 2017

We are proud to welcome highly renowned experts from all over the world who will present their state-of-the-art research in the field and cordially invite you to attend the WU Gutmann Center Symposium 2017.

The financial crisis has revived the interest in the role of financial advice and in particular the standards that financial advisors should be held to. While financial advice is an essential part of asset management, policy-makers are concerned about conflicts of interests between financial advisors and their clients.

The WU Gutmann Symposium 2017 addresses various aspects of financial advice and asset management. The speakers shed light on the underlying factors, including behavioral aspects, and market structure that influence these conflicts of interests and thereby the quality of financial advice. In addition, they highlight possible solutions to deal with the incentive problems.

Date


Location
June 19, 2017 - 9 am to 5 pm

WU Wien (Vienna University of Economics and Business) Welthandelsplatz 1, Festsaal 1, 1020 Vienna
Program Chair
Prof. Alexander Mürmann

GALLERY

ENGELBERT DOCKNER MEMORIAL PRIZE

The Engelbert Dockner Memorial Prize is an award of 2,000 EUR given to the best paper presented at the WU Gutmann Center Symposium which is selected by the Academic Advisory Board of the WU Gutmann Center for Portfolio Management.


PROGRAM


To download papers, please use our interactive version.

PROGRAMFILES
8:30Registration
09:00-09:15

WELCOME

Alexander Mürmann, Program Chair, WU Vienna

Stefan Pichler, Vice-Rector for Research, WU Vienna

Friedrich Strasser, CIO, Member of the Board of Management, Bank Gutmann AG

09:15-10:45

SESSION I

Chair: Josef Zechner, WU Vienna, Austria

Financial Advice and Bank Profits

Stefan Ruenzi, University of Mannheim, Germany

(Joint with Daniel Hoechle, Nic Schaub and Markus Schmid)

Discussant: John Chalmers, Lundquist College of Business, University of Oregon, United States of America

Paper
Presentation
Discussion

Client Involvement in Expert Advice - Antibiotics in Finance?

Steffen Meyer, Leibniz University Hannover, Germany

(Joint with Andreas Hackethal, Christine Laudenbach, Annika Weber)

Discussant: Michael Brennan, UCLA Anderson School of Management, United States of America
Paper
Presentation
Discussion

Variations in investment advice provision: A study of investment advisors and millionaire investors

Ylva Baeckstrom, Cass Business School, United Kingdom

(Joint with Ian Marsh and Jo Silvester) 

Discussant: Marc Kramer, University of Groningen, Netherlands
Paper
Presentation
Discussion
10:45-11:15Coffee Break
11:15-12:45

SESSION II

Chair: Thomas P. Gehrig, University of Vienna

The Market for Conflicted Advice

Martin Szydlowski, University of Minnesota, United States of America

(Joint with Briana Chang)

Discussant: Sönje Reiche, University of Cambridge, United Kingdom
Paper
Presentation
Discussion

Is Conflicted Investment Advice Better than No Advice?

Jonathan Reuter, Boston College, United States of America

(Joint with John Chalmers)

Discussant: Neal Stoughton, WU Vienna, Austria
Paper
Presentation
Discussion

Does Competition Protect Retail Investors? Role of
Financial Advice

Yang Sun, Brandeis University, United States of America
Discussant: Charikleia Kaffe, University of Cambridge, United Kingdom
Paper
Presentation
Discussion
12:45-13:45Lunch Break
13:45-15:15

SESSION III

Chair: Lubos Pastor, University of Chicago Booth School of Business, United States of America

The Dividend Disconnect

Samuel Hartzmark, University of Chicago Booth School of Business, United States of America

(Joint with David Solomon)

Discussant: Francisco Santos, NHH - Norwegian School of Economics, Norway
Paper
Presentation
Discussion

Thinking about Prices versus Thinking about Returns in Financial Markets

Zwetelina Iliewa, Centre for European Economic Research (ZEW) Mannheim, Germany

(Joint with Markus Glaser and Martin Weber)

Discussant: Ben Greiner, WU Vienna University of Economics and Business, Austria
Paper
Presentation
Discussion

Does Household Finance Matter? Small Financial Errors with Large Social Costs

Harjoat Bhamra, Imperial College Business School, United Kingdom

(Joint with Raman Uppal)

Discussant: Luigi Guiso, Einaudi Institute for Economics and Finance, Italy
Paper
Presentation
Discussion
15:15-15:45Coffee Break
15:45-17:15

SESSION IV

Chair: David Chambers, Cambridge Judge Business School, United Kingdom

Mutual Fund Shareholder Letters: Flows, Performance, and Managerial Behavior

Alexander Hillert, Goethe University Frankfurt, Germany

(Joint with Alexandra Niessen-Ruenzi, Stefan Ruenzi)

Discussant: Daniel Rettl, McCombs School of Business, University of Texas at Austin, United States of America
Paper
Presentation
Discussion

Financial Literacy and Portfolio Dynamics

Milo Bianchi, Toulouse School of Economics, France

Discussant: Robert Korajczyk, Northwestern University, United States of America
Paper
Presentation
Discussion

Trust Busting: The Effect of Fraud on Investor Behavior

Scott Yonker, Cornell University, United States of America

(Joint with Umit Gurun and Noah Stoffman)

Discussant: Elroy Dimson, University of Cambridge, United Kingdom
Paper
Presentation
Discussion
17:15Best Paper Award, Concluding Remarks, and RefreshmentsAward

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