Gutmann Center Symposium 2015

RETIREMENT AND ASSET MANAGEMENT

August 19, 2015

Concerns about financing pensions, retirement planning, demographics and the long-term performance of pension funds have existed even before the financial crisis. The current economic situation, as well as the short- to medium-term outlook have not alleviated these concerns. On the contrary, the retirement-related challenges for households, the investment industry and economies around the world are still a major subject of political, economic and scientific debate, and will remain a challenge for societies around the world in the coming years.Â

The main purpose of the WU Gutmann Symposium 2015 is to discuss various aspects of retirement, in particular its implications and relevance for asset management. The papers of the symposium will focus on the following range of topics: the role of financial institutions, lifetime investment strategies, saving for future generations, the role of demographics, or financial literacy, and other aspects related to the general topic.

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 2015.Â

 

Location: WU Wien (Vienna University of Economics and Business) Welthandelsplatz 1, Festsaal 1, 1020 Wien
Program Chair: Prof. Alois Geyer


 


GALLERY
PROGRAMMFILES

08:30Registration
09:00-09:15

WELCOME

Alois Geyer, Program Chair, WU Gutmann Center

Barbara Sporn, Vice-Rector, Research, International Affairs and External Relations, WU

Friedrich Strasser, CIO, Member of the Board of Management,

Bank Gutmann AG

09:15-10:45

SESSION I

Chair: Susan Christoffersen, University of Toronto, Rotman School of Management

Pension Fund Asset Allocation and Liability Discount Rates

Aleksandar Andonov, Erasmus University Rotterdam, Netherlands

(Joint with Rob Bauer and Martijn Cremers)

Discussant: Michael Hanke, University of Liechtenstein

Paper
Presentation
Discussion

Asset Market Participation and Portfolio Choice over the Life-Cycle

Andreas Fagereng, Statistics Norway

(Joint with Charles Gottlieb and Luigi Guiso)

Discussant: Francisco Gomes, London Business School

Paper
Presentation
Discussion

Made Poorer by Choice: Worker Outcomes in Social Security v. Private Retirement Accounts

Javed Ahmed, Federal Reserve Board of Governors

(Joint with Brad Barber and Terrance Odean)

Discussant: Frank de Jong, Tilburg University

Paper
Presentation
Discussion
10:45-11:15Coffee Break
11:15-12:45

SESSION II

Chair: Elroy Dimson, Cambridge University and London Business School

Financial Sophistication and Portfolio Choice over the Life Cycle

Seth Neumuller, Wellesley College, United States of America

(Joint with Casey Rothschild)

Discussant: David Robinson, Duke University and NBER

Paper
Presentation
Discussion

The Display of Information and Household Investment Behavior

Maya Shaton, University of Chicago Booth School of Business, United States of America

Discussant: Roine Vestman, Stockholm University

Paper
Presentation
Discussion

Reverse Mortgages: What Homeowners (Don’t) Know and How it Matters

Patrick Gerhard, Maastricht University, School of Business and Economics

(Joint with Thomas Davidoff and Thomas Post)

Discussant: Stefan Nagel, University of Michigan
Paper
Presentation
Discussion
12:45-13:45Lunch Break
13:45-15:15

SESSION III

Chair: Josef Zechner, WU Wien

Housing Habits and their Implications for Life-Cycle Consumption and Investment

Holger Kraft, Goethe University, Frankfurt am Main, Germany

(Joint with Claus Munk and Sebastian Wagner)

Discussant: Alex Weissensteiner, Free University of Bozen

Paper
Presentation
Discussion

A Multivariate Model of Strategic Asset Allocation with Longevity Risk

Claudio Tebaldi, L. Bocconi University, Italy

(Joint with Carlo Favero, Emilio Bisetti and Giacomo Nocera)

Discussant: Marcel Fischer, Copenhagen Business School

Paper
Presentation
Discussion

Taxable and Tax-Deferred Investing with the Limited Use of Losses

Michael Gallmeyer, McIntire School of Commerce at the University of Virginia

(Joint with Marcel Fischer)

Discussant: Robert Korajczyk, Northwestern University
Paper
Presentation
Discussion
15:15-15:45Coffee Break
15:45-17:15

SESSION IV

Chair: Neal Stoughton, WU Wien

Dash for Cash: Month-End Liquidity Needs and the Predictability of Stock Returns

Kalle Rinne, University of Luxembourg, Luxembourg

(Joint with Matti Suominen, Lauri Vaittinen)

Discussant: Lubos Pastor, University of Chicago

Paper
Presentation
Discussion

Destabilizing noise trading: Evidence from Pension Fund Reallocations

Borja Larrain, Pontificia Universidad Catolica de Chile

(Joint with Zhi Da, Clemens Sialm and Jose Tessada)

Discussant: Yong Chen, Texas A&M University

Paper
Presentation
Discussion

Age of Decision: Pension Savings Withdrawal and Consumption and Debt Response

Wenlan Qian, NUS Business School, Singapore

(Joint with Sumit Agarwal and Jessica Pan)

Discussant: Michael Weber, University of Chicago

Paper
Presentation
Discussion
17:15Concluding Remarks and Refreshments
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