New Frontiers for Equity Management*

2. Juni 2008 in Frankfurt am Main
* Dieses Seminar wird in englischer Sprache gehalten.

This pre-conference workshop is designed for professionals who want to grasp new research ideas who have a high relevance for managing equity portfolios. The course will be held by two leading academics: Prof. Andrea Frazzini (University of Chicago) and Prof. Lutz Johanning (WHU). Though they are both fairly young they gained a very high reputation for their research as well as their teaching skills. The course will cover two exciting topics: Behavioral Finance and Liquidity Management. An exciting day full of new ideas, controversial discussions and practical insight is guaranteed. Don’t miss this opportunity. The number of attendees is limited to 20.

Inhalt

Foundations of Behavioral Finance

	What is behavioral finance?
	Behavioral finance and the efficient market hypothesis
	Examples for irrational behaviour: The Germany Fund, Molex, Palm and 3Com
	Why do financial markets anomalies exist?
	Experimental psychology evidence: Overconfidence and disposition effect

Application of Behavioral Finance to Money Management

	The disposition effect and stocks price under-reaction to news
	What is the impact of news about a firm's cutomers on its stock price?
	Why stock prices rise around earnings announcments?
	How to differentiate between dumb money and smart money
	What can we learn from short sellers?

How does Liquidity impact Performance

	Definition and measurement of market liquidity and transaction costs
	Performance relevance of transaction costs
	Clientele effect and investor preferences
	Market herding in trading: Is there empirical evidence?

How to implement an Active Liquidity Management

	Forecasting the market impact: Out-of-sample-results
	When to trade and how to trade: Implementing efficient trading rules
	Optimal organization of a trading desk
	How to incorporate transaction costs into portfolio optimization