The 15th Colloquium on Financial Markets, organised by Prof. Dr. Alexander Kempf, took place in Cologne on April 11th 2016. The discussion at the conference was centered around „Asset Management“. The event was held at Sal. Oppenheim jr. & Cie. AG & Co. KGaA.

Impressions of the Colloquium can be found here.

Papers accepted for presentation at the conference were eligible for the Best Paper Award which carries a cash prize of EUR 2.000.

We want to take the opportunity to thank all those who presented papers, who joined the discussion and all other participants who contributed with their presentations and comments to the success of the Colloquium. In particular we would like to thank Sal. Oppenheim jr. & Cie. AG & Co. KGaA for its support and organization of the Colloquium.

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9.30	Registration
10.00 - 10.15	Welcome
10.15 - 10.55	Rich Pickings? Risk, Return, and Skill in the Portfolios of the Wealthy Laurent Bach (Stockholm School of Economics), Laurent Calvet (HEC Paris), Paolo Sodini (Stockholm School of Economics) Discussant: Florian Weigert (University of St. Gallen)
10.55 - 11.35	Tree-Based Conditional Portfolio Sorts: The Relation Between Past and Future Stock Returns Benjamin Moritz (LMU Munich & Sal. Oppenheim), Tom Zimmermann (Federal Reserve Board) Discussant: Michael Weber (University of Chicago)
11.35 - 12.00	Coffee break
12.00 - 12.40	Global Asset Allocation Shifts Tim A. Kroencke (University of Basel), Maik Schmeling (Cass Business School), Andreas Schrimpf (Bank for International Settlements) Discussant: Daniel Schmidt (HEC Paris)
12.40 - 13.40	Lunch
13.40 - 13.50	Announcement of the Best Paper Award 2016
13.50 - 14.30	The Term Structure of Equity Returns: Risk or Mispricing? Michael Weber (University of Chicago) Discussant: Tim A. Kroencke (University of Basel)
14.30 - 15.45	Postersession
	Are Anomaly-Separating Methodologies up to Their Designated Task? Benjamin R. Auer, Frank Schuhmacher (University of Leipzig)
	A Sharpe Ratio Neutral Prior for Bayesian Portfolio Selection Roman Crößmann (LMU Munich)
	High-Frequency Trading and Fundamental Price Efficiency Jasmin Gider (University of Bonn), Simon N. M. Schmickler (Princeton University), Christian Westheide (University of Mannheim)
	Ninety Years of Media Coverage and the Cross-Section of Stock Returns Alexander Hillert, Michael Ungeheuer (University of Mannheim)
	Dessecting Short-Sale performance: Evidence from Large Position Disclosures Stephan Jank (Frankfurt School of Finance & Management), Esad Smajlbegovic (University of Mannheim)
	Distracted Institutional Investors Daniel Schmidt (HEC Paris)
	Dynamic Optimization of Asset Allocation Strategies under Downside Risk Control: An Application to Futures Markets Rainer A. Schüssler (Helmut Schmidt University Hamburg)
15.45 - 16.10	Coffee break
16.10 - 16.50	Liquidity Provision, Information, and Inventory Management in Limit Order Markets: An Analysis of Order Revisions Vikas Raman (University of Warwick), Pradeep K. Yadav (University of Oklahoma) Discussant: Laurent E. Calvet (HEC Paris)
16.50 - 17.30	Tail Risk in Hedge Funds: A Unique View from Portfolio Holdings Vikas Agarwal (Georgia State University), Stefan Ruenzi (University of Mannheim), Florian Weigert (University of St. Gallen) Discussant: Pradeep K. Yadav (University of Oklahoma)
Afterwards	Farewell Cocktails