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12th Colloquium on Financial Markets

The 12th Colloquium on Financial Markets, organised by Prof. Dr. Alexander Kempf, took place in Cologne on April 15th 2013 . The discussion at the conference was centred around „Asset Management“. This year, the event was held at AXA Holding AG.

Impressions of the Colloquium can be found here.

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 the AXA Holding for its support and organization of the Colloquium.

9.30 UhrRegistration
10.00 - 10.15Welcome
10.15 - 11.00Style-Driven Earnings Momentum
Sebastian Müller (University of Mannheim)
Discussant: Alexander Pütz (University of Cologne)
11.00 - 11.45Governance and Shareholder Value in Delegated Portfolio Management: The Case of Closed-End Funds
Youchang Wu (University of Wisconsin-Madison), Russ Wermers (University of Maryland), Josef Zechner (Vienna University of Economics and Business)
Discussant: Vikas Agarwal (Georgia State University)
11.45 - 12.30The Stock Market Price of Commodity Risk
Martijn Boons, Frans de Roon (Tilburg University), Marta Szymanowska (Erasmus University Rotterdam)
Discussant: Holger Kraft (Goethe University Frankfurt)
12.30 - 13.45Lunch
13.45 - 13.55Announcement of the Best Paper Award 2013
13.55 - 14.40News Trading and Speed
Thierry Foucault, Johan Hombert, Ioanid Rosu (HEC Paris)
Discussant: Karl Keiber (European University Viadrina)
14.40 - 15.40Postersession
Value Added from Asset Managers in Private Markets? An Examination of Pension Fund Investments in Real Estate
Aleksandar Andonov, Piet Eichholtz, Nils Kok (Maastricht University)
Run, Walk, or Buy? Financial Literacy, Dual-Process Theory, and Investment Behavior
Markus Glaser, Torsten Walther (LMU Munich)
Returns on Cyclical and Defensive Stocks in Times of Scarce Information about the Business Cycle
Nicole Branger, Patrick Konermann, Julian Thimme (University of Münster)
May I Have Your Attention, Please: The Market Microstructure of Investor Attention
Christopher Fink, Thomas Johann (University of Mannheim)
Socially Responsible Investments: Return Expectations or Social Preferences?
Arno Riedl, Paul Smeets (Maastricht University)
Do Mutual Funds Supply or Demand Immediacy?
Kalle Rinne (University of Luxembourg), Matti Suominen (Aalto University School of Economics)
A Heterogeneous Agents Equilibrium Model for the Term Structure of Bond Market Liquidity
Philipp Schuster (Karlsruhe Institute of Technology), Monika Trapp (University of Cologne), Marliese Uhrig-Homburg (Karlsruhe Institute of Technology)
15.40 - 16.15Coffee break
16.15 - 17.00Growth Options and Firm Valuation
Holger Kraft (Goethe University Frankfurt), Eduardo Schwartz (University of California, Los Angeles), Farina Weiss (Goethe University Frankfurt)
Discussant: Dieter Hess (University of Cologne)
17.00 - 17.45Institutional Investment and Intermediation in the Hedge Fund Industry
Vikas Agarwal (Georgia State University), Vikram Nanda (Georgia Institute of Technology), Sugata Ray (University of Florida)
Diskutant: Josef Zechner (Vienna University of Economics and Business)
AfterwardsFarewell Cocktails

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