GREETINGS FROM RENE M. STULZ (Ohio State University and President of BSI Gamma Fo u n d at i o n )

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1 invito zurigo :04 Pagina 1 GREETINGS FROM RENE M. STULZ (Ohio State University and President of BSI Gamma Fo u n d at i o n ) The long debate about rationality of fi n a n c i a l m a rkets and behavior of inve s t o rs continu a l- ly draws on new theoretical research and e m p i rical fi n d i n g s. After twenty ye a rs, b e h avi o ral finance has gained a relevant role in research and is gaining increasing attention among pra c t i t i o n e rs. The papers presented at this conference provide new and exciting e m p i rical evidence. Among the topics to be discussed are the importance of the disposition effects and the heterogeneous behav i o r of inve s t o rs towards mutual funds and s t o c k s, the relation between trust and stock m a rket par t i c i p a t i o n, the intera c t i o n b e t ween adve r tising and returns in the stock m a rke t, the impact of individual inve s t o rs and their herding behavior on stock pri c e s, t h e i n fo rmation content of short tra d i n g. T h e wide variety of topics promise to be suitabl e both to those interested in theory and to those interested in applications.

2 invito zurigo :04 Pagina 2 THE SPEAKERS ZORAN IVKOV I C Is Assistant Professor of Finance in the College of Business, U n i ve rsity of Illinois at Urbana-Champaign. P r o fessor Ivkovic earned a Ph.D. in Management (Finance) from Yale Unive rsity and a Ph.D. in Computer Science from the Unive rsity of Delaw a r e. He joined the Unive rsity of Illinois in P r o fessor Ivkovic has p u blished in leading economics and finance journals such as The A m e rican Economic Review,The Journ a l of Finance,The Journal of Financial Economics, and The Journal of Financial and Quantitative A n a ly s i s. H e p u rsues research interests in the areas of the investment behavior of individuals and its impact on security pri c e s, the info rmation content of analysts' earnings forecasts and investment recommendations, and the mutual fund industry. His research has been cited in the financial press and in leading daily newspapers such as Barr o n ' s, Chicago Tri bu n e, Financial T i m e s, F o r b e s, The New Yo rk T i m e s, Philadelphia Inquirer, S m a rt M o n e y, and The Wall Street Journ a l. PETRA JOERG Studied business and media sciences at the Unive rsität Bern, S w i t ze rl a n d, and the Unive rsity of Rochester, N Y, U S A. Her research interests are in the fields of Behav i o ral Finance, C o m mu n i c a t i o n s, and Corp o ra t e F i n a n c e. She is a co-author of the H a n d buch der Bewe r t u n g and published seve ral papers. In 2005 she finished her doctoral studies with a thesis about Gender and educational differences in investment behavi o r. Pe t ra Joerg is teaching at the Zurich Unive rsity of Applied Sciences W i n t e rthur and is acting as the M a n a g e rial Director of the Rochester- B e rn Exe c u t i ve MBA Progra m. CHARLES M. JONES Is an Associate Professor in the Finance and Economics Division at the Graduate School of Business of Columbia Unive rsity in the City of New Yo rk. His research focuses on the stru c t u r e, o rg a n i z a t i o n, and regulation of securities marke t s. P r o fessor Jones has written extensive ly on short sales, and he is also curr e n t ly writing about the effect of mandatory financial disclosure on liquidity, optimal trading stra t e g i e s, a n d other topics. In he served as the visiting economist at the New Yo rk Stock Exchange. P r o fe s s o r Jones received an underg raduate degree from MIT and a PhD from the Unive rsity of Michigan, and befo r e joining Columbia in 1997 he was on the faculty at Princeton Unive rs i t y. CLAUDIO LODERER Did his PhD at the Unive rsity of Rochester, N Y, U S A, and taught for seve ral ye a rs in the U. S. ( U n i ve rs i t i e s of Rochester, P u r d u e, and Chicago). Since 1990 he has a full profe s s o rship for Financial Management at the U n i ve rsität Bern, S w i t ze rl a n d, and is the Director of the Institut für Finanzmanagement. F u rt h e rm o r e, he is one of the fo u n d e rs and the Program Director of the Rochester- B e rn Exe c u t i ve MBA Progra m. H i s research interests are in the fields of Corp o rate Finance, C o rp o rate Gove rn a n c e, Capital Marke t s, R i s k M a n a g e m e n t, and Merg e rs & A c q u i s i t i o n s. Claudio Loderer published articles in international top journ a l s such as the Journal of Finance or the Journal of Financial Economics and is on the editorial board of seve ral journ a l s. He is the main author of the H a n d buch der Bewe rt u n g and is acting as a consultant and a member of the board of directors of various companies. TERRANCE ODEAN Is a Professor of finance at the Haas School of Business, U n i ve rsity of Califo rnia Berke l e y. D i r e c t o r, U C B e rkeley's Xlab. C o - E d i t o r, The Review of Financial Studies. He obtained the Barclays Global Inve s t o rs Award for Best Conference Paper at European Finance Association Meetings, M o s c ow 2005 Barclay s Global Investment / Michael Brennan Pri ze for the Best Paper of the year (2001) in The Review of Financial S t u d i e s, G raham and Dodd Award of Excellence, P r o fessor Odean obtained in 1997 a Ph.D. Wa l t e r in Finance at Haas School of Business,Unive rsity of Califo rnia at Berke l e y.

3 invito zurigo :04 Pagina 3 PAOLA SAPIENZA Is an Assistant Professor in the Finance Department at Nort h we s t e rn Unive rs i t y, Kellogg School of M a n a g e m e n t. P rior to joining Kellogg Professor Sapienza wo rked as an economist in the research department of Bank of Italy. Her research is on banking, on state-ow n e rs h i p, on social capital, and on fi n a n c i a l d e ve l o p m e n t. P r o fessor Sapienza is a research affiliate of the Center for Economic Policy Research (CEPR) and a Faculty Research Fellow in the National Bureau of Economic Research's program on Corp o ra t e F i n a n c e.trained in economics, she holds a B. A. from Bocconi Unive rsity (Milan), and an M.A. and Ph.D in Economics from Harvard Unive rs i t y. ANDREI SHLEIFER The Whipple V. N. Jones Professor of Economics at Harvard Unive rs i t y, Andrei Shleifer holds an underg raduate degree from Harvard and a Ph.D. from MIT. B e fore coming to Harvard in 1991, he has taught at P rinceton and the Chicago Business School. S h l e i fer's has wo rked in the areas of compara t i ve corp o ra t e g ove rn a n c e, l aw and fi n a n c e, b e h av i o ral fi n a n c e, as well as institutional economics. He has published fo u r b o o k s, including The Gra bbing Hand (with Robert V i s h ny ), and Inefficient Marke t s : An Introduction to B e h av i o ral Finance, as well as over a hundred art i c l e s. S h l e i fer has served as the Editor of the Quart e rly J o u rnal of Economics between 1989 and 1999, and as an Associate Editor of both the Journal of Finance and the Journal of Financial Economics. He is curr e n t ly the Editor of the Journal of Economic Pe rs p e c t i ve s and an A d v i s o ry Editor of the JFE. S h l e i fer is a fe l l ow of the Econometric Society and of the A m e ri c a n A c a d e my of A rts and Sciences. In 1999, S h l e i fer won the John Bates Clark medal of the A m e ri c a n Economic A s s o c i a t i o n. CLEMENS SIALM Is an Assistant Professor of Finance at the Stephen M. Ross School of Business at the Unive rsity of M i c h i g a n. After graduating with an underg raduate degree in Economics at the Unive rsity of St.Gallen, h e obtained in 2001 a Ph.D. in Economics at Stanford Unive rs i t y. He is also a Faculty Research Fellow at the National Bureau of Economic Research. His research deals with topics in investments and taxation.a fi rs t group of research projects analy zes the investment strategies and the perfo rmance of various inve s t o r c l a s s e s, in particular mutual funds and hedge funds. A second group of projects investigates the impact of the tax system on optimal port folio decisions and asset pri c i n g. S C OTT WEISBENNER Is an assistant professor in the department of finance at the Unive rsity of Illinois at Urbana-Champaign and a Faculty Research Fellow of the National Bureau of Economic Research. He previously served as an economist in the capital markets section of the Federal Reserve Board of Gove rn o rs. P r o fessor We i s b e n n e r r e c e i ved his Ph.D. in economics from MIT and his B. A. in economics and mathematics from the Unive rs i t y of W i s c o n s i n - M a d i s o n. His research interests include household port folio decisions and how they are influenced by taxation and psychological factors, retirement saving and pension plans, and corp o rate payo u t p o l i c y. X I A OYAN ZHANG Assistant Professor in Finance at Cornell Johnson School of Management, C o rnell Unive rs i t y. He obtained in 2002 a Ph.D. in Finance at the Columbia Business School, Finance & Economics Division, New Yo rk and he received in July 1997 a B. A. in Economics at Beijing Unive rs i t y. His research interests include I n t e rnational Finance, E m p i rical Asset Pricing and Applied Econometri c s.

4 invito zurigo :04 Pagina 4 CONFERENCE PROGRAMME 9.15 Welcome coffee 9.45 Introductory speech T h o rsten Hens, U n i ve rsity of Zuri c h, Institute for Empirical Research in E c o n o m i c s René Stulz, Ohio State Unive rsity and President of BSI GAMMA Foundation 10:00 Trusting the Stock Market Luigi Guiso, U n i ve rsity of Sassari Paola Sapienza, N o r t h we s t e rn Unive rs i t y Luigi Zingales, U n i ve rsity of Chicago Portfolio Concentration and the Performance of Individual Investors Zoran Ivkovic, University of Illinois Clemens Sialm, University of Michigan & NBER Scott Weisbenner, University of Michigan & NBER Coffee Break Persuasion in Finance Sendhil Mullainathan, Harvard University Andrei Shleifer, Harvard University Lunch Does Individual Investor Herding Forecast Returns? Brad M. Barber, University of California, Davis Terrance Odean, University of California at Berkeley Which short are informed? Ekkehart Boehmer,Texas A&M University Charles M. Jones, Columbia University Xiaoyan Zhang, Columbia University Swiss Dentists and Economists: Private Investor Clusters Petra Joerg, University of Bern Claudio Loderer, University of Bern Coffee Break Roundtable: Does Behavioural Finance Work? Experience from the Swiss Market Place Hans Peter Oehri, LGT, Liechtenstein Maus Bossi, Alpha Swiss, Zurich Alex Hinder, Bank Leu, Zurich Stefan Rehder, Bayern LB, Munchen 17:00 Cocktails

5 invito zurigo :04 Pagina 5 CONFERENCE LOCATION SWX Swiss Exchange Selnaustrasse 30 CH-8021 Zürich NCCR FINRISK Administration Plattenstr. 14 CH-8032 Zurich Tel. +41 (0) Fax +41 (0) admin@nccr-finrisk.ch ORGANIZED BY BSI GAMMA Foundation c/o BSI SA Via Magatti 2 CH-6901 Lugano Tel. +41 (0) Fax +41 (0) gammafoundation@bsi.ch

6 invito zurigo :04 Pagina 6 6 December 2005 SWX Swiss Exchange Selnaustrasse 30 - Zürich ADVANCES IN BEHAVIOURAL FINANCE