The Equity Risk Premium: Applications for Investment Decision-Making (Ended)
Hosted by: Education Advisory Group
NYU Stern School of Business professor Aswath Damodaran will explore ways that the equity risk premium is misused by market participants and delve into the macro determinants of equity risk in his keynote address. Professor Damodaran will also discuss potential perils of using historical risk premiums and the challenges inherent to calculating implied equity risk premiums. A panel discussion will follow where Professor Damodaran will be joined by Michele Gambera, Co-Head of Strategic Asset Allocation Modeling with UBS Asset Management and Bryant Matthews, Global Director of Research with Credit Suisse, HOLT. The panel will explore the application of the equity risk premium in multi-asset valuation modeling and rationale for why equity risk premiums vary across geographies.
Attendees will gain:
- Greater understanding of macro determinants of equity risk
- Insight into how and why equity risk premiums may vary across geographies
- Awareness of the application of the equity risk premium in multi-asset valuation modeling
Keynote: Aswath Damodaran - Kerschner Family Chair Professor of Finance, Stern School of Business at New York University
Moderator: Patricia Halper, CFA - CIO, Chicago Equity Partners
Aswath Damodaran - Kerschner Family Chair Professor of Finance, Stern School of Business at New York University
Michele Gambera, PhD, CFA - Co-Head of Strategic Asset Allocation Modeling, UBS Asset Management
Bryant Matthews - Global Director of Research, HOLT
Members - $45 or FREE with Function Ticket
Student Members - $10
Nonmembers - $65
(member pricing underwritten by CFA Society Chicago)
*Limited sponsorships available, contact Kim Augustyn at email@example.com
CFA Institute Qualified Activity: Eligible for 1.5 credit hours
Attire: Business Casual
Menu: Hors d’oeuvres and refreshments
4:00 pm - 4:30 pm: Registration & Networking
4:30 pm - 6:00 pm: Program
Aswath Damodaran is the Kerschner Family Chair Professor of Finance at the Stern School of Business at New York University. He teaches corporate finance and valuation courses in the MBA program. Damodaran has written four books on valuation (Damodaran on Valuation, Investment Valuation, The Dark Side of Valuation, The Little Book of Valuation) and two on corporate finance (Corporate Finance: Theory and Practice, Applied Corporate Finance: A User’s Manual). He has co-edited a book on investment management with Peter Bernstein (Investment Management), has a book on investment philosophies (Investment Philosophies) and one on “can’t miss” investment strategies, titled Investment Fables. He also has a book on the relationship between risk and value, Strategic Risk Taking, which takes a big picture view of how risk management affects value. His newest book is titled Narrative and Numbers: The Value of Stories in Business and is about how to connect storytelling to valuation. He has been published in the Journal of Financial and Quantitative Analysis, the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies.
Damodaran was a visiting lecturer at the University of California, Berkeley (1984 to 1986) where he received the Earl Cheit Outstanding Teaching Award in 1985. He has been at NYU since 1986, received the Stern School of Business Excellence in Teaching Award (awarded by the graduating class) in 1988, 1991, 1992, 1999, 2001, 2007, 2008, 2009 and 2013, and was the youngest winner of the University-wide Distinguished Teaching Award (1990).
He was profiled in Business Week as one of the top twelve business school professors in the United States in 1994 and was elected as the most popular business school professor in the US by MBA students across the country in a 2011 survey by Business Week. In 2012, he was chosen as one of the top ten business school professors in the world by Poets and Quants, and his blog, Musings on Markets, was selected by the Times of London as one of the top ten stock market blogs in the world. Damodaran received his MBA and Ph.D from the University of California at Los Angeles. His research interests lie in valuation, portfolio management and applied corporate finance.
Michele Gambera, PhD, CFA, is co-head of Strategic Asset Allocation Modeling. In this role he co-leads the team developing and maintaining quantitative models in asset allocation for both clients and the portfolio management teams in Investment Solutions. Gambera joined UBS Asset Management in 2010 from Ibbotson Associates, Morningstar’s asset allocation consultancy, where he had been Senior Research Consultant and Chief Economist since 2006. In his more than nine years at Morningstar, he was also a senior quantitative analyst and then chief economist for Morningstar Associates LLC. Prior to joining Morningstar, he worked for the Federal Reserve Bank of Chicago for two years as an economist in the Supervision and Regulation division.
Alongside his extensive economic and quantitative analysis experience, Gambera has a strong academic background and has held various teaching roles, most recently on the Master of Quantitative Finance program at University of Illinois. He is often quoted by the press including the Wall Street Journal and the New York Times. He is a member of the Chicago Quantitative Alliance and CFA Society Chicago.
Patricia Halper, CFA, oversees all of Chicago Equity Partners' equity products as well as the equity portfolio management and quantitative research groups. Previously, she was a member of the quantitative research team. Prior to joining the firm, she worked at the institutional futures sales desk at Paine Webber. Halper holds a bachelor's degree in mathematics from Loyola University Chicago and a master's degree in financial mathematics from the University of Chicago. She holds the Chartered Financial Analyst (CFA) designation, and is a member of CFA Institute, CFA Society Chicago, the Chicago Quantitative Alliance, the Economic Club of Chicago, and the Chicago Network. Additionally, she is on the Board of Trustees for La Rabida Children's Hospital. Halper also previously served on CFA Society Chicago's Board of Directors.
Bryant Matthews is global director research at HOLT. In his role, he focuses on improving the HOLT CFROI framework through fundamental and quantitative research, with emphasis on profit persistence (fade), improvements to forecasting algorithms, and HOLT’s risk model. He regularly shares research insights with Credit Suisse clients under the ‘Wealth Creation Principles’ brand. During his 20 year career at HOLT, Matthews has consulted with S&P 500 companies on dividend policy, executive compensation strategy and divisional performance and review design, and developed enterprise-based valuation systems for numerous global asset management firms. From 2007 until 2013, he led HOLT’s research team, and introduced key innovations, including for instance, HOLT ECAPs (a framework that identifies the most persistently profitable firms) and HOLT’s Conditional Probability Model (a likelihood scenario forecast tool). Matthews is co-author of Beyond Earnings: Applying the HOLT CFROI and Economic Profit Framework, which offers a detailed look at the HOLT framework for beginning and advanced analysts and portfolio managers, available at Amazon. He holds degrees in theology, political science, and an MBA from Northwestern University’s Kellogg School of Management, and is an executive advisory member of the Center for Corporate Performance, IIT Stuart School of Business.
*Special Notes Regarding Fees:
Regular, Candidate, and Affiliate Members may apply function tickets as payment for Non-member or Student-Member. Credit card required to guarantee ALL reservations except for reservations using Function Tickets. Day-of-event registrations accepted on-site only if applicable and space available. There is a $5 surcharge for walk-ins. Visa, MasterCard, American Express, Discover and Diners Club are accepted. Cancellations accepted until 5:00 pm, March 27th.
This is a "Passport Program." Members of any CFA society may attend at the CFA Society Chicago member rate. If you are only a member of CFA Institute, you do not qualify for the society member rate.
CFA Institute CE Qualified Activity This program qualifies for credit under the guidelines for the CFA Institute Professional Development Program.
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