312-251-1301 info@cfachicago.org

Event Detail

Do You Make Good Investment Decisions - Hersh Shefrin, Paul Schoemaker & Werner DeBondt (Ended)

Date, Time, and Location:
Wednesday, May 18, 2011 (add this event to your Outlook Calendar)
1:30 pm
Union League Club, 65 W Jackson Blvd, Chicago, IL  60604   (Driving Directions)

EDUCATION SEMINAR: DO YOU MAKE GOOD INVESTMENT DECISIONS?
Featuring Hersh Shefrin, Paul Schoemaker, Werner DeBondt, Michael Falk and Angela Stanton

Date, Time, and Location:
Wednesday, May 18, 2011
1:30 pm - 7:30 pm
Union League Club, 65 W. Jackson Boulevard

Program Description:
What do we know about investors and their decision making capabilities? Come to the 20th anniversary of "Decision Theory," the Investment Analyst Society of Chicago's 1991 ground-breaking financial analyst seminar. Spend an afternoon with some legends of behavioral finance, neuroscience & the economy and hear what we have learned about decision-making over the last two decades, what we are learning today from the burgeoning field of neuroscience, and a few perspectives from an experienced practitioner.

Topic Highlights Include:

  • The Intersection of Investor Psychology & Financial Markets: The Neuroscience of Investing
  • Understanding How Conditions of Risk, Reward, Uncertainty & Choice Impact Your Investment Decisions
  • Asset Price Bubbles

Panelists:

  • Werner F. DeBondt
    Director, Richard H. Driehaus Center for Behavioral Finance - DePaul University
  • Michael S. Falk, CFA
    Founder - Michael S. Falk Asset Consulting
  • Paul J.H. Schoemaker
    Founder & Executive Chairman - Decision Strategies International, Inc.
    Research Director, Mack Center for Technological Innovation - Wharton School, Univ. of Pennsylvania
  • Hersh Shefrin
    Mario L. Belotti Professor of Finance - Santa Clara University
  • Angela A. Stanton
    Visiting Scholar, Center for Neuroeconomics Studies - Claremont Graduate University
    Member, Behavioral Finance Working Group - Cass Business School, City University London
    External Research Fellow - Max Planck Institute (Jena, Germany)

Moderator:

  • Luke Knecht, CFA
    Partner & Managing Director - Dearborn Partners, LLC

Target Audience:

  • Anyone who is responsible for other people's money...
  • Anyone who has ever regretted a decision they have made...
  • Anyone who wants to better understand the "human" obstacles to making good, self-interested decisions

Fee:
Members - $125
Non-Members - $175
(payable by cash, check or credit card)*

CFA Institute Qualified Activity:
Eligible for 4.5 credit hours

Attire:
Business Casual

For Reservations:
Register online below, or by phone: 312-251-1301

Agenda:
1:30 - 1:45 pm: Registration
1:45 - 3:45 pm: 1st Round of Presentations & Q&A featuring Paul Schoemaker & Werner DeBondt
3:45 - 4:00 pm: Break
4:00 - 6:30 pm: 2nd Round of Presentations & Q&A featuring Hersh Shefrin, Angela Stanton, and Michael Falk
6:30 - 7:30 pm: Reception/Networking

Thanks to the following organizations who have generously contributed to support this event!

SILVER SPONSORS

Capital IQ and Stalla





PROGRAM PARTNER

Capital IQ and Stalla





Panelists' Background Information:

Werner F. DeBondt
Director - Richard H. Driehaus Center for Behavioral Finance - DePaul University
Title of Presentation: "Asset Price Bubbles"

Dr. DeBondt is Director of the Richard H. Driehaus Center for Behavioral Finance at DePaul University in Chicago. He studies the psychology of investors and financial markets, and is one of the founders of behavioral finance. Dr. De Bondt is a frequent speaker to academics and investment professionals. In past years, he was a member of the faculty at various universities in Europe. Between 1992 and 2003, he was the Frank Graner Professor of Investment Management at the University of Wisconsin-Madison. Dr. DeBondt holds a Ph.D. in Business Administration from Cornell University.

Michael S. Falk, CFA
Founder - Michael S. Falk Asset Consulting
Title of Presentation: "Psychology, Neurology... How Your Biology Impacts Your Investment Decisions"

Mr. Falk is the Founder of Michael S. Falk Asset Consulting. The practice was founded on the singular principal of providing value-added asset consulting. The asset consulting perspective acknowledges that the wisdom of crowds can denigrate into madness at times. Assets should be managed with the serenity to accept the market's realities; the courage to pursue its opportunities; and the ongoing pursuit of wisdom to understand the difference. Aside from his Asset Consulting work, Mr. Falk is part of the CFA Institute's Speaker Retainer Program, a contributing member of the PDDARI group within the Financial Management Association (FMA), the Vice Chair of the Profit Sharing 401(k) Council of America's Investment Committee, and teaches as an adjunct professor at DePaul University in their Certified Financial Planner (CFP) Certificate Program, as well as on behalf of the CFA Society of Chicago. Mr. Falk holds a B.S. degree in Finance from the University of Illinois. He is also a CFA Charterholder, a member of CFA Institute and CFA Chicago, and holds the Certified Retirement Counselor (CRC) designation.

Paul J.H. Schoemaker
Founder & Executive Chairman - Decision Strategies International
Research Director, Mack Center for Technological Innovation - Wharton School, University of Pennsylvania
Title of Presentation: "Behavioral Decision Theory: Past, Present, Future"

Dr. Schoemaker is the Founder and Executive Chairman of Decision Strategies International, a consulting and training firm specializing in strategic management, executive development, and multi-media software. He also serves as Research Director of the Mack Center for Technological Innovation at the Wharton School of the University of Pennsylvania where he teaches decision-making and strategy as a part-time professor. For over twelve years, he was a full-time professor in the Graduate School of Business at the University of Chicago specializing in strategy and decision sciences. Dr. Schoemaker has also been a Visiting Professor with Cedep at Insead (France). He took an extended sabbatical with the scenario planning group of Royal/Dutch Shell in London, and has since worked with over a hundred organizations around the world. Dr. Schoemaker has written more than 100 academic and applied papers, including multiple articles in the Harvard Business Review. He is the (co)-author of several books including: Decision Traps; Decision Sciences: An Integrated Perspective; Wharton On Managing Emerging Technologies; Winning Decisions; Profiting from Uncertainty; and Peripheral Vision. His article "Scenario Planning" was the second most re-printed publication in the 42 year history of MIT's Sloan Management Review, and he is listed among the most highly cited scholars in terms of academic publications in business and economics. Dr. Schoemaker is also an active private investor in new technology-based ventures and serves on the Board of Directors for several of these, including the Decision Education Foundation.

Hersh Shefrin
Mario L. Belotti Professor of Finance - Santa Clara University
Title of Presentation: "Psychology and Regulation: A 20-Year Update"

Professor Shefrin is the Mario L. Belotti Professor of Finance at Santa Clara University. His book, Beyond Greed and Fear, provides a comprehensive approach to behavioral finance, and, in 2009, was recognized by J.P. Morgan Chase as one of the top ten books published since 2000. Among Professor Shefrin's other works are: A Behavioral Approach to Asset Pricing; Behavioral Corporate Finance; and Ending the Management Illusion. According to a 2003 article that appeared in the American Economic Review, he is one of the top 15 economic theorists to have influenced empirical work. His work has been in the all-time top ten downloads from the Social Science Research Network. Professor Shefrin holds a Ph.D. from the London School of Economics, as well as an honorary doctorate from the University of Oulu, Finland. He is also an honorary guest professor at Central-South University in Changsha, China.

Angela A. Stanton
Visiting Scholar, Center for Neuroeconomics Studies - Claremont Graduate University
Member, Behavioral Finance Working Group - Cass Business School, City University London
External Research Fellow - Max Planck Institute (Jena, Germany)
Title of Presentation: "Risk, Rationality, and Homo financicus"

Dr. Stanton is a neuroeconomist and visiting scholar at the Center for Neuroeconomics Studies in Claremont, California, as well as an external research fellow at the Max Planck Institute of Economics in Germany. She focuses on the interplay between hormones, environmental stimuli, and economic decision-making. In particular, in her dissertation, including various other publications, she showed that elevated oxytocin levels make people more generous. Currently, Dr. Stanton manages experiments in search of understanding the different brain mechanisms used for solving risky and ambiguous choices using both fMRI and hormonal methods. She has published books and book chapters in edited volumes; the most recent publication is "Neuroeconomics and the Firm." Prior to receiving her Ph.D., Dr. Stanton spent many years in the corporate world, with various working experience, including managerial and executive roles. She has taught at the Argyros School of Business and Economics at Chapman University and at the International Finance Diploma Program at UC Berkeley Extension. Dr. Stanton holds a B.S. in Mathematics from UCLA, an M.B.A. from UC Riverside, an M.S. in Management Science of Engineering from Stanford University, and a Ph.D. in Economics from Claremont Graduate University.

Moderator:

Luke Knecht, CFA
Partner & Managing Director - Dearborn Partners, LLC

Mr. Knecht began his career managing fixed income portfolios in 1974 at Colorado National Bank in Denver where he managed both the bank's reserve portfolio and fixed income trust assets. In 1981, he joined Harris Bank in Chicago managing a variety of portfolios before being named President and Chief Investment Officer of Harris Investment Management in 1992. In 1993, Mr. Knecht joined CSI Asset Management, a subsidiary of Prudential, as President and CIO. In 1997, he moved to San Francisco to serve as head of the Fixed Income division of Dresdner RCM Global Investors. Mr. Knecht returned to Chicago in 2002 as a Managing Director for Deerfield Capital Management, an $8 billion fixed income specialty management firm where he served as Chief Operating Officer from 2004 until his departure in 2010. He is currently a Partner at Dearborn Partners where he manages absolute return bond strategies. Mr. Knecht holds a B.S. degree in Business from the University of Colorado and is a Chartered Financial Analyst. He has been actively involved in managing portfolios his entire career and has had numerous articles and monographs published. Mr. Knecht is a member of CFA Institute and CFA Chicago.

*Special Notes Regarding Fees:
Credit card is required to guarantee ALL reservations. No day-of-event pre-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, May 13.

A Passport Event This is a "Passport Program." Members of any local CFA society may attend at the CFA Chicago member rate. If you are only a member of CFA Institute, you do not qualify for the society member rate.

This program qualifies for credit under the guidelines for the CFA Institute Continuing Education Program. Please click here if you would like more information.

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