'Ambiguity aversion and household portfolio choice: Evidence and implications'

24 Nov 2016

Assoc. Prof. Roy Kouwenberg


Level 3, 10 Spring Street, Sydney NSW 2000

Dear Q Group member,

We are partnering with the Finance Professionals' group from Macquarie University to present a half day seminar and panel session programme on ambiguity aversion and investment philosophies in retirement wealth targets. We are excited to invite you to this event.

The event will be held on Thursday, 24 November at the Macquarie University Sydney CBD centre and be presented by Associate Professor Roy Kouwenberg from Mahidol University's College of Management.

Please RSVP to the the MAFC. (Link below)

If the details below do not work for you, the URL advertising the event is:

Most investment decisions have to be made without exact information about the distribution of future stock returns, a problem known as decision making under ambiguity (facing “unknown unknowns”). It is typically assumed that people dislike making decisions under ambiguity, but little is known about how ambiguity aversion influences people’s actual investment decisions in practice.

Simon Russell, Founder and Director of Behavioural Finance Australia (BFA), and
Steve Christie, Director and Principal of ACD Financial

Peter Vann, Associate Professor, MAFC

'A liability-relative drawdown approach to pension asset liability management'

In the last decades, the traditional investment philosophy of pension funds has come under pressure after facing a perfect storm of lower interest rates and high market volatility. The traditional mean-variance framework is ill suited to deal with the non-normal extreme returns observed in financial markets.

Frank Ashe, Honorary Fellow, MAFC, and
David Bell, Chief Investment Officer, Mine Wealth and Wellbeing Super Fund

Peter Vann, Associate Professor, MAFC


8.45am – Registration
9.00am – Ambiguity aversion and household portfolio choice: Evidence and implications - followed by Q&A and a panel discussion composed of industry experts
10.30am – Morning tea
10.50am – A liability-relative drawdown approach to pension asset liability management - followed by Q&A and a panel discussion composed of industry experts
12.30pm – Lunch

Where: Level 3, 10 Spring Street, Sydney NSW 2000

RSVP and your guests: You are welcome to invite your colleagues to attend. Please forward this email to them to register. This event is catered.

These highly popular Finance Professionals' Series address areas of topical interest (sometimes controversial) and the latest research. They provide professionals from within the corporate, banking and finance sectors, friends and alumni of the Macquarie University Applied Finance Centre, opportunities for professional development and networking.

We look forward to welcoming you on Thursday 24 November 2016 from 8.45am.

Yours Sincerely,

Associate Professor Peter Vann
Macquarie Applied Finance Centre

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About the speaker

Associate Professor Roy Kouwenberg, PhD, CFA
Mahidol Univesity, College of Management, Bangkok

Roy Kouwenberg is Associate Professor and Chair of the Ph.D. Program at Mahidol Unversity, Bangkok, and visiting researcher at the Erasmus School of Economics, Rotterdam. His research interests include investments, quantitative finance and behavioural economics. His work has been published in the Journal of Financial Economics, the Review of Economics & Statistics and Management Science, amongst others. Roy received his Ph.D. in Finance from Erasmus University Rotterdam and he is a CFA charterholder.

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