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    Mutual Funds Conference

    Hosted by:  AIM Investment Center

2011 Investment Company Institute/AIM Investment Center Academic & Practitioner Conference

November 10-11, 2011
AT&T Center, Austin Texas
1900 University Avenue
Austin, TX 78705

Sponsored by:  ICI Logo

This two-day conference is designed to bring together academics who conduct research on mutual funds and ETFs, and practitioners who work in the fund industry to discuss relevant current issues and foster ideas for future areas of research.

The first day of the conference includes in-depth panel discussions among academics and practitioners on the trend toward indexing, exchange-traded funds, money market funds, and proxy voting.

On the second day, invited academics will present working papers on various topics and receive feedback from both an academic and a practitioner discussant.



Thursday, November 10, 2011

 8:00am – 8:50am

8:50am - 9:00am

Tejas Dining Room


 9:00am – 10:30am 

SESSION 1: Economic Implications of the Trend Toward Indexing
Classroom 203, 2nd Floor

Paper Presentation:  "On the Economic Consequences of Index-Linked Investing" by Jeffrey Wurgler      

Russ Wermers, Moderator
Associate Professor of Finance
Smith School of Business, University of Maryland

Hamid Benbrahim
Vice President Applied Complexity Research
Fidelity Investments

Joel Dickson
The Vanguard Group

Jeffrey Wurgler
Nomura Professor of Finance
Stern School of Business, New York University


 10:45am – 12:15pm     

SESSION 2: Pros and Cons of Exchange-Traded Funds
Classroom 203, 2nd Floor

Matt Spiegel, Moderator 
Professor of Finance
Yale School of Management, Yale University

David Mann
Director, iShares Capital Markets
Blackrock, Inc.

Ben Marshall
Associate Professor
College of Business at Massey University

James Rowley, CFA, Head of ETF Data and Analytics, The Vanguard Group

 12:30pm - 1:30pm

Room 301, 3rd Floor

 1:45pm – 3:15pm 

SESSION 3: Money Market Funds:  To Float or Not to Float
Classroom 203, 2nd Floor
"Report of the President's Working Group on Financial Markets" - October 2010
"The Cross Section of Money Market Fund Risks and Financial Crises"
"Report of the Money Market Working Group" - March 2009

Bob Deutsch, Moderator
Head of Global Liquidity
J.P. Morgan Asset Management

Patrick McCabe
Senior Economist
Federal Reserve Board of Governors
Erik Sirri
Professor of Finance
Babson College

Tony Wong
Head of Global Cash Management and Investment Grade Municipal Research
Invesco Ltd.


 3:30pm - 5:00pm

SESSION 4: Proxy Voting, Securities Lending and Say-on-Pay
Classroom 203, 2nd Floor

Laura Starks, Moderator
Charles E. & Sara M. Seay Regents Chair
McCombs School of Business, The University of Texas at Austin

Reena Aggarwal
Robert E. McDonough Professor of Business Administration and Professor of Finance
McDonough School of Business, Georgetown University

Stephen Brown
Director, Corporate Finance

Chad Norton
Vice President, Fund Business Management Group
Capital Research and Management Company

6:30pm - 7:00pm

7:00pm - 9:00pm  

Pavilion, Etter-Harbin Alumni Center

Legends Room, Etter-Harbin Alumni Center
Keynote Speaker - Martin Flanagan, President and CEO, Invesco Ltd.

Friday, November 11, 2011

 8:30am – 9:00am

Room 301, 3rd Floor

 9:00am – 10:00am 

Paper Presentation:  "Alpha and Performance Measurement: The Effect of Investor Heterogeneity"
Classroom 203, 2nd Floor

Authors:  Wayne Ferson, Ivadelle and Theodore Johnson Chair of Banking and Finance, and
    Jerchern Lin, PhD Student, Marshall School of Business, University of Southern California

Jules Van Binsbergen,
Assistant Professor of Finance, Kellogg School of Management, 
    Northwestern University
Ken Fuller, Vice President - Investment Risk, Legg Mason Global Asset Management


 10:15am – 11:15am     

Paper Presentation: "Winners in the Spotlight:  Media Coverage of Fund Holdings as a
Driver of Flows
Classroom 203, 2nd Floor

Authors:  David Solomon, Assistant Professor of Finance and Business Economics, Marshall School of     
    Business, University of Southern California
, Eugene Soltes, Assistant Professor of Business
    Administration, Harvard Business School
and Denis Sosyura, Assistant Professor of Finance,
    Ross School of Business, University of Michigan

Marcin Kacperczyk,
Assistant Professor of Finance, Stern School of Business, New York University
John Rekenthaler, Vice President, Research, Morningstar Inc.

 11:30pm - 12:15pm

Room 301, 3rd Floor

 12:30pm – 1:30pm 

Paper Presentation: "Are Mutual Funds Sitting Ducks?"
Classroom 203, 2nd Floor

Authors:  Sophie Shive, Assistant Professor of Finance and Hayong Yun, Assistant Professor of Finance, 
College of Business, University of Notre Dame

Nick Bollen,
Associate Professor of Finance, Vanderbilt University
Salim Hart, Fidelity Investments

 1:30pm - 2:30pm

Paper Presentation:  "Conflicting Family Values in Mutual Fund Families"
Classroom 203, 2nd Floor

Authors:  Utpal Bhattacharya, Associate Professor of Finance, Jung Hoon Lee, Visiting Assistant Professor 
    of Finance
and Veronika Krepely Pool,  Assistant Professor of Finance, Kelley School of Business, 
    Indiana University

Pedro Matos
, Associate Professor of Finance, Darden School of Business, University of Virginia
Dexter Williams, Senior Vice President-Fixed Income Group, American Funds, Capital Research 
    and Management Company


Classroom 203, 2nd Floor

Keynote Speaker


Martin L. Flanagan, CFA, CPA
President and Chief Executive Officer
Invesco Ltd.

Martin L. Flanagan is president and chief executive officer of Invesco, a position he has held since August 2005. He is also a member of the Board of Directors of Invesco and serves as a trustee and vice chairman of the Invesco Funds. Mr. Flanagan joined Invesco from Franklin Resources, Inc., where he was president and co-chief executive officer from January 2004 to July 2005. Previously he had been Franklin’s co-president from May 2003 to January 2004, chief operating officer and chief financial officer from November 1999 to May 2003, and senior vice president and chief financial officer from1993 until November 1999.Mr. Flanagan served as director, executive vice president and chief operating officer of Templeton, Galbraith & Hansberger, Ltd. before its acquisition by Franklin in 1992. Before joining Templeton in 1983, he worked with Arthur Andersen & Co.Mr. Flanagan received a B.A. and a BBA from Southern Methodist University (SMU). He is a CFA charter holder and a certified public accountant. He is vice chairman of the Investment Company Institute. He also serves as a member of the executive board at the SMU Cox School of Business and is involved with a number of civic activities in Atlanta.


 Conference accommodations will be at:

AT&T Executive Education and Conference Center
1900 University Avenue, Austin, TX 78705

Please call 512-404-3600 or for toll free 1-877-744-8822 to make a room reservation no later than Friday, October 21, 2011. This date is firm and there will be no exceptions to the cut-off date to ensure the special negotiated rate of $159/night plus all applicable fees. Please mention that you are with the AIM Mutual Funds Conference in order to access the room block.

For your convenience, below are other hotels in Austin you might be interested in.  Please note that we do not have room blocks at any of these hotels.

Four Seasons Hotel
98 San Jacinto Blvd., Austin, Texas 78701
Phone: (512) 478-4500

Hilton Austin
500 East 4th Street, Austin, Texas 78701
Website: Click here
Phone: (512) 482-8000 


Hyatt Regency Austin
208 Barton Springs Road, Austin, Texas 78704
Phone: (512) 477-1234

Omni Hotel Austin
700 San Jacinto Blvd., Austin, Texas 78701
Phone: (512) 476-3700

The Stephen F. Austin Inter-continental Hotel
701 Congress Avenue, Austin, Texas 78701
Phone: (512) 457-8800