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The New School of Business Building - University at Albany

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<strong>School</strong> <strong>of</strong> <strong>Business</strong> Hosts<br />

Major Research Conference<br />

on Altern<strong>at</strong>ive Investments<br />

<strong>at</strong> SUNY Global Center in Manh<strong>at</strong>tan Fe<strong>at</strong>uring Alumni, Faculty, and Students<br />

On Friday May 20th, 2011, the<br />

<strong>School</strong> <strong>of</strong> <strong>Business</strong> hosted a major<br />

research conference on the “Financial<br />

and Real Effects <strong>of</strong> Altern<strong>at</strong>ive Investments:<br />

Hedge Funds, Venture Capital,<br />

Priv<strong>at</strong>e Equity, Infrastructure, Real Est<strong>at</strong>e,<br />

and Sovereign Wealth Funds.” <strong>The</strong><br />

chief purpose <strong>of</strong> the conference was to<br />

convene the world’s top academics from<br />

the U.S., U.K., France, Italy, Canada, and<br />

Germany to produce a special issue on<br />

this topic for a leading fi nance journal,<br />

the Journal <strong>of</strong> Corpor<strong>at</strong>e Finance. <strong>The</strong><br />

organizers <strong>of</strong> the conference were Pr<strong>of</strong>essor<br />

Hany Shawky, Chair <strong>of</strong> the Department<br />

<strong>of</strong> Finance in the <strong>School</strong> <strong>of</strong> <strong>Business</strong><br />

<strong>at</strong> the <strong>University</strong> <strong>at</strong> <strong>Albany</strong>, SUNY,<br />

Dean Donald Siegel, and Pr<strong>of</strong>essor Mike<br />

Wright <strong>of</strong> Imperial College (U.K.) and<br />

EMLyon (France).<br />

<strong>The</strong> conference kicked <strong>of</strong>f with an illumin<strong>at</strong>ing<br />

present<strong>at</strong>ion on the st<strong>at</strong>e<br />

<strong>of</strong> hedge fund industry by the keynote<br />

speaker, Pr<strong>of</strong>essor Stephen J. Brown,<br />

David S. Loeb Pr<strong>of</strong>essor <strong>of</strong> Finance <strong>at</strong><br />

NYU-Stern. Next, Pr<strong>of</strong>essor April Knill<br />

<strong>of</strong> Florida St<strong>at</strong>e <strong>University</strong> presented a<br />

study on sovereign wealth fund investments,<br />

which was ably critiqued by the<br />

discussant, Pr<strong>of</strong>essor Rita Biswas. This<br />

was followed by an outstanding paper on<br />

diversifi c<strong>at</strong>ion in the hedge fund industry,<br />

co-authored by Pr<strong>of</strong>essor Shawky and his<br />

colleague Pr<strong>of</strong>essor Na Dai. <strong>The</strong> third<br />

paper, co-authored by Pr<strong>of</strong>essor Salim<br />

Chahine <strong>of</strong> the American <strong>University</strong> <strong>of</strong><br />

Beirut, Lebanon, Pr<strong>of</strong>essor Jon<strong>at</strong>han<br />

Arthurs <strong>of</strong> Washington St<strong>at</strong>e <strong>University</strong>,<br />

Pr<strong>of</strong>essor Igor Fil<strong>at</strong>otchev <strong>of</strong> City<br />

<strong>University</strong> London, and Pr<strong>of</strong>essor Robert<br />

Hoskisson <strong>of</strong> Rice <strong>University</strong>, analyzed<br />

venture capital investments in the U.S.<br />

and U.K.<br />

<strong>The</strong> highlight <strong>of</strong> the conference was<br />

a lunchtime practitioner panel <strong>of</strong> four<br />

<strong>School</strong> <strong>of</strong> <strong>Business</strong> alumni who are leading<br />

experts on altern<strong>at</strong>ive investments.<br />

<strong>The</strong> alumni panelists were P<strong>at</strong> Caldwell<br />

’75, who co-founded Gordian Group<br />

in 1988 and is recognized as one <strong>of</strong> the<br />

country’s leading experts in structured<br />

fi nance, Robert M<strong>at</strong>za ’77, Partner<br />

and the President <strong>of</strong> GoldenTree Asset<br />

Management, LP, which currently has<br />

over $13 billion under management, Brad<br />

Coleman ’82-Global Head <strong>of</strong> Citigroup’s<br />

Altern<strong>at</strong>ive Asset Group, and Alex Fredericks<br />

’95-Partner in Ernst & Young’s<br />

Priv<strong>at</strong>e Equity Accounting Advisory Center<br />

in <strong>New</strong> York City. President George<br />

M. Philip ’69, ’73, himself an expert on<br />

altern<strong>at</strong>ive investments, introduced the<br />

panelists, who each delivered a lucid and<br />

insightful present<strong>at</strong>ion on issues confronting<br />

those who manage altern<strong>at</strong>ive<br />

investments. Dean Siegel then moder<strong>at</strong>ed<br />

a spirited deb<strong>at</strong>e among panelists and<br />

conference participants regarding the<br />

rel<strong>at</strong>ive merits <strong>of</strong> altern<strong>at</strong>ive investment<br />

str<strong>at</strong>egies. <strong>School</strong> <strong>of</strong> <strong>Business</strong> Finance<br />

Faculty were beaming with pride, as some<br />

<strong>of</strong> the best questions from the audience<br />

eman<strong>at</strong>ed from undergradu<strong>at</strong>e students<br />

in the school’s highly prestigious fi nancial<br />

analyst honors program. <strong>The</strong> afternoon<br />

session consisted <strong>of</strong> several interesting<br />

empirical studies <strong>of</strong> the fi nancial and real<br />

effects <strong>of</strong> priv<strong>at</strong>e equity.<br />

Fall 2011 11

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