The New School of Business Building - University at Albany
The New School of Business Building - University at Albany
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