News & Events

BU CONFERENCE EXAMINES STATE OF LIFE-CYCLE SAVING & INVESTMENT

October 25-27 Event Featuring Nobel Laureates Samuelson and Merton to Address Whether Consumers Have Proper Information & Product Options to Prepare for a Financially Secure Future, and Whether Choices Can be Improved Through Advances in Financial Science & Technology

BOSTON, October 25, 2006 - Prominent members of the financial and academic communities, including Nobel Prize winners Paul A. Samuelson and Robert C. Merton, will gather on October 25-27 at Boston University's School of Management for an unprecedented scientific conference. Co-sponsored by the Federal Reserve Bank of Boston and Research Foundation of the Chartered Financial Analysts Institute, the conference will address the issues facing ordinary Americans who must make difficult choices determining their own and their family's long-term financial security.

"The goal of this conference is to bring together academic researchers, practitioners and public-sector policymakers to discuss the current state of the science of life-cycle saving and investing, and to explore its implications for households, businesses and government," said Professor Zvi Bodie, the conference creator and the Norman & Adele Barron Professor of Management, Finance & Economics Department at BU's School of Management. "By facilitating this dialog, we hope to stimulate the adoption of best practices in the development of new financial products and public policies."

Topics on the conference's agenda include:

Samuelson, keynote speaker at the conference's opening dinner, will address the topic "Is Personal Finance a Science?"

"Conventional wisdom about investing is not always right," said Samuelson, author of the classic textbook "Economics," and winner of the 1970 Nobel Prize for improving the analytical methods used in economic theory. "Take the advice that you should invest heavily in equities in your younger years and switch to bonds as you approach retirement. The research done by academic economists, including me, reveals a much more complicated picture. The so-called life-cycle funds that investment companies are offering are not necessarily the best choice for everyone."

Merton, the 1997 Nobel winner in Economic Sciences, will address "The Future of Personal Finance" at the second keynote dinner.

"There is huge global need about how to address the retirement part of the life-cycle," said Merton. "New concepts in market-proven technologies can be brought to bear to develop the next generation of retirement systems. One needs to talk about the problems with current means of providing pensions, but we also need to focus on the future, to develop next generation retirement saving and investing solutions."

Bodie, co-author of "Worry-Free Investing: A Safe Approach to Achieving Your Lifetime Financial Goals" (2003) and "Foundations of Pension," (2000), and CFA Institute President & CEO Jeff Diermeier, CFA, a former global chief investment officer at UBS Global Asset Management, will serve as panelists among the many distinguished participants. Federal Reserve President & CEO Cathy E. Minehan, Katrina F. "Katy" Sherrerd, CFA, executive director of the Research Foundation of CFA Institute, and Boston University President Robert A. Brown will open the conference.

About Boston University School of Management
Founded as the College of Business Administration in 1913, Boston University School of Management develops builders and leaders for the networked-era, emphasizing the fusion of the art, science, and technology of business. The School's holistic approach prepares the next generation of business leaders for a world that values management as a system of interdependent functions, decisions, people, and technologies. It is the worldwide leader in offering a unique MS.MBA program, a rigorous dual degree and next-generation MBA fusing a traditional management education with expertise in the information technologies that are transforming all businesses. The School also offers a full range of graduate and undergraduate management degree programs and Executive Education.

The School of Management at Boston University is located at 595 Commonwealth Avenue, Boston, MA 02215. For more information, visit http://management.bu.edu.

About The Research Foundation of CFA Institute
The Research Foundation of CFA Institute is a not-for-profit organization established to promote the development and dissemination of relevant research for investment practitioners worldwide. The Research Foundation's mission is to encourage education for investment practitioners worldwide and to fund, publish, and distribute relevant research. The foundation emphasizes research of practical value to investment professionals, while exploring new and challenging topics that provide a unique perspective in the rapidly evolving profession of investment management. More information may be found at http://www.cfainstitute.org/foundation/index.html (Bloomberg users can find CFA Institute at 497458Z).

About The Federal Reserve Bank of Boston
"The Federal Reserve System is responsible for formulating and implementing U.S. monetary policy. It also supervises banks and bank holding companies, and provides financial services to depository institutions and to the federal government. The Federal Reserve Bank of Boston is one of the 12 regional Reserve Banks in the United States that, together with the Board of Governors in Washington, D.C., comprise the Federal Reserve System. The Federal Reserve Bank of Boston serves the First Federal Reserve District. The First District includes all of New England except Fairfield County, Connecticut."
Media Contacts:

Laure Kesner and Pete Arnold
Peter Arnold Associates
781-239-1030
lkesner@parnold.com
parnold@parnold.com
NEWS ARCHIVE
2007
2006
2005

Boston University | School of Management | Executive Education