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Ben Graham Centre's 2nd Symposium On Intelligent Investing

July 01, 2009


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The Ben Graham Centre for Value Investing at the Richard Ivey School of Business, The University of Western Ontario held an academic Symposium on June 29, 2009 in Rethymnon, Crete, Greece. The Symposium took place concurrently with the Conference of the Multinational Finance Society which was held in Rethymnon between June 28 and July 1, 2009 (see, and was included in the Conference's Program.

The Symposium focused on all aspects of value investing and related subjects, including, but not limited to, Behavioral Finance, Market Anomalies, Value Premium and its Drivers, Value Investing and Momentum and/or other strategies, Value Premium and the Business Cycle, Value Investing and Bull and Bear Markets, Optimal Switching Between Value and Growth Investing, Fundamental vs. Traditional indexing.

Six of the submitted papers were selected for inclusion in the Symposium. At a reception following the Symposium, Joseph Ogden, University at Buffalo – SUNY and Julie Fitzpatrick, SUNY Fredonia, were awarded a prize of $1,000 CAD, sponsored by the Ben Graham Centre for Value Investing for his paper Do Asset Pricing Anomalies Have a Common Link? An Empirical Analysis of Interactions Among Failure Risk Proxies, External Financing and Stock Returns.

The reception was sponsored by Burgundy Asset Management Ltd. - a leading investment counselling firm providing discretionary investment management services to private individuals, charitable foundations, endowments, and pension funds. For more on Burgundy Asset Management Ltd., see

The Ben Graham Centre for Value Investing serves a critical role in coordinating applied research at the University, in linking the activities of faculty and students with practitioners and in undertaking activities which are mutually beneficial to the University, the Industry and investors in general. The mandate of the Center is to develop a program on value investing, carry out research with a value investing theme and spread the word to academics and practitioners. The symposium falls within the latter mandate.  


View the Program

Keynote Speaker

Presenter: Joseph Potvin, Senior Economist, Treasury Board of Canada Secretariat
Topic: Beyond Ben Graham’s Currency Proposal: Retrospect and Evolution
PowerPoint Presentation
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Session 1: The Value Premium

Presenter: George Athanassakos, The University of Western Ontario
Topic: The Performance, Pervasiveness and Determinants of Value Premium in Different US Exchanges: 1986-2006 (and Do Value Investors Add value?)
PowerPoint Presentation
Watch Video

Presenter: Philip Gharghori, Monash University
Topic: Value vs Growth: Australian Evidence
PowerPoint Presentation
Watch Video

Presenter: Rob Arnott, Research Affiliates
Topic: Clairvoyant Value and the Growth/Value Cycle (and Clairvoyant Value and the Value Effect)
PowerPoint Presentation

Session 2: Market Inefficiencies

Presenter: Deniz Kebabci, San Francisco State University
Topic: Style Investing
PowerPoint Presentation

Presenter: Georgios Papanastasopoulos, University of Piraeus
Topic: Information Balance Sheets for Future Stock Returns: Evidence from Net Operating Assets
Powerpoint Presentation
Watch Video

Presenter: Joseph Ogden, University of Buffalo – SUNY
Topic: Do Asset Pricing Anomalies Have a Common Link? An Empirical Analysis of Interactions Among Failure Risk Proxies, External Financing and Stock Returns
PowerPoint Presentation
Watch Video       

2nd Symposium Photos


We would like to thank our sponsors Burgundy Asset Management Ltd. and The Center for the Advancement of Value Investing Education for their generous support in sponsoring the competition.

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  • Value Investing