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 http://mfs.rutgers.edu/), 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 www.burgundy-asset.com

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.

Dr. Athanassakos welcomes conference participants to the 2nd Annual Symposium on Value Investing. To read his welcoming remarks, click here.


Dr.  Athanassakos introduces the presenters of academic papers at the symposium.

Dr.  Athanassakos introduces the key note speaker,  Mr.  Joseph Potvin. To read the introduction, click here.


The key note speaker, Mr.  Joseph Potvin discusses Ben Graham’s Other Work.

Symposium Program (Click to see full program)

List of Papers and Presenters
Click title to see paper


Keynote Speech
Paper: Beyond Ben Graham’s Currency Proposal: Retrospect and Evolution
Presenter: Joseph Potvin, Senior Economist, Treasury Board of Canada Secretariat

Watch Mr. Potvin's Speech

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Session 1: The Value Premium
Paper: The Performance, Pervasiveness and Determinants of Value Premium in Different US Exchanges: 1986-2006 (and Do Value Investors Add value?)
Presenter: George Athanassakos, The University of Western Ontario

Watch Dr. Athanassakos' Presentation

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Paper: Value Vs. Growth: Australian Evidence
Presenter: Philip Gharghori, Monash University

Watch Dr. Gharghori's Presentation

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

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Session 2: Market Inefficiencies
Style Investing
Presenter: Deniz Kebabci, San Francisco State University

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

Watch Dr. Papanastasopoulos' Presentation

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

Watch Dr. Ogden's Presentation

View PowerPoint Presentation