NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

New Developments in Long-Term Asset Management

May 19 - 20, 2017

London, England

Over the last 30 years, the asset management industry has experienced exceptional growth in size and sophistication. This period has been marked by the emergence of large pools of assets associated with entities such as sovereign wealth funds, public pension plans, and endowed institutions in the not-for-profit sector. These pools of assets play an increasingly important role in ensuring the welfare of the current and future generations of citizens in the countries that have created them.

To promote research on issues that bear on long-term asset management, the National Bureau of Economic Research (NBER), with the support of the Norwegian Finance Initiative (NFI) of Norges Bank, is holding the second of three annual research conferences. The conference, which will be organized by Monika Piazzesi of Stanford University and NBER, and Luis M. Viceira of Harvard Business School and NBER, will feature nine paper presentations involving theoretical and applied research on asset allocation, risk, and performance measurement, as well as a keynote address. A summary of the presentations at the first conference in this series, may be found at

http://www.nber.org/DevelopmentLong-TermAssetMgmt/devlongtermassetmgmt.html

Topics that emphasized at the upcoming conference include, but are not limited to:

  • Theoretical models of and empirical studies in asset allocation and asset liability management
  • Macroeconomic drivers of expected return and risk across investment horizons and time both within and across asset classes
  • International diversification in asset markets
  • Implications of heterogeneity within large asset classes for asset allocation
  • Inflation protection at long horizons
  • Monetary policy and asset prices and risk
  • Optimal asset allocation with illiquid asset classes and investment vehicles
  • Investment performance measurement, particularly in the presence of illiquid investment vehicles and in the presence of nonlinear payoffs
  • Active versus passive investment strategies for the long run
  • Regulatory risk and asset allocation
  • Socially responsible investment
  • Behavioral and agency aspects of institutional investors' decisions and performance
  • Optimal spending policies for institutional investors.

The conference will be held in London, England, on Friday-Saturday, May 19-20, 2017. Nobel Laureate Robert C. Merton of the MIT Sloan School will deliver the keynote address on Friday evening.

The conference will welcome both empirical and theoretical research, and encourages submissions by scholars who are early in their careers and who are not NBER affiliates.

To be considered for inclusion on the program, papers must be uploaded by January 15, 2017, to the following site: http://papers.nber.org/confsubmit/backend/cfp?id=LTAMs17

Papers that have already been accepted for publication and that will be published by May 2017 are not eligible for presentation. Authors chosen to present papers will be notified by late February, 2017. The NBER will pay a modest honorarium to the authors of each selected paper, as well as business class travel from North America and hotel expenses for one author per paper and for discussants.

Authors will be required to submit a several-page executive summary of their paper prior to the conference. This will be posted on the NBER webpage along with information on the conference. Accepted papers may also be included in the NBER working paper series. Questions about this conference may be addressed to confer@nber.org.

 
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