NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

New Developments in Long-Term Asset Management

May 3-4, 2018

New York City

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 Norges Bank Investment Management, is holding its third annual research conference. The conference, which will be organized by NBER Research Associates Monika Piazzesi of Stanford University and Luis M. Viceira of Harvard Business School, will feature eight paper presentations involving theoretical and applied research on asset allocation, risk, and performance measurement, as well as a panel discussion and a keynote address. A summary of the presentations at the second conference in this series, held in May 2017, may be found at

http://www.nber.org/2017LTAM/2017ltam.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 returns and risk, within and across asset classes, across both investment horizons and time
  • International diversification
  • 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 New York City on Thursday-Friday, May 3-4, 2018. Professor Lawrence H. Summers, of Harvard University and NBER, will deliver the keynote address on Thursday evening, May 3.

The conference organizers welcome submissions of both empirical and theoretical research, and encourage submissions by scholars who are early in their careers, who are not NBER affiliates, and who are from groups that are under-represented in the financial economics profession.

To be considered for inclusion on the program, papers must be uploaded by Sunday January 14, 2018, to: http://papers.nber.org/confsubmit/backend/cfp?id=LTAMs18

Papers that have already been accepted for publication and that will be published by May 2018 are not eligible for presentation. Authors chosen to present papers will be notified by February 16, 2018. The NBER will pay a modest honorarium to the authors of each selected paper, as well as economy class travel and hotel expenses for up to two authors 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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