ÿþ<�html xmlns:v="urn:schemas-microsoft-com:vml"
xmlns:o="urn:schemas-microsoft-com:office:office"
xmlns:w="urn:schemas-microsoft-com:office:word"
xmlns:m="http://schemas.microsoft.com/office/2004/12/omml"
xmlns="http://www.w3.org/TR/REC-html40">
<�head>
<�meta http-equiv=Content-Type content="text/html; charset=unicode">
<�meta name=ProgId content=Word.Document>
<�meta name=Generator content="Microsoft Word 14">
<�meta name=Originator content="Microsoft Word 14">
<�link rel=File-List href="APprg_files/filelist.xml">
<�!--[if gte mso 9]><�xml>
<�o:DocumentProperties>
<�o:Author>rshannon<�/o:Author>
<�o:Template>Normal<�/o:Template>
<�o:LastAuthor>maranjian<�/o:LastAuthor>
<�o:Revision>27<�/o:Revision>
<�o:TotalTime>34<�/o:TotalTime>
<�o:Created>2014-05-06T14:24:00Z<�/o:Created>
<�o:LastSaved>2014-07-11T13:13:00Z<�/o:LastSaved>
<�o:Pages>2<�/o:Pages>
<�o:Words>455<�/o:Words>
<�o:Characters>3876<�/o:Characters>
<�o:Company>Your Company<�/o:Company>
<�o:Lines>32<�/o:Lines>
<�o:Paragraphs>8<�/o:Paragraphs>
<�o:CharactersWithSpaces>4323<�/o:CharactersWithSpaces>
<�o:Version>14.00<�/o:Version>
<�/o:DocumentProperties>
<�/xml><�![endif]-->
<�link rel=dataStoreItem href="APprg_files/item0006.xml"
target="APprg_files/props007.xml">
<�link rel=themeData href="APprg_files/themedata.thmx">
<�link rel=colorSchemeMapping href="APprg_files/colorschememapping.xml">
<�!--[if gte mso 9]><�xml>
<�w:WordDocument>
<�w:Zoom>BestFit<�/w:Zoom>
<�w:SpellingState>Clean<�/w:SpellingState>
<�w:GrammarState>Clean<�/w:GrammarState>
<�w:TrackMoves/>
<�w:TrackFormatting/>
<�w:PunctuationKerning/>
<�w:ValidateAgainstSchemas/>
<�w:SaveIfXMLInvalid>false<�/w:SaveIfXMLInvalid>
<�w:IgnoreMixedContent>false<�/w:IgnoreMixedContent>
<�w:AlwaysShowPlaceholderText>false<�/w:AlwaysShowPlaceholderText>
<�w:DoNotPromoteQF/>
<�w:LidThemeOther>EN-US<�/w:LidThemeOther>
<�w:LidThemeAsian>X-NONE<�/w:LidThemeAsian>
<�w:LidThemeComplexScript>X-NONE<�/w:LidThemeComplexScript>
<�w:Compatibility>
<�w:BreakWrappedTables/>
<�w:SnapToGridInCell/>
<�w:WrapTextWithPunct/>
<�w:UseAsianBreakRules/>
<�w:DontGrowAutofit/>
<�w:SplitPgBreakAndParaMark/>
<�w:DontVertAlignCellWithSp/>
<�w:DontBreakConstrainedForcedTables/>
<�w:DontVertAlignInTxbx/>
<�w:Word11KerningPairs/>
<�w:CachedColBalance/>
<�/w:Compatibility>
<�w:BrowserLevel>MicrosoftInternetExplorer4<�/w:BrowserLevel>
<�m:mathPr>
<�m:mathFont m:val="Cambria Math"/>
<�m:brkBin m:val="before"/>
<�m:brkBinSub m:val="--"/>
<�m:smallFrac m:val="off"/>
<�m:dispDef/>
<�m:lMargin m:val="0"/>
<�m:rMargin m:val="0"/>
<�m:defJc m:val="centerGroup"/>
<�m:wrapIndent m:val="1440"/>
<�m:intLim m:val="subSup"/>
<�m:naryLim m:val="undOvr"/>
<�/m:mathPr><�/w:WordDocument>
<�/xml><�![endif]--><�!--[if gte mso 9]><�xml>
<�w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
DefSemiHidden="true" DefQFormat="false" DefPriority="99"
LatentStyleCount="267">
<�w:LsdException Locked="false" Priority="0" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
<�w:LsdException Locked="false" Priority="9" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
<�w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
<�w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
<�w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
<�w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
<�w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
<�w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
<�w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
<�w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
<�w:LsdException Locked="false" Priority="39" Name="toc 1"/>
<�w:LsdException Locked="false" Priority="39" Name="toc 2"/>
<�w:LsdException Locked="false" Priority="39" Name="toc 3"/>
<�w:LsdException Locked="false" Priority="39" Name="toc 4"/>
<�w:LsdException Locked="false" Priority="39" Name="toc 5"/>
<�w:LsdException Locked="false" Priority="39" Name="toc 6"/>
<�w:LsdException Locked="false" Priority="39" Name="toc 7"/>
<�w:LsdException Locked="false" Priority="39" Name="toc 8"/>
<�w:LsdException Locked="false" Priority="39" Name="toc 9"/>
<�w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
<�w:LsdException Locked="false" Priority="10" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Title"/>
<�w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
<�w:LsdException Locked="false" Priority="11" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
<�w:LsdException Locked="false" Priority="22" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
<�w:LsdException Locked="false" Priority="20" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
<�w:LsdException Locked="false" Priority="59" SemiHidden="false"
UnhideWhenUsed="false" Name="Table Grid"/>
<�w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
<�w:LsdException Locked="false" Priority="1" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
<�w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading"/>
<�w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List"/>
<�w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid"/>
<�w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1"/>
<�w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2"/>
<�w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1"/>
<�w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2"/>
<�w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1"/>
<�w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2"/>
<�w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3"/>
<�w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List"/>
<�w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading"/>
<�w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List"/>
<�w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid"/>
<�w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
<�w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 1"/>
<�w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
<�w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
<�w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
<�w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
<�w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
<�w:LsdException Locked="false" Priority="34" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
<�w:LsdException Locked="false" Priority="29" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
<�w:LsdException Locked="false" Priority="30" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
<�w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
<�w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
<�w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
<�w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
<�w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 1"/>
<�w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
<�w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
<�w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
<�w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
<�w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 2"/>
<�w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
<�w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
<�w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
<�w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
<�w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
<�w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
<�w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
<�w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
<�w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 2"/>
<�w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
<�w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
<�w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
<�w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
<�w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 3"/>
<�w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
<�w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
<�w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
<�w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
<�w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
<�w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
<�w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
<�w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
<�w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 3"/>
<�w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
<�w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
<�w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
<�w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
<�w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 4"/>
<�w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
<�w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
<�w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
<�w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
<�w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
<�w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
<�w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
<�w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
<�w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 4"/>
<�w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
<�w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
<�w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
<�w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
<�w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 5"/>
<�w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
<�w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
<�w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
<�w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
<�w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
<�w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
<�w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
<�w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
<�w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 5"/>
<�w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
<�w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
<�w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
<�w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
<�w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 6"/>
<�w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
<�w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
<�w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
<�w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
<�w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
<�w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
<�w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
<�w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
<�w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 6"/>
<�w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
<�w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
<�w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
<�w:LsdException Locked="false" Priority="19" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
<�w:LsdException Locked="false" Priority="21" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
<�w:LsdException Locked="false" Priority="31" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
<�w:LsdException Locked="false" Priority="32" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
<�w:LsdException Locked="false" Priority="33" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
<�w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
<�w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
<�/w:LatentStyles>
<�/xml><�![endif]-->
<�style>
<�!--
/* Font Definitions */
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;
mso-font-charset:0;
mso-generic-font-family:swiss;
mso-font-pitch:variable;
mso-font-signature:-536870145 1073786111 1 0 415 0;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin-top:0in;
margin-right:0in;
margin-bottom:10.0pt;
margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-fareast-font-family:Calibri;
mso-bidi-font-family:"Times New Roman";}
h2
{mso-style-noshow:yes;
mso-style-priority:9;
mso-style-qformat:yes;
mso-style-link:"Heading 2 Char";
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
mso-pagination:widow-orphan;
mso-outline-level:2;
font-size:18.0pt;
font-family:"Times New Roman","serif";
mso-fareast-font-family:"Times New Roman";
mso-ansi-language:X-NONE;
mso-fareast-language:X-NONE;}
a:link, span.MsoHyperlink
{mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
color:blue;
text-decoration:underline;
text-underline:single;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-noshow:yes;
mso-style-priority:99;
color:purple;
mso-themecolor:followedhyperlink;
text-decoration:underline;
text-underline:single;}
span.Heading2Char
{mso-style-name:"Heading 2 Char";
mso-style-noshow:yes;
mso-style-priority:9;
mso-style-unhide:no;
mso-style-locked:yes;
mso-style-parent:"";
mso-style-link:"Heading 2";
mso-ansi-font-size:18.0pt;
mso-bidi-font-size:18.0pt;
font-family:"Times New Roman","serif";
mso-ascii-font-family:"Times New Roman";
mso-fareast-font-family:"Times New Roman";
mso-hansi-font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";
font-weight:bold;}
span.SpellE
{mso-style-name:"";
mso-spl-e:yes;}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-size:10.0pt;
mso-ansi-font-size:10.0pt;
mso-bidi-font-size:10.0pt;
font-family:"Calibri","sans-serif";
mso-ascii-font-family:Calibri;
mso-fareast-font-family:Calibri;
mso-hansi-font-family:Calibri;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.WordSection1
{page:WordSection1;}
-->
<�/style>
<�!--[if gte mso 10]>
<�style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin:0in;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Calibri","sans-serif";}
<�/style>
<�![endif]--><�!--[if gte mso 9]><�xml>
<�o:shapedefaults v:ext="edit" spidmax="1026"/>
<�/xml><�![endif]--><�!--[if gte mso 9]><�xml>
<�o:shapelayout v:ext="edit">
<�o:idmap v:ext="edit" data="1"/>
<�/o:shapelayout><�/xml><�![endif]-->
<�/head>
<�body lang=EN-US link=blue vlink=purple style='tab-interval:.5in'>
<�div class=WordSection1>
<�table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=696
style='width:7.25in;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt:
0in 5.4pt 0in 5.4pt'>
<�tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'>
<�td width=696 style='width:7.25in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:12.0pt;line-height:normal'><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Authors,
please upload your paper <�/span><�span style='font-family:"Arial","sans-serif"'><�a
href="http://www.nber.org/confsubmit/backend/form?id=si14ap"><�span
style='mso-fareast-font-family:"Times New Roman"'>here<�/span><�/a><�/span><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>.
<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:1'>
<�td width=696 style='width:7.25in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
line-height:normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. <�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:2'>
<�td width=696 style='width:7.25in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
line-height:normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>SI 2014 Asset Pricing <�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:3'>
<�td width=696 style='width:7.25in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
line-height:normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>Markus K. <�span class=SpellE>Brunnermeier<�/span> and Wei <�span
class=SpellE>Xiong<�/span>, Organizers <�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:4'>
<�td width=696 style='width:7.25in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center;
line-height:normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>July 10-11, 2014 <�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:5'>
<�td width=696 style='width:7.25in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;line-height:normal'><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'>Ballroom A<�br>
Royal <�span class=SpellE>Sonesta<�/span> Hotel<�br>
40 Edwin H. Land Blvd.<�br>
Cambridge, MA <�br style='mso-special-character:line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:6;mso-yfti-lastrow:yes'>
<�td width=696 style='width:7.25in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='mso-margin-top-alt:auto;mso-margin-bottom-alt:
auto;text-align:center;line-height:normal;mso-outline-level:2'><�b><�u><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>PROGRAM<�/span><�/u><�/b><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�/table>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'><�o:p> <�/o:p><�/span><�/p>
<�table class=MsoNormalTable border=0 cellpadding=0 style='mso-cellspacing:1.5pt;
mso-yfti-tbllook:1184;mso-padding-alt:0in 5.4pt 0in 5.4pt'>
<�tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'>
<�td width=704 colspan=2 valign=top style='width:528.0pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�b style='mso-bidi-font-weight:normal'><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'>Thursday, July 10:<�o:p><�/o:p><�/span><�/b><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:1'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:2'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>8:00 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>Coffee and Pastries<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:3'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:4'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�b style='mso-bidi-font-weight:normal'><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'>Monetary Policy and Asset Prices <�o:p><�/o:p><�/span><�/b><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:5'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:6'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>8:30 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>John Y. Campbell, Harvard University and NBER<�br>
<�span class=SpellE>Carolin<�/span> <�span class=SpellE>Pflueger<�/span>,
University of British Columbia<�br>
Luis M. <�span class=SpellE>Viceira<�/span>, Harvard University and NBER<�br>
<�/span><�span style='font-family:"Arial","sans-serif"'><�a
href="http://www.nber.org/confer/2014/SI2014/AP/Campbell_Pflueger_Viceira.pdf"><�i>Monetary
Policy Drivers of Bond and Equity Risks <�/i><�/a><�/span><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><�br>
<�br>
Discussant: Monika <�span class=SpellE>Piazzesi<�/span>, Stanford University
and NBER<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:7'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:8'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>9:30 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span class=SpellE><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'>Zhaogang<�/span><�/span><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>
Song, Federal Reserve Board<�br>
<�span class=SpellE>Haoxiang<�/span> Zhu, Massachusetts Institute of Technology
and NBER<�br>
<�/span><�span style='font-family:"Arial","sans-serif"'><�a
href="http://www.nber.org/confer/2014/SI2014/AP/Zhu_Song.pdf"><�i>QE Auctions
of Treasury Bonds <�/i><�/a><�/span><�i><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'><�br>
<�/span><�/i><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'><�br>
Discussant: Arvind Krishnamurthy, Northwestern University and NBER<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:9'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:10'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>10:30 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>Break<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:11'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:12'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>11:00 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span class=SpellE><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'>Aytek<�/span><�/span><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>
<�span class=SpellE>Malkhozov<�/span>, McGill University<�br>
Philippe Mueller, London School of Economics<�br>
Andrea <�span class=SpellE>Vedolin<�/span>, London School of Economics<�br>
<�span class=SpellE>Gyuri<�/span> Venter, <�/span><�span style='font-family:"Arial","sans-serif"'>Copenhagen
Business School<�/span><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'><�br>
<�/span><�span style='font-family:"Arial","sans-serif"'><�a
href="http://www.nber.org/confer/2014/SI2014/AP/Malkhozov_Mueller_Vedolin_Venter.pdf"><�i>Mortgage
Risk and the Yield Curve <�/i><�/a><�/span><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'><�br>
<�br>
Discussant: John Cochrane, University of Chicago and NBER<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:13'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:14'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>12:00 n<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>Lunch<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:15'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:16'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�b style='mso-bidi-font-weight:normal'><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'>Financial Frictions<�o:p><�/o:p><�/span><�/b><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:17'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:18'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>1:00 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Peter
<�span class=SpellE>Kondor<�/span>, Central European University <�o:p><�/o:p><�/span><�/p>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Dimitri
<�span class=SpellE>Vayanos<�/span>, London School of Economics and NBER<�i><�o:p><�/o:p><�/i><�/span><�/p>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><�span
style='font-family:"Arial","sans-serif"'><�a
href="http://www.nber.org/confer/2014/SI2014/AP/Kondor_Vayanos.pdf"><�i>Liquidity
Risk and the Dynamics of Arbitrage Capital <�/i><�/a><�/span><�i><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><�o:p><�/o:p><�/span><�/i><�/p>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><�br>
Discussant: <�span class=SpellE>Itamar<�/span> <�span class=SpellE>Drechsler<�/span>
<�/span><�span style='font-family:"Arial","sans-serif"'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:19'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:20'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>2:00 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Tyler
Muir, Yale University<�br>
<�/span><�span style='font-family:"Arial","sans-serif"'><�a
href="http://www.nber.org/confer/2014/SI2014/AP/Muir.pdf"><�i>Financial Crises
and Risk <�span class=SpellE>Premia<�/span> <�/i><�/a><�/span><�i><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><�br>
<�/span><�/i><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'><�br>
Discussant: Alexi <�span class=SpellE>Savov<�/span>, New York University and
NBER<�/span><�span style='font-family:"Arial","sans-serif"'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:21'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:22'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>3:00 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>Break<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:23'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:24'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>3:20 pm<�br style='mso-special-character:line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>Roger Farmer, University of California at Los Angeles and
NBER<�br>
<�/span><�span style='font-family:"Arial","sans-serif"'><�a
href="http://www.nber.org/confer/2014/SI2014/AP/Farmer.pdf"><�i>Asset Prices
in a Lifecycle Economy<�/i><�/a><�/span><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'><�br>
<�br>
Discussant: Valentin Haddad, Princeton University<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:25'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:26'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>4:20 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>Adjourn<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:27'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:28'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>6:30 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif"'>Group Dinner - Hotel
Marlowe, Serrano Ballroom<�span style='mso-spacerun:yes'>Â <�/span>(across the
street from the Royal <�span class=SpellE>Sonesta<�/span> Hotel)<�/span><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:29'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:30'>
<�td width=704 colspan=2 valign=top style='width:528.0pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�b style='mso-bidi-font-weight:normal'><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'><�br>
Friday, July 11:<�o:p><�/o:p><�/span><�/b><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:31'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:32'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>8:00 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>Coffee and Pastries<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:33'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:34'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�b style='mso-bidi-font-weight:normal'><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'>Derivatives<�o:p><�/o:p><�/span><�/b><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:35'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:36'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>8:30 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>Jakub W. <�span class=SpellE>Jurek<�/span>, Princeton
University and NBER<�br>
<�span class=SpellE>Zhikai<�/span> Xu, AQR Capital Management<�br>
<�/span><�span style='font-family:"Arial","sans-serif"'><�a
href="http://www.nber.org/confer/2014/SI2014/AP/Jurek_Xu.pdf"><�i>Option-Implied
Currency Risk <�span class=SpellE>Premia<�/span> <�/i><�/a><�/span><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><�br>
<�br>
Discussant: Pietro <�span class=SpellE>Veronesi<�/span>, University of Chicago
and NBER<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:37'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:38'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>9:30 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span class=SpellE><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'>Itzhak<�/span><�/span><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>
Ben-David, Ohio State University and NBER<�br>
Francesco <�span class=SpellE>Franzoni<�/span>, Swiss Finance Institute<�br>
<�span class=SpellE>Rabih<�/span> <�span class=SpellE>Moussawi<�/span>,
University of Pennsylvania<�br>
<�/span><�span style='font-family:"Arial","sans-serif"'><�a
href="http://www.nber.org/confer/2014/SI2014/AP/Ben-David_Franzoni_Moussawi.pdf"><�i>Do
ETFs Increase Volatility? <�/i><�/a><�/span><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'><�br>
<�br>
Discussant: Martin <�span class=SpellE>Oehmke<�/span>, Columbia University<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:39'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:40'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>10:30 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>Break<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:41'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:42'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>11:00 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>Andrew <�span class=SpellE>Ang<�/span>, Columbia University
and NBER<�br>
Richard Green, Carnegie Mellon University and NBER<�br>
<�span class=SpellE>Yuhang<�/span> Xing, Columbia University<�br>
<�/span><�span style='font-family:"Arial","sans-serif"'><�a
href="http://www.nber.org/confer/2014/SI2014/AP/Ang_Green_Xing.pdf"><�i>Advance
<�span class=SpellE>Refundings<�/span> of Municipal Bonds <�/i><�/a><�/span><�span
style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><�br>
<�br>
Discussant: Stefan Nagel, University of Michigan and NBER<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:43'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:44'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>12:00 n<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>Lunch<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:45'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:46'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�b style='mso-bidi-font-weight:normal'><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'>Real Assets and Investor Behavior<�o:p><�/o:p><�/span><�/b><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:47'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:48'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>1:00 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif"'>Sebastien <�span
class=SpellE>Betermier<�/span>, McGill University<�br>
<�span style='mso-bidi-font-weight:bold'>Laurent E. <�span class=SpellE>Calvet<�/span>,
HEC School of Management, Paris<�/span><�br>
Paolo <�span class=SpellE>Sodini<�/span>, Stockholm School of Economics<�br>
<�a
href="http://www.nber.org/confer/2014/SI2014/AP/Betermier_Calvet_Sodini.pdf"><�i>Who
are the Value and Growth Investors? <�/i><�/a><�i style='mso-bidi-font-style:
normal'><�br>
<�br>
<�/i>Discussant: Jonathan Parker, Massachusetts Institute of Technology and
NBER<�/span><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:49'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:50'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>2:00 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>Break<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:51'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:52'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>2:30 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>Charles <�span class=SpellE>Nathanson<�/span>, Harvard
University<�br>
Eric <�span class=SpellE>Zwick<�/span>, Harvard University<�br>
<�/span><�span style='font-family:"Arial","sans-serif"'><�a
href="http://www.nber.org/confer/2014/SI2014/AP/Nathanson_Zwick.pdf"><�i>Arrested
Development: Theory and Evidence of Supply-Side Speculation in the Housing
Market <�/i><�/a><�/span><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'><�br>
<�br>
Discussant: Christopher J. Mayer, Columbia University and NBER<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:53'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:54'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>3:30 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>Robin Greenwood, Harvard University and NBER<�br>
Samuel Hanson, Harvard University and NBER<�br>
<�/span><�span style='font-family:"Arial","sans-serif"'><�a
href="http://www.nber.org/confer/2014/SI2014/AP/Greenwood_Hanson.pdf"><�i>Waves
in Ship Prices and Investment <�/i><�/a><�/span><�span style='font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman"'><�br>
<�br>
Discussant: <�span class=SpellE>Ing<�/span>-haw Cheng, Dartmouth College<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:55'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�tr style='mso-yfti-irow:56'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif";mso-fareast-font-family:
"Times New Roman"'>4:30 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><�span style='font-family:"Arial","sans-serif"'>Adjourn<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:57;mso-yfti-lastrow:yes'>
<�td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'><�/td>
<�/tr>
<�/table>
<�p class=MsoNormal><�span style='font-family:"Arial","sans-serif"'><�o:p> <�/o:p><�/span><�/p>
<�/div>
<�/body>
<�/html>