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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SUMMER INSTITUTE 2009

Asset Pricing Workshop

Stavros Panageas and Monika Piazzesi, Organizers

Royal Sonesta Hotel

Ballroom A

40 Edwin H. Land Boulevard

Cambridge, Massachusetts

July 9 and 10, 2009

PROGRAM

THURSDAY JULY 9:
12:00 n	Lunch
1:00 pm	JASON BEELER, Harvard University
	JOHN Y. CAMPBELL, Harvard University and NBER
	The Long-Run Risks Model and Aggregate Asset Prices: An Empirical Assessment
	Discussant: RAVI BANSAL, Duke University and NBER
2:00 pm	EFRAIM BENMELECH, Harvard University and NBER
	EUGENE KANDEL, Hebrew University
	PIETRO VERONESI, University of Chicago and NBER
	Stock-Based Compensation and CEO (Dis)Incentives
	Discussant: THOMAS PHILIPPON, New York University and NBER
3:00 pm	Break
3:30 pm	DAEHEE JEONG, HWAGYUN KIM, and JOON Y. PARK,
	Texas A&M University
	Does Ambiguity Matter? Estimating Asset Pricing Models with a Multiple-Priors Recursive Utility
	Discussant: MARTIN SCHNEIDER, Stanford University and NBER
4:30 pm	ALEXANDER W. BUTLER and JESS CORNAGGIA,
	University of Texas at Dallas
	GUSTAVO GRULLON and JAMES P. WESTON, Rice University
	Corporate Financing Decisions and Managerial Market Timing
	Discussant: JEFF WURGLER, New York University and NBER
5:30 pm	Adjourn
6:00 pm	Group Dinner, Restaurant Dante, Royal Sonesta Hotel
FRIDAY JULY 10:
8:15 am	Coffee and Pastries
8:45 am	MIKE GOLOSOV and GUIDO LORENZONI, MIT and NBER
	ALEH TSYVINSKI, Yale University and NBER
	Decentralized Trading with Private Information
	Discussant: NICOLAE GARLEANU, UC, Berkeley and NBER
9:45 am	DAVID BACKUS, New York University and NBER
	MIKHAIL CHERNOV, London School of Business
	IAN MARTIN, Stanford University and NBER
	Disasters Implied by Equity Index Options
	Discussant: MICHAEL BRANDT, Duke University and NBER
10:45 am	Break
JOINT SESSION WITH THE INTERNATIONAL FINANCE AND MACROECONOMICS GROUP AND THE MONETARY ECONOMICS GROUP
11:00 am	Discussion on the Crisis
	FREDERIC MISHKIN, Columbia University and NBER
12:30 pm	Lunch
1:30 pm	NICK ROUSSANOV, University of Pennsylvania
	Composition of Wealth, Conditioning Information, and the Cross-section of Stock Returns
	Discussant: JONATHAN LEWELLEN, Dartmouth College and NBER
2:30 pm	Break
3:00 pm	LUBOS PASTOR, University of Chicago and NBER
	ROBERT STAMBAUGHm University of Pennsylvania and NBER
	Are Stocks Really Less Volatile in the Long Run?
	Discussant: MATT RICHARDSON, New York University and NBER
4:00 pm	Adjourn
THE INAUGURAL MARTIN FELDSTEIN LECTURE
4:30 pm	JOHN B. TAYLOR, Stanford University and NBER
	Empirically Evaluating Economic Policy in Real Time
6:00 pm	Adjourn
6/26/09