NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Demographics of Innovation and Asset Returns

Nicolae Gârleanu, Leonid Kogan, Stavros Panageas

NBER Working Paper No. 15457
Issued in October 2009

---- Acknowledgements -----

We are grateful for comments and suggestions from Andy Abel, Frederico Belo, Jonathan Berk, George Constantinides, Adlai Fisher, John Heaton, Debbie Lucas, Toby Moskowitz, Marcus Opp, Tano Santos, Nick Souleles, Chris Telmer, Moto Yogo, and seminar participants at the Atlanta Fed, Australian National University, Bond University, Boston University, Chicago Booth, Frontiers of Finance 2008, Georgia State University, Haas, the Jackson Hole Finance Group, London Business School, London School of Economics, Minnesota Macro-Finance 2009, MIT Sloan, NBER AP Meetings, SED 2009, SITE 2009, Stanford GSB, University of Lausanne, University of Melbourne, University of New South Wales, University of Queensland, University of Technology Sidney, UT Austin, WFA 2009, and Wharton. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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