NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

BEHAVIORAL FINANCE PROGRAM MEETING

November 9, 2002

Robert J. Shiller and Richard H. Thaler, Organizers

Royal Sonesta Hotel

Parkview Room

5 Cambridge Parkway

Cambridge, MA

PRELIMINARY PROGRAM

FRIDAY, NOVEMBER 8:

6:30 PM Dinner

Thai Restaurant

One Kendall Square

Building 300

(Broadway and Hampshire Street)

Cambridge, MA 02139

SATURDAY, NOVEMBER 9:

8:30 AM Continental Breakfast

9:00 AM MARKUS K. BRUNNERMEIER, Princeton University

STEFAN NAGEL, London Business School

Arbitrage at its Limits: Hedge Funds and the Technology Bubble

Discussant: CLIFF ASNESS, AQR Capital

10:00 AM JOSE SCHEINKMAN and WEI XIONG, Princeton University

Overconfidence and Speculative Bubbles

Discussant: OWEN LAMONT, University of Chicago and NBER

11:00 AM Break

11:15 AM MALCOLM BAKER, Harvard University

JEREMY C. STEIN, Harvard University and NBER

Market Liquidity as a Sentiment Indicator

Discussant: DIMITRI VAYANOS, MIT and NBER

12:15 PM Lunch

Royal Sonesta Hotel

Room University BC Over Please!

Behavioral Finance Program, Page 2, Continued:

1:15 PM MASSIMO MASSA, INSEAD

ANDREI SIMONOV, Stockholm School of Economics

Behavioral Biases and Investment

Discussant: TERRANCE ODEAN, UC, BERKELEY

2:15 PM NICHOLAS BARBERIS and RICHARD THALER, University of Chicago and NBER

MING HUANG, Stanford University

Individual Preferences, Monetary Gambles, and the Equity Premium:

The Case for Narrow Framing

Discussant: JOHN CAMPBELL, Harvard University

3:15 PM Break

3:30 PM MALCOM BAKER, Harvard University

JEFFREY WURGLER, New York University

A Catering Theory of Dividends

Discussant: SENDHIL MULLAINATHAN, MIT and NBER

4:30 PM Adjourn

10/29/02