NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SUMMER INSTITUTE 2002

Asset Marketing/Real Estate Workshop

William Goetzmann and Tobias Moskowitz, Organizers

1050 Massachusetts Avenue

Cambridge, Massachusetts

July 19, 2002

PRELIMINARY PROGRAM

FRIDAY, JULY 19:

8:30 AM Coffee and Pastries

9:00 AM SUMIT AGARWAL, Fleet Boston Financial

JOHN DRISCOLL, Brown University and NBER

DAVID LAIBSON, Harvard University and NBER

When Should Borrowers Refinance Their Mortgages?

Discussant: ERIK HURST, University of Chicago

10:00 AM Break

10:15 AM FRANCOIS ORTALO-MAGNE, London School of Economics

SVEN RADY, University of Munich

Home Ownership: Volatile Housing Prices, Low Labor Mobility and High

Income Dispersion

Discussant: NICHOLAS SOULELES, University of Pennsylvania and NBER

11:15 AM Break

11:30 AM WILLIAM GENTRY, Columbia University and NBER

CHRISTOPHER MAYER, University of Pennsylvania

Stock Prices and Fundamental Value: What Drives the Investment and

Capital Structure of Real Estate Investment Trusts?

Discussant: ANTOINETTE SCHOAR, MIT

12:30 PM Lunch

1:30 PM PAUL CHILDS, University of Kentucky

STEVEN OTT, University of North Carolina

TIMOTHY RIDDIOUGH, MIT

Optimal Valuation of Claims on Noisy Real Assets: Theory and Application

Discussant: WALTER TOROUS, UC, Los Angeles

2:30 PM Break

SI02 AMRE program

page two

2:45 PM CORNELIA KULLMAN, Columbia University

Real Estate and its Role in Asset Pricing

Discussant: JONATHAN LEWELLEN, MIT

3:45 PM Break

4:00 PM RICHARD STANTON and NANCY WALLACE, UC, Berkeley

An Empirical Test of a Contingent Claims Lease Valuation Model

Discussant: MONIKA PIAZZESI, UC, Los Angeles and NBER

5:00 PM Adjourn

7/1/02