NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.



BEHAVIORAL FINANCE WORKING GROUP MEETING

Robert J. Shiller and Richard H. Thaler, Organizers



October 16, 2004

NBER Offices,

2nd Floor Conference Room

1050 Massachusetts Avenue

Cambridge, Massachusetts



PROGRAM



FRIDAY, OCTOBER 15:



6:30 PM Dinner

Davio's Restaurant

5 Cambridge Parkway

Cambridge, MA 02142

SATURDAY, OCTOBER 16:



8:00 AM Shuttle Van from the Royal Sonesta Hotel to the NBER.



8:30 AM Shuttle Van from the Royal Sonesta Hotel to the NBER.



8:30 AM Continental Breakfast



9:00 AM EUGENE FAMA, University of Chicago

KENNETH FRENCH, Dartmouth College and NBER

Disagreement, Tastes and Asset Prices

Discussant: KENT DANIEL, Northwestern University and NBER



10:00 AM GUR HUBERMAN and WEI JIANG, Columbia University

Offering versus Choice in 401 (k) Plans

Equity Exposure and Number of Funds

Discussant: RICHARD H. THALER, University of Chicago and NBER



11:00 AM Break



11:15 AM MALCOLM BAKER, JOSHUA COVAL, JEREMY C. STEIN, Harvard University

and NBER

Corporate Financing Decisions When Investors Take the Path of Least Resistance

Discussant: ULRIKE MALMENDIER, Stanford University



12:15 PM Lunch

Over, Please!

Behavioral Finance Program, Page 2, Continued:



1:15 PM NITTAI BERGMAN and DIRK JENTER, MIT

Employee Sentiment and Stock Option Compensation

Discussant: RAKESH KHURANA, Harvard University



2:15 PM NICHOLAS BARBERIS, Yale University and NBER

MING HUANG, Stanford University

Stocks as Lotteries: The Implications of Probability Weighting for Security Prices



Discussant: ALON BRAV, Duke University



3:15 PM Break



3:30 PM BRAD BARBER, UC, Davis

YI-TSUNG LEE and YU-JANE LIU, National Chengchi University

TERRANCE ODEAN, UC, Berkeley

Do Individual Day Traders Make Money? Evidence from Taiwan



Discussant: CHARLES LEE, Cornell University



4:15 PM Adjourn



10/12/04