Discussant: PIETRO VERONESI, University of Chicago and NBER

10:00 AM Break

10:15 AM ALOK KUMAR, University of Norte Dame

CHARLES M.K. LEE, Cornell University

Mass Psychology and Returns Comovements: The Case of Retail Trades

Discussant: JEFFREY WURGLER, New York University and NBER

11:15 AM DAVID HIRSHLEIFER, KEWEI HOU, SIEW HONG TEOH, and YINGLEI ZHANG,

Ohio State University Do Investors Overvalue Firms with Bloated Balance Sheets?

Discussant: KENT DANIEL, Northwestern University and NBER

12:15 PM Lunch- Room 621

1:15 PM ROBIN GREENWOOD, Harvard University

Aggregate Corporate Liquidity and Stock Returns

Discussant: OWEN LAMONT, Yale University and NBER

Over, Please!

Behavioral Finance Program, Page 2:

2:15 PM Break

2:30 PM ANNA SCHERBINA, Harvard University

Analyst Disagreement, Forecast Bias and Stock Returns

Discussant: NARASIMHAN JEGADEESH, Emory University

3:30 PM DANIEL BERGSTRESSER, Harvard University

MIHIR DESAI, Harvard University and NBER

JOSHUA RAUH, MIT

Earnings Manipulation: Evidence from Pension Decision Making

Discussant: SHLOMO BENARTZI, UC, Los Angeles

4:30 PM Adjourn

3/29/04