Call for Papers
New Developments in Long-Term Asset Management
Cambridge, MA: May 7-8, 2020

Over the last 30 years, the asset management industry has experienced exceptional growth in size and sophistication. This period has been marked by the emergence of large pools of assets associated with entities such as sovereign wealth funds, public pension plans, and endowed institutions in the not-for-profit sector. These pools of assets play an increasingly important role in ensuring the welfare of the current and future generations of citizens in the countries that have created them.

To promote research on issues that bear on long-term asset management, the National Bureau of Economic Research (NBER), with the support of Norges Bank Investment Management, plans to convene its fifth annual research conference on this topic. The conference will be co-organized by NBER Research Associates Monika Piazzesi of Stanford University and Luis M. Viceira of Harvard Business School. It will feature nine paper presentations involving theoretical and applied research on asset allocation, risk, and performance measurement. The conference will be held in Cambridge, Massachusetts on Thursday-Friday, May 7-8, 2020.

The organizers welcome submissions of research papers on long-term risk and return, and long-term investing, broadly defined. Potential topics of interest include, but are not limited to:

Topics that will be emphasized include, but are not limited to:

• Models of asset allocation and asset liability management

• Macroeconomic drivers of expected return and risk

• Links between monetary policy, asset prices, and risk

• Drivers of risk, return, and liquidity at the asset class level

• Implications of risk sharing among heterogeneous investors for asset pricing and asset allocation

• Investment risk diversification and inflation protection at long horizons

• Investment styles

• Optimal asset allocation with illiquid assets

• Optimal spending policies for institutional investors

• Behavioral, institutional, and agency aspects of delegated asset management and institutional investors’ decisions and performance

In addition to the paper presentations, there will be a keynote address by John Cochrane (Hoover Institution, Stanford University, and NBER) on Thursday evening, May 7. There will also be a panel discussion on Climate Change and Long-Term Investing with Lars Hansen (University of Chicago and NBER) and Kent Daniel (Columbia University and NBER).

The conference organizers welcome submissions of both empirical and theoretical research, and encourage submissions from scholars who are early in their careers, who are not NBER affiliates, and who are from groups that are under-represented in the financial economics profession.

A summary of the papers that were presented at the 2019 conference, along with links to information on earlier meetings, may be found at

To be considered for inclusion on the program, papers must be uploaded by Monday, January 20, 2020, to:

Papers that have already been accepted for publication and that will be published by the time of the conference are not eligible for presentation. Authors chosen to present papers will be notified by February, 2020. The NBER will pay a modest honorarium to the authors of each paper that is included on the program, and will cover economy class travel and hotel expenses for two authors per paper and for discussants.

Authors will be required to submit a two-page executive summary of their paper, prior to the conference, for posting on the NBER website. Accepted papers may also be included in the NBER working paper series. Questions about this conference may be addressed to

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