Program Co-Directors

Ralph S. J. Koijen is the AQR Capital Management Professor of Finance at the University of Chicago Booth School of Business. His research focuses on finance, insurance, and macroeconomics. He has been an NBER affiliate since 2010.

Sydney C. Ludvigson is the Julius Silver, Roslyn S. Silver, and Enid Silver Winslow Professor of Economics at New York University. Her research focuses on the interplay between asset markets and macroeconomic activity. She has been an NBER affiliate since 2003.
Featured Program Content

Market leverage has historically predicted one-year-ahead stock returns better than measures of stock market...

Data on 5,917 hedge funds over 22 years suggest that after incentive fees and management fees are assessed,...
We show theoretically and empirically that flows into index funds raise the prices of large stocks in the index...