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About the Author(s)

Ralph S. J. Koijen 400 pix

Ralph S. J. Koijen is the AQR Capital Management Distinguished Service Professor of Finance and Fama Faculty Fellow at the University of Chicago’s Booth School of Business. He is an NBER research associate and a research fellow of the Centre for Economic Policy Research. He is a coeditor of the Review of Financial Studies, codirector of the NBER Asset Pricing Program, and a director of the American Finance Association.

Koijen’s research focuses on macro- finance, asset pricing, insurance, and econometrics. He was awarded the 2019 Fischer Black Prize by the American Finance Association for original research relevant to finance practice and the 2021 Germán Bernácer Prize for outstanding contributions in the fields of macroeconomics and finance. He received his undergraduate degree in econometrics and his PhD in finance from Tilburg University.

 

Motohiro Yogo 400 pix

Motohiro Yogo is a professor of economics at Princeton University. He is an NBER research associate, a codirector of the NBER Insurance Working Group, and a research consultant at the Federal Reserve Bank of Minneapolis. Prior to joining the Princeton faculty in 2015, he held research and teaching positions at the Federal Reserve Bank of Minneapolis and the Wharton School of the University of Pennsylvania. He earned a PhD in economics from Harvard University in 2004 and an AB in economics from Princeton in 2000.

Yogo’s fields of expertise are financial economics, insurance, and econometrics. He teaches undergraduate financial investments and graduate asset pricing at Princeton, and is coauthor of the graduate-level book Financial Economics of Insurance, forthcoming from Princeton University Press. His research has received financial support from the National Science Foundation, the National Institute on Aging, and the Social Security Administration.

Yogo has received several awards for his work, including Japan’s Government Pension Investment Fund Finance Award, the Swiss Finance Institute Outstanding Paper Award, and the Zellner Thesis Award in Business and Economic Statistics.

Endnotes

1. Price and Volume Effects Associated with Changes in the S&P 500 List: New Evidence for the Existence of Price Pressures,” Harris L, Gurel E. Journal of Finance 41(4), September 1986, pp. 815–829; “Do Demand Curves for Stocks Slope Down?” Shleifer A. Journal of Finance 41(3), July 1986, pp. 579–590.   Go to ⤴︎
2. Regression Discontinuity and the Price Effects of Stock Market Indexing,” Chang Y, Hong H, Liskovich I. NBER Working Paper 19290, revised October 2013, and Review of Financial Studies 28(1), January 2015, pp. 212–246.   Go to ⤴︎
3. Benchmarking Intensity,” Pavlova A, Sikorskaya T. London Business School Working Paper, September 2020.   Go to ⤴︎
4. Payout-Induced Trading, Asset Demand Elasticities, and Market Feedback Effects,” Schmickler S. Princeton University Working Paper, July 2021.   Go to ⤴︎
5. A Demand System Approach to Asset Pricing,” Koijen R, Yogo M. NBER Working Paper 21749, revised July 2019, and Journal of Political Economy 127(4), August 2019, pp. 1475–1515.   Go to ⤴︎
6. Why Do Demand Curves for Stocks Slope Down?” Petajisto A. Journal of Financial and Quantitative Analysis 44(5), October 2009, pp. 1013–1044.   Go to ⤴︎
7. Ratings-Driven Demand and Systematic Price Fluctuations,” Ben-David I, Li J, Rossi A, Song Y. NBER Working Paper 28103, revised October 2021.   Go to ⤴︎
8. In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis,” Gabaix X, Koijen R. NBER Working Paper 28967, June 2021; “Predictable Price Pressure,” Hartzmark S, Solomon D. University of Chicago Working Paper, revised October 2021.   Go to ⤴︎
9. Institutional Corporate Bond Pricing,” Bretscher L, Schmid L, Sen I, Sharma V. London Business School Working Paper, revised December 2021.   Go to ⤴︎
10. Inspecting the Mechanism of Quantitative Easing in the Euro Area,” Koijen R, Koulischer F, Ngyuen B, Yogo M. NBER Working Paper 26152, revised March 2021, and Journal of Financial Economics 140(1), April 2021, p. 120. “The Impact of Pensions and Insurance on Global Yield Curves,” Greenwood R, Vissing-Jorgensen A. Harvard University Working Paper, December 2018.   Go to ⤴︎
11. The Demand for Treasury Debt,” Krishnamurthy A, Vissing-Jorgensen A. NBER Working Paper 12881, January 2007. Published as “The Aggregate Demand for Treasury Debt” in the Journal of Political Economy 120(2), April 2012, pp. 233–267.   Go to ⤴︎
12. Exchange Rates and Asset Prices in a Global Demand System,” Koijen R, Yogo M. NBER Working Paper 27342, June 2020.   Go to ⤴︎
13. From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege,” Gourinchas P, Rey H. NBER Working Paper 11563, August 2005.   Go to ⤴︎
14. Inspecting the Mechanism of Quantitative Easing in the Euro Area,” Koijen R, Koulischer F, Ngyuen B, Yogo M. NBER Working Paper 26152, revised March 2021, and Journal of Financial Economics 140(1), April 2021, pp. 1–20.   Go to ⤴︎
15. Which Investors Matter for Equity Valuations and Expected Returns?” Koijen R, Richmond R, Yogo M. NBER Working Paper 27402, June 2020.   Go to ⤴︎
16. We review this literature in Financial Economics of Insurance, Koijen R, Yogo M. 2022, forthcoming from Princeton University Press.   Go to ⤴︎
17. A Demand System Approach to Asset Pricing,” Koijen R, Yogo M. NBER Working Paper 21749, revised July 2019, and Journal of Political Economy 127(4), August 2019, pp. 1475–1515.     Go to ⤴︎
18. In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis,” Gabaix X, Koijen R. NBER Working Paper 28967, June 2021.   Go to ⤴︎

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