NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.
SUMMER INSTITUTE 2002
Asset Marketing/Real Estate Workshop
William Goetzmann and Tobias Moskowitz, Organizers
1050 Massachusetts Avenue
Cambridge, Massachusetts
July 19, 2002
PRELIMINARY PROGRAM
FRIDAY, JULY 19:
8:30 AM Coffee and Pastries
9:00 AM SUMIT AGARWAL, Fleet Boston Financial
JOHN DRISCOLL, Brown University and NBER
DAVID LAIBSON, Harvard University and NBER
When Should Borrowers Refinance Their Mortgages?
Discussant: ERIK HURST, University of Chicago
10:00 AM Break
10:15 AM FRANCOIS ORTALO-MAGNE, London School of Economics
SVEN RADY, University of Munich
Home Ownership: Volatile Housing Prices, Low Labor Mobility and High
Income Dispersion
Discussant: NICHOLAS SOULELES, University of Pennsylvania and NBER
11:15 AM Break
11:30 AM WILLIAM GENTRY, Columbia University and NBER
CHRISTOPHER MAYER, University of Pennsylvania
Stock Prices and Fundamental Value: What Drives the Investment and
Capital Structure of Real Estate Investment Trusts?
Discussant: ANTOINETTE SCHOAR, MIT
12:30 PM Lunch
1:30 PM PAUL CHILDS, University of Kentucky
STEVEN OTT, University of North Carolina
TIMOTHY RIDDIOUGH, MIT
Optimal Valuation of Claims on Noisy Real Assets: Theory and Application
Discussant: WALTER TOROUS, UC, Los Angeles
2:30 PM Break
SI02 AMRE program
page two
2:45 PM CORNELIA KULLMAN, Columbia University
Real Estate and its Role in Asset Pricing
Discussant: JONATHAN LEWELLEN, MIT
3:45 PM Break
4:00 PM RICHARD STANTON and NANCY WALLACE, UC, Berkeley
An Empirical Test of a Contingent Claims Lease Valuation Model
Discussant: MONIKA PIAZZESI, UC, Los Angeles and NBER
5:00 PM Adjourn
7/1/02