University of Pennsylvania

Jon M. Huntsman Hall

Room 240

THURSDAY, NOVEMBER 9:

6:30 PM Group Dinner

Brasserie Perrier

1619 Walnut Street

Philadelphia, PA

FRIDAY, NOVEMBER 10:

8:10 AM Penn Transit Coach Bus from the Radisson Plaza Warwick Hotel to the Wharton School, University of Pennsylvania

8:30 PM Continental Breakfast

9:00 AM STIJN VAN NIEUWERBURGH, New York University and NBER

PIERRE-OLIVIER WEILL, UC, Los Angeles

Why Has House Price Dispersion Gone Up?

Discussant: MARKUS K. BRUNNERMEIER, Princeton University and NBER

10:00 AM Break

10:15 AM ROBERT NOVY MARX, University of Chicago

Investment Cash Flow Sensitivity and the Value Premium

Discussant: JOAO GOMES, University of Pennsylvania

11:15 AM ARVIND KRISHNAMURTHY and ANNETTE VISSING JORGENSEN,

Northwestern University and NBER

The Demand for Treasury Debt

Discussant: MONIKA PIAZZESI, University of Chicago and NBER

12:30 PM Lunch- 2^nd Floor Huntsman Hall Lounge

1:30 PM MARTIJN CREMERS and ANTTI PETAJISTO, Yale University

How Active is Your Fund Manager? A New Measure That Predicts Performance

Discussant: JONATHAN BERK, UC, Berkeley and NBER

ASSET PRICING PROGRAM, PAGE 2:

2:15 PM LONG CHEN, Michigan State University

XINLEI ZHAO, Kent State University

Return Decomposition

Discussant: JOHN HEATON, University of Chicago and NBER

3:15 PM Break

3:30 PM LUBOS PASTOR, University of Chicago and NBER

ROBERT STAMBAUGH, University of Pennsylvania and NBER

Predictive Systems: Living with Imperfect Predictors

Discussant: JONATHAN LEWELLEN, Dartmouth College and NBER

4:30 PM Adjourn

10/26/06