NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

BEHAVIORAL ECONOMICS MEETING

Robert Shiller and Richard Thaler, Organizers

NOVEMBER 11, 2006

NBER

2^nd Floor Confernce Room

1050 Massachusetts Avenue

Cambridge, Massachusetts

PROGRAM

FRIDAY, NOVEMBER 10:

6:30 PM Dinner

Dante Restaurant

Royal Sonesta Hotel

40 Edwin H. Land Boulevard

Cambridge, MA

SATURDAY NOVEMBER 11:

8:00 AM Shuttle Van Departs Royal Sonesta Hotel for 1050 Mass. Avenue

8:30 AM Shuttle Van Departs Royal Sonesta Hotel for 1050 Mass. Avenue

8:30 AM Continental Breakfast

9:00 AM TAL FISHMAN and HARRISON HONG, Princeton University

JEFFREY D. KUBIK, Syracuse University

Do Arbitrageurs Amplify Economic Shocks?

Discussant: MICHAEL RASHES, Bracebridge Capital

10:00 AM JOHN CAMPBELL, Harvard University and NBER

JENS HILSCHER and JAN SZILAGYI, Harvard University

In Search of Distress Risk

Discussant: TYLER SHUMWAY, University of Michigan

11:00 AM Break

11:15 AM ANDREA FRAZZINI, University of Chicago

OWEN LAMONT, Yale University and NBER

The Earnings Announcement Premium and Trading Volume

Discussant: STEVEN HESTON, University of Maryland

12:15 PM Lunch

Over, Please!

BEHAVIORAL FINANCE PROGRAM, PAGE 2:

1:15 PM DAVID HIRSHLEIFER, UC, Irvine

SONYA SEONGYEON LIM, DePaul University

SIEW HONG TEOH, UC, Irvine

Driven to Distraction: Extraneous Events and Underreaction to Earnings News

Discussant: STEFANO DELLA VIGNA, UC, Berkeley and NBER

2:15 PM ROBIN GREENWOOD, Harvard University

STEFAN NAGEL, Stanford University and NBER

Inexperienced Investors and Speculative Bubbles

Discussant: JEREMY STEIN, Harvard University and NBER

3:15 PM Break

3:30 PM MASSIMO MASSA and LEI ZHANG, INSEAD

Cosmetic Mergers: The Effect of Style Investing on the Market for Corporate Control

Discussant: MALCOLM BAKER, Harvard University and NBER

4:30 PM Adjourn

10/30/06