NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

BEHAVIORAL FINANCE WORKING GROUP

Nicholas Barberis and Robert Shiller, Organizers

May 3, 2008

Yale University

General Motors Room

55 Hillhouse Avenue

New Haven, CT

PROGRAM

FRIDAY, MAY 2:

6:00 p.m. Joint Reception/Dinner with the Behavioral Science Conference

Peabody Museum

Whitney Avenue and Sachem Street

New Haven, CT

SATURDAY, MAY 3:

8:30 a.m. Continental Breakfast

9:00 a.m. NICHOLAS BARBERIS, Yale University and NBER

WEI XIONG, Princeton University and NBER

Realization Utility

Discussant: SIMON GERVAIS, Duke University

10:00 a.m. INGOLF DITTMANN, Erasmus University

ERNST MAUG, University of Mannheim

OLIVER SPALT, University of Mannheim

Sticks or Carrots? Optimal CEO Compensation when Managers are Loss Averse

Discussant: ALEX EDMANS, University of Pennsylvania

11:00 a.m. Break

11:15 a.m. ENRICHETTA RAVINA, New York University

Love and Loans: The Effect of Beauty and Personal Characteristics

in Credit Markets

Discussant: TANYA ROSENBLAT, Wesleyan University

12:15 p.m. Lunch

1:15 p.m. MARKUS BRUNNERMEIER, Princeton University and NBER

STEFAN NAGEL, Stanford University and NBER

LASSE PEDERSEN, New York University and NBER

Carry Trades and Currency Crashes

Discussant: NIKOLAI ROUSSANOV, University of Pennsylvania

2:15 p.m. JIALIN YU, Columbia University

Commonality in Disagreement and Asset Pricing

Discussant: HONGJUN YAN, Yale University

3:15 p.m. Break

3:30 p.m. JOSEPH CHEN, University of Southern California

SAMUEL HANSON, Harvard University

HARRISON HONG, Princeton University

JEREMY STEIN, Harvard University and NBER

Do Hedge Funds Profit from Mutual Fund Distress?

Discussant: OWEN LAMONT, DKR Capital

4:30 p.m. Adjourn

4/30/08