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1.0pt; mso-border-alt:solid windowtext .5pt; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-border-insideh:.5pt solid windowtext; mso-border-insidev:.5pt solid windowtext; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} </style> <![endif]--><!--[if gte mso 9]><xml> <o:shapedefaults v:ext="edit" spidmax="1026"/> </xml><![endif]--><!--[if gte mso 9]><xml> <o:shapelayout v:ext="edit"> <o:idmap v:ext="edit" data="1"/> </o:shapelayout></xml><![endif]--> </head> <body lang=EN-US link=blue vlink=purple style='tab-interval:.5in'> <div class=WordSection1> <table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0 style='border-collapse:collapse;border:none;mso-yfti-tbllook:1184;mso-padding-alt: 0in 5.4pt 0in 5.4pt;mso-border-insideh:none;mso-border-insidev:none'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal style='tab-stops:.5in 1.0in'><span style='font-size:12.0pt; mso-bidi-font-size:11.0pt'>Authors, please upload your paper <a href="http://www.nber.org/confsubmit/backend/form?id=aps13">here</a>. <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal style='tab-stops:.5in 1.0in'><span style='font-size:12.0pt; mso-bidi-font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-bidi-font-size:11.0pt'>NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-bidi-font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='text-align:center'><b style='mso-bidi-font-weight:normal'><span style='mso-bidi-font-size:11.0pt'>Asset Pricing Program Meeting</span></b><span style='mso-bidi-font-size:11.0pt'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-bidi-font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='text-align:center'><span class=SpellE><span style='mso-bidi-font-size:11.0pt'>Hui</span></span><span style='mso-bidi-font-size: 11.0pt'> Chen and Andrew Lo, Organizers<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-bidi-font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-bidi-font-size:11.0pt'>April 19, 2013<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-bidi-font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='text-align:center'><b style='mso-bidi-font-weight:normal'><span style='mso-bidi-font-size:11.0pt'>University of Chicago <o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='text-align:center'><span class=SpellE><b style='mso-bidi-font-weight:normal'><span style='mso-bidi-font-size:11.0pt'>Gleacher</span></b></span><b style='mso-bidi-font-weight:normal'><span style='mso-bidi-font-size:11.0pt'> Center, Booth School of Business (Downtown Chicago) <o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='text-align:center'><b style='mso-bidi-font-weight:normal'><span style='mso-bidi-font-size:11.0pt'>Room 304 <o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='text-align:center'><b style='mso-bidi-font-weight:normal'><span style='mso-bidi-font-size:11.0pt'>450 North <span class=SpellE>Cityfront</span> Plaza Drive<o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:14'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='text-align:center'><b style='mso-bidi-font-weight:normal'><span style='mso-bidi-font-size:11.0pt'>Chicago, IL <o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-bidi-font-size:11.0pt'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:16;mso-yfti-lastrow:yes'> <td width=734 valign=top style='width:7.65in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal align=center style='text-align:center'><b style='mso-bidi-font-weight:normal'><span style='mso-bidi-font-size:11.0pt'>PROGRAM<o:p></o:p></span></b></p> </td> </tr> </table> <p class=MsoNormal style='tab-stops:.5in 1.0in'><span style='font-size:12.0pt'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 style='mso-cellspacing:1.5pt; mso-yfti-tbllook:1184;mso-padding-alt:0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=715 colspan=2 valign=top style='width:536.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><b style='mso-bidi-font-weight:normal'><span style='font-size:12.0pt;line-height: 115%'>Friday, April 19<o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'>8:00 am<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'>Continental Breakfast<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> 8:30 am<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> Bruce I. Carlin, University of California at Los Angeles and NBER<br> Francis <span class=SpellE>Longstaff</span>, University of California at Los Angeles and NBER<br> Kyle <span class=SpellE>Matoba</span>, UCLA<br> <i><a href="Carlin_Longstaff_Matoba.pdf">Disagreement and Asset Prices</a></i><br> <br> Discussant: Scott <span class=SpellE>Joslin</span>, University of Southern California<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> 9:30 am<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> 9:45 am<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> <span class=SpellE>Suleyman</span> <span class=SpellE>Basak</span>, London Business School<br> Anna <span class=SpellE>Pavlova</span>, London Business School<br> <i><a href="http://www.nber.org/confer/2013/APs13/Basak_Pavlova.pdf">A Model of Financialization of Commodities</a></i><br> <br> Discussant: Wei <span class=SpellE>Xiong</span>, Princeton University and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> 10:45 am<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> 11:00 am<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> <span class=SpellE>Nicolae</span> B. <span class=SpellE>Garleanu</span>, University of California at Berkeley and NBER<br> Stavros <span class=SpellE>Panageas</span>, University of Chicago and NBER<br> <span class=SpellE>Jianfeng</span> Yu, University of Minnesota<br> <i><a href="Garleanu_Panageas_Yu.pdf">Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion</a></i><br> <br> Discussant: Alp <span class=SpellE>Simsek</span>, Massachusetts Institute of Technology<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> 12:00<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> Lunch<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> 1:15 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> Martin <span class=SpellE>Lettau</span>, University of California at Berkeley and NBER<br> <span class=SpellE>Matteo</span> <span class=SpellE>Maggiori</span>, New York University<br> Michael Weber, University of California at Berkeley <br> <i><a href="https://www.dropbox.com/s/h41d80r7logchdw/LMW_Cond_Risk.pdf?n=854194">Conditional Risk <span class=SpellE>Premia</span> in Currency Markets and Other Asset Classes </a></i><br> <br> Discussant: <span class=SpellE>Adrien</span> <span class=SpellE>Verdelhan</span>, Massachusetts Institute of Technology and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> 2:15 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> 2:30 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> Andrea <span class=SpellE>Frazzini</span>, AQR Capital Management<br> Ronen Israel, AQR Capital<br> Tobias J. <span class=SpellE>Moskowitz</span>, University of Chicago and NBER<br> <i><a href="Frazzini_Israel_Moskowitz.pdf">Trading Costs of Asset Pricing Anomalies</a></i><br> <br> Discussant: Rahim <span class=SpellE>Esmailzadeh</span>, <span class=SpellE>Magnetar</span> Capital<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> 3:30 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> 3:45 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> Leonid <span class=SpellE>Kogan</span>, Massachusetts Institute of Technology and NBER<br> <span class=SpellE>Dimitris</span> <span class=SpellE>Papanikolaou</span>, Northwestern University and NBER<br> Noah <span class=SpellE>Stoffman</span>, Indiana University<br> <i><a href="http://db.tt/tBSoe4o4">Technological Innovation: Winners and Losers </a></i><br> <br> Discussant: <span class=SpellE>Hengjie</span> Ai, University of Minnesota<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> 4:45 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><br> Adjourn<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:14'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><o:p>&nbsp;</o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'>6:00 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='text-align:justify;line-height:115%'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>Joint Reception and Dinner<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:16'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='text-align:justify;line-height:115%'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>University of Chicago<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:17'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='text-align:justify;line-height:115%'><span class=SpellE><span style='mso-bidi-font-size:11.0pt;line-height:115%'>Gleacher</span></span><span style='mso-bidi-font-size:11.0pt;line-height:115%'> Center, Executive Dining Room 621<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:18'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='text-align:justify;line-height:115%'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>450 North <span class=SpellE>Cityfront</span> Drive<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:19'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='mso-bidi-font-size: 11.0pt;line-height:115%'>Chicago, IL<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:20;mso-yfti-lastrow:yes'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='font-size:12.0pt;line-height:115%'><o:p>&nbsp;</o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><b style='mso-bidi-font-weight: normal'><span style='mso-bidi-font-size:11.0pt;line-height:115%'><o:p>&nbsp;</o:p></span></b></p> </td> </tr> </table> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><o:p>&nbsp;</o:p></b></p> </div> </body> </html>