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style='mso-fareast-font-family: "Times New Roman"'>Authors, please upload your paper <a href="http://www.nber.org/confsubmit/backend/form?id=APs14">here.</a><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'>NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b style='mso-bidi-font-weight:normal'><span style='mso-fareast-font-family: "Times New Roman"'>Asset Pricing Program Meeting <o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'>Lauren Cohen and Christopher Malloy, Organizers <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'>April 11, 2014 <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>University of Chicago<br> <span class=SpellE>Gleacher</span> Center, Booth School of Business (Downtown Chicago)<br> Room 400<br> 450 North <span class=SpellE>Cityfront</span> Plaza Drive<br> Chicago, IL </span></b><span style='mso-fareast-font-family:"Times New Roman"'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6;mso-yfti-lastrow:yes'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <h2 align=center style='text-align:center'><u><span style='font-size:14.5pt; mso-fareast-font-family:"Times New Roman"'>PROGRAM</span></u><span style='font-size:12.0pt;mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></h2> </td> </tr> </table> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><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=611 colspan=2 valign=top style='width:458.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><span style='mso-fareast-font-family:"Times New Roman"'>Friday, April 11, 2014<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><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><span style='mso-fareast-font-family:"Times New Roman"'>8:00 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>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><span style='mso-fareast-font-family:"Times New Roman"'><br> 8:30 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><br> Ralph <span class=SpellE>Koijen</span>, London Business School<br> <span class=SpellE>Motohiro</span> <span class=SpellE>Yogo</span>, Federal Reserve Bank of Minneapolis<br> </span><a href="http://ssrn.com/abstract=2320921"><i>Shadow Insurance </i></a><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant: Daniel <span class=SpellE>Bergstresser</span>, Brandeis University<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><span style='mso-fareast-font-family:"Times New Roman"'>9:30 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>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><span style='mso-fareast-font-family:"Times New Roman"'><br> 9:45 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><br> Stefano <span class=SpellE>Giglio</span>, University of Chicago and NBER<br> Matteo <span class=SpellE>Maggiori</span>, New York University and NBER<br> Johannes C. <span class=SpellE>Stroebel</span>, New York University<br> <i><a href="Stroebel_Giglio_Maggiori.pdf">Very Long-Run Discount Rates</a></i><br> <br> Discussant: Jules Van <span class=SpellE>Binsbergen</span>, Stanford University and NBER<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><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><span style='mso-fareast-font-family:"Times New Roman"'>10:45 am <o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>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><span style='mso-fareast-font-family:"Times New Roman"'><br> 11:00 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><br> <span class=SpellE>Lubos</span> Pastor, University of Chicago and NBER<br> Robert F. <span class=SpellE>Stambaugh</span>, University of Pennsylvania and NBER<br> Lucian Taylor, University of Pennsylvania<br> <i><a href="Pastor_Stambaugh_Taylor.pdf">Scale and Skill in Active Management</a></i><br> <br> Discussant: Randolph Cohen, Massachusetts Institute of Technology<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><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><span style='mso-fareast-font-family:"Times New Roman"'>12:00 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Lunch-Executive Dining Room 621<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><span style='mso-fareast-font-family:"Times New Roman"'><br> 1:15 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><br> Marcin <span class=SpellE>Kacperczyk</span>, Imperial College and NBER<br> <span class=SpellE>Jaromir</span> <span class=SpellE>Nosal</span>, Columbia University<br> <span class=SpellE>Luminita</span> Stevens, University of Maryland<br> </span><a href="http://www.nber.org/confer/2014/APs14/Kacperczyk_Nosal_Stevens.pdf"><span style='color:windowtext;text-decoration:none;text-underline:none'><span style='mso-field-code:" HYPERLINK \0022http\:\/\/www\.nber\.org\/confer\/2014\/APs14\/Kacperczyk_Nosal_Stevens\.pdf\0022 "'><i><u><span style='color:blue'>Investor Sophistication and Capital Income Inequality</span></u></i></span></span><i> </i></a><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant: Gustavo <span class=SpellE>Manso</span>, University of California Berkeley 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><span style='mso-fareast-font-family:"Times New Roman"'>2:15 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>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><span style='mso-fareast-font-family:"Times New Roman"'><br> 2:30 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><br> Matthew Baron, Princeton University<br> Wei <span class=SpellE>Xiong</span>, Princeton University and NBER<br> </span><a href="http://www.nber.org/confer/2014/APs14/Baron_Xiong.pdf"><i>Credit Expansion and Financial Instability: Evidence from Stock Prices </i></a><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant: <span class=SpellE>Arvind</span> Krishnamurthy, Northwestern University and NBER<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><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><span style='mso-fareast-font-family:"Times New Roman"'>3:30 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>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><span style='mso-fareast-font-family:"Times New Roman"'><br> 3:45 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><br> <span class=SpellE>Tarun</span> <span class=SpellE>Ramadorai</span>, University of Oxford<br> Cristian <span class=SpellE>Badarinza</span>, University of Oxford<br> </span><a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2353124"><i>Preferred Habitats and Safe-Haven Effects: Evidence from the London Housing Market </i></a><span style='mso-fareast-font-family:"Times New Roman"'><br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Discussant: Philipp Schnabl, New York University and NBER<br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><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><span style='mso-fareast-font-family:"Times New Roman"'>4:45 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>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><span style='mso-fareast-font-family:"Times New Roman"'><br> 6:00 pm <o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><br> Joint Reception and Dinner</span><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> <p class=MsoNormal><span class=SpellE><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'>Gleacher</span></span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'> Center-Executive Dining Room 621<br> 450 North <span class=SpellE>Cityfront</span> Drive<o:p></o:p></span></p> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Chicago, IL</span><span style='mso-fareast-font-family: "Times New Roman"'> <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:15;mso-yfti-lastrow:yes'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><span style='mso-fareast-font-family:"Times New Roman"'>3/26/14<o:p></o:p></span></b></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </div> </body> </html>