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</o:shapelayout></xml><![endif]--> </head> <body lang=EN-US link=blue vlink=purple style='tab-interval:.5in'> <div class=WordSection1> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=696 style='width:7.25in;mso-cellspacing:0in;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=696 style='width:7.25in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Authors, please upload your paper </span><span style='font-family:"Arial","sans-serif"'><a href="http://www.nber.org/confsubmit/backend/form?id=si14ap"><span style='mso-fareast-font-family:"Times New Roman"'>here</span></a></span><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>. <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=696 style='width:7.25in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:normal'><span style='font-family:"Arial","sans-serif";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 width=696 style='width:7.25in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>SI 2014 Asset Pricing <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=696 style='width:7.25in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Markus K. <span class=SpellE>Brunnermeier</span> and Wei <span class=SpellE>Xiong</span>, Organizers <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=696 style='width:7.25in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>July 10-11, 2014 <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=696 style='width:7.25in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Ballroom A<br> Royal <span class=SpellE>Sonesta</span> Hotel<br> 40 Edwin H. Land Blvd.<br> Cambridge, MA <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:6;mso-yfti-lastrow:yes'> <td width=696 style='width:7.25in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal;mso-outline-level:2'><b><u><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>PROGRAM</span></u></b><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";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=704 colspan=2 valign=top style='width:528.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><b style='mso-bidi-font-weight:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Thursday, July 10:<o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:2'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>8:00 am<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Coffee and Pastries<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:4'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><b style='mso-bidi-font-weight:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Monetary Policy and Asset Prices <o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:6'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>8:30 am<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>John Y. Campbell, Harvard University and NBER<br> <span class=SpellE>Carolin</span> <span class=SpellE>Pflueger</span>, University of British Columbia<br> Luis M. <span class=SpellE>Viceira</span>, Harvard University and NBER<br> </span><span style='font-family:"Arial","sans-serif"'><a href="http://www.nber.org/confer/2014/SI2014/AP/Campbell_Pflueger_Viceira.pdf"><i>Monetary Policy Drivers of Bond and Equity Risks </i></a></span><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant: Monika <span class=SpellE>Piazzesi</span>, Stanford University and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:8'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>9:30 am<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span class=SpellE><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Zhaogang</span></span><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'> Song, Federal Reserve Board<br> <span class=SpellE>Haoxiang</span> Zhu, Massachusetts Institute of Technology and NBER<br> </span><span style='font-family:"Arial","sans-serif"'><a href="http://www.nber.org/confer/2014/SI2014/AP/Zhu_Song.pdf"><i>QE Auctions of Treasury Bonds </i></a></span><i><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><br> </span></i><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> Discussant: Arvind Krishnamurthy, Northwestern University and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:10'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>10:30 am<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:12'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>11:00 am<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span class=SpellE><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Aytek</span></span><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'> <span class=SpellE>Malkhozov</span>, McGill University<br> Philippe Mueller, London School of Economics<br> Andrea <span class=SpellE>Vedolin</span>, London School of Economics<br> <span class=SpellE>Gyuri</span> Venter, </span><span style='font-family:"Arial","sans-serif"'>Copenhagen Business School</span><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><br> </span><span style='font-family:"Arial","sans-serif"'><a href="http://www.nber.org/confer/2014/SI2014/AP/Malkhozov_Mueller_Vedolin_Venter.pdf"><i>Mortgage Risk and the Yield Curve </i></a></span><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant: John Cochrane, University of Chicago and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:14'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>12:00 n<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Lunch<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:16'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><b style='mso-bidi-font-weight:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Financial Frictions<o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:17'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:18'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>1:00 pm<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Peter <span class=SpellE>Kondor</span>, Central European University <o:p></o:p></span></p> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Dimitri <span class=SpellE>Vayanos</span>, London School of Economics and NBER<i><o:p></o:p></i></span></p> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-family:"Arial","sans-serif"'><a href="http://www.nber.org/confer/2014/SI2014/AP/Kondor_Vayanos.pdf"><i>Liquidity Risk and the Dynamics of Arbitrage Capital </i></a></span><i><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></i></p> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><br> Discussant: <span class=SpellE>Itamar</span> <span class=SpellE>Drechsler</span> </span><span style='font-family:"Arial","sans-serif"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:19'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:20'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>2:00 pm<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Tyler Muir, Yale University<br> </span><span style='font-family:"Arial","sans-serif"'><a href="http://www.nber.org/confer/2014/SI2014/AP/Muir.pdf"><i>Financial Crises and Risk <span class=SpellE>Premia</span> </i></a></span><i><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><br> </span></i><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> Discussant: Alexi <span class=SpellE>Savov</span>, New York University and NBER</span><span style='font-family:"Arial","sans-serif"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:21'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:22'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>3:00 pm<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:23'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:24'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>3:20 pm<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Roger Farmer, University of California at Los Angeles and NBER<br> </span><span style='font-family:"Arial","sans-serif"'><a href="http://www.nber.org/confer/2014/SI2014/AP/Farmer.pdf"><i>Asset Prices in a Lifecycle Economy</i></a></span><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant: Valentin Haddad, Princeton University<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:25'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:26'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>4:20 pm<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Adjourn<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:27'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:28'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>6:30 pm<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif"'>Group Dinner - Hotel Marlowe, Serrano Ballroom<span style='mso-spacerun:yes'>  </span>(across the street from the Royal <span class=SpellE>Sonesta</span> Hotel)</span><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:29'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:30'> <td width=704 colspan=2 valign=top style='width:528.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><b style='mso-bidi-font-weight:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><br> Friday, July 11:<o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:31'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:32'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>8:00 am<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Coffee and Pastries<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:33'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:34'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><b style='mso-bidi-font-weight:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Derivatives<o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:35'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:36'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>8:30 am<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Jakub W. <span class=SpellE>Jurek</span>, Princeton University and NBER<br> <span class=SpellE>Zhikai</span> Xu, AQR Capital Management<br> </span><span style='font-family:"Arial","sans-serif"'><a href="http://www.nber.org/confer/2014/SI2014/AP/Jurek_Xu.pdf"><i>Option-Implied Currency Risk <span class=SpellE>Premia</span> </i></a></span><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant: Pietro <span class=SpellE>Veronesi</span>, University of Chicago and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:37'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:38'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>9:30 am<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span class=SpellE><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Itzhak</span></span><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'> Ben-David, Ohio State University and NBER<br> Francesco <span class=SpellE>Franzoni</span>, Swiss Finance Institute<br> <span class=SpellE>Rabih</span> <span class=SpellE>Moussawi</span>, University of Pennsylvania<br> </span><span style='font-family:"Arial","sans-serif"'><a href="http://www.nber.org/confer/2014/SI2014/AP/Ben-David_Franzoni_Moussawi.pdf"><i>Do ETFs Increase Volatility? </i></a></span><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant: Martin <span class=SpellE>Oehmke</span>, Columbia University<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:39'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:40'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>10:30 am<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:41'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:42'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>11:00 am<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Andrew <span class=SpellE>Ang</span>, Columbia University and NBER<br> Richard Green, Carnegie Mellon University and NBER<br> <span class=SpellE>Yuhang</span> Xing, Columbia University<br> </span><span style='font-family:"Arial","sans-serif"'><a href="http://www.nber.org/confer/2014/SI2014/AP/Ang_Green_Xing.pdf"><i>Advance <span class=SpellE>Refundings</span> of Municipal Bonds </i></a></span><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant: Stefan Nagel, University of Michigan and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:43'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:44'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>12:00 n<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Lunch<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:45'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:46'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><b style='mso-bidi-font-weight:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Real Assets and Investor Behavior<o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:47'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:48'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>1:00 pm<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif"'>Sebastien <span class=SpellE>Betermier</span>, McGill University<br> <span style='mso-bidi-font-weight:bold'>Laurent E. <span class=SpellE>Calvet</span>, HEC School of Management, Paris</span><br> Paolo <span class=SpellE>Sodini</span>, Stockholm School of Economics<br> <a href="http://www.nber.org/confer/2014/SI2014/AP/Betermier_Calvet_Sodini.pdf"><i>Who are the Value and Growth Investors? </i></a><i style='mso-bidi-font-style: normal'><br> <br> </i>Discussant: Jonathan Parker, Massachusetts Institute of Technology and NBER</span><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:49'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:50'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>2:00 pm<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:51'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:52'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>2:30 pm<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Charles <span class=SpellE>Nathanson</span>, Harvard University<br> Eric <span class=SpellE>Zwick</span>, Harvard University<br> </span><span style='font-family:"Arial","sans-serif"'><a href="http://www.nber.org/confer/2014/SI2014/AP/Nathanson_Zwick.pdf"><i>Arrested Development: Theory and Evidence of Supply-Side Speculation in the Housing Market </i></a></span><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant: Christopher J. Mayer, Columbia University and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:53'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:54'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>3:30 pm<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Robin Greenwood, Harvard University and NBER<br> Samuel Hanson, Harvard University and NBER<br> </span><span style='font-family:"Arial","sans-serif"'><a href="http://www.nber.org/confer/2014/SI2014/AP/Greenwood_Hanson.pdf"><i>Waves in Ship Prices and Investment </i></a></span><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant: <span class=SpellE>Ing</span>-haw Cheng, Dartmouth College<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:55'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:56'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>4:30 pm<o:p></o:p></span></p> </td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif"'>Adjourn<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:57;mso-yfti-lastrow:yes'> <td width=74 valign=top style='width:55.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=628 style='width:470.75pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> </table> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> </div> </body> </html>