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style='width:499.5pt;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=666 valign=top style='width:499.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Authors, please upload your paper <a href="http://www.nber.org/confsubmit/backend/form?id=LTAMs16">here</a>. <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=666 valign=top style='width:499.5pt;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 width=666 valign=top style='width:499.5pt;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"'>New Developments in Long-Term Asset Management Conference<br> <br> Supported by </span>The Norwegian Finance Initiative<span style='mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=666 valign=top style='width:499.5pt;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"'>Monika <span class=SpellE>Piazzesi</span> and Luis <span class=SpellE>Viceira</span>, Organizers <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=666 valign=top style='width:499.5pt;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"'>May 19-20, 2016 <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=666 valign=top style='width:499.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='text-align:center'>NBER<br> <span style='mso-bidi-font-size:11.0pt'>2<sup>nd</sup> Floor Conference Room<br> 1050 Massachusetts Avenue</span><br> Cambridge, MA<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> </td> </tr> <tr style='mso-yfti-irow:6;mso-yfti-lastrow:yes'> <td width=666 valign=top style='width:499.5pt;padding:.75pt .75pt .75pt .75pt'> <h2 align=center style='text-align:center'><u><span style='font-size:12.0pt; mso-fareast-font-family:"Times New Roman"'>PROGRAM<o:p></o:p></span></u></h2> </td> </tr> </table> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="partlist.pdf">PARTICIPANT LIST</a><o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <!-- </div> --> <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=668 colspan=2 valign=top style='width:501.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><u><span style='mso-fareast-font-family:"Times New Roman"'>Thursday, May 19<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></u></b></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=107 valign=top style='width:80.25pt;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 width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Introductory Remarks<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=107 valign=top style='width:80.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>2:30 pm<o:p></o:p></span></p> </td> <td width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span class=SpellE><span style='mso-fareast-font-family:"Times New Roman"'>Assaf</span></span><span style='mso-fareast-font-family:"Times New Roman"'> <span class=SpellE>Hamdani</span>, Hebrew University<br> Eugene <span class=SpellE>Kandel</span>, Hebrew University<br> Yevgeny <span class=SpellE>Mugerman</span>, Hebrew University<br> <span class=SpellE>Yishay</span> <span class=SpellE>Yafeh</span>, Hebrew University<br> <i><a href="Hamdani_Kandel_Mugerman_Yafeh.pdf">Incentive Fees and Competition in Pension Funds: Evidence from a Regulatory Experiment</a></i><br> <br> Discussant:&nbsp;Clemens <span class=SpellE>Sialm</span>, University of Texas at Austin and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=107 valign=top style='width:80.25pt;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 width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><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=107 valign=top style='width:80.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>3:45 pm<o:p></o:p></span></p> </td> <td width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Joseph <span class=SpellE>Gerakos</span>, University of Chicago <br> <span class=SpellE>Juhani</span> <span class=SpellE>Linnainmaa</span>, University of Chicago and NBER<br> Adair Morse, University of California at Berkeley and NBER<br> <i><a href="Gerakos_Linnainmaa_Morse.pdf">Asset Manager Funds</a></i><br> <br> Discussant:&nbsp;Kenneth French, Dartmouth College and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=107 valign=top style='width:80.25pt;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 width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Ralph <span class=SpellE>Koijen</span>, London Business School<br> <span class=SpellE>Motohiro</span> <span class=SpellE>Yogo</span>, Princeton University and NBER<br> </span><a href="http://ssrn.com/abstract=2537559"><i>An Equilibrium Model of Institutional Demand and Asset Prices </i></a><span style='mso-fareast-font-family: "Times New Roman"'><br> <br> Discussant:&nbsp;Malcolm Baker, Harvard University and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=107 valign=top style='width:80.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>5:45 pm<o:p></o:p></span></p> </td> <td width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Adjourn<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=107 valign=top style='width:80.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>5:50 pm<o:p></o:p></span></p> </td> <td width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'>Shuttle leaves NBER for Royal <span class=SpellE>Sonesta</span> Hotel<span style='mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=107 valign=top style='width:80.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>6:30 pm<o:p></o:p></span></p> </td> <td width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Conference Reception and Dinner<br> Royal <span class=SpellE>Sonesta</span> Hotel (</span>University BC Room, Lobby Level)<span style='mso-fareast-font-family:"Times New Roman"'><br> <br> Keynote Speaker: Stephen Ross, MIT 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:9'> <td width=668 colspan=2 valign=top style='width:501.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><u><span style='mso-fareast-font-family:"Times New Roman"'>Friday, May 20<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></u></b></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=107 valign=top style='width:80.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>7:30 am<o:p></o:p></span></p> </td> <td width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'>Shuttle leaves Royal <span class=SpellE>Sonesta</span> Hotel for NBER<span style='mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=107 valign=top style='width:80.25pt;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 width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'>Shuttle leaves Royal <span class=SpellE>Sonesta</span> Hotel for NBER</p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=107 valign=top style='width:80.25pt;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 width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Continental Breakfast<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td width=107 valign=top style='width:80.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>8:30 am<o:p></o:p></span></p> </td> <td width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Ian Appel, Boston College<br> Todd <span class=SpellE>Gormley</span>, University of Pennsylvania<br> Donald <span class=SpellE>Keim</span>, University of Pennsylvania<br> <i><a href="http://ssrn.com/abstract=2693145">Standing on the Shoulders of Giants: The Effect of Passive Investors on Activism</a></i><br> <br> Discussant:&nbsp;<span class=SpellE>Alon</span> <span class=SpellE>Brav</span>, </span>Duke University and NBER<span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:14'> <td width=107 valign=top style='width:80.25pt;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 width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=107 valign=top style='width:80.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>9:45 am<o:p></o:p></span></p> </td> <td width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Oleg <span class=SpellE>Chuprinin</span>, </span>UNSW Australia Business School<span style='mso-fareast-font-family:"Times New Roman"'><br> Denis <span class=SpellE>Sosyura</span>, University of Michigan<br> <i><a href="Chuprinin_Sosyura.pdf">Family Descent as a Signal of Managerial Quality: Evidence from Mutual Funds</a></i><br> <br> Discussant:&nbsp;Alexander Butler, Rice University<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:16'> <td width=107 valign=top style='width:80.25pt;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 width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:17'> <td width=107 valign=top style='width:80.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>11:00 am<o:p></o:p></span></p> </td> <td width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Alan Moreira, Yale University<br> Tyler Muir, Yale University and NBER<br> <i><a href="http://www.nber.org/confer/2016/LTAMs16/Moreira_Muir.pdf">Volatility Managed Portfolios</a></i><br> <br> Discussant:&nbsp;Bryan Kelly, University of Chicago and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:18'> <td width=107 valign=top style='width:80.25pt;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 width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Lunch<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:19'> <td width=107 valign=top style='width:80.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>1:15 pm<o:p></o:p></span></p> </td> <td width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Andrea <span class=SpellE>Eisfeldt</span>, University of California at Los Angeles and NBER<br> Hanno <span class=SpellE>Lustig</span>, Stanford University and NBER<br> Lei Zhang, University of California at Los Angeles<br> <i><a href="ELZ_expertise.pdf">Risk and Return in Segmented Markets with Expertise</a></i><br> <br> Discussant:&nbsp;Leonid <span class=SpellE>Kogan</span>, MIT and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:20'> <td width=107 valign=top style='width:80.25pt;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 width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:21'> <td width=107 valign=top style='width:80.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>2:30 pm<o:p></o:p></span></p> </td> <td width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Nathan Foley-Fisher, Federal <span class=SpellE>Rerserve</span> Board<br> <span class=SpellE>Borghan</span> <span class=SpellE>Narajabad</span>, Federal Reserve Board<br> Stephane <span class=SpellE>Verani</span>, Federal Reserve Board<br> <i><a href="http://www.nber.org/confer/2016/LTAMs16/Foley-Fisher_Narajabad_Verani.pdf">Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry</a></i><br> <br> Discussant:&nbsp;Victoria <span class=SpellE>Ivashina</span>, Harvard University and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:22'> <td width=107 valign=top style='width:80.25pt;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 width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:23'> <td width=107 valign=top style='width:80.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>3:45 pm<o:p></o:p></span></p> </td> <td width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Sergey <span class=SpellE>Chernenko</span>, Ohio State University<br> <span class=SpellE>Adi</span> <span class=SpellE>Sunderam</span>, Harvard University and NBER<br> <i><a href="Chernenko_Sunderam.pdf">Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds</a></i><br> <br> Discussant:&nbsp;Alexi <span class=SpellE>Savov</span>, </span>New York University and NBER<span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:24'> <td width=107 valign=top style='width:80.25pt;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 width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Adjourn<br> <br> <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 style='margin-bottom:12.0pt'><b style='mso-bidi-font-weight: normal'><span style='mso-fareast-font-family:"Times New Roman"'>Conference Format:<o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:25;mso-yfti-lastrow:yes'> <td width=107 valign=top style='width:80.25pt;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> <td width=559 valign=top style='width:419.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='mso-pagination:none;mso-layout-grid-align:none; text-autospace:none'><span style='color:black'>The</span> format for each paper will be a 20-minute presentation by the author, followed by one 20-minute discussion and then another 20 minutes of general audience discussion.<span style='mso-bidi-font-weight:bold'><o:p></o:p></span></p> <p class=MsoNormal style='margin-bottom:12.0pt'><b style='mso-bidi-font-weight: normal'><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></b></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>