Asset Pricing Program Meeting
Organized by Dimitri Vayanos and Jessica Wachter
November 6, 2020
Friday, November 6
10:00 am
Opening remarks
10:10 am

Why Does the Fed Move Markets so Much? A Model of Monetary Policy and Time-Varying Risk Aversion

Carolin Pflueger, University of Chicago and NBER
Gianluca Rinaldi, Harvard University

Discussant:
Howard Kung, London Business School
11:00 am
Break
11:05 am

Famous Firms, Earnings Clusters, and the Stock Market

Yixin Chen, University of Rochester
Randolph B. Cohen, Harvard University
Zixuan Wang, Goldman Sachs

Discussant:
Kelly Shue, Yale University and NBER
11:55 am
Break
12:00 noon

Duration-Driven Returns (slides)

Niels Joachim Gormsen, University of Chicago and NBER
Eben Lazarus, University of California, Berkeley

Discussant:
Stefano Giglio, Yale University and NBER
12:50 pm
Break
1:00 pm
Panel discussion on "The future of pensions"
Moderator
David Wessel, Brookings Institution
Panelists
Rob Arnott, Research Affiliates
Joshua Rauh, Stanford University and NBER
Theresa Whitmarsh, Washington State Investment Board
2:00 pm
Break
2:20 pm

Don't Take Their Word For It: The Misclassification of Bond Mutual Funds

Huaizhi Chen, University of Texas at Dallas
Lauren Cohen, Harvard University and NBER
Umit Gurun, University of Texas at Dallas

Discussant:
Yiming Ma, Columbia University and NBER
3:10 pm
Break
3:15 pm

Retail Financial Innovation and Stock Market Dynamics: The Case of Target Date Funds

Jonathan A. Parker, Massachusetts Institute of Technology and NBER
Antoinette Schoar, Massachusetts Institute of Technology and NBER
Yang Sun, Brandeis University

Discussant:
John Y. Campbell, Harvard University and NBER
4:05 pm
Break
4:10 pm

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment (slides)

Arvind Krishnamurthy, Stanford University and NBER
Wenhao Li, University of Southern California and NBER

Discussant:
Wei Xiong, Princeton University and NBER
5:00 pm
Adjourn