Asset Pricing Program Meeting
Organized by Mikhail Chernov and Nicolae B. Gârleanu
November 6, 2026
Stanford University Graduate School of Business, Knight Management Center, 655 Knight Way, Oberndorf Center, Stanford, CA
Format: 20 minutes for authors, 20 minutes for discussants, 20 minutes for Q&A

Thursday, November 5

6:00 pm

Reception and Group Dinner - Vidalakis Dining Room

Friday, November 6

8:00 am

Continental Breakfast

8:30 am

Rate Risk and Rate Insurance

Olivier Wang, New York University

Discussant:
Gregory Duffee, Johns Hopkins University

9:30 am

Break

9:45 am

Beliefs and Stock Market Fluctuations: New Evidence from the Past Seven Decades

David Thesmar, Massachusetts Institute of Technology and NBER
Emil Verner, Massachusetts Institute of Technology and NBER

Discussant:
Francesca Bastianello, The University of Chicago

10:45 am

Break

11:00 am

The Origins of the Factor Zoo: Investors Weakly Substitute Across Stocks

Aditya Chaudhry, The Ohio State University
Carter K. Davis, The Ohio State University

Discussant:
William Fuchs, University of Texas at Austin

12:00 pm

Lunch - Vidalakis Dining Room

1:15 pm

Stocks for the Long Run or Liquidity? Tax Data Evidence and Portfolio Choice Implications

Patrick A. Adams, University of Pennsylvania

Discussant:
Matthieu Gomez, Columbia University

2:15 pm

Break

2:30 pm

A Unified Theory of Delegated Capital Management

Jonathan B. Berk, Stanford University and NBER
Peter M. DeMarzo, Stanford University and NBER

Discussant:
Philip Bond, University of Washington

3:30 pm

Break

3:45 pm

The Hidden Cost of Stock Market Concentration: When Funds Hit Regulatory Limits

Lubos Pastor, The University of Chicago and NBER
Taisiya Sikorskaya, The University of Chicago
Jinrui Wang, The University of Chicago

Discussant:
Samuel Hanson, Harvard University and NBER

4:45 pm

Adjourn