
	Thursday, May 3
12:00 pm	Lunch, Central Park Room
12:55 pm	Welcome and Introductory Remarks
	Authors and discussants each have 20 minutes followed by 20 minutes of general discussion
1:00 pm	The Endowment Model and Modern Portfolio Theory Stephen G. Dimmock, Nanyang Technological University Neng Wang, Columbia University and NBER Jinqiang Yang, Shanghai University of Finance and Economics Discussant: Thomas J. Gilbert, University of Washington
2:00 pm	Is Index Trading Benign? Shmuel Baruch, University of Rome Tor Vergata Xiaodi (Eddie) Zhang, University of Central Florida Discussant: Laura Veldkamp, Columbia University and NBER
3:00 pm	Break
3:15 pm	Skin or Skim? Inside Investment and Hedge Fund Performance (slides) Arpit Gupta, New York University Kunal Sachdeva, Rice University Discussant: Jules H. van Binsbergen, University of Pennsylvania and NBER
4:15 pm	Break
4:30 pm	Panel on Key Challenges for Long-Term Investors Ole Christian Bech-Moen, The Norwegian Finance Initiative Edwin Cass, Canada Pension Plan Investment Board Elizabeth Hewitt, Sloan Foundation
5:30 pm	Adjourn
6:30 pm	Reception and Dinner, Private Dining Room Speaker: Lawrence Summers, Harvard University and NBER
	Friday, May 4
8:00 am	Breakfast
8:30 am	Characteristics Are Covariances: A Unified Model of Risk and Return Bryan T. Kelly, Yale University and NBER Seth Pruitt, Arizona State University Yinan Su, Johns Hopkins University Discussant: Jonathan Lewellen, Dartmouth College and NBER
9:30 am	Break
9:45 am	Do Intermediaries Matter for Aggregate Asset Prices? (slides) Valentin Haddad, University of California, Los Angeles and NBER Tyler Muir, University of California, Los Angeles and NBER Discussant: Motohiro Yogo, Princeton University and NBER
10:45 am	Break
11:00 am	Do Foreign Investors Improve Market Efficiency? (slides) Marcin Kacperczyk, Imperial College London Savitar Sundaresan, Imperial College London Tianyu Wang, Tsinghua University Discussant: Thomas Philippon, New York University and NBER
12:00 pm	Lunch
12:20 pm	Panel Discussion on Current Developments in Asset Markets Kent D. Daniel, Columbia University and NBER Michael J. Fleming, Federal Reserve Bank of New York Antti Ilmanen, AQR
1:15 pm	Break
1:30 pm	What Drives Anomaly Returns? Lars Lochstoer, University of California, Los Angeles and NBER Paul Tetlock, Columbia University Discussant: Christopher Polk, London School of Economics
2:30 pm	Replicating Anomalies (slides) Kewei Hou, The Ohio State University Chen Xue, University of Cincinnati Lu Zhang, The Ohio State University and NBER Discussant: Robert F. Stambaugh, University of Pennsylvania and NBER
3:30 pm	Adjourn

Participants

Joseph Abadi, Federal Reserve Bank of Philadelphia
Simona Abis, University of Colorado Boulder
Christopher S. Anderson, Federal Reserve Board
Shmuel Baruch, University of Rome Tor Vergata
Ole Christian Bech-Moen, The Norwegian Finance Initiative
Mohammadreza Bolandnazar, Columbia University
Edwin Cass, Canada Pension Plan Investment Board
Michael Chin, Norges Bank Investment Management
Kent D. Daniel, Columbia University and NBER
Michael J. Fleming, Federal Reserve Bank of New York
Thomas J. Gilbert, University of Washington
Arpit Gupta, New York University
Valentin Haddad, University of California, Los Angeles and NBER
Elizabeth Hewitt, Sloan Foundation
Lunyang Huang
Antti Ilmanen, AQR
Takatoshi Ito, Columbia University and NBER
Erica Xuewei Jiang, University of Southern California
Marcin Kacperczyk, Imperial College London
Yann Koby, Brown University
Natalia Kovrijnykh, Arizona State University
Jonathan Lewellen, Dartmouth College and NBER
Lise Lindbäck, The Norwegian Finance Initiative
Lars A. Lochstoer, University of California, Los Angeles and NBER
Rajnish Mehra, Arizona State University and NBER
Lira Mota, Massachusetts Institute of Technology
Tyler Muir, University of California, Los Angeles and NBER
Thomas Philippon, New York University and NBER

Monika Piazzesi, Stanford University and NBER
Christopher Polk, London School of Economics
James M. Poterba, Massachusetts Institute of Technology
Seth Pruitt, Arizona State University
Gianluca Rinaldi, Harvard University
Robert F. Stambaugh, University of Pennsylvania and NBER
Laura Starks, University of Texas at Austin and NBER
Yinan Su, Johns Hopkins University
Lawrence H. Summers, Harvard University and NBER
Savitar Sundaresan, Imperial College London
Paul Tetlock, Columbia University
Tuomas Tomunen, Boston College
Morten Trysnes, Norges Bank Investment Management
Boris Vallee, Harvard University
Laura Veldkamp, Columbia University and NBER
Luis M. Viceira, Harvard University and NBER
Vegard Vik, Norges Bank Investment Management
Neng Wang, Columbia University and NBER
Tianyu Wang, Tsinghua University
Robert F. Whitelaw, New York University and NBER
Fredrik Willumsen, Norges Bank Investment Management
Kairong Xiao, Columbia University and NBER
Chen Xue, University of Cincinnati
Motohiro Yogo, Princeton University and NBER
Lu Zhang, The Ohio State University and NBER
Xiaodi (Eddie) Zhang, University of Central Florida
Minchen Zheng, Colunbia University