New Developments in Long-Term Asset Management
Organized by Monika Piazzesi and Luis M. Viceira
Supported by Norges Bank Investment Management
May 9-10, 2019
Royal Sonesta Hotel, Riverfront Room, 40 Edwin H. Land Blvd., Cambridge, MA
Thursday, May 9
12:15 pm
Lunch, Somerset Room
Format: 20 minutes each for authors, discussants, general discussion
1:00 pm

Common Ownership in America: 1980-2017 (slides)

Matthew Backus, University of California, Berkeley and NBER
Christopher Conlon, New York University and NBER
Michael Sinkinson, Northwestern University and NBER

Discussant:
David S. Scharfstein, Harvard University and NBER
2:00 pm

Valuing Private Equity Investments Strip by Strip (slides)

Arpit Gupta, New York University
Stijn Van Nieuwerburgh, Columbia University and NBER

Discussant:
Antoinette Schoar, Massachusetts Institute of Technology and NBER
3:00 pm
Break
3:15 pm

Which Investors Matter for Global Equity Valuations and Expected Returns?

Ralph S. J. Koijen, University of Chicago and NBER
Robert J. Richmond, New York University and NBER
Motohiro Yogo, Princeton University and NBER

Discussant:
Tarek Alexander Hassan, Boston University and NBER
4:15 pm
Break
4:30 pm
Panel on Quantitative Investing
Cliff Asness, AQR Capital Management
Owen Lamont, Wellington Management
Feifei Li, Research Affiliates (slides)
5:30 pm
Adjourn
6:30 pm
Dinner, Parkview Room
Keynote Speaker: John Campbell, Harvard University and NBER
Long-Term Investing in a Nonstationary World
Friday, May 10
8:00 am
Coffee and Pastries
8:30 am

The Impact of Pensions and Insurance on Global Yield Curves

Robin Greenwood, Harvard University and NBER
Annette Vissing-Jorgensen, Federal Reserve Board of Governors and NBER

Discussant:
Adrien Verdelhan, Massachusetts Institute of Technology and NBER
9:30 am
Break
9:45 am

What's Wrong with Pittsburgh? Delegated Investors and Liquidity Concentration (slides)

Andra C. Ghent, University of Utah

Discussant:
Tim Landvoigt, University of Pennsylvania and NBER
10:45 am
Break
11:00 am

Conditional Dynamics and the Multi-Horizon Risk-Return Trade-off

Mikhail Chernov, University of California, Los Angeles and NBER
Lars A. Lochstoer, University of California, Los Angeles and NBER
Stig Lundeby, Norwegian School of Economics

Discussant:
Christopher Polk, London School of Economics and Political Science (LSE)
12:00 pm
Lunch, Somerset Room
1:00 pm

Fund Tradeoffs

Lubos Pastor, University of Chicago and NBER
Robert F. Stambaugh, University of Pennsylvania and NBER
Lucian A. Taylor, University of Pennsylvania and NBER

Discussant:
Mark Grinblatt, University of California, Los Angeles and NBER
2:00 pm
Break
2:15 pm

The Subsidy to Infrastructure as an Asset Class (slides)

Aleksandar Andonov, University of Amsterdam
Roman Kräussl, Bayes Business School
Joshua Rauh, Stanford University and NBER

Discussant:
Marcin Kacperczyk, Imperial College London
3:15 pm
Break
3:30 pm

The Benchmark Inclusion Subsidy

Anil K. Kashyap, University of Chicago and NBER
Natalia Kovrijnykh, Arizona State University
Jian Li, Columbia University
Anna Pavlova, London Business School

Discussant:
David Thesmar, Massachusetts Institute of Technology and NBER
4:30 pm
Adjourn
Wednesday, July 24
1:20 pm

What's Wrong with Pittsburgh? Delegated Investors and Liquidity Concentration (slides)

Andra C. Ghent, University of Utah

Discussant:
Barney Hartman-Glaser, University of California, Los Angeles