New Developments in Long-Term Asset Management

Monika Piazzesi and Luis M. Viceira, Organizers

May 19-20, 2017

The Montague on the Gardens, 15 Montague Street, London, WC1B 5BJ

Conference Code of Conduct

Friday, May 19
11:45 am
Introductory Remarks
12:00 noon
Marcin Kacperczyk, Imperial College London
Emiliano Pagnotta, Singapore Management University

Chasing Private Information
Discussant: Dong Lou, London School of Economics
1:00 pm
2:00 pm
Nicolae B. Gârleanu, Washington University in St. Louis and NBER
Lasse H. Pedersen, Copenhagen Business School

Efficiently Inefficient Markets for Assets and Asset Management
Discussant: Dimitri Vayanos, London School of Economics and NBER
3:00 pm
3:15 pm
Matthijs Breugem, Frankfurt School of Finance and Management
Adrian Buss, INSEAD

Institutional Investors and Information Acquisition: Implications for Asset Prices and Informational Efficiency
Discussant: Anna Pavlova, London Business School
4:15 pm
4:30 pm
Panel on the Future of the Corporation
Chair: James Poterba, Masssachusetts Institute of Technology and NBER

Lynn Forester de Rothschild, E.L. Rothschild, LLC and CEO of the Coalition for Inclusive Capitalism
Colin Mayer, Univerrsity of Oxford
Dominic Rossi, Fidelity International
6:00 pm
Transportation to the Royal Society
6:45 pm
Reception and Dinner at the Royal Society
Welcome: Egil Matsen, Deputy Governor, Norges Bank
Speaker: Robert C. Merton, Massachusetts Institute of Technology and NBER

Saturday, May 20
8:00 am
8:30 am
Gabriel Chodorow-Reich, Harvard University and NBER
Andra C. Ghent, University of Utah
Valentin Haddad, University of California, Los Angeles and NBER

Asset Insulators
Discussant: Bo Becker, Stockholm School of Economics
9:30 am
9:45 am
Anton Lines, Copenhagen Business School

Do Institutional Incentives Distort Asset Prices?
Discussant: Christopher Polk, London School of Economics
10:45 am
11:00 am
Marco Di Maggio, Harvard University and NBER
Francesco Franzoni, Swiss Finance Institute
Amir Kermani, University of California, Berkeley and NBER
Carlo Sommavilla, Swiss Finance Institute & USI

The Relevance of Broker Networks for Information Diffusion in the Stock Market
Discussant: Péter Kondor, London School of Economics
12:00 noon
Lunch and Panel on Long-Term Returns
Chair: Monika Piazzesi, Stanford University and NBER

 Elroy Dimson, Cambridge University
 Lasse H. Pedersen, Copenhagen Business School
 Luis M. Viceira, Harvard University and NBER
1:15 pm
1:30 pm
Kevin Pan, Harvard University
Yao Zeng, University of Pennsylvania

ETF Arbitrage under Liquidity Mismatch (slides)
Discussant: Francesco Franzoni, Swiss Finance Institute
2:30 pm
Erik Stafford, Harvard University

Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting
Discussant: Ludovic Phalippou, University of Oxford
3:30 pm