New Developments in Long-Term Asset Management

Monika Piazzesi and Luis M. Viceira, Organizers

May 9-10, 2019

Royal Sonesta Hotel, Riverfront Room, 40 Edwin H. Land Blvd., Cambridge, MA

Conference Code of Conduct

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

Valuing Private Equity Investments Strip by Strip (slides)
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?
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
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)
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
Discussant: Christopher Polk, London School of Economics and Political Science (LSE)
12:00 pm
Lunch, Somerset Room
1:00 pm

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

The Benchmark Inclusion Subsidy
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)
Discussant: Barney Hartman-Glaser, University of California, Los Angeles