NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

ASSET PRICING PROGRAM MEETING

Markus Brunnermeier and Jose Scheinkman, Organizers

March 20, 2009

University of Chicago

Gleacher Center, GSB (Downtown Chicago)

Room 306

450 North Cityfront Plaza Drive

Chicago, IL

PROGRAM

FRIDAY, MARCH 20:

8:00 am Continental Breakfast

8:30 am FRANCIS A. LONGSTAFF, UC, Los Angeles and NBER

JIANG WANG, MIT and NBER

Asset Pricing and the Credit Market

Discussant: LASSE PEDERSEN, New York University and NBER

9:30 am Break

9:45 am DIMITRIOS VAYANOS, London School of Economics and NBER

PAUL WOOLLEY, London School of Economics

An Institutional Theory of Momentum and Reversal

Discussant: XAVIER GABAIX, New York University and NBER

10:45 am Break

11:00 am BERNARD DUMAS, University of Lausanne and NBER

ANDREW LAYASOFF, Boston University

Incomplete-Market Equilibria Solved Recursively on an Event Tree

Discussant: WEI XIONG, Princeton University and NBER

12:00 pm Lunch- Room 621

1:15 pm NICOLAE GARLEANU, UC, Berkeley and NBER

LEONID KOGAN, MIT and NBER

STAVROS PANAGEAS, University of Chicago

The Demographic of Innovation and Asset Returns

Discussant: TANO SANTOS, Columbia University and NBER

2:15 pm Break

2:30 pm PANEL DISCUSSION: "Rethinking Asset Pricing: Lessen from the current financial crisis" Is the divide between asset pricing and corporate finance useful? Is a framework based on a single representative agent still appropriate? Does asset pricing focus too much on specification of preferences and too little on frictions/constraints/liquidity? Should we switch to an "Institutional Finance" paradigm?

Panel members:

LARS HANSEN, University of Chicago and NBER

JOHN COCHRANE, University of Chicago and NBER

DARRELL DUFFIE, Stanford University and NBER

PETER KYLE, University of Maryland

4:00 pm Adjourn

6:00 pm Joint Group Dinner

University of Chicago

Gleacher Center, Room 621

450 North Cityfront Plaza Drive

Chicago, IL

2/20/09