click on Discussion to obtain a pdf file of the discussion slides
- Discussion of: "Horizon Pricing,"
by Avraham Kamara, Robert A. Korajczyk, Xiaoxia Lou and Ronnie
Sadka. 2013 AFA Meetings, 5 January, 2013.
- Discussion of: "Time Varying Market
Efficiency," by Ferhat Akbas, Will J. Armstrong, Sorin Sorescu and
Avanidhar Subrahmanyam. 2013 AFA Meetings, 4 January, 2013.
- Discussion of: "Speculative Betas,"
by Harrison Hong and David Sraer. NBER Behavioral Finance
Working Group -- Fall Meeting, 3 November, 2012.
- Discussion of: "Carrry," by Ralph
Koijen, Toby Moskowitz, Lasse Pedersen, and Evert
Vrugt. LSE-Paul Woolley Center Annual Conference, 8 June,
- Discussion of: "Financial
Intermediaries and the Cross-Section of Asset Returns," by Tobias
Adrian, Erkko Etula and Tyler Muir. 2012 AFA Meetings 6
- Discussion of:
"An Empirical Decomposition of Risk and Liquidity in Nominal and
Inflation-Indexed Government Bonds," by Carolin Pflueger and Luis
Viciera. NBER Summer Institute Capital Markets and the Economy
Workshop 18 July, 2011
- Discussion of:
"The Short of It: Investor Sentiment and Anomalies," Rob Stambaugh,
Jianfeng Yu, and Yu Yuan, NBER Behavioral Finance Meeting,
April 30, 2011.
- Discussion of "Risk
Taking and Implicit Guarantees Inside Financial Firms," by Marcin
Kacperczyk and Philipp Schnabl. The Texas Finance Festival,
April 16, 2011.
- Discussion of
"Heterogeneous Gain Learning and the Dynamics of Asset Prices," by Blake LeBaron.
Conference on Heterogeneous Expectations and Economic Stability,
Columbia University, Feb 11, 2011.
- Discussion of "The
Behavior of Intoxicated Investors: The role of institutional investors
in propagating the financial crisis of 2007-2008," by Alberto Manconi,
Massimo Massa and Ayako Yasuda. NBER Market Institutions and
Financial Market Risk Conference, June 17, 2010.
of "Securitized Banking and the Run on Repo" by Gary Gorton and Andrew
Metric. Moody's/NYU Credit Conference, May 13, 2010.
- Discussion of "Value and Momentum
Everywhere" by Cliff Asness, Toby Moskowitz and Lasse
Pedersen. NBER -- Asset Pricing Summer Institute, July 11,
- Discussion of "What
Happened To The Quants In August 2007?" by Amir E. Khandani and
Andrew W. Lo. NBER -- Risks of Financial Institutions Group
Meeting, April 24, 2008.
- Discussion of "Helping
Individuals Manage Risk," by Robert J. Shiller. 2008 BeFi
Conference, March 27, 2008.
- Discussion of "Commonality in
Misvaluation, Equity Financing, and the Cross Section of Stock Returns,"
by David Hirshleifer and Danling Jiang. 2008 AFA Meetings,
January 4, 2008
- Discussion of "Risks for the Long
Run: Estimation and Inference," by Ravi Bansal, Dana Kiku and Amir
Yaron, 2007 Neemers Prize Conference, October 25, 2007.
- Discussion of "A Tale of Two
Anomalies: The Implications of Investor Attention for Price and
Earnings Momentum," by Kewei Hou, Lin Peng and Wei Xiong.
American Finance Association Meetings, January 6, 2007.
- Discussion of "Default Risk
Premia and Asset Returns," by Antje Berndt, Aziz A. Lookman, and
Iulian Obreja. American Finance Association Meetings,
January 5, 2007.
- Discussion of
"Benchmarking Money Manager Performance: Issues and Evidence," by
Louis Chan, Dimmock and Josef Lakonishok. Kellogg Hedge Fund
Conference August 15, 2006.
- Discussion of "In Search of
Distress Risk" (Garlappi, Shu and Yan) and "Default Risk,
Shareholder Advantage, and Stock Returns" (Campbell, Hilscher and
Szilagyi). NYU/Moody's Credit Conference May 9, 2006.
- Discussion of "Gone Fishin:
Seasonality and Speculative Trading in Asset Prices," by Harrison Hong
and Jialin Yu. NBER University Research Conference May 13, 2005.
- Discussion of "Strategic Release of Information on Friday:
Evidence from Earnings Announcements," by Stefano DellaVigna \& Joshua
Pollet. 2005 AFA Meetings. January 6, 2005.
- Discussion of "Disagreement, Tastes and
Asset Prices," by Eugene Fama and Kenneth French. NBER Behavioral
Finance Program Meeting October 16, 2004.
- Discussion of "Voluntary Debt
Reductions," by T. Dangl and Josef Zechner.. 2004 Summer UBC
Finance Conference August 6, 2004.
- Discussion of "Institutional Investors and the Comovement of
Equity Prices," by Christo Prinsky and Qinghai Wang. 2004 Texas
Finance Festival April 24, 2004.
- Discussion of "Do Investors Overvalue
Firms With Bloated Balance Sheets?," by David Hirshleifer, Kewei Hou,
Siew Hong Teoh, and Yinglei Zhang. NBER Behavioral Finance Program
Meeting April 10, 2004.
- Discussion of "Hot Markets, Investor
Sentiment, and IPO Pricing," by Alexander Ljungqvist, Vik Nanda, and
Rajdeep Singh, 2004 AFA Meetings. 1/4/04.
- Discussion of "Is Value Riskier Than
Growth?", by Ralitsa Petkova and Lu Zhang, 2004 AFA
- Discussion of "Growth or
Glamour," by John Y. Campbell, Christopher Polk, and Tuomo
Vuolteenaho, , NBER - 2003 Behavioral Finance Group
- Discussion of "Testing Behavioral
Finance Theories Using Trends and Sequences in Financial Performance,"
by Wesley Chan, Richard Frankel, and S. P. Kothari, , JAE
Conference on Market Efficiency, Valuation and Mispricing:.
- Discussion of
"Consumption Risk and Cross-Sectional Returns," by Jonathan A. Parker
and Christian Julliard, NBER - 2003 Summer Institute Asset Pricing
Program Meeting. 7/17/03.
- Discussion of "What do we do with our
Pension Money? Recent Evidence from 401(k) Plans". by Julie
Agnew and Pierluigi Balduzzi. 2003 AFA Meetings. 1/4/03.
- Discussion of "Do Industries Lead the Stock Market?
Inattention, Delayed Reaction and Cross-Asset Return Predictability,"
by Harrison Hong, Walter Torous, and Rosses Valkanov 2002 Vail
Real Estate Research Conference. 8/12/02.
- Discussion of "Do Asset Prices
Reflect Fundamentals?: Freshly Squeezed Evidence From the FCOJ
Market," by Jacob Boudoukh, Matthew Richardson, YuQing Shen and Robert
Whitelaw, NBER - 2002 Summer Institute Asset Pricing Program
- Discussion of "The Stock Market
Crash of 1929: Irving Fisher was Right!" by Ellen R. McGrattan and
Edward C. Prescott. II Banco de Portugal Conference on Monetary
- Discussion of "Managing with Style: The Effect of
Managers on Firm Policies", by Marianne Bertrand and Antoinette
Schoar. NBER Spring Corporate Finance Seminar. 5/19/02.
- ****Discussion of "Does Risk or Mispricing
Explain the Cross-Section of Stock Prices?," by Randolph Cohen,
Christopher Polk and Tuomo Vuoltennaho. NBER Spring Asset Pricing
Program Meeting. 3/1/02.
- Discussion of "Can Mutual Fund `Stars'
Really Pick Stocks? New Evidence from a Bootstrap Analysis," by
Robert Kosowski, Allan Timmermann, Hal White, and Russ Wermers.
2002 AFA Meetings. 1/6/02.
- Discussion of "Short Sale Constraints and Stock Returns," by
Charles Jones and Owen Lamont, NBER Behavioral Finance
- Discussion of "How Does the Internet Affect Trading? Evidence
from Investor Behavior in 401(k) Plans," by James J. Choi, David
Laibson and Andrew Metrick, 2001 WFA Meetings. 6/22/01.
- Discussion of "Equilibrium
Cross-Section of Returns," by Joao Gomes, Leonid Kogan, and Lu Zhang.
2001 WFA Meetings. 6/21/01.
- Discussion of "Breadth of Ownership and
Stock Returns," by Joseph Chen, Harrison Hong, and Jeremy
C. Stein. Texas Finance Festival 4/19/01.
- Discussion of "Competing
Theories of Financial Anomalies," by Alon Brav and J.B. Heaton.
Conference on Asset Prices and the Stock Market Federal Reserve
Bank of Atlanta. 9/15/00.
- Discussion of "Does Shareholder
Composition Affect Stock Returns? Evidence from Corporate Earnings
Announcements," by Edith S. Hotchkiss and Deon Strickland.
NBER Corporate Finance Meetings. 8/8/00.
- Discussion of "Why Don't Issuers Get
Upset About Leaving Money on the Table," by Tim Loughran and Jay
Ritter. Society for Financial Studies Conference on Market
- Discussion of "Public Trading and Private
Incentives," by Antoine Faure-Grimaud and Denis Gromb, Texas Finance
- Discussion of "If at First You Don't
Succeed: An Experimental Investigation of the Impact of Repetition
Options on Corporate Takeovers and the Provision of Public Goods," by
Ann B. Gillette and Thomas H. Noe. 2000 Econometric Society
- Discussion of "Stock Market Valuation of
R&D Expenditures," by Louis Chan, Josef Lakonishok, and Theodore
Sougiannis. 2000 AFA Meetings. 1/7/00.
- Discussion of "Legal Determinants of Return on Equity," by
Davide Lombardo and Marco Pagano 2000 AFA Meetings. 1/7/00.