Keynotes:

  • Darrell Duffie, Graduate School of Business, Stanford University

    Darrell Duffie is the Dean Witter Distinguished Professor of Finance at Stanford University's Graduate School of Business, and Professor (by courtesy) in the Department of Economics, Stanford University. He is a member of the Financial Advisory Roundtable of the Federal Reserve Bank of New York, a Fellow and member of the Council of the Econometric Society, a Research Fellow of the National Bureau of Economic Research, a Fellow of the American Academy of Arts and Sciences,  and a member of the board of directors of Moodys Corporation since 2008. Duffie was the 2009 president of the American Finance Association. In 2013-2014, Duffie chaired the Market Participants Group, charged by the Financial Stability Board with recommending reforms to Libor, Euribor, and other interest-rate benchmarks. His recent books include How Big Banks Fail (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets (Princeton University Press, 2012).

  • Lars Peter Hansen, The University of Chicago and 2013 Nobel Laureate
    Lars Peter Hansen is an internationally known leader in economic dynamics, including the study of macroeconomic and financial market linkages and time series econometrics. Hansen is the David Rockefeller Distinguished Service Professor at the University of Chicago. He is currently the director of the Becker Friedman Institute. Hansen is recognized for making fundamental advances in our understanding of how economic agents cope with changing and risky environments. He has contributed to the development of statistical methods designed to explore the interconnections between macroeconomic indicators and assets in financial markets. Hansen’s early research in econometrics was aimed at developing time series statistical methods to investigate one part of an economic model without having to fully specify and estimate all of the model ingredients. The applications he explored with several coauthors studied models of asset valuation, identifying and clarifying empirical puzzles where financial and economic data were at odds with prevailing academic models.

    His recent work focuses on uncertainty and its relationship to long-run uncertainty in the macroeconomy. He explores how models that incorporate ambiguities, beliefs, and skepticism of consumers and investors can explain economic and financial data and reveal the long-term consequences of policy options. With coauthors, Hansen has recently developed methods for modeling economic decision-making and their consequences for market outcomes in environments in which uncertainty is hard to quantify. Currently, Hansen is co-principal investigator, along with Andrew Lo, on a research initiative with the Macro Financial Modeling Group that works to develop better quantitative macroeconomic models with enhanced linkages to financial markets. He was a recipient of the 2013 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Previously he received the 2006 Nemmers Prize, the 2008 CME-MSRI Prize, and the 2010 BBVA Foundation Frontiers of Knowledge Award.

  • Arvind Krishnamurthy, Graduate School of Business, Stanford University

    Arvind Krishnamurthy is the John S. Osterweis Professor of Finance at Stanford University’s Graduate School of Business and a Research Associate at the National Bureau of Economic Research (NBER).  Professor Krishnamurthy’s research interests include financial intermediation, debt markets, housing markets, financial crises, monetary policy, and financial regulation. He has studied international financial crises in emerging markets. He has also studied liquidity in U.S. debt markets and the role of the Federal Reserve during a liquidity crisis. Recently, Krishnamurthy has examined unconventional monetary policy, including the effects of quantitative easing on financial markets and the macroeconomy. He did his undergraduate studies at the University of Pennsylvania and his doctoral work at the Massachusetts Institute of Technology.

  • Robert F. Stambaugh, Wharton School of the University of Pennsylvania

    Robert Stambaugh is the Miller Anderson & Sherrerd Professor of Finance at the Wharton School of the University of Pennsylvania.  He is a fellow and former president of the American Finance Association, a fellow of the Financial Management Association, and a research associate of the National Bureau of Economic Research.  He has been the editor of the Journal of Finance, an editor of the Review of Financial Studies, an associate editor of those journals as well as the Journal of Financial Economics, and a member of the first editorial committee of the Annual Review of Financial Economics.   Professor Stambaugh has published articles on topics including return predictability, asset pricing tests, portfolio choice, parameter uncertainty, liquidity risk, volatility, performance evaluation, investor sentiment, and the active management industry.  His research awards include a Smith-Breeden first prize for an article in the Journal of Finance as well as three Fama-DFA second prizes for articles in the Journal of Financial Economics.  Before joining Wharton in 1988, he was Professor of Finance at the University of Chicago, where he received his PhD in 1981.   Professor Stambaugh visited Harvard University as a Marvin Bower Fellow in 1997-98.

Speakers:

  • Jonathan Berk, Graduate School of Business, Stanford University

    Jonathan Berk is the A.P. Giannini Professor of Finance at the Stanford Graduate School of Business (GSB). His research is primarily theoretical in nature and covers a broad range of topics in finance, including delegated money management; the pricing of financial assets; valuing a firm’s growth potential; the capital structure decision; and the interaction between labor markets and financial markets. He has also explored individual rationality in an experimental setting. Professor Berk’s research is internationally recognized and has won numerous awards, including the TIAA-CREF Paul A. Samuelson Award, the Smith Breeden Prize, Best Paper of the Year in the Review of Financial Studies, and the FAME Research Prize. His article, “A Critique of Size-Related Anomalies,” was selected as one of the two best papers ever published in the Review of Financial Studies, and was also honored as one of the 100 seminal papers published by Oxford University Press. In recognition of his influence on the practice of finance, he has received the Graham and Dodd Award of Excellence, the Roger F. Murray Prize, and the Bernstein Fabozzi/Jacobs Levy Award. He served as an associate editor of the Journal of Finance from 2000-2008, is currently an associate editor of the Journal of Portfolio Management, and is a research associate at the National Bureau of Economic Research. Also, he is a member of the board of directors of the Financial Management Association. Professor Berk received his PhD in finance from Yale University. Before joining Stanford he was the Sylvan Coleman Professor of Finance at Haas School of Business at the University of California, Berkeley. He was born and grew up in Johannesburg, South Africa.

  • Nicolae Garleanu, Haas School of Business, University of California, Berkeley and CEPR

    Nicolae Garleanu is the Paul H. Stephens Chair in Applied Investments and a Professor of Finance at the Haas School of Business. Most of his research is in the area of theoretical asset pricing, where he concentrates on liquidity issues and on using economy-wide consumption and investment patterns to explain the main properties of the returns of major asset classes, such as stocks and bonds. His research has been published in such journals as Econometrica, the Journal of Political Economy, the American Economic Review, the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies.

  • Stefan Nagel, University of Michigan and CEPR

    Stefan Nagel is the Michael Stark Professor of Finance at the Stephen M. Ross School of Business and Professor of Economics in the Department of Economics at the University of Michigan at Ann Arbor. Professor Nagel's research spans topics in asset pricing, behavioral finance, and the study of financial crises. His current research examines the formation of subjective expectations and risk preference and their role in asset pricing. He also studies the role of liquidity in financial markets. Professor Nagel has won various awards and fellowships, among them the Smith-Breeden Prize of the American Finance Association for the best paper in the Journal of Finance in 2004 and the Fama/DFA prize for the best asset pricing paper in the Journal of Financial Economics in 2006 (first prize) and 2010 (second prize). He is a research associate at the National Bureau of Economic Research, a research fellow at the Centre for Economic Policy Research. He is co-editor of the Review of Financial Studies and an associate editor at the Review of Asset Pricing Studies and the Review of Finance. Before joining the University of Michigan in 2013, Professor Nagel taught at the Stanford Graduate School of Business (2004-13) and in the Department of Economics at Harvard University (2003-04). He received his PhD from the London Business School in 2003.

  • Narayan Naik, London Business School

    Prof. Narayan Naik is Professor of Finance, Academic Director of the AQR Asset Management Institute and Co-Chair of the Finance Subject Area at the London Business School. He was formerly the Director of the Hedge Fund Research Centre at the London Business School.

    Educated at the Indian Institute of Technology in Bombay and the Indian Institute of Management in Ahmedabad, Prof. Naik subsequently worked as an executive for Special Steels and the Taj Group of Hotels and as a consultant for the World Bank before obtaining a PhD in Business Administration at Duke University, North Carolina in 1991.

    Prof. Naik joined London Business School in 1991. He has played a key role in the development of the finance group at LBS, most notably in the role of the Director of the PhD programme in Finance, the Director of the School’s Investment Management Programme and the Director of the Hedge Fund Research Centre.

    Prof. Naik’s research interests include performance evaluation of hedge funds, portfolio selection, risk management and market microstructure. Over the last decade he has authored a significant body of work in these areas, which has appeared in the top finance journals, leading practitioner journals and financial press. Prof. Naik has appeared many times on CNN, CNBC, Bloomberg, BBC, ITV and other news channels as expert finance academic. Prof. Naik has consulted widely during his career for the World Bank, Sovereign wealth funds in the Middle East, and private corporations in the UK, USA, Middle and Far East. He has also designed and taught tailor-made courses in corporate finance, investment management and hedge funds for leading investment banks and financial institutions.

     

  • Christopher Polk, London School of Economics and CEPR

    Christopher Polk is a Professor of Finance at the London School of Economics, an Associate Editor at the Journal of Finance, and a Research Fellow at the Center for Economic and Policy Research. Prior to the LSE, Polk taught at Northwestern University’s Kellogg School of Management; he has also been a visiting Professor of Economics at Harvard University.

    Polk’s research interests are in asset pricing and asset management and include related topics in corporate finance and macroeconomics. Polk has published extensively in leading academic journals, including the Quarterly Journal of Economics, the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. He has won numerous professional awards, including the 2002 paper of the year at the Journal of Financial Economics. He is an expert on the behavior of security prices and investment strategies, having advised a wide range of institutions including the EU European Securities and Markets Authority, the Bank of England, and various asset managers on these topics. Professor Polk received his PhD in finance from the University of Chicago’s Booth School of Business and his BS in physics and economics from Duke University.

  • Pierre-Olivier Weill, University of California, Los Angeles and CEPR

    Pierre-Olivier Weill is Professor of Economics at the University of California, Los Angeles (UCLA), Research Associate at the National Bureau of Economic Research (NBER), and Research Affiliate of the Center for Economic Policy Research (CEPR). He has worked on liquidity in financial markets, financial crises, monetary economics, macroeconomics, and housing markets. His work has been published in leading economics and finance journals, such as Econometrica, the Journal of Political Economy, the Review of Economic Studies, and the Journal of Finance. He currently is Associate Editor of Econometrica, Foreign Editor of the Review of Economic Studies, Associate Editor of the Journal of Economic Theory, and Associate Editor of the Review of Economic Dynamics. Prior to joining UCLA, he has taught at the NYU Stern School of Business. He has received his PhD from Stanford University in 2004, and holds an undergraduate degree from École Polytechnique in Paris.

Discussants:

  • Jules van Binsbergen,Wharton School of the University of Pennsylvania

    Jules van Binsbergen is an Associate Professor at the Wharton School of the University of Pennsylvania and conducts theoretical and empirical research in finance. His current work focuses on asset pricing, in particular the relationship between financial markets and the macro economy, and the organization, skill and performance of financial intermediaries. Some of his recent research focuses on measuring the skill of mutual fund managers, the term structure of cash flow growth and stock return predictability and the implications of good-specific habit formation for asset prices. His research has appeared in leading academic journals, such as the American Economic Review, the Journal of Finance, the Journal of Financial Economics and the Journal of Monetary Economics. He received his PhD from the Fuqua School of Business at Duke University. He previously taught at the Stanford Graduate School of Business and the Kellogg School of Management.

  • Susan Christoffersen, University of Toronto

    Susan Christoffersen is an Associate Professor of Finance at the Rotman School of Management in Toronto and regular visiting scholar to the Copenhagen Business School. Her research focuses on mutual funds and the role of financial institutions in capital markets. She has published in the top finance journals such as the Journal of Finance, Journal of Financial Economics, and the Review of Financial and her research has been cited in The New York Times, International Herald Tribune, Bloomberg News Service, and The Wall Street Journal. Susan has received grants from SSHRC, IFM2, and FQRSC as well as research awards from Q-Group, Bank of Canada, BSI Gamma Foundation, INQUIRE, and the Swiss Finance Institute. Susan is a past recipient of a three-year term professorship by the Canadian Securities Institute Research Foundation. Susan remains an active member of the academic community serving on the program committee for many of the main finance conferences as well as acting as an associate editor for several finance journals and Board member for several institutes and organizations.

  • Owen Lamont, Harvard University

    Owen Lamont is a lecturer at Harvard University's Department of Economics and a Senior Research Advisor at Wellington Management. He's been on the faculty at Princeton, the University of Chicago, and the Yale School of Management (where he was Professor of Finance and Senior Associate Dean for Faculty Affairs). His academic specialty is behavioral finance, and he has published papers on short selling, stock returns, bond returns, and mutual fund flows.

  • Rémy Praz, Copenhagen Business School

    Rémy Praz conducts research on how market imperfections affect the price formation process. Concrete questions addressed by Rémy’s research include the cross-market effects of illiquidity on asset returns, how transparency modifies the incentives to provide financial intermediation, and how infrequent portfolio rebalancing generates predictability in asset returns.

    Rémy Praz is an Assistant Professor of Finance at Copenhagen Business School. He received his PhD from the Swiss Finance Institute at EPFL (Lausanne). He also holds a MSc. in Mathematics (with distinction) from ETH Zurich. Prior to his graduate studies, he worked as a software engineer, developing asset liability management tools.

  • Annette Vissing-Jørgensen, Haas School of Business,University of California, Berkeley

    Annette Vissing-Jorgensen holds the Arno A. Rayner Chair in Finance and Management at the Haas School of Business and is the group chair for the finance group. Before joining Haas in 2012 she was on the faculty at Northwestern University (Kellogg) and the University of Chicago (Economics). She holds a B.A. from University of Aarhus, an M.Sc. from Warwick University and received her Ph.D. from the economics department at M.I.T in 1998. Her research focuses on empirical asset pricing, monetary policy, household finance and entrepreneurship. Her research thus spans both asset pricing and corporate finance. Her work has been published in leading finance and economics journals such as the Journal of Finance, Review of Financial Studies, Journal of Political Economy, American Economic Review  and Quarterly Journal of Economics. She won the Journal of Finance Brattle Prize (Distinguished Paper) in 2005 for the paper "Testing Agency Theory With Entrepreneur Effort and Wealth". She is a research associate in the NBER's Asset Pricing program, Monetary Economics program, and Economic Fluctuations and Growth program and is a research fellow in the CEPR's Financial Economics program. She is an Associate Editor of the Journal of Finance and a director of both the American Finance Association and the European Finance Association.

  • Hongjun Yan, Rutgers Business School

    Hongjun Yan is an Associate Professor of Finance at Rutgers Business School. The focus of his research is asset pricing in the presence of frictions, including market imperfections and bounded rationality. The topics of his research include liquidity, heterogeneous beliefs, speculation and financial innovation, money illusion, anomaly, search frictions etc. His research has been published in leading economics and finance journals; has directly influenced the way the U.S. Department of the Treasury evaluating its auction procedure; and has been awarded "Best Paper on Asset Pricing'' at the Western Finance Association. Before Rutgers, he has taught at Yale School of Management during 2005-2015. He has taught MBA electives on Options and Futures, Fixed-Income Security Analysis. He has a PhD in Finance from London Business School.

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