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April 23, 2021
UCLA Anderson

The Fink Center for Finance and the Finance area at the UCLA Anderson School of Management were delighted to host the UCLA Anderson Fink Center Conference on Financial Markets, on April 23, 2021 via Zoom.

An Afternoon of Research at UCLA Anderson

10:00 AM – 2:30 PM PDT
1:00 – 5:30 PM EDT

10:00 - 10:05 am PDT
1:00 – 1:05 pm EDT


10:05 - 10:45 am PDT
1:05 - 1:45 pm EDT

“Duration-Based Stock Valuation: Reassessing Stock Market Performance and Volatility”
Jules Van Binsbergen, University of Pennsylvania

Presented by Jules Van Binsbergen, University of Pennsylvania
Discussant: Greg Duffee, Johns Hopkins University

10:45 - 11:25 am PDT
1:45 – 2:25 pm EDT

“Capital Commitment”
Elise Gourier, ESSEC Business School
Ludovic Phalippou, Oxford University
Mark M. Westerfield, University of Washington

Presented by Ludovic Phalippou, Oxford University
Discussant: Giorgia Piacentino, Columbia University

11:25 - 11:40 am PDT
2:25 – 2:40 pm EDT


11:40 - 12:20 pm PDT
2:40 - 3:20 pm EDT

“Necessary Evidence for A Risk Factor’s Relevance”
Alexander M. Chinco, University of Chicago
Samuel M. Hartzmark, University of Chicago
Abigail Sussman, University of Chicago

Presented by Samuel M. Hartzmark, University of Chicago
Discussant: Harrison Hong, Columbia University

12:20 - 1:00 pm PDT
3:20 – 4:00 pm EDT

“Model Complexity, Expectations, and Asset Prices”
Pooya Molavi, Northwestern University
Alireza Tahbaz-Salehi, Northwestern University
Andrea Vedolin, Boston University

Presented by Andrea Vedolin, Boston University
Discussant: Lars Peter Hansen, University of Chicago

1:00 - 1:15 pm PDT
4:00 – 4:15 pm EDT


1:15 - 1:55 pm PDT
4:15 – 4:55 pm EDT

“How Green is Unconventional Monetary Policy?”
Melina Papoutsi, European Central Bank
Monika Piazzesi, Stanford University
Martin Schneider, Stanford University

Presented by Monika Piazzesi, Stanford University
Discussant: Motohiro Yogo, Princeton University

1:55 - 2:30 pm PDT
4:55 – 5:30 pm EDT

Virtual Final Reception

2019 Conference Highlights
Keynote Address

John Y. Campbell
Harvard University

Keynote Discussion

Larry Fink

David G. Booth

TUESDAY, MAY 14, 2019

11:45 am – 12:45 pm


12:45 – 2:00 pm


Larry D. Fink, Chairman and CEO, BlackRock

David G. Booth, Founder and Executive Chairman, Dimensional

In a private conversation moderated by Andrea Eisfeldt, UCLA

2:15 – 3:15 pm

Conditional Dynamics and the Multi-horizon Risk-return Trade-off

Mikhail Chernov, UCLA
Lars Lochstoer, UCLA
Stig R. H. Lundeby, Norwegian School of Economics

Presented by  Lars Lochstoer, UCLA
Discussant:  Jonathan Lewellen, Dartmouth College

3:30 – 4:30 pm

Understanding Global Equity Valuations

Ralph Koijen, University of Chicago
Robert J. Richmond, New York University
Motohiro Yogo, Princeton University

Presented by  Robert J. Richmond, New York University
Discussant:  Carolin Pflueger, University of Chicago

4:45 – 6:00 pm


John Y. Campbell, Harvard University

6:00 – 7:00 pm



8:00 – 8:15 am


8:15 – 9:15 am

The Impact of Pensions and Insurance on Global Yield Curves

Robin Greenwood, Harvard University
Annette Vissing-Jorgensen, UC Berkeley

Presented by  Annette Vissing-Jorgensen, UC Berkeley
Discussant:  Hanno Lustig, Stanford University

9:30 – 10:30 am

Active and Passive Investing

Nicolae B. Gârleanu, UC Berkeley
Lasse H. Pedersen, New York University

Presented by  Nicolae B. Gârleanu, UC Berkeley
Discussant:  Jonathan Berk, Stanford University

10:45 – 11:45 am

Blockchain Economics

Joseph Abadi, Princeton University
Markus K. Brunnermeier, Princeton University

Presented by  Markus K. Brunnermeier, Princeton University
Discussant:  Leonid Kogan, MIT

12:00 – 1:00 pm

Money Market Fund Reform and Arbitrage Capital

Alyssa Anderson, Board of Governors of the Federal Reserve System
Wenxin Du, University of Chicago
Bernd Schlusche, Board of Governors of the Federal Reserve System

Presented by  Wenxin Du, University of Chicago
Discussant:  Alan Moreira, University of Rochester

1:00 pm


View photos from the 2019 Conference on Financial Markets

ucla anderson fink center conference on financial markets 2019