Asset Pricing
Financial Economics of Insurance
Behavioral Finance

Environmental and Energy Policy and the Economy
Chinese Economy

Members of the NBER's Asset Pricing Program met April 10 online. Research Associates Andrea L. Eisfeldt of the University of California, Los Angeles and Stijn Van Nieuwerburgh of Columbia University organized the meeting. These researchers' papers were presented and discussed:

Anna Cieslak and Hao Pang, Duke University, "Common Shocks in Stocks and Bonds"

Itamar Drechsler, University of Pennsylvania and NBER, and Alexi Savov and Philipp Schnabl, New York University and NBER, "The Financial Origins of the Rise and Fall of American Inflation"

Yang Liu, University of Hong Kong; Lukas Schmid, Duke University; and Amir Yaron, University of Pennsylvania and NBER, "The Risks of Safe Assets"

Lubos Pastor, University of Chicago and NBER; Robert F. Stambaugh, University of Pennsylvania and NBER; and Lucian A. Taylor, University of Pennsylvania, "Sustainable Investing in Equilibrium" (NBER Working Paper 26549)

Mathias Kruttli and Brigitte Roth Tran, Federal Reserve Board, and Sumudu W. Watugala, Cornell University, "Pricing Poseidon: Extreme Weather Uncertainty and Firm Return Dynamics"

Antonio Coppola, Harvard University; Matteo Maggiori, Stanford University and NBER; Brent Neiman, University of Chicago and NBER; and Jesse Schreger, Columbia University and NBER, "Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens" (NBER Working Paper 26855)

Summaries of these papers are at
https://www.nber.org/conferences/2020/APs20/summary.html

Members of the NBER's Insurance Working Group met April 24 online. Research Associates Benjamin R. Handel of the University of California, Berkeley, Ralph S. J. Koijen of the University of Chicago, and Motohiro Yogo of Princeton University organized the meeting. These researchers' papers were presented and discussed:

Katherine R.H. Wagner, Yale University, "Adaptation and Adverse Selection in Markets for Natural Disaster Insurance"

Naoki Aizawa, University of Wisconsin-Madison and NBER, and You Suk Kim, Federal Reserve Board, "Government Advertising in Market-Based Public Programs: Evidence from the Health Insurance Marketplace"

Bo Becker and Marcus Opp, Stockholm School of Economics, and Farzad Saidi, Boston University, "Regulatory Forbearance in the US Insurance Industry: The Effects of Eliminating Capital Requirements"

Laura Abrardi, Politecnico di Torino, and Luca V. A. Colombo and Piero Tedeschi, Università Cattolica del Sacro Cuore, "The Value of Ignoring Risk: Competition between Better Informed Insurers"

Weiling Liu, Northeastern University, and Jessica Liu, Cornerstone Consulting, "The Effect of Political Frictions on Long-Term Care Insurance"

Ishita Sen, Harvard University, and Varun Sharma, London Business School, "Internal Models, Make-Believe Prices, and Bond Market Cornering"

Carles Vergara-Alert, IESE Business School, and Richard Stanton, Nancy Wallace, and Paulo Issler, University of California, Berkeley, "Mortgage Markets with Climate-Change Risk: Evidence from Wildfires in California"

Markus K. Brunnermeier, Princeton University and NBER; Rohit Lamba, Pennsylvania State University; and Carlos Segura-Rodriguez, Banco Central de Costa Rica, "Inverse Selection"

David Schoenherr, Princeton University; Janis Skrastins, Washington University in St. Louis; Dimas M. Fazio, London Business School; and Bernadus Doornik, Banco Central do Brasil, "Unemployment Insurance as a Subsidy to Risky Firms"

Nicola Gennaioli, Bocconi University; Rafael La Porta, Brown University and NBER; Florencio Lopez-de-Silanes, SKEMA Business School and NBER; and Andrei Shleifer, Harvard University and NBER, "Trust and Insurance Contracts"

Yizhou Jin, University of California, Berkeley, and Shoshana Vasserman, Stanford University, "Buying Data from Consumers: The Impact of Monitoring Programs in US Auto Insurance"

Summaries of these papers are at
www.nber.org/conferences/2020/INSs20/summary.html

Members of the NBER's Behavioral Finance Working Group met May 15 online. Research Associate Nicholas C. Barberis of Yale University organized the meeting, which was sponsored by Bracebridge Capital and Fuller & Thaler Asset Management. These researchers' papers were presented and discussed:

Rawley Z. Heimer, Boston College; Zwetelina Iliewa, Max Planck Institute for Research on Collective Goods; Alex Imas, Carnegie Mellon University; and Martin Weber, Universität Mannheim, "Dynamic Inconsistency in Risky Choice: Evidence from the Lab and Field"

Daniele D'Arienzo, Bocconi University, "Maturity Increasing Over-reaction and Bond Market Puzzles"

Devdeepta Bose and Colin F. Camerer, California Institute of Technology; Henning Cordes, and Judith Schneider, University of Munster; and Sven Nolte, Radboud University, "Decision Weights for Experimental Asset Prices Based on Visual Salience"

Pedro Bordalo, University of Oxford; Nicola Gennaioli, Bocconi University; Rafael La Porta, Brown University and NBER; and Andrei Shleifer, Harvard University and NBER, "Expectations of Fundamentals and Stock Market Puzzles"

Hongqi Liu, Chinese University of Hong Kong, Shenzhen; Cameron Peng, London School of Economics; Wei A. Xiong, Shenzhen Stock Exchange; and Wei Xiong, Princeton University and NBER, "Resolving the Excessive Trading Puzzle: An Integrated Approach Based on Surveys and Transactions"

Itzhak Ben-David, Ohio State University and NBER; Jiacui Li, University of Utah; Andrea Rossi, University of Arizona; and Yang Song, University of Washington, "Style Investing, Positive Feedback Loops, and Asset Pricing Factors"

Summaries of these papers are at
www.nber.org/conferences/2020/BFs20/summary.html

Members of NBER's Environmental and Energy Policy and the Economy Program met May 21 online. Research Associates Matthew Kotchen of Yale University and James H. Stock of Harvard University and Program Director Catherine Wolfram of the University of California, Berkeley organized the meeting, which was sponsored by the Alfred P. Sloan Foundation. These researchers' papers were presented and discussed:

Robert S. Pindyck, MIT and NBER, "What We Know and Don't Know about Climate Change, and the Implications for Policy"

Adele Morris and Siddhi Doshi, Brookings Institution, and Noah Kaufman, Columbia University, "Revenue at Risk in Coal-Reliant Counties"

Joseph E. Aldy, Harvard University and NBER; Matthew Kotchen and Mary F. Evans, Claremont McKenna College; Meredith Fowlie, University of California, Berkeley and NBER; Arik Levinson, Georgetown University and NBER; and Karen Palmer, Resources for the Future, "Co-Benefits and Regulatory Impact Analysis: Theory and Evidence from Federal Air Quality Regulations"

Tatyana Deryugina, Nolan H. Miller, David Molitor, and Julian Reif, University of Illinois at Urbana-Champaign and NBER, "Geographic and Socioeconomic Heterogeneity in the Benefits of Reducing Air Pollution in the United States"

Oliver Browne, The Brattle Group; Ludovica Gazze, University of Chicago; and Michael Greenstone, University of Chicago and NBER, "Do Conservation Policies Work? Evidence from Residential Water Use"

Shaikh M. Eskander, Sam Fankhauser, and Joana Setzer, London School of Economics, "Lessons from Global Trends in Climate Change Legislation and Litigation"

Summaries of these papers are at
www.nber.org/conferences/2020/EEPEs20/summary.html

Members of the NBER's Chinese Economy Working Group met June 8–10 online. Research Associates Nancy Qian of Northwestern University, Shang-Jin Wei of Columbia University, and Daniel Xu of Duke University organized the meeting. These researchers' papers were presented and discussed:

Michael Greenstone, University of Chicago and NBER; Guojun He, Hong Kong University of Science and Technology; Ruixue Jia, University of California, San Diego and NBER; and Tong Liu, Hong Kong University of Science and Technology, "Can Technology Solve the Principal-Agent Problem? Evidence from China's War on Air Pollution"

Jianjun Miao, Boston University; Shenzhe Jiang, Beijing University; and Yuzhe Zhang, Texas A&M University, "China's Housing Bubble, Infrastructure Investment, and Economic Growth"

Jin Xie and Kang Shi, Chinese University of Hong Kong; and Jenny Xu, Hong Kong University of Science and Technology, "Large Shareholders and Sticky Prices: Evidence from a Corporate Governance Reform"

Hui Chen, MIT and NBER; Zhuo Chen, Tsinghua University; Zhiguo He, University of Chicago and NBER; Jinyu Liu, University of International Business and Economics; and Rengming Xie, CITIC Securities, "Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets"

Xuan Li, Hong Kong University of Science and Technology, "The Costs of Workplace Favoritism: Evidence from Promotions in Chinese High Schools"

Chun-Yu Ho, University of Albany; Marc Rysman, Boston University; and Yanfei Wang, Renmin University, "Demand for Performance Goods: Import Quotas in the Chinese Movie Market"

Jie Bai, Harvard University and NBER; Shengmao Cao, Stanford University; and Panle Jia Barwick and Shanjun Li, Cornell University and NBER, "Quid Pro Quo, Knowledge Spillovers and Industrial Quality Upgrading"

Filipe R. Campante, Johns Hopkins University and NBER; Davin Chor, Dartmouth College and NBER; and Bingjing Li, National University of Singapore, "The Political Economy Consequences of China's Export Slowdown" (NBER Working Paper 25925)

Francesco D'Acunto, Boston College; Michael Weber, University of Chicago and NBER; and Jin Xie, Punish One, Teach A Hundred: The Sobering Effect of Punishment on the Unpunished"

Jaya Wen, University of Pennsylvania, "The Political Economy of State Employment and Instability in China"

Summaries of these papers are at
www.nber.org/conferences/2020/CEs20/summary.html