Paper #1: Mutual Fund Flows and Fluctuations in Credit and Business Cycles
            --Azi Ben-Rephael (Indiana), Jaewon Choi (Illinois), Itay Goldstein (Wharton)
Discussant: Dimitry Livdan (Berkeley)

Paper #2:  Characteristics Are Covariances: A Unified Model of Risk and Return
            -- Bryan Kelly (Yale), Seth Pruitt (ASU), Yinan Su (Chicago)
Discussant: Kent Daniel (Columbia)

SESSION #2 (Thursday 5:45-7:30 pm MST): Financial Intermediation
Session Chair: Peter DeMarzo (Stanford)

Paper #1: Do Intermediaries Matter for Aggregate Asset Prices?
               --Tyler Muir (UCLA), Valentin Haddad (UCLA)
Discussant: Pietro Veronesi (Chicago)

Paper #2: Monetary Transmission through Shadow Banks
               -- Kairong Xiao (Columbia)
Discussant: Gregor Matvos (Texas)

Dinner
When: Thursday 7:30-9:30 pm, dinner served at 8:00 pm
Location: Golden Cliff/Eagles Nest

SESSION #3 (Friday 7:30-9:15 am MST): Asset Prices II
Session Chair: Ken Singleton (Stanford)

Paper #1: Gravity in FX R-Squared: Understanding the Factor Structure in Exchange Rates
               -- Robert Richmond (NYU), Hanno Lustig (Stanford)
Discussant: Chris Telmer (Carnegie Mellon)

Paper #2: A Model of Safe Asset Determination
              -- Zhiguo He (Chicago), Arvind Krishnamurthy (Stanford), Konstantin Milbradt (Northwestern)
Discussant: Chester Spatt (Carnegie Mellon)


SESSION #4 (Friday 5:45-7:30 pm MST): Valuation
Session Chair: Luigi Zingales (Chicago)

Paper #1: Socioeconomic Status and Macroeconomic Expectations
              --Camelia Kuhnen (North Carolina), Sreyoshi Das (Michigan), Stefan Nagel (Chicago)
Discussant: Stephan Siegel (U. of Washington)

Paper #2: Misvaluation of Investment Options
           -- Evgeny Lyandres (Boston), Egor Matveyev (U. of Alberta and MIT), Alexei Zhdanov (Penn State)
Discussant: Toni Whited (Michigan)

Dinner
When: Friday 7:30-9:30 pm, dinner served at 8:00 pm
Location: Golden Cliff/Eagles Nest

SESSION #5 (Saturday 7:30-9:15 am MST): Corporate Finance
Session Chair: Rahuram Rajan (Chicago)

Paper #1: Financing Durable Assets
               -- Adriano Rampini (Duke)
Discussant: Ron Kaniel (Rochester)

Paper #2: Asymmetric Information and Security Design under Knightian Uncertainty
               -- Anton Tsoy (EIEF), Andrey Malenko (MIT)