Nicholas Barberis, University of Chicago and NBER and Andrei Shleifer, Harvard University and NBER "Style Investing" Discussant: Sanford Grossman, Quantitative Financial Strategies

Anna Scherbina, Northwestern University "Stock Prices and Differences of Opinion: Empirical Evidence that Prices Reflect Optimism" Discussant: Richard Thaler, University of Chicago and NBER

Joseph Chen and Harrison Hong, Stanford University and Jeremy C. Stein, Harvard University and NBER "Breadth of Ownership and Stock Returns" Discussant: Jeffrey Wurgler, Yale University

Brad Barber and Terrance Odean, UC, Davis and Lu Zheng, University of Michigan "The Behavior of Mutual Fund Investors" Discussant: William Goetzmann, Yale University and NBER

Louis Chan, University of Illinios; Jason Karceski, University of Florida; and Josef Lakonishok, University of Illinios and NBER "The Level and Persistene of Growth Rates" Discussant: Cliff Asness, AQR Capital Management LLC

Jeffrey Abarbanell, University of North Carolina and Reuven Lehavy, UC, Berkeley "Biased Forecasts or Biased Earnings? The Role of Earnings Management in Explaining Apparent Optimism and Inefficiency in Analysts' Earnings Forecasts" Discussant: Jay Patel, Boston University

Nicholas Barberis, University of Chicago and NBER and Ming Huang, Stanford University "Mental Accounting, Loss Aversion, and Individual Stock Returns" Discussant: Richard Thaler, University of Chicago and NBER

Matthew Rabin, UC, Berkeley "Inference by Believers in the Law of Small Numbers" Discussant: Sendhil Mullainathan, MIT and NBER

Bhaskaran Swaminathan and Charles M.C. Lee, Cornell University "Do Stock Prices Overreact to Earnings News?" Discussant: Andrei Shleifer, Harvard University and NBER

Alon Brav, Duke University and J.B. Heaton, Bartlitt, Beck, Herman, Palenchar & Scott "Competing Theories of Financial Anomalies" Discussant: Jeremy Stein, MIT and NBER

David Ikenbery and Sundaresh Ramnath, Rice University "Underreaction" Discussant: Roni Michaely, Cornell University

William Goetzmann, Yale University and NBER; Massimo Massa, INSEAD; and K. Geert Rouwenhorst, Yale University "Behavioral Factors in Mutual Fund Flows" Discussant: Andrew Metrick, University of Pennsylvania and NBER

Harrison Hong, Stanford University and Jeremy Stein, MIT and NBER "Forecasting Crashes: Trading Volume, Past Returns, and Conditional Skewness in Stock Prices" Discussant: Kent Daniel, Northwestern University and NBER

Narasimhan Jegadeesh, University of Illinois and Sheridan Titman, University of Texas and NBER "Profitability of Momentum Strategies: An Evaluation of Alternative Explanations" Discussant: Werner De Bondt, University of Wisconsin

Malcom Baker, Harvard University and Jeffrey Wurgler, Yale University "The Equity Share in New Issues and Aggregate Stock Returns" Discussant: Robert Shiller, Yale University and NBER

Shlomo Benartzi, UC, Los Angeles "Why Do Employees Invest their Retirement Savings in Company Stock?" Discussant: Andrei Shleifer, Harvard University and NBER

Brad Barber and Terrance Odean, UC, Davis "Online Investors: Do the Slow Die First?" Discussant: Kenneth French, MIT and NBER

Randall Morck, Harvard University; Bernard Yeung, University of Michigan; and Wayne Yu, Queens University "The Information Content of Stock Markets: Why Do Emerging Markets Have Synchronous Price Movements?" Discussant: Kenneth Froot, Harvard University and NBER

Nicholas Barberis, Harvard University; Ming Huang, Stanford University; and Tano Santos, University of Chicago "Prospect Theory and Asset Prices" Discussant: Sendhil Mullainathan, MIT and NBER

Robert Shiller, Yale University and NBER "Measuring Bubble Expectations and Investor Confidence" Discussant: Werner De Bondt, University of Wisconsin

Harrison Hong, Stanford University and Jeremy Stein, MIT and NBER "Differences of Opinion, Rational Arbitrage and Market Crashes" Discussant: Olivier Blanchard, Harvard University and NBER

William Goetzmann, Yale University and NBER and Massimo Massa, INSEAD "Index Funds and Stock Market Growth" Discussant: Andrew Metrick, Harvard University and NBER

Jeff Wurgler and Ekaterina Zhuravskaya, Harvard University "Does Arbitrage Flatten Demand Curves for Stocks?" Discussant: Randall Morck, University of Alberta

Allen Poteshman, University of Chicago "Does Investor Misreaction to New Information Increase in the Quantity of Previous Similar Information? Evidence From the Options Market" Discussant: Ming Huang, Stanford University

Josef Lakonishok, University of Illinois and NBER and Louis Chan and Theodore Sougiannis, University of Illinois "The Stock Market Valuation of Research & Development Expenditures" Discussant: Werner De Bondt, University of Wisconsin

Jeremy Stein, MIT and NBER; Harrison Hong, Stanford University, and Terence Lim, MIT "Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies" Discussant: Narasimhan Jegadeesh, University of Illinois

David Genesove, Hebrew University and NBER and Christopher J. Mayer, Columbia University "Nominal Loss A version and Seller Behavior: Evidence from the Housing Market" Discussant: Terrance Odean, UC, Davis

Charles M.C. Lee and Bhaskaran Swaminathan, Cornell University "Price Momentum and Trading Volume" Discussant: Andrei Shleifer, Harvard University and NBER

Brad Barber, UC, Davis; Reuven Lehavy, UC, Berkeley; Maureen McNichols, Stanford University; and Brett Trueman, UC, Berkeley "Can Investors Profit from the Prophets? Consensus Analyst Recommendations and Stock Returns" Discussant: Kent Womack, Dartmouth University

Shlomo Benartzi, UC, Los Angeles and Richard Thaler, University of Chicago and NBER "Naive Diversification Strategies in Defined Contribution Saving Plans" Discussant: John Campbell, MIT and NBER

Kent Daniel, Northwestern University; David Hirshleifer, University of Michigan and Avanidhar Subrahmanyam, UC, Los Angeles "A Theory of Overconfidence, Self-Attribution, and Security Market Under- and Over-reactions" Discussant: Werner De Bondt, University of Wisconsin

Nicholas Barberis, University of Chicago; Andrei Shleifer, Harvard University and NBER; and Robert Vishny, University of Chicago and NBER "A Model of Investor Sentiment" Discussant: Drazen Prelec, MIT

F. Albert Wang, Columbia University "Overconfidence, Delegated Fund Management, and Survival" Discussant: Terrance Odean, UC, Berkeley

Hersh Shefrin and Meir Statman, Santa Clara University "Comparing Expectations About Stock Returns to Realized Returns" Discussant: Kenneth Froot, Harvard University and NBER

Charles M.C. Lee and Bhaskaran Swaminathan, Cornell University (Joint with James Meyers, University of Washington) "What is the Intrinsic Value of the Dow?" Discussant: Robert Shiller, Yale University and NBER

Fran鏾is Degeorge, HEC School of Management; Jayendu Patel, Boston University; and Richard Zeckhauser, Harvard University and NBER "Earnings Manipulation to Exceed Thresholds" Discussant: Shlomo Benartzi, UC, Los Angeles

Kenneth Froot, Harvard University and NBER (Joint with Emil Dabora, Harvard University) "How Are Stock Prices Affected by the Location of Trade?" Discussant: Jeffrey Pontiff, University of Washington

Owen Lamont, University of Chicago and NBER; Peter Klibanoff, Northwestern University; and Thierry Wizman, Strategic Investment Partners "Investor Reaction to Salient News in the Closed-End Country Fund Market" Discussant: Andrei Shleifer, Harvard University and NBER

Terrance Odean, UC, Berkeley "Are Investors Reluctant to Realize Their Losses?" Discussant: James Poterba, MIT and NBER

Kent Womack, Dartmouth University and Roni Michaely, Cornell University "Conflicts of Interest and the Credibility of Underwriters' Analysts' Recommendations" Discussant: Jay Ritter, MIT

Jeremy Stein, MIT and NBER "Rational Capital Budgeting in an Irrational World"

Robert Barsky, Miles Kimball, Matthew Shapiro, University of Michigan and NBER and F. Thomas Juster, University of Michigan "Preference Perimeter and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Survey" Discussant: Robert J. Shiller, Yale University and NBER

Rafael Laporta, Harvard University; Josef Lakonishok, University of Illinois; Andrei Shleifer, Harvard University and NBER; and Robert Vishny, University of Chicago and NBER "Good News for Value Stocks: Further Evidence on Market Efficiency"

Kent Danie, University of Chicago and Sheridan Titman, Boston College "Evidence on the Characteristics of Cross Sectional Variation in Stock Returns" Discussant: Kenneth French, Yale University and NBER

David Dreman, Dreman Foundation and Michael Berry, James Madison University "Investor Overreaction and the Low P/E Effect" Discussant: Werner De Bondt, University of Wisconsin

Lawrence Ausubel, University of Maryland "The Credit Card Market Revisited" Discussant: Stewart Myers, MIT and NBER

Hersh Shefrin and Meir Statman, Santa Clara University "Behavioral Portfolio Theory" Discussant: Drazen Prelec, MIT

Ren? Stulz, Ohio State University and NBER and Jun-koo Kang, University of Rhode Island "Why is there a Home Bias? An Analysis of Foreign Portfolio Equity Ownership in Japan" Discussant: James Poterba, MIT and NBER

Harry Deangelo, Linda Deangelo, University of Southern California and Douglas Skinner, University of Michigan "Reversal of Fortune: Dividend Policy and the Disappearance of Sustained Earnings Growth" Discussant: Richard Herrnstein, Harvard University

Josef Lakonishok, University of Illinois (Joint with Louis Chan and Narasimhan Jegadeesh) "Performance Measurement Issues: The Case of Book to Market Portfolios" Discussant: Kenneth French, University of Chicago and NBER

John Pratt, Harvard University "Efficient Risk Sharing: The Last Frontier"

Paul Asquith, MIT and NBER and Lisa Muelbroek, Harvard Univesity "Short Sales: The Long of It, or An Empirical Investigation of Short Interest" Discussant: Andrei Shleifer, Harvard Univesity and NBER

Kent Womack, Dartmouth College "Do Brokerage Analysts' Recommendations Have Investment Value?" Discussant: William Goetzmann, Yale University

Niko Canner, Harvard University; N. Gregory Mankiw, Harvard University and NBER; and David Weil, Brown University and NBER "An Asset Allocation Puzzle" Discussant: John Campbell, Harvard University and NBER

David Ikenberry, Rice University; Josef Lakonishok, University of Illinois; and Theo Vermaelen, INSEAD "Market Underreaction to Open Market Share Repurchases" Discussant: William Nelson, Federal Reserve System

William Nelson, Federal Reserve System "Do Firms Buy Low and Sell High: Evidence of Excess Returns on Firms that Issue or Repurchase Equity?" Discussant: Josef Lakonishok, University of Illinois

William Goetzmann and Nadev Peles, Columbia University "Cognitive Dissonance and Mutual Fund Investors" Discussant: Richard Herrnstein, Harvard University

Brad Barber, UC, Davis "Noise Trader Risk, Odd-Lot Trading and Security Returns" Discussant: Werner De Bondt, University of Wisconsin, Madison

David Hirshleifer and Ivo Welch, UC, Los Angeles "Institutional Memory, Inertia, and Impulsiveness" Discussant: Jeremy C. Stein, MIT and NBER

Johnette M. Sigwarth, University of Iowa "Changes in Consumer Confidence and the January Small-Firm Effect" Discussant: Richard H. Thaler, Cornell University and NBER

Rafael Laporta, Harvard University "Expectations and the Cross-Section of Stock Returns" Discussant: Kenneth R. French, Dartmouth College and NBER

Jeffrey Pontiff, University of Washington "Costly Arbitrage and Closed-End Fund Discounts" Discussant: Andrei Shleifer, Harvard University and NBER

James N. Bodurtha, Jr., University of Michigan; and Dong-soon Kim, Ssang Yong Research Institute; and Charles M.C. Lee, University of Michigan "Closed-end Country Funds and U.S. Market Sentiment" Discussant: Richard Zeckhauser, Harvard University and NBER

Fran鏾is Degeorge, Harvard University "Fad Behavior in Initial Public Offerings: Evidence from IPOs Issued Before and After the Stock Market Crash" Discussant: Werner De Bondt, University of Wisconsin, Madison

Narasimhan Jegadeesh and Sheridan Titman, UC, Los Angeles "Overreaction, Delayed Reaction, and Contrarian Profits" Discussant: Robert J. Shiller, Yale University and NBER

Andrei Shleifer, Harvard University and NBER and Robert Vishny, University of Chicago and NBER (Joint with Josef Lakonishok) "Contrarian Investment, Extrapolation, and Risk" Discussant: Richard Thaler, Cornell University and NBER

Robert S. Chirinko, Federal Reserve Bank of Kansas City and Huntley Schaller, Carleton University "Bubbles, Fundamentals, and Investments: a Multiple Equation Specification Testing Strategy" Discussant: David Scharfstein, MIT and NBER

Kaushik Amin and H. Nejat Seyhun, University of Michigan "Is There Positive Feedback Trading in the Index Options Markets?" Discussant: Jeremy Stein, Harvard and NBER

Andrea Beltratti, Universita di Torino (Joint with Sergio Margarita) "Social Conventions in the Stock Market: A Simulation with Artificial Adaptive Agents" Discussant: Richard J. Zeckhauser, Harvard University and NBER

Chyi-mei Chen, MIT "Prospect Theory, Equilibrium Asset Returns, and Optimal Risk Sharing"

Jeremy C. Stein, MIT and NBER "Pricing and Trading in Housing Markets: A Model with Downpayment Effects" Discussant: Karl E. Case, Wellesley College

Werner F.M. De Bondt, University of Wisconsin, Madison (Joint with Alvin L Stroyny) "The Changing Beta of Winners and Losers: How Much of It Is a Statistical Illusion?" Discussant: Jay Ritter, University of Illinois, Champaign

Shlomo Benartzi and Richard H. Thaler, Cornell University "A Behavioral Explanation of the Risk Premium Puzzle Discussant: Kenneth French, University of Chicago

David W.R. Gruen, Princeton University and Reserve Bank of Australia (Joint with Marianne G. Gizycki) "The Failure of Uncovered Interest Parity: Taking Psychology Seriously" Discussant: Kenneth A. Froot, Harvard University and NBER

Orley C. Ashenfelter, Princeton University and NBER and David Genesove, MIT "More Anomalies in Condominium Auctions"

Louis K.C. Chan and Josef Lakonishok, University of Illinois, Urbana-Champaign "The Behavior of Stock Prices Around Institutional Trades" Discussant: Jay Patel, Kennedy School

Shlomo Benartzi, Cornell University "Evidence that Investors Under-React to the Implications of Dividend Changes for Subsequent Earnings"

Robert Shiller, Yale University (Joint with Maxim Boycko and Vladimir Korobov) "Hunting for Homo Sovieticus:Situational Versus Attitudinal Factors in Economic Behavior"

Andrei Shleifer, Harvard University and NBER (Joint with Josef Lakonishok and Robert Vishny) "The Structure and Performance of the Money Management Industry" Discussant: Jeremy Stein, MIT and NBER

Charles M.C. Lee, University of Michigan (Joint with Mark Ready and Paul Seguin) "Volume, Volatility, and NYSE Trading Halts" Discussant: David Cutler, Harvard University and NBER

Karl Case, Wellesley College, and Robert Shiller, Yale University and NBER (Joint with Allan Weiss) Index-Based Futures and Options Markets in Real Estate" Discussant: James Poterba, MIT and NBER

J. Bradford De Long, Harvard University and NBER (Joint with Marco Becht) "'Excess Volatility' and the Gennan Stock Market, 1876-1990" Discussant: Werner De Bondt, University of Wisconsin, Madison

Drazen Prelec, MIT (Joint with George Loewenstein) "Preferences for Sequences of Outcome" Discussant: John Pratt, Harvard University

Peter Diamond, MIT and NBER, and Drazen Prelec, MIT (Joint with Eldar Shafir and Amos Tversky) "On Money Illusion" Discussant: Richard Thaler, Cornell University and NBER

Josef Lakonishok, University of Illinois, Urbana-Champaign "Stock Price Behavior Around Institutional Trades" Discussant: Charles Lee, University of Michigan

Werner F.M. De Bondt, University of Wisconsin, Madison "Earnings Forecasts and Stock Price Reversals" Discussant: David Cutler, MIT

Ivo Welch, University of California, Los Angeles "Sequential Sales, Learning and Cascades" Discussant: Jay Ritter, University of Illinois, Urbana-Champaign

Lawrence Ausubel, Northwestern University "Rigidity and Asymmetric Response of Bank Interest Rates" Discussant: Jeremy Stein, MIT

Victor Bernard, Harvard University (Joint with Jeffrey Abarbanell) "Analysts Overreaction/Underreaction to Earnings Information as an Explanation for Anomalous Stock Price Behavior" Discussant: Kenneth French, University of Chicago and NBER

Sharone Maital, National Institute of Health and Haifa School Psychological Service, and Shlomo Maital, Brookings Institution and Technion-Israel Institute of Technology "A Behavioral Theory of the Decline of Saving in the West" Discussant: J. Bradford De Long, Harvard University and NBER

Richard Thaler, Cornell University and NBER "Risk Aversion or Myopia? The Fallacy of Small Numbers"

Josef Lakonishok and Jay Ritter, University of Illinois, Urbana-Champaign (Joint with Navin Chopra) "Performance Methodology and the Question of Whether Stocks Overreact"

呵呵，闲人兄息怒阿，不要拿别人的无知来生自己的闷气。人大政治经济学要有开明的视界”，否则将是永远徘徊在经济学殿堂的游魂。要让一些春风得意的年青人和功成名就的老人们接受新的范式，新的观念，这不是剥夺他们的话语权吗？话语权的争夺就是利益的再分配，这里面的“政治经济学”可复杂了。

作为青年学子，没有名声的负担，没有课题的累赘，应该有更开阔的心胸。我相信，一个人的心胸宽广程度与其前途和成就是成正比的。

让时间说明一切。追上时间的人将恍然大悟，追不上的人将从此抱憾终身。

[此贴子已经被作者于2004-7-1 20:12:31编辑过]

无为可能代表心胸无量，也可能代表软弱无能，该出手时就出手，赢得应有的重视，争取应有的资源，都是很现实的事情，至少直接影响学术梯队的建设，这不就事关俺们的切身利益了嘛！

一方面，儒家讲究的极高明而道中庸实在是太难了，另一方面，茅老师不是提倡以直报怨甚于以德报怨么？

原来这样

为什么再正式的话题也会有一个不知所谓的结果？诸位对于解构的爱好实在难以理解。