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Yale ICF RFS Conference

Call for Papers: Real and Private-Value Assets Conference

We are pleased to announce that we are currently accepting paper submissions for the Real and Private-Value Assets Conference on January 31, 2020, hosted and sponsored jointly by the Yale International Center for Finance and the Review of Financial Studies.

Read the Call for Papers below or click here to download the current version.

January 31, 2020 | New Haven, CT

Conference Organizers:
William Goetzmann (Yale University)
Christophe Spaenjers (HEC Paris)

RFS Editor:
Stijn Van Nieuwerburgh

Deadline for Dual Submissions & Conference:
October 15, 2019

Conference Program Announcement:
November 25, 2019

About the Conference

The conference aims to bring together research on real and private-value assets, such as residential real estate, commercial real estate, art and other collectibles, and any other assets with a private-value component. We plan to accept 6-7 papers with discussants. There will be a dinner the night before the conference for presenters and discussants.

Papers submitted to the conference can be submitted to the RFS via the dual-submission track subject to the normal rules (see: It is possible that papers accepted to the RFS will be published as a special full or half issue of the RFS.

Research Topics of Interest Include:
  • Quality-adjusted price measurement: advances in hedonic and repeat-sales methodologies; machine learning techniques and new valuation methods; selection and survivorship bias in observed transaction prices
  • Measurement of risk and expected return on real and/or private value assets, including their inflation-hedging potential
  • Role of real assets in long-term asset management; covariance with stocks and bonds; risk management of real assets in institutional portfolios
  • Liquidity and liquidity risk management of real asset markets; role of heterogeneity in tastes in trading
  • Performance attributes of different investment vehicles for real assets
  • Broader dimensions of household choices and preferences; behavioral, psychological, or social aspects
  • The role of aesthetics and amenities in asset values
  • Private and social benefits of entrepreneurship
  • Measurement of ESG characteristics of financial and real assets (incl. green building), and asset pricing implications of ESG investment mandates
  • Social externalities of real estate development
  • Benefits and costs of primary and secondary residence ownership
  • Role of the sharing economy on the market for space (AirBnB, WeWork)