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Real and Private-Value Assets Conference

Friday, Jan 31 2020 at 8:00 am - 5:00 pm EST

165 Whitney Ave
New Haven, CT 06511
United States

Real and Private-Value Assets Conference

Conference Organizers:

William Goetzmann (Yale University)
Christophe Spaenjers (HEC Paris)

RFS Editor:

Stijn Van Nieuwerburgh

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.

Sponsored by the Yale School of Management International Center for Finance and The Review of Financial Studies.

Agenda | Friday, January 31, 2020

Yale School of Management

New Haven, CT

  7:45 am

Registration & Breakfast

Classroom 2410

  8:20 am

Welcome Remarks

Session 1: Residential Real Estate

  8:30 am

 “The Gender Gap in Housing Returns

Paul Goldsmith-Pinkham, Kelly Shue

Presenter: Paul Goldsmith-Pinkham, Yale University

Discussant: Paola Sapienza, Northwestern University

  9:15 am

Does the Salience of Risk Affect Large, Risky Asset Purchases?

Cloé Garnache

Presenter: Cloé Garnache, University of Oslo

Discussant: Eva Steiner, Cornell University

  10:00 am


Session 2: Art & Collectibles

  10:30 am

When a Master Dies: Speculation and Asset Float

Julien Pénasse, Luc Renneboog, José A. Scheinkman

Presenter: José A. Scheinkman, Columbia University

Discussant: Edward Glaeser, Harvard University

  11:15 am

Dual Markets & Optimal Collectibles Securitization

Blair Vorsatz

Presenter:  Blair Vorsatz, University of Chicago

Discussant: Boris Vallee, Harvard University

  12:00 pm


Session 3: Commercial Real Estate & Infrastructure

  1:00 pm

The Subsidy to Infrastructure as an Asset Class

Aleksandar Andonov, Roman Kraussl, Joshua Rauh

Presenter: Aleksandar Andonov, University of Amsterdam

Discussant: Arpit Gupta, New York University

  1:45 pm

Gravity, Counterparties and Foreign Investment

Cristian Badarinza, Tarun Ramadorai, Chihiro Shimizu

Presenter: Cristian Badarinza, National University of Singapore

Discussant: Jacob Sagi, University of North Carolina at Chapel Hill

  2:30 pm


Session 4: Sustainable Investing & Entrepreneurship

  3:00 pm

Get Real! Individuals Prefer More Sustainable Investments

Rob Bauer, Tobias Ruof, Paul Smeets

Presenter: Paul Smeets, Maastricht University

Discussant: Samuel Hartzmark, The University of Chicago

  3:45 pm

Personal Wealth and Self-Employment

Aymeric Bellon, J. Anthony Cookson, Erik P. Gilje, Rawley Z. Heimer

Presenter: J. Anthony Cookson, University of Colorado-Boulder

Discussant: Sabrina Howell, New York University

  4:30 pm

Cocktail Reception

Additional Information


    • SOM’s Edward P. Evans hall is located at 165 Whitney Avenue, New Haven, CT.
    • New Haven Union Station is about one mile from SOM Evans Hall and is served by Amtrak and Metro North trains.  Please check the Metro North website for the most current schedule.
    • Taxis are available at Union Station.
    • Uber and Lyft are also available in New Haven.

    Local Taxi Companies:

    • Yellow Cab: (203) 777-7777
    • Quick Taxi: (203) 777-7778
    • City Wide Taxi: (203) 777-0007


    • There is absolutely no parking at the Yale School of Management building or the New Haven Lawn Club for conference guests.
    • Please consult the Park New Haven website for parking options if needed, including locations with Electric Vehicle charging stations.

    Questions?  Contact: