Yale School of Management

International Center for Finance

Providing academic and professional support for research in financial economics.

Real and Private-Value Assets Conference

January 31, 2020, 8:00 a.m. – 5:00 p.m. EST

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, Michigan State University

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

Edward P. Evans Hall, Yale School of Management
165 Whitney Ave
New Haven, CT 06511
United States
Event tags


Questions?  Contact: YaleICF@yale.edu

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