Asset pricing.

• Position: Program and Working Group Meetings

The NBER's Program on Asset Pricing met at Stanford University on November 20-21, 2014. NBER Research Associates Nicolae Garleanu and Martin Lettau, both of University of California, Berkeley, chose these papers to discuss:

* Rhys Bidder, Federal Reserve Bank of San Francisco, and Ian Dew-Becker, Northwestern University, "Long-Run Risk is the Worst-Case Scenario"

* Marianne Andries, University of Toulouse; Thomas Eisenbach, Federal Reserve Bank of New York; and Martin Schmalz, University of Michigan, "Asset Pricing with Horizon-Dependent Risk Aversion"

* Dongho Song, Boston College, "Bond Market Exposures to Macroeconomic and Monetary Policy Risks"

* Itamar Drechsler, New York University and NBER, and Qingyi Drechsler, Wharton Research Data Services, "The Shorting...