Asset pricing.

• Position: Program and Working Group Meetings

The NBER's Program on Asset Pricing met in Palo Alto on November 6. Research Associates Kent D. Daniel and Robert Hodrick of Columbia University organized the meeting. These papers were discussed:

* David Backus, New York University and NBER; Nina Boyarchenko, Federal Reserve Bank of New York; and Mikhail Chernov, University of California, Los Angeles, "Term Structures of Asset Prices and Returns"

* Michael Weber, University of Chicago, "The Term Structure of Equity Returns: Risk or Mispricing?"

* Dong Lou and Christopher Polk, London School of Economics, and Spyros Skouras, Athens University of Economics and Business, "A Tug of War: Overnight Versus Intraday Expected Returns"

* Zhiguo He and Bryan T. Kelly, University of Chicago and NBER, and Asaf Manela, Washington University in St. Louis, "Intermediary Asset Pricing: New Evidence from Many...