Behavioral Finance.

• Position: Program and Working Group Meetings

Members of the NBER's Behavioral Finance Working Group met April 12-13 in Chicago. Research Associate Nicholas C. Barberis of Yale University organized the meeting. These researchers' papers were presented and discussed:

* Niels Joachim Gormsen, University of Chicago, and Eben Lazarus, MIT, "Expected Returns and Cash-Flow Growth"

* Stefano Giglio, Yale University and NBER; Matteo Maggiori, Harvard University and NBER; Johannes Stroebel, New York University and NBER; and Stephen Utkus, Vanguard, "Five Facts About Beliefs and Portfolios" (NBER Working Paper No. 25744)

* Can Gao, Imperial College London, and Ian Martin, London School of Economics, "Volatility, Valuation Ratios, and Bubbles: An Empirical Measure of Market Sentiment"

* Klakow Akepanidtaworn, University of Chicago; Rick Di Mascio, Inalytics Ltd.; Alex Imas, Carnegie Mellon University...