Corporate finance.

• Position: Program and Working Group Meetings

The NBER's Program on Corporate Finance met in Palo Alto on November 6. Research Associates Peter Demarzo of Stanford University and Bruce Carlin of University of California, Los Angeles, organized the meeting. These papers were discussed:

* Christophe Perignon, HEC Paris, and Boris Vallee, Harvard University, "The Political Economy of Financial Innovation: Evidence from Local Governments"

* Christopher Hennessy, London Business School, and Ilya A. Strebulaev, Stanford University and NBER, "Beyond Random Assignment: Credible Inference of Causal Effects in Dynamic Economies"

* Andrew Hertzberg, Columbia University; Andres Liberman, New York University; and Daniel Paravisini, London School of Economics, "Adverse Selection on Maturity: Evidence from On-line Consumer Credit"

* Ulf Axelson and Igor Makarov, London School of Economics, "Informational Black Holes in Financial Markets"

* Brad Barber and Ayako Yasuda, University of California, Davis, "Interim Fund Performance and Fundraising in Private Equity"

* Shai Bernstein...