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8567,0,14.085,2.663,19.41,7.994l59.388,59.382c5.332,5.332,7.995,11.807,7.995,19.417 C411.132,350.032,408.469,356.415,403.147,361.732z"/> 857 </g> 858 </svg> 859 </span> 860 </a> 861 </div> 862</div> </div> 863 </div> 864 865 <div class="page-header__intro page-header__intro--centered page-header__intro--align-center"> 866 <div class="page-header__intro-inner"> 867 <p>The Asset Pricing Program explores the factors that determine the prices of and returns on financial and real assets, including stocks, bonds, currencies, and real estate. It also studies the behavior of households and firms that invest in these assets.<br /> 868</p> 869 <a class="link link--arrow" href="/conferences/si-2026-financial-market-structure">Read summaries of presentations at the latest program meeting</a> 870 <a href="/reporter/2018number2/program-report-asset-pricing" class="link link--arrow">Read the latest Program Report</a> 871 <a href="/affiliated-scholars?facet=user_programs%3AAsset%20Pricing&page=1&perPage=50&sortBy=alpha#listing-2019022" class="link link--arrow">Affiliated scholars</a> 872 </div> 873 </div> 874 </div> 875 876 877 878 879 880 <div class="page-subtitle page-subtitle--centered page-subtitle--grey"> 881 <h2 class="page-subtitle__title"> 882 Co-Directors 883 </h2> 884 </div> 885 886<section class="promo-grid promo-grid--2-up promo-grid--grey promo-grid--row-rules"> 887 <div class="promo-grid__promos"> 888 <div class="digest-card digest-card--right-image"> 889 <img loading="lazy" class="digest-card__image" src="/sites/default/files/styles/author_card/public/2026-03/Andrea%20Eisfeldt%20Profile.jpg?itok=KjLEik8P" width="360" height="416" alt="Andrea Eisfeldt Profile.jpg" /> 890 891 892 893 894 <div class="digest-card__title"> 895 </div> 896 897 <div class="digest-card__summary"> 898 <p><a href="https://www.nber.org/people/andrea_eisfeldt">Andrea Eisfeldt</a> holds the Laurence D. and Lori W. Fink Endowed Chair in Finance at the UCLA Anderson School of Business. Her research has focused on topics including market liquidity, the role of intangibles in asset pricing, bank valuation, and macro-finance. She has been an NBER affiliate since 2014.</p> 899 900 </div> 901 </div> 902<div class="digest-card digest-card--right-image"> 903 <img loading="lazy" class="digest-card__image" src="/sites/default/files/styles/author_card/public/2020-09/Sydney%20Ludvigson%20Profile.jpeg?itok=IT_vTBfs" width="360" height="450" alt="Sydney Ludvigson Profile.jpeg" /> 904 905 906 907 908 <div class="digest-card__title"> 909 </div> 910 911 <div class="digest-card__summary"> 912 <p><a href="https://www.nber.org/people/sydney_ludvigson"><span>Sydney C. Ludvigson</span></a><span> is the Julius Silver, Roslyn S. Silver, and Enid Silver Winslow Professor of Economics at New York University. Her research focuses on the interplay between asset markets and macroeconomic activity. She has been an NBER affiliate since 2003.</span></p> 913 914 </div> 915 </div> 916 917 </div> 918</section> 919 920 921 <div class="page-subtitle page-subtitle--centered"> 922 <h2 class="page-subtitle__title"> 923 Featured Program Content 924 </h2> 925 </div> 926 927<section class="promo-grid promo-grid--3-up"> 928 <div class="promo-grid__promos"> 929 930 931 932<div class="today-promo js-clickable-card is-clickable today_promo_article" data-href="/digest/202609/valuing-dollars-reserve-currency-status"> 933 <div class="today-highlight-image horizontal"> 934 <img loading="lazy" src="/sites/default/files/styles/promo/public/2026-08/w35328.jpg?itok=ryY-Ocjh" width="736" height="414" alt="Valuing the Dollarâs Reserve Currency Status figure" class="lazyload today-promo__image" data-src="/sites/default/files/styles/promo/public/2026-08/w35328.jpg?itok=ryY-Ocjh" /> 935 936 937 938 </div> 939 940 <div class="today-promo__title"><a href="/digest/202609/valuing-dollars-reserve-currency-status"> 941<span>Valuing the Dollarâs Reserve Currency Status</span> 942</a></div> 943 944 <ul class="today-promo__tags"> 945 <li class="today-promo__tag">Article</li> 946 </ul> 947 948 <ul class="today-promo__tags"> 949 <li class="today-promo__tag"> 950 Authors: 951 952
953 <span class="page-header__author-item"> 954 <a href="/people/zhengyang_jiang">Zhengyang Jiang</a>, </span> 955 <span class="page-header__author-item"> 956 <a href="/people/arvind_krishnamurthy">Arvind Krishnamurthy</a>, </span> 957 <span class="page-header__author-item"> 958 <a href="/people/hanno_lustig">Hanno Lustig</a> </span> 959 <span class="page-header__author-item"> 960 & <a href="/people/robert_richmond">Robert J. Richmond</a> </span> 961 962 </li> 963 </ul> 964 965 966 967 <div class="today-promo__desc">The dollarâs role as the worldâs primary reserve currency has allowed the United States to borrow more cheaply than other countries, an advantage that...</div> 968 </div> 969 970 971 972<div class="today-promo js-clickable-card is-clickable today_promo_article" data-href="/digest/202607/regulatory-limits-concentration-mutual-fund-portfolios"> 973 <div class="today-highlight-image horizontal"> 974 <img loading="lazy" src="/sites/default/files/styles/promo/public/2026-07/w35007.jpg?itok=raDfTYDM" width="736" height="414" alt="Regulatory Limits on the Concentration of Mutual Fund Portfolios figure" class="lazyload today-promo__image" data-src="/sites/default/files/styles/promo/public/2026-07/w35007.jpg?itok=raDfTYDM" /> 975 976 977 978 </div> 979 980 <div class="today-promo__title"><a href="/digest/202607/regulatory-limits-concentration-mutual-fund-portfolios"> 981<span>Regulatory Limits on the Concentration of Mutual Fund Portfolios</span> 982</a></div> 983 984 <ul class="today-promo__tags"> 985 <li class="today-promo__tag">Article</li> 986 </ul> 987 988 <ul class="today-promo__tags"> 989 <li class="today-promo__tag"> 990 Authors: 991 992 993 <span class="page-header__author-item"> 994 <a href="/people/lubos_pastor">Lubos Pastor</a>, </span> 995 <span class="page-header__author-item"> 996 <a href="/people/taisiya_sikorskaya">Taisiya Sikorskaya</a> </span> 997 <span class="page-header__author-item"> 998 & <a href="/people/jinrui_wang">Jinrui Wang</a> </span> 999 1000 </li> 1001 </ul> 1002 1003 1004 1005 <div class="today-promo__desc">The US stock market has become more concentrated in recent years. Between 2015 and 2024, the share of the 10 largest stocks in total market capitalization rose...</div> 1006 </div> 1007 1008 1009 1010<div class="today-promo js-clickable-card is-clickable today_promo_article" data-href="/digest/202609/artificial-intelligence-and-hedge-fund-investing"> 1011 <div class="today-highlight-image horizontal"> 1012 <img loading="lazy" src="/sites/default/files/styles/promo/public/2026-08/w35273.jpg?itok=HlD5XbDf" width="736" height="414" alt="Artificial Intelligence and Hedge Fund Investing figure" class="lazyload today-promo__image" data-src="/sites/default/files/styles/promo/public/2026-08/w35273.jpg?itok=HlD5XbDf" /> 1013 1014 1015 1016 </div> 1017 1018 <div class="today-promo__title"><a href="/digest/202609/artificial-intelligence-and-hedge-fund-investing"> 1019<span>Artificial Intelligence and Hedge Fund Investing</span> 1020</a></div> 1021 1022 <ul class="today-promo__tags"> 1023 <li class="today-promo__tag">Article</li> 1024 </ul> 1025 1026 <ul class="today-promo__tags"> 1027 <li class="today-promo__tag"> 1028 Authors: 1029 1030 1031 <span class="page-header__author-item"> 1032 <a href="/people/shuang_chen">Shuang Chen</a>, </span> 1033 <span class="page-header__author-item"> 1034 <a href="/people/clemens_sialm">Clemens Sialm</a> </span> 1035 <span class="page-header__author-item"> 1036 & <a href="/people/david_xiaoyu_xu">David X. Xu</a> </span> 1037 1038 </li> 1039 </ul> 1040 1041 1042 1043 <div class="today-promo__desc">Asset managers are constantly searching for new ways to generate excess returns, since the value created by most existing strategies fades with time and scale...</div> 1044 </div> 1045 1046 </div> 1047</section> 1048<div id="listing-301784" class="js-search-mountnode" data-id="listing-301784"></div>
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