July 15-17, 1991

Robert J. Shiller and Richard Thaler, Organizers

Josef Lakonishok, University of Illinois, Urbana-Champaign
"Stock Price Behavior Around Institutional Trades"
     Discussant: Charles Lee, University of Michigan

Werner F.M. De Bondt, University of Wisconsin, Madison
"Earnings Forecasts and Stock Price Reversals"
     Discussant: David Cutler, MIT

Ivo Welch, University of California, Los Angeles
"Sequential Sales, Learning and Cascades"
     Discussant: Jay Ritter, University of Illinois, Urbana-Champaign

Lawrence Ausubel, Northwestern University
"Rigidity and Asymmetric Response of Bank Interest Rates"
     Discussant: Jeremy Stein, MIT

Victor Bernard, Harvard University (Joint with Jeffrey Abarbanell)
"Analysts Overreaction/Underreaction to Earnings Information as an Explanation for Anomalous Stock Price Behavior"
     Discussant: Kenneth French, University of Chicago and NBER

Sharone Maital, National Institute of Health and Haifa School Psychological Service, and Shlomo Maital, Brookings Institution and Technion-Israel Institute of Technology
"A Behavioral Theory of the Decline of Saving in the West"
     Discussant: J. Bradford De Long, Harvard University and NBER

Richard Thaler, Cornell University and NBER
"Risk Aversion or Myopia? The Fallacy of Small Numbers"

Josef Lakonishok and Jay Ritter, University of Illinois, Urbana-Champaign (Joint with Navin Chopra)
"Performance Methodology and the Question of Whether Stocks Overreact"

Sponsored by
Russell Sage Foundation and National Bureau of Economic Research