Josef Lakonishok, University of Illinois and NBER and Louis Chan and Theodore Sougiannis, University of Illinois
"The Stock Market Valuation of Research & Development Expenditures"
     Discussant: Werner De Bondt, University of Wisconsin

Jeremy Stein, MIT and NBER; Harrison Hong, Stanford University, and Terence Lim, MIT
"Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies"
     Discussant: Narasimhan Jegadeesh, University of Illinois

David Genesove, Hebrew University and NBER and Christopher J. Mayer, Columbia University
"Nominal Loss A version and Seller Behavior: Evidence from the Housing Market"
     Discussant: Terrance Odean, UC, Davis

Charles M.C. Lee and Bhaskaran Swaminathan, Cornell University
"Price Momentum and Trading Volume"
     Discussant: Andrei Shleifer, Harvard University and NBER

Brad Barber, UC, Davis; Reuven Lehavy, UC, Berkeley; Maureen McNichols, Stanford University; and Brett Trueman, UC, Berkeley
"Can Investors Profit from the Prophets? Consensus Analyst Recommendations and Stock Returns"
     Discussant: Kent Womack, Dartmouth University

Shlomo Benartzi, UC, Los Angeles and Richard Thaler, University of Chicago and NBER
"Naive Diversification Strategies in Defined Contribution Saving Plans"
     Discussant: John Campbell, MIT and NBER

Sponsored by:
Russell Sage Foundation and National Bureau of Economic Research