The 2019 Annual Workshop on Investment and Production-Based Asset Pricing

The Centre for Asset Pricing Research (CAPR) at BI Norwegian Business School is hosting the 2019 Annual Workshop on Investment and Production-Based Asset Pricing

We are excited to have the following confirmed speakers:

Francesco Bianchi, Duke
Andres Donangelo, UT Austin
Haitao Mo, Louisiana State University
Juliana Salomao, Minnesota
Jianfeng Yu, Tsinghua
Federico Gavazzoni, INSEAD

Practical information

  • Time:Tuesday, 04 June 2019 08:30 - 17:00
  • Location:BI - campus Oslo
  • Price:There is no participation fee
  • Contact:Iván Alfaro (ivan.alfaro@bi.no)

Lunch is open to all participants.

Conference dinner on June 4 is by invitation only.

Organizers: Iván Alfaro, Ilan Cooper, Paul Ehling and Costas Xiouros


Thon Hotel Storo, Vitaminveien 23, 0485 Oslo Phone: (+47) 23400200.
The hotel is within close walking distance from BI, where the conference will take place. Accommodation and economy travel for speakers and discussants covered by BI.


BI is proud of being environmentally certified by Eco-Lighthouse. We encourage everybody traveling to BI to use public transport, to minimize the environmental impact from events and conferences here.

How to get to Nydalen:

From Oslo Airport: The airport train (Flytoget) departs every 20 minutes from Oslo Airport to Oslo S Central Station. The route takes about 20 minutes.

From Oslo S to Nydalen: Take Metro (T-bane) line #4 or line #5 to Nydalen station. It takes about 14 minutes from Oslo S to Nydalen.

By bus from Oslo S to Nydalen: Take either line 37 or line 30, both stop right outside BI.

Information about public transportation:

Travel planner/timetables: https://ruter.no/

Line map metro (T-bane): https://ruter.no/globalassets/rutetabeller/t-bane/t-banen-linjekart-03042016.pdf
Line map bus: https://ruter.no/reise/rutetabeller-og-linjekart/buss-i-oslo/

Previous programs:


  • Time
  • Title
  • Monday June 3

  • Pre-conference Dinner (by invitation only)

    Departure from the lobby of the Thon Hotel Storo at 16:20. For those going on their own, please be at Solsiden Restaurant by 16:50 (see directions below)

  • Tuesday June 4

  • Registration and welcome address

  • Session 1.

    Chair: Paul Ehling (BI)

  • Untangling the Value Premium with Labor Shares

    See paper here.

    Speaker: Andres Donangelo (UT Austin)

    Discussant: Bernard Dumas (INSEAD)

  • The Origins and Effects of Macroeconomic Uncertainty

    See paper here.

    Speakers: Francesco Bianchi (Duke), Howard Kung (LBS), and Mikhail Tirskikh (LBS)

    Discussant: Alessandro Graniero (BI)

  • Coffee break

  • Session 2.

    Chair. Costas Xiouros (BI)

  • Aggregate Expected Investment Growth and Stock Market Returns

    Speakers: Jun Li (UT Dallas), Huijun Wang (Delaware), and Jianfeng Yu (Tsinghua)

    Discussant: Ilan Cooper

  • Decomposing Firm Value

    See paper here.

    Frederico Belo (Minnesota), Vito Gala (Wharton), Juliana Salomao (Minnesota), and Maria Ana Vitorino (INSEAD)
    Discussant: Iván Alfaro (BI)

  • Lunch

  • Session 3.

    Chair: Iván Alfaro (BI)

  • q5

    See paper here.

    Speakers: Kewei Hou (The Ohio State), Haitao Mo (Louisiana State), Chen Xue (University of Cincinnati, and Lu Zhang (The Ohio State)

    Discussant: Tatyana Marchuk (BI)

  • The Leased Capital Premium

    See paper here.

    Speakers: Kai Li (HKUST and Chi-Yang Tsou (HKUST)

    Discussant: Espen Henriksen (BI)

  • Coffee break

  • Session 4

  • International R&D Spillovers and Asset Prices

    See paper here.

    Speakers: Federico Gavazzoni (INSEAD) and Ana Maria Santacreu (Federal Reserve Bank of St.Louis)

    Discussant: Tong Zhang (BI)

  • Conference Dinner (by invitation only)

    Departure from the lobby of the Thon Hotel Storo at 18:20. For those going on their own, please be at Tjuvholmen Sjømagasin by 18:50 (see directions below)