Asset Pricing

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.

Read summaries of presentations at the latest program meeting Read the latest Program Report Affiliated scholars

Program Directors

Ralph Koijen

Ralph S. J. Koijen is the AQR Capital Management Professor of Finance at the University of Chicago Booth School of Business. His research focuses on finance, insurance, and macroeconomics. He has been an NBER affiliate since 2010.

Sydney Ludvigson Profile.jpeg

Sydney C. Ludvigson 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.

Featured Program Content

Article Banks That Relied on Branches, Not Remote Depositors, Fared Better in Recent Turmoil figure 31462
Banks That Relied on Branches, Not Remote Depositors, Fared Better in Recent Turmoil
  • Article
The number of bank branches in the United States declined from 99,550 in 2009 to 79,186 in 2022, while total deposits significantly increased. Overall...
This figure is a line graph titled, Institution Size and Composite Portfolio ESG Score. It is subtitled, Institution size determined using calculations of assets under management. The y-axis is labeled, Green minus brown tilt. It ranges from negative 20 to positive 30 percent, increasing in increments of 10. The x-axis is time and ranges from 2012 to 2020, increasing in increments of 2. There are three lines on the graph: Large, medium, and small institutions. Small institutions being at close to positiv
How Does ESG Investing Affect an Institution’s Portfolio Composition?
  • Article
Financial institutions that mention environmental, social, and governance (ESG) criteria in their investment policies had $35 trillion in assets under...
2023, Long-Term Asset Management Keynote, Laura Veldkamp, "Valuing Data as a New Assest Type"
2023, Long-Term Asset Management Keynote, Laura Veldkamp, "Valuing Data as a New Asset Type"
  • Lecture
Anecdotal evidence suggests that large datasets collected and analyzed by firms are increasingly important sources of...
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