The Asset Pricing programme brings together researchers interested in all areas of asset pricing and related strands of research.

CEPR has a long history of promoting research in financial economics. The Financial Economics programme has recently split in two; Asset Pricing  (AP) and Banking and Corporate Finance (BCF), to provide more targeted conferences and interactions.  

The key areas covered by the Asset Pricing programme are:- 

  • Capital markets, macro-finance, international finance, portfolio choice and individual investor decisions

  • Asset management, information, and liquidity in asset markets

  • Asset market frictions

  • Limits to arbitrage and behavioural finance

  • Machine learning and AI in asset markets

While aiming to maintain the two strands of Financial Economics separate to the extent possible, CEPR recognises that some researchers are active in areas relevant for AP and BCF programmes. For this reason, Fellows and Affiliates in the AP programme will also receive calls for papers and other communications by the BCF programme, for a time.

Annual Symposia

AP Symposium

The new AP Symposium will take place annually in Paris. The Symposium is similar in spirit to the NBER Summer Institute, and it promotes high-quality research and facilitates interactions between Fellows and Affiliates in the AP Programme and researchers worldwide. Please keep an eye out for the first call for papers. 

ESSFM – Asset Pricing Week 

Fellows and Affiliates in the AP programme will meet annually at the European Summer Symposium in Financial Markets (ESSFM). Hosted by the Studienzentrum Gerzensee since 1991, ESSFM includes daily seminars in which participants present their work, as well as less formal seminars scheduled at the beginning of the Symposium. ESSFM is held over two weeks, one of which concentrates on asset pricing. 

A substantial amount of time is reserved for independent work and collaborative research, which provides participants with a unique opportunity to interact and discuss each other's research. In addition, every Symposium features 'focus sessions', concentrating on the latest developments at the frontier within a specific area of research. 

Programme Directors

Researchers

Tobias Adrian

Financial Counsellor and Director, Monetary and Capital Markets International Monetary Fund

RPN Member, Fintech and Digital Currencies / Fellow, Banking and Corporate Finance / Fellow, Asset Pricing

Rui Albuquerque

Professor of Finance and Seidner Family Faculty Fellow Boston College; Blog Editor

Steffen Andersen

Professor Copenhagen Business School

RPN Steering Committee, Household Finance / Fellow, Asset Pricing

Alessandro Beber

Managing Director, Member of the Global Equity Research Team BlackRock; Professor of Finance Edhec Business School

Geert Bekaert

Professor of Business, Finance Division, Columbia Business School Columbia University; Research Associate National Bureau Of Economic Research (NBER)

Frederico Belo

Associate Professor of Finance European Institute of Business Administration (INSEAD); Faculty Fellow, Carlson School of Management University of Minnesota

Bruno Biais

Research Professor of Economics and Finance Toulouse School Of Economics

Markus Brunnermeier

Edwards S. Sanford Professor of Economics, Director of the Bendheim Center for Finance Princeton University

Laurent E. Calvet

Professor of Finance Edhec Business School

RPN Steering Committee, Household Finance / Fellow, Asset Pricing

Anusha Chari

Fellow Centre for Economic Policy Research; Professor of Economics and Finance University of North Carolina at Chapel Hill

Mikhail Chernov

Warren C. Cordner Professor in Money Financial Markets, UCLA University Of California, Los Angeles

Marco Cipriani

Head of Money and Payments Studies Federal Reserve Bank Of New York

Joao F. Cocco

Professor of Finance London Business School

RPN Member, European Financial Architecture / RPN Steering Committee, Household Finance / Fellow, Asset Pricing

Pasquale Della Corte

Research Fellow Centre for Economic Policy Research; Associate Professor of Finance at Imperial College Business School Imperial College London - Business School

Andrew Ellul

Professor of Finance and and Fred T. Greene Chair in Finance, Kelley School of Business Indiana University

Francesco Franzoni

Senior Chair Swiss Finance Institute; Professor of Finance Università Della Svizzera Italiana

Mariassunta Giannetti

Research Fellow Centre for Economic Policy Research; Professor of Finance Stockholm School Of Economics

RPN Member, European Financial Architecture / Fellow, Asset Pricing / Fellow, Banking and Corporate Finance

Stefano Giglio

Professor of Finance, Yale School of Management Yale University

Francisco Gomes

Professor London Business School

RPN Steering Committee, Household Finance / Fellow, Asset Pricing

Veronica Guerrieri

Ronald E. Tarrson Professor of Economics, Booth School of Business University of Chicago

Michael Haliassos

Director of CEPR RPN on Household Finance Centre for Economic Policy Research; Professor and Chair for Macroeconomics and Finance Goethe University Frankfurt; Research Professor

Christian HELLWIG

Professor of Economics and Scientific Director Toulouse School Of Economics

Marie Hoerova

Senior Adviser, Directorate General Research European Central Bank

Tullio Jappelli

Research Fellow Center for Studies in Economics and Finance; Research Fellow Centre for Economic Policy Research; Professor of Economics University Of Naples Federico Ii

Marcin Kacperczyk

Professor of Finance, Imperial College London Business School London Business School

RPN Member, Sustainable Finance / RPN Member, European Financial Architecture / Fellow, Banking and Corporate Finance / Fellow, Asset Pricing

Ron Kaniel

Jay S. and Jeanne P. Benet Professor of Finance, Simon School of Business University Of Rochester

Matti Keloharju

Aalto Distinguished Professor Aalto University School of Business; Research Affiliate

RPN Steering Committee, Household Finance / Fellow, Banking and Corporate Finance / Fellow, Asset Pricing

Ralph Koijen

Professor of Finance, Booth School of Business University of Chicago

George Korniotis

Professor of Finance, Miami Herbert Business School University of Miami

Robert Kosowski

Research Fellow Centre for Economic Policy Research; Associate Member of the Oxford-Man Institute of Quantitative Finance University Of Oxford; Associate Professor at Imperial College Business School Imperial College London - Business School

Martin Lettau

Kruttschnitt Family Chair in Financial Institutions at the Haas School of Business University of California, Berkeley

Sydney Ludvigson

Julius Silver, Roslyn S. Silver, and Enid Silver Winslow Professor of Economics William R Berkley Term Chair Professor of Economics New York University

Matteo Maggiori

Professor Stanford University, Graduate School of Business Stanford University

Sophie Moinas

Professor of Finance, IAE Toulouse School of Management Toulouse 1 Capitole University

Giovanna Nicodano

RPN Steering Committee, Household Finance / Fellow, Asset Pricing / Fellow, Banking and Corporate Finance

Marco Pagano

Professor of Finance University Of Naples Federico Ii

RPN Member, European Financial Architecture / Fellow, Asset Pricing / Fellow, Banking and Corporate Finance

Michaela Pagel

Associate Professor Columbia University

RPN Member, Household Finance / Fellow, Asset Pricing

Lubos Pastor

Charles P. McQuaid Professor of Finance, University of Chicago Booth School of Business University of Chicago

Lasse Heje Pedersen

Associate Editor Journal of Economic Theory; Associate Editor Journal of Finance; Professor of Finance at the Stern School of Business New York University

Kim Peijnenburg

Research Fellow Centre for Economic Policy Research; Associate Professor in Finance École des Hautes Études Commerciales

Loriana Pelizzon

Professor of Law and Finance at the Leibniz Institute for Financial Research SAFE Goethe University Frankfurt

RPN Member, European Financial Architecture / Fellow, Asset Pricing / Fellow, Banking and Corporate Finance

Tarun Ramadorai

Professor of Financial Economics, Business School Imperial College London - Business School

RPN Steering Committee, Household Finance / Fellow, Asset Pricing

Helene Rey

Vice President, Special Projects Centre for Economic Policy Research; Lord Bagri Professor of Economics London Business School

Tano Santos

Professor of Finance and Economics Columbia University

Lukas Schmid

Associate Professor of Finance, Fuqua School of Business Duke University

Antoinette Schoar

Michael M. Koerner (49’) Professor of Entrepreneurial Finance at the MIT Sloan School of Management MIT Sloan School Of Management

Hyun Song Shin

RPN Member, Central Bank Communication / RPN Member, Fintech and Digital Currencies / RPN Member, European Financial Architecture / Fellow, Asset Pricing / Fellow, Banking and Corporate Finance

Andrei Simonov

Research Fellow Centre for Economic Policy Research; Philip J. May Endowed Professor of Finance Michigan State University

Alireza Tahbaz-Salehi

Assistant Professor in the Decision, Risk, & Operations Division at Columbia Business School Columbia University; Professor of Managerial Economics and Decision Sciences Kellogg School Of Management, Northwestern University

Henry Allan Timmermann

Distinguished Professor of Economics and Finance Dr. Harry M. Markowitz Endowed Chair in Finance and Investing University of California, San Diego

Harald Uhlig

Bruce Allen and Barbara Ritzenthaler Professor of Economics University of Chicago

Raman Uppal

Professor, Finance Department Edhec Business School

Stijn Van Nieuwerburgh

Earle W. Kazis and Benjamin Schore Professor of Real Estate and Professor of Finance, Columbia University GSB Columbia University; Earl Kazis and Benjamin Shore Professor Real Estate and professor of Finance

Dimitri Vayanos

Research Fellow Centre for Economic Policy Research; Professor of Finance and Director, Paul Woolley Centre for the Study of Capital Market Dysfunctionality, LSE London School of Economics and Political Science; Research Associate National Bureau Of Economic Research (NBER)

RPN Member, European Economic Architecture / RPN Member, European Financial Architecture / Fellow, Asset Pricing

Laura Veldkamp

Cooperman Professor of Economics and Finance Columbia University

Roine Vestman

Associate Professor of Economics Stockholm University, SHoF; Research Fellow Swedish Institute for Social Research

RPN Member, Household Finance / Fellow, Asset Pricing

Xavier Vives

Research Fellow Centre for Economic Policy Research; Professor of Economics and Finance Academic Director of the Public-Private Sector Research Center IESE Business School, Barcelona

Christian Wolff

Research Professor at the Department of Finance University Of Luxembourg

Josef Zechner

Professor of Finance Wu Vienna University Of Economics And Business

Luigi Zingales

Research Fellow Centre for Economic Policy Research; Research Fellow Centre for Economic Policy Research; Robert C. McCormack Professor of Entrepreneurship and Finance University of Chicago

Research affiliates

Adrian Buss

Research Affiliate Centre for Economic Policy Research; Associate Professor of Finance European Institute of Business Administration (INSEAD)

Kaveh Majlesi

Part-time Professor of Economics Lund University; Professor of Economics Monash University

RPN Member, Household Finance / Affiliate, Asset Pricing

Arna Olafsson

Research Affiliate Centre for Economic Policy Research; Assistant Professor of Finance Copenhagen Business School; Research Fellow Danish Finance Institute

RPN Member, Household Finance / Affiliate, Asset Pricing

Juliana Salomao

Assistant Professor of Finance Assistant Professor of Finance Carlson School of Managemen University of Minnesota

Shengxing Zhang

Assistant Professor of Economics London School of Economics and Political Science