# 2025 Martin J. Gruber Five-Star Conference on Research in Finance

![Coat of arms of 5 star schools](/sites/default/files/styles/large_825px_wide/public/2024-10/screen_shot_2024-10-18_at_2.09.52_pm.png.webp?itok=427PdeGW)

**The Salomon Center 2025 Martin J. Gruber Five-Star Conference on Research in Finance**

This annual conference brings together finance researchers from five leading northeastern universities. We invite colleagues at all schools in the northeast, and others interested in current finance research, to a day of research presentations in finance. Faculty from each of the program participant schools present one of the papers on the program.

Date:
Friday, November 21, 2025

Location:
NYU Stern School of Business
Kaufman Management Center
44 West 4th Street
New York, NY 10012

Organizers: Yakov Amihud, Kose John and Anthony Lynch, New York University
Founding Organizers: Yakov Amihud and Kose John

Conference Advisory Committee:
Nick Barberis, Yale University
Markus Brunnermeier, Princeton University
David Musto, University of Pennsylvania
Michael Roberts, University of Pennsylvania
Tano Santos, Columbia University
Heather Tookes, Yale University
Laura Veldkamp, Columbia University
Wei Xiong, Princeton University

Registration:
To register for the conference and reserve your luncheon ticket, [RSVP using this form.](https://docs.google.com/forms/d/e/1FAIpQLSfNsU7NNFWJrYJr9HKy4YG0dFm_Uf3Ji0xJhOcy4eqDUMt5Zg/viewform?usp=publish-editor)

**Agenda**

9:00am Registration & Breakfast

9:30am Introduction: **Dean Bharat Anand**, Stern School, New York University

9:45am Chair: **Robert Whitelaw, NYU-Stern**

"[The dynamics of deposit flightiness and its impact on financial stability](https://drive.google.com/file/d/1OdvQtAoJVmKQNWDXhLXI_Aqv600TZ4yD/view?usp=drive_link)"

Kristian Blickle, Federal Reserve Bank of New York
**Jian Li, Columbia University**
Xu Lu, University of Washington
**Yiming Ma, Columbia University**

Discussant: **Wei Xiong**, Princeton University

10:45am Refreshment Break

11:00am Chair: **Paul Fontanier, Yale University**

["Machine learning and the implementable efficient frontier"](https://drive.google.com/file/d/1yvs-aCUEez3B1TQLNOZeOieh5NsGTZ2a/view?usp=drive_link)

**Theis Ingerslev Jensen, Yale University**
**Bryan Kelly, Yale University**
Semyon Malamud, École Polytechnique Fédérale de Lausanne
Lasse Heje Pedersen, Copenhagen Business School

Discussant: **Winston Dou,** University of Pennsylvania

12:00pm Refreshment Break

12:15pm Chair: **Laura Veldkamp, Columbia University**

"[Asset Embeddings](https://drive.google.com/file/d/1d21V_x70GL-2EVyrS430Wua6ChOW-xIQ/view?usp=drive_link)"

Xavier Gabaix, Harvard University
Ralph S.J. Koijen, University of Chicago
**Robert J. Richmond, New York University**
Motohiro Yogo, Princeton University

Discussant: **Sangmin Simon Oh**, Columbia University

1:15pm Lunch

Keynote speaker: **Sheridan Titman**, Walter W. McAllister Centennial Chair in Financial Services, University of Texas at Austin

**"The Industrial Policy of Cities"**

Introduction: **Martin J. Gruber**, New York University

2:15pm Chair: **Wei Xiong, Princeton University**

"[Heterogenous impact of the global financial cycle](https://drive.google.com/file/d/1A4Jeb-a14IICx7dd68kPHT3CGziGJxik/view?usp=drive_link)"

**Aleksei Oskolkov, Princeton University**

Discussant: **Christopher Clayton**, Yale University

3:15pm Refreshment Break

3:30pm Chair: TBD

["Interest-rate risk and household portfolios](https://drive.google.com/file/d/1rXoZUR-VSYxeZvgmDjL80roK2NxcT-n3/view?usp=drive_link)"

**Sylvain Catherine, University of Pennsylvania**
Max Miller, Harvard University
James D. Paron, Stanford University
Natasha Sarin, Yale University

Discussant: **Alan Moreira**, New York Univestiy

4:30pm  Reception