Q Group ®

THE INSTITUTE FOR QUANTITATIVE RESEARCH IN FINANCE®

q-group.org

QFALL 2015 SEMINAR PROGRAM

Fairmont Scottsdale Princess, Scottsdale, Arizona October 18 - October 21, 2015

MACROECONOMICS, MONETARY POLICY, AND INTEREST RATES

®

Q Group®

MACROECONOMICS, MONETARY POLICY,

AND INTEREST RATES FALL 2015 - PROGRAM

Fairmont Scottsdale Princess, Scottsdale, Arizona

October 18 - October 21, 2015

Sunday, October 18

5:00 pm - 7:00 pm RECEPTION AND BUFFET

7:00 pm - 7:15 pm WELCOME

James H. Scott, Jr., President, Q-Group

Monday, October 19

7:30 am - 9:00 am CONTINENTAL BREAKFAST

9:00 am - 10:15 am INFLATION, REAL INTEREST RATES AND THE SHILLER P/ERobert Arnott, Chairman and CEO, Research Affiliates, LLC

10:15 am - 10:45 am COFFEE BREAK

10:45 am - 12:00 pm CROSS-SECTIONAL ASSET PRICING WITH INDIVIDUAL STOCKS:BETAS VERSUS CHARACTERISTICS Tarun Chordia, R. Howard Dobbs Professor of Finance, Goizueta Business School, Emory University

12:00 pm - 4:00 pm LUNCH BREAK AND ONE-ON-ONE TIME

4:00 pm - 5:15 pm THE EQUILIBRIUM REAL FUNDS RATE: PAST, PRESENT AND FUTUREKenneth D. West, John D. MacArthur and Ragnar Frisch Professor of Economics, University of Wisconsin

5:15 pm - 5:45 pm COFFEE BREAK

5:45 pm - 7:00 pm THE RETURN ON YOUR MONEY OR THE RETURN OF YOUR MONEY: INVESTING IN A WORLD OF NEGATIVE RATESVineer Bhansali, Managing Director, PIMCO

7:00 pm RECEPTION AND FORMAL DINNER

THE COLLEGE EARNINGS PREMIUM, THE HIGHER ED SCORECARD AND STUDENT “SORTING:” MYTHS, REALITIES AND EXPLANATIONS

Eleanor Wiske Dillon, Assistant Professor, Department of Economics,W.P. Carey School of Business, Arizona State University

Q Group®

MACROECONOMICS, MONETARY POLICY AND INTEREST RATES

FALL 2015 - PROGRAM

Fairmont Scottsdale Princess, Scottsdale Arizona

October 18 - 21, 2015Tuesday, October 20

7:30 am - 9:00 am CONTINENTAL BREAKFAST

9:15 am - 10:30 am DEFLATION RISK Francis Longstaff, Allstate Professor of Insurance and Finance,UCLA Anderson School of Management

10:30 am - 11:00 am COFFEE BREAK

11:00 am - 12:15 pm FORCED LIQUIDATIONS, FIRE SALES AND THE COST OF ILLIQUIDITYRichard R. Lindsey and Andrew B. Weisman, Janus Liquid Alternative Investments

12:15 am - 12:45 pm ANNUAL MEMBERSHIP MEETING OF THE Q-GROUP

12:15 pm - 4:00 pm LUNCH BREAK AND ONE-ON-ONE TIME

4:00 pm - 5:15 pm TARGET DAY FUNDS: CHARACTERISTICS AND PERFORMANCEEdwin J. Elton & Martin J. Gruber, Professors of Finance (Emeritus) andScholars-in-Residence, Stern School, New York University

5:15 pm - 5:45 pm COFFEE BREAK

5:45 pm - 7:00 pm ASSESSING ASSET PRICING MODELS USING REVEALED PREFERENCEJonathan B. Berk, A.P. Giannini Professor of Finance, Stanford Graduate School of Business, Stanford University

7:00 pm RECEPTION AND BUFFET DINNER

Wednesday, October 21

7:00 am - 8:00 am CONTINENTAL BREAKFAST

8:00 am - 9:15 am SYSTEMIC RISK AND THE MACROECONOMYBryan T. Kelly, Associate Professor of Finance and Richard N. Rosett Faculty Fellow, Booth School of Business, University of Chicago

9:15 am - 9:45 am COFFEE BREAK

9:45 am - 11:00 am MONETARY POLICY DRIVERS OF BOND AND EQUITY RISKSCarolin E. Pflueger, Assistant Professor, Finance Division,Sauder School of Business, University of British Columbia

11:00 am ADJOURN

SAVE THE DATE Q GROUP SPRING SEMINAR

APRIL 17 - APRIL 20, 2016FAIRMONT WASHINGTON D.C. GEORGETOWN

QBOARD OF DIRECTORS

James L. Farrell, Jr., ChairmanJames H. Scott, Jr. President

William L. Fouse, Vice Chairman EmeritusMellon Capital Management Corp.

Gilbert Hammer, Vice Chairman

Q Group Executive Vice Presidents:

P. Brett Hammond, MSCI BarraRichard Lindsey, Janus Capital Group

Marc R. Reinganum, State Street Global Advisors

Dale Berman, Executive Director and Treasurer

Andrew Ang, Columbia Business SchoolClifford S. Asness, AQR Capital Management, LLC

Mary L. Cahill, Emory Investment ManagementRoger G. Clarke, Analytic Investors

Michelle R. Clayman, New Amsterdam Partners, LLC.Robert Garvy, Sandpointe,LLC

James P. Gordon, Jr., Federated InvestorsLeopoldo E. Guzman, Guzman & CompanyMehdi Mahmud, Jennison Associates, LLC

Joanne M. Hill, Proshares Advisors / Profunds GroupMichael J. Hogan, Q Group

Barbara S. Petitt, Head, Journal Publications,CFA InstituteKatrina F. Sherrerd, Research Affiliates LLC

Laurence B. Siegel, Director of Research, CFA Research FoundationKenneth J. Winston, Western Asset Management Company

Arnold S. Wood, Martingale Asset Management, LP~~~~~~~~~~

Jeffrey Larris, Administrative DirectorKathleen S. Stevens, Seminar / Development Director

Robert E. Shultz, Membership DirectorKrishna Ramaswamy, Program Committee Coordinator, Wharton

Lawrence Harris, Research Committee Coordinator, USCRussell Wermers, Seminar Reviewer, University of Maryland

David Modest, Seminar Reviewer, Osprey Bay CapitalWayne H. Wagner, Ralph Goldsticker, Participants Perspective

MEMBERS

Acadian Asset Management + Advanced Portfolio Management LLC + Advisor Software, Inc + Aegon Asset Management + Alan Biller & Associates + AllianceBernstein + Allianz Global Investors Capital + American Century Investments + Analytic Investors + Aperio Group, LLC + AQR Capital Management, LLC +Arizona State Retirement System + AJO Partners + Ascension Investment Management + AXA Rosenberg + Axioma + Banc of America Securities/Merrill Lynch+ Bank of International Settlements + Barclays + Blackrock, Inc+ Blue Mesa Capital + BNY Mellon Asset Management + Boston Company Asset Management,LLC +Brandywine Global Investement Management + Bridgeway Capital Management + Caisse de depot et placement due Quebec + California PublicEmployees Retirement System + Cambridge Associates + Canada Pension Plan Investment Board + Capital International Investors + CFA Institute + CharlesSchwab Investment Management + Chicago Equity Partners LLC + Citi Private Bank + Columbia Business School + Columbia Management + Common Fund+ Credit Suisse + Delaware Investment Advisors + Disciplined Alpha LLC + Dumac, Inc. + Dupont Capital Management + Emory Investment Management +Ender Capital Management + Epoch Partners + Federated Investors + Fidelity Global Asset Allocation Division + Fidelity Management & Research (UK) Inc +Forward Management + Geewax + Partners, LLC + Gerstein Fisher + GM Asset Management + Goldman Sachs Asset Management + Government of Singapore+ Grantham, Mayo, Van Otterloo & Co. LLC + Guardian Life Insurance Co. of America + Guzman & Company + Hamilton College + Harvard ManagementCompany + Hillsdale Investment Management, Inc. + Institute For Advanced Study + Intech + Invesco Ltd + Janus Capital Group + J.P. Morgan AssetManagement + Jacobs Levy Equity Management, Inc + Jeffrey Company + Jennison Associates LLC + Kaiser Foundation Health Plan, Inc + Life InsuranceSettlement Association + Loomis Sayles + Los Angeles Capital Management + MainePERS + Martingale Asset Management, L.P. + McKinley CapitalManagement, Inc + Mercer Investment Consulting + MFS Investment Management + Morgan Stanley + Morningstar, Inc + MSCI BARRA + National RailroadRetirement Investment Trust + Ned Davis Research, Inc + Neuberger Berman + New Amsterdam Partners LLC + New Frontier Advisors LLC + Nomura AssetManagement Co., Ltd + Nomura Research Institute America Inc + North Forty Management LLC + Northwestern University + Numeric Investors, L.P + Oppenheimer Funds, Inc + Pacific Alternative Asset Management Company + Panagora Asset Management + Parametric Portfolio Associates + ParellaWeinberg + Petsch Analytics LLC + Philadelphia International Advisors LP + PIMCO + Princeton University Investment Company + Principal Global Investors+ Proshares Advisors/ Profunds Group + Prudential Financial + Pyramis Global Advisors + QIC + QS Investors Holdngs LLC + Quantitative ManagementAssociates LLC + Research Affiliates LLC + Rockefeller Foundation + Russell Investment Group + S & P Capital IQ + S &P Dow Jones Indices + Spruce ViewCapital Partners + SSI Investment Management, Inc + State Street Global Advisors + State Street Global Exchange + Strategic Investment Group + StrategicInvestment Solutions Inc + T. Rowe Price + Thomson Reuters + TIAA-CREF + TIFF Advisory Services Incorporated + Towers Watson Investment Services,Inc .+ Trilogy Global Advisors + UBS Global Asset Management + University of California + University of Chicago Office of Investments + The Vanguard Group+ Verizon Investment Management Company + Virginia Retirement System + Voya Investment Management + Wellington Management Company + Western Asset Management Co. + Wharton Research Data Services + Willart Financial LLC + William Penn Foundation + Wilshire Associates Incorporated + Windham

Capital Management, LLC

THE Q Group®

P.O. Box 1540, Valley Stream, NY 11582 (Tel 212.744.6825)

Executive Director’s Office: Dale Berman, P.O. Box 1540, Valley Stream, NY 11582 (Tel 212.744.6825)Membership Director’s Office: Robert E. Shultz, 120 Scarlet Oak Drive, Wilton, CT 06897 (Tel 203.834.7583 Cell: 203.515.1426)

Program Coordinator’s Office: Krishna Ramaswamy, Wharton, Rm 3259 SHDH, Locust Walk, Philadelphia, PA 19104 (Tel: 215.898.6206)Research Coordinator’s Office: Lawrence Harris, 933 Foster Drive, Los Angeles, CA 90048 (Cell: 323.244.1154)Administrative Director’s Office: Jeffrey Larris, 114 Davis Avenue, Staten Island, NY 10310 (Cell: 917.446.6912)

Seminar/Development Director’s Office: Kathleen S. Stevens, P. O. Box 5101, Greenwich, CT 06831 (Tel: 203.340.2165 Cell: 203.644.0206)