All events will take place in the Westside Ballroom on the 5th floor of the New York Marriott Marquis unless noted otherwise.
8:00-8:45 a.m. Registration and Breakfast
A continental breakfast will be available. Visit event sponsor tables outside the Westside Ballroom.
8:45 a.m. Welcome Remarks
Christopher Geczy, Adjunct Professor of Finance and Academic Director, Jacobs Levy Center, The Wharton School, University of Pennsylvania
Craig MacKinlay, Joseph P. Wargrove Professor of Finance and Academic Director, Jacobs Levy Center, The Wharton School, University of Pennsylvania
Erika James, Dean, The Wharton School, University of Pennsylvania
Bruce Jacobs, Principal and Co-Founder, Jacobs Levy Equity Management; Chair of the Advisory Board, Jacobs Levy Center
9:00 a.m. Pricing Kernel in High Dimension: Factor Selection, Publication Bias and Relation to Corporate Bonds
Presenter:
Guofu Zhou, Frederick Bierman & James E. Spears Professor of Finance, Olin Business School, Washington University in St. Louis
Discussant:
Robert Stambaugh, Miller Anderson & Sherrerd Professor of Finance, The Wharton School, University of Pennsylvania
Paper
10:20 a.m. The Cross-section of Subjective Expectations: Understanding Prices and Anomalies
Presenter:
Sean Myers, Assistant Professor of Finance, The Wharton School, University of Pennsylvania
Discussant:
Ray Iwanowski, Founder, SECOR Asset Management
Paper
11:40 a.m. Intangibles Investment and Asset Quality
Presenter:
Robert Korajczyk, Harry G. Guthmann Professor of Finance at Kellogg School of Management, Northwestern University
Discussant:
Luke Taylor, John B. Neff Professor of Finance, The Wharton School, University of Pennsylvania
Paper
12:50 p.m. Break for Lunch
A buffet lunch will be available outside the Westside Ballroom.
1:30 p.m. Presentation of the 2025 Jacobs Levy Center Research Awards
Officiants:
Christopher Geczy, Adjunct Professor of Finance and Academic Director, Jacobs Levy Center, The Wharton School, University of Pennsylvania
Craig MacKinlay, Joseph P. Wargrove Professor of Finance and Academic Director, Jacobs Levy Center, The Wharton School, University of Pennsylvania
Bruce Jacobs, Principal and Co-Founder, Jacobs Levy Equity Management; Chair of the Advisory Board, Jacobs Levy Center
Ken Levy, Principal and Co-Founder, Jacobs Levy Equity Management
1:50 p.m. Money Management and Real Investment
Presenter:
Simon Gervais, Professor of Finance at The Fuqua School of Business, Duke University
Discussant:
David Musto, Ronald O. Perelman Professor in Finance, The Wharton School, University of Pennsylvania
Paper
3:15 p.m. Presentation of the 2025 Wharton-Jacobs Levy Prize for Quantitative Financial Innovation
Officiants:
Christopher Geczy, Adjunct Professor of Finance and Academic Director, Jacobs Levy Center, The Wharton School, University of Pennsylvania
Craig MacKinlay, Joseph P. Wargrove Professor of Finance and Academic Director, Jacobs Levy Center, The Wharton School, University of Pennsylvania
Bruce Jacobs, Principal and Co-Founder, Jacobs Levy Equity Management; Chair of the Advisory Board, Jacobs Levy Center; Chair of the Wharton-Jacobs Levy Prize Selection Committee
Ken Levy, Principal and Co-Founder, Jacobs Levy Equity Management
Special Presentation:
Sanford “Sandy” J. Grossman, Steinberg Trustee Professor Emeritus of Finance, The Wharton School, University of Pennsylvania
More on the Prize
4:15 p.m. Closing Remarks
Christopher Geczy, Adjunct Professor of Finance and Academic Director, Jacobs Levy Center, The Wharton School, University of Pennsylvania
4:20-6:00 p.m. Cocktail Reception
Drinks and hors d’oeuvres will be served.