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October 2019

Rodney Sullivan – Darden – Brown Bag Series

1 October 2019 @ 1:30 pm - 2:30 pm
Darden, FOB 194

Hedge Fund Alpha, Cycle or Sunset? Rodney N. Sullivan, CFA, CAIA Abstract The hedge fund industry has grown from $200 billion in assets under management at the turn of the millennium to now over $3 trillion. Many reports criticize hedge funds for destroying investor capital particularly since the 2008 global…

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Michael Farrell – Darden – Brown Bag Series

8 October 2019 @ 1:30 pm - 2:30 pm
Darden, FOB 194

Read Between the Filings Daily Mutual Fund Holdings and Liquidity Provision Michael Farrell August 2018 ABSTRACT Many questions about mutual fund trading require daily holdings, yet mutual funds are only required to report quarterly holdings. I model intraquarter trading and use the genetic algorithm to estimate the trade pattern that…

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Ting Xu – Darden – Brown Bag Series

14 October 2019 @ 1:30 pm - 2:30 pm
Darden, FOB 194

International Legal Institutions and the Globalization of Innovation Bo Bian, Jean-Marie Meier, and Ting Xu October 11, 2019 Abstract We study how innovation goes global in response to the establishment of strong international  legal institutions that reduce cross-border contracting frictions. We construct novel measures of the globalization of innovation at…

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November 2019

Bob Bruner – Darden – Brown Bag Series

11 November 2019 @ 1:30 pm - 2:30 pm
Darden, FOB 194

"Financial Crises: Research, Cases, and Courses"

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Frank Warnock – Darden – Brown Bag Series

20 November 2019 @ 1:30 pm - 2:30 pm
Darden, FOB 194

The Natural Level of Capital Flows John D. Burger Sellinger School of Business, Loyola University Maryland Francis E. Warnock Darden Business School, University of Virginia NBER Veronica Cacdac Warnock Darden Business School, University of Virginia This Draft: November 2019 update (in progress) of NBER Working Paper 26184 Abstract We put…

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December 2019

David Smith – McIntire – Brown Bag Series

4 December 2019 @ 1:30 pm - 2:30 pm

Losing Control? The 20-Year Decline in Loan Covenant Restrictions Thomas Griffin, Greg Nini, and David C. Smith November 2019 Abstract This paper finds that lenders today rely on less restrictive financial covenants compared to 20 years ago, resulting in a nearly 70% drop in the annual proportion of U.S. public…

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February 2020

John Treu – WVU – Brown Bag Series

7 February @ 1:30 pm - 2:30 pm
Darden, FOB 194

Disclosure Crowdsourcing by Lawyers Michael Drake, Brigham Young University Kenneth Merkley, Indiana University Chase Potter, Indiana University John Treu, West Virginia University ABSTRACT Lawyers play an important advisory role in the IPO process, but our understanding of how they influence the process is limited. We provide evidence on the extent…

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Ting Xu – Darden – Brown Bag Series

10 February @ 1:30 pm - 2:30 pm
Darden, FOB 294

Financing Entrepreneurship: Tax Incentives for Early-Stage Investors Governments often subsidize startups with the goal of spurring entrepreneurship using tax incentives. Exploiting the staggered implementation of angel investor tax credits in 31 U.S. states from 1988 to 2018, we find that these programs increase the number of angel investments and average…

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Rich Evans – Darden – Brown Bag Series

12 February @ 1:30 pm - 2:30 pm
Darden, FOB 194

The Performance of Diverse Teams: Evidence from U.S. Mutual Funds We use the U.S. mutual fund industry to study the relation between team diversity and performance. Focusing on diversity concerning political ideology, we find that diverse portfolio manager teams outperform homogeneous teams and have a higher active share, and tracking…

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Rafael Zambrana – Notre Dame – Brown Bag Series

24 February @ 1:30 pm - 2:30 pm
Darden, FOB 194

Entrepreneurship and Regional Windfall Gains: Evidence from the Spanish Christmas Lottery The Spanish Christmas Lottery is the largest lottery worldwide. We exploit local windfall gains arising from lottery prizes to estimate the effect of income on entrepreneurship. We find higher firm creation and greater self-employment in winning provinces. Our estimates…

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March 2020

Gilles Hilary — Georgetown — Brown Bag Series

6 March @ 1:30 pm - 2:30 pm
Darden, FOB 194

Self-segregation, Mortality Salience, and Labor Movement: the 9/11 Shock Abstract We investigate the effect of mortality salience, a leading theory in social psychology, on self-segregation. We do this in the context of executive movements, a setting that allows us to control for many confounding effects. Using the 9/11 terrorist attacks…

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August 2020

Ting Xu – Darden – Brown Bag Series

27 August @ 8:00 am - 5:00 pm
Zoom
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September 2020

Will Zhang – Darden – Brown Bag Series

16 September @ 1:45 pm - 2:45 pm
Zoom

How do Extreme Price Movements End? (with Jonathan Brogaard and Konstantin Sokolov) Abstract: We test competing theories on liquidity dynamics during extreme price movements (EPMs). Contrary to a widespread concern that market making constraints cause liquidity deterioration during EPMs, our findings are in line with the theory of strategic liquidity…

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Pedro Matos – Darden – Brown Bag Series

22 September @ 1:45 pm - 2:45 pm
Zoom

"Where Do Institutional Investors Seek Shelter when Disaster Strikes? Evidence from COVID-19", with Simon Glossner, Stefano Ramelli, and Alexander F. Wagner

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Zhaohui Chen – McIntire – Brown Bag Series

28 September @ 1:45 pm - 2:45 pm
Zoom

Financial Innovation with Endogenous Experimentation Zhaohui Chen, Alan Morrisson, and William Wilhelm We present a model in which a long-lived bank endogenously learns about the environment for financial innovation through experimentation on its clients. When the bank has superior knowledge of the state of the world facing its clients, it…

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