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April 2019

Hendrik Bessembinder – Arizona State University

26 April 2019 @ 1:30 pm - 3:00 pm
Darden, FOB 194
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May 2019

Federico Gavazzoni – INSEAD

3 May 2019 @ 3:00 pm - 4:30 pm
McIntire, RRH 260

International R&D Spillovers and Asset Prices We study the international propagation of long-run risk in the context of a general equilibrium model with endogenous growth. Innovation and international diffusion of technologies are the channels at the core of our mechanism. A calibrated version of the model matches several asset pricing…

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September 2019

Slava Fos – Boston College

13 September 2019 @ 2:30 pm - 4:00 pm
McIntire, RRH 260

Do Short-Term Incentives Affect Long-Term Productivity? Previous research shows that stock repurchases that are caused by earnings management lead to reductions in firm-level investment and employment. It is natural to expect firms to cut less productive investment and employment first, which could lead to a positive effect on firm-level productivity.…

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Peter Simasek – Georgia Tech

20 September 2019 @ 3:00 pm - 4:30 pm
McIntire, RRH 260

Pension Overhang and Corporate Investment We exploit an exogenous, universal increase (decrease) in discount rates (pension liability) mandated by the Moving Ahead for Progress in the 21st Century Act (MAP-21) to identify the impact of pension overhang on investment. We find that firms with large unfunded pension liabilities increase investment…

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Jordan Nickerson – Boston College

27 September 2019 @ 10:00 am - 11:30 am
Darden, FOB 194

Gig-Labor: Trading Safety Nets for Steering Wheels Vyacheslav Fos, Naser Hamdi, Ankit Kalda, and Jordan Nickerson July 2019 This paper shows that the introduction of the “gig-economy” changes the way employees respond to job loss. Using a comprehensive set of Uber product launch dates and employee-level data on job separations,…

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October 2019

Zahi Ben-David – OSU

4 October 2019 @ 3:00 pm - 4:30 pm
McIntire, RRH 260

What Do Mutual Fund Investors Really Care About?

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Justin Birru – Ohio State

11 October 2019 @ 10:00 am - 11:30 am
Darden, FOB 194

Attention and biases: Evidence from tax-inattentive Justin Birru„, Fernando Chague…, Rodrigo De-LossoŸ, and Bruno Giovannetti September 23, 2019 Abstract We provide evidence of investor inattention to a very simple and well-known taxexemption opportunity in the Brazilian stock market. Attentive and inattentive investors are similar along the dimensions of portfolio size…

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Benjamin Hébert – Stanford

25 October 2019 @ 3:00 pm - 4:30 pm
McIntire, RRH 227

Are Intermediary Constraints Priced? Violations of no-arbitrage conditions measure the shadow cost of constraints on intermediaries, and the risk that these constraints tighten is priced. We demonstrate in an intermediary-based asset pricing model that violations of no-arbitrage such as covered interest rate parity (CIP) violations, along with intermediary wealth returns,…

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November 2019

Ric Colacito – UNC

15 November 2019 @ 3:00 pm - 4:30 pm
McIntire, RRH 260

Volatility Risk Pass-Through We develop a novel measure of volatility pass-through to assess international propagation of output volatility shocks to macroeconomic aggregates, equity prices, and currencies. An increase in country's output volatility is associated with a decrease in its output, consumption, and net exports. The average consumption pass-through is 50%…

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December 2019

Azi Ben-Rephael – Rutgers

6 December 2019 @ 3:00 pm - 4:30 pm
McIntire, RRH 260

Foreign Sentiment We construct a direct measure of U.S. based foreign sentiment using flow shifts between U.S. and international mutual funds. Foreign sentiment predicts return reversals in international markets, while local sentiments predict reversals in local markets. Exploring this segmentation, we find that foreign sentiment predictability is driven by overreaction…

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Paul Gompers – Harvard Business School

12 December 2019 @ 1:30 pm - 3:00 pm
Darden, FOB 274
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January 2020

Tania Babina – Columbia Business School

17 January @ 10:00 am - 11:30 am
Darden, FOB 194

Crisis Innovation  Tania Babina (Columbia),  Asaf Bernstein (Colorado), Filippo Mezzanotti (Northwestern) January 8, 2020 Abstract In a differences-in-differences design we provide the first systematic evidence that distress from the Great Depression drove the single largest shift in innovative organization in U.S. history – from predominantly outside to inside the firm.…

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Roger Ibbotson – Yale

31 January @ 10:00 am - 11:30 am
Darden, Classroom 30

The PAPM with Heterogeneous Preferences and Expectations This Draft: 10/2/2019 Initial Draft: 2/6/2019 Thomas Idzorek | Paul D. Kaplan | Roger G. Ibbotson Abstract The Popularity Asset Pricing Model (PAPM) has similar assumptions to the Capital Asset Pricing Model (CAPM), but different conclusions. In the CAPM, the expected excess return…

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February 2020

Dongho Song – JHU

7 February @ 3:00 pm - 4:30 pm
McIntire, RRH 305

Fearing the Fed: How Wall Street Reads Main Street We document a countercyclical sensitivity of the stock market to major macroeconomic news announcements. Stock prices react more to (either good or bad) announcement surprises when the economy is below its potential trend with the expectation of easing policy. Based on…

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Edward Van Wesep – University of Colorado Boulder

28 February @ 10:00 am - 11:30 am
Darden, FOB 194

On the magnification of small biases in decision-making Shaun William Davies, Edward Dickersin Van Wesep, Brian Waters December 5, 2019 Abstract We analyze a setting in which an actor chooses between N ex ante identical options. She can exert effort to learn about the quality of each option, but can…

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