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October 2024
Gordon Phillips – Tuck School of Business (Dartmouth)
New Technology Sectoral Disruptions Abstract We construct a novel measure of technology sectoral disruptions (TSDs) using a dynamic text-based spatial model of patents based on the extent to which innovation is suddenly highly correlated across multiple industries. We identify multiple TSDs occurring over a 70-year period of time. Abnormal stock…
Find out more »Brownbag Seminar: Sangeun Ha (Copenhagen Business School)
Outsourcing Workplace Safety Abstract I study if firms deliberately sacrifice workplace safety for profits by using contract workers, for whom they are not legally liable. I exploit a regression discontinuity design around the amendment to the Occupational Health and Safety Act in Korea,2017, which expanded the legal accountability of firms…
Find out more »Pekka Honkanen – University of Georgia, Terry College of Business
Intermediation, Pricing, and Hedging in OTC Markets: Equity Total Return Swaps Abstract I present a simple theoretical framework for pricing and hedging equity total return swaps and test the model’s predictions using novel, transaction level data. I find that swap spreads are based on a dealer’s financing cost when the…
Find out more »November 2024
Shaojun Zhang – Fisher School of Business (Ohio State)
Oil-Driven Greenium Abstract As climate attention grows, many argue that investors discipline carbon-intensive firms by increasing their costs of capital, creating a “greenium” favoring green firms. We challenge this view, demonstrating that the observed greenium variation is largely driven by oil demand fluctuations, which boost product prices and growth options…
Find out more »Yael Hochberg – Jones Graduate School of Business (Rice)
LEARNING TO QUIT? A MULTI-YEAR FIELD EXPERIMENT WITH INNOVATION DRIVEN ENTREPRENEURS We use a randomized experiment with 553 science- and technology-based startups in 12 coworking spaces across the US to evaluate the effects of intensive, short-term entrepreneurial training programs similar to that offered by accelerator programs and executive education programs…
Find out more »December 2024
Nancy Xu – Carroll School of Management (Boston College)
Do the Voting Rights of Federal Reserve Bank Presidents Matter? Abstract Voting seats at FOMC meetings rotate exogenously among Reserve Bank presidents on a yearly basis. Using detailed data on 472 FOMC meetings that took place between 1969 and 2019, we show that when there is a substantial dispersion in…
Find out more »Shuaiyu Chen – Mitchell E. Daniels, Jr. School of Business (Purdue)
Machine-Learning about ESG Preferences: Evidence from Fund Flows Abstract We construct Environmental, Social, and Governance (ESG) scores for U.S. active equity mutual funds based on over 500 underlying metrics covering a wide range of ESG issues and rating agencies. We use a revealed preference approach, combined with machine learning methods,…
Find out more »February 2025
Brent Ambrose (Penn State)
Brent Ambrose will present the following paper: Do Appraiser and Borrower Race Affect Mortgage Collateral Valuation? (Link) Abstract: We examine racial bias in property appraisals using a national sample of refinanced mortgages from 2000 to 2007. Our data allow us to observe the race of the appraiser and homeowner in…
Find out more »March 2025
Alexander Butler – Jones Graduate School of Business (Rice)
A Market-based Measure of Climate Risk for Cities Abstract We use information from financial markets to construct a comprehensive measure of cities’ economic exposure to climate-related risks. Studying a large sample of municipal bonds issued by U.S. cities, we document substantial variation in how municipal bond prices respond to innovations…
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