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November 2023
December 2023
Dmitriy Muravyev – Eli Broad Graduate School of Management (MSU)
An Anatomy of Retail Option Trading Abstract The recent surge in retail option trading has sparked concerns about gambling and significant losses. We study a novel account-level dataset of about $20 billion in retail trades over 2020 to 2022 to show that these concerns may be exaggerated. Option trades account…
Find out more »Mayo/ICI Virtual Symposium “Inflation: The Macroeconomy and Implications for Asset Management”
12:10 p.m. - 12:40 p.m. Paper Presentation “Memory & Beliefs: Evidence from the Field” Michael Weber, Associate Professor of Finance, University of Chicago Booth School of Business 12:40 p.m. - 1:20 p.m. Panel Discussion & Q&A Joe Davis, Global Chief Economist & Head of Investment Strategy Group, Vanguard Kristina Hooper,…
Find out more »February 2024
Felix Feng (U Washington)
Location: Rouss Robertson Hall 227 Felix will present the following paper (preliminary work - draft not available). Progress, Delays, and the Timeliness of Reporting Abstract: This paper studies the optimal contractual arrangement when managers have private information about the progress and delays during firm operations or product development. The optimal contract may…
Find out more »Aditya Chaudhry (OSU)
Aditya will present the following paper: The Impact of Prices on Analyst Cash Flow Expectations Abstract: Analyst cash flow expectations deviate from rational expectations and correlate with stock prices. Does this correlation arise solely because these biased expectations are shared by investors who impact prices? Or do prices impact analyst…
Find out more »Murillo Campello – Cornell University, Johnson Graduate School of Business
Uncertainty Creates Zombie Firms: Implications for Industry Dynamics and Creative Destruction Abstract We show how the threat of “uncertainty-induced zombification” — creditors’ willingness to keep their distressed borrowers alive when faced with uncertainty — shapes various industry dynamics. Under a real options framework, we demonstrate that unlevered firms become reluctant…
Find out more »March 2024
Brownbag Seminar: Rich Evans (Darden)
MiFID II Research Unbundling: Cross-border Impact on Asset Managers Richard B. Evans, Juan-Pedro Gomez, Rafael Zambrana ABSTRACT MiFID II requires EU investment advisors to “unbundle” research costs from execution fees. We find evidence that this unbundling for EU Funds is accompanied by an increase in bundled commissions generated by their…
Find out more »April 2024
Andra Ghent (Utah)
Andra will present the following paper, available here. Determinants and Consequences of Return to Office Policies (with Sean Flynn and Vasudha Nair) Abstract: We study the return to office (RTO) policies of publicly-traded firms by handcollecting a dataset of policy announcements for the Russell 1000 firms. The amount of in-person…
Find out more »Anthony DeFusco – Northwestern (Kellogg)
Please note Anthony's Seminar will take place at 2:30 PM to 4:00 PM in Rouss Robertson Hall 227. Anthony will present the following paper, available here. Real Effects of Rollover Risk: Evidence from Hotels in Crisis with Charles Nathanson and Michael Reher Abstract: We show how firms scheduled to roll over…
Find out more »Brownbag Seminar: Johannes Klausmann (Darden)
Green Revenues Authors: Johannes Klausmann, Philipp Krueger & Pedro Matos Abstract: Using a novel measure of a firm's green revenues, this paper sizes up the green economy. We shed light on the drivers behind global public firms increasing business activities that help with the transition to a low-carbon and more…
Find out more »Richard T. Thakor – Carlson School of Management (Minnesota)
When Private Equity Comes to Town: The Local Economic Consequences of Rising Healthcare Costs Abstract We examine the effect of increased healthcare costs on local economic conditions. We use private equity (PE) buyouts of U.S. hospital systems as a shock to the healthcare costs faced by firms in affected areas.…
Find out more »Brownbag Seminar: Rich Evans (Darden)
(Not) Everybody’s Working for the Weekend: A Study of Mutual Fund Manager Effort Abstract We develop a novel measure of effort to revisit the fundamental questions of asset management: how does effort relate to incentives; and how does effort affect performance? Using unique observations of daily work activity, we define…
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