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April 2023
Ralph Koijen – Booth (Chicago)
Asset Demand of U.S. Households Abstract We use new monthly security-level data on portfolio holdings, flows, and returns of U.S. households to understand asset demand across multiple asset classes. Our data cover a wide range of households across the wealth distribution – including ultra-high-net-worth (UHNW) households – and holdings in…
Find out more »August 2023
Tony Cookson (Colorado)
Tony will present his paper: Money to Burn: Wildfire Insurance via Social Networks with Emily Gallagher and Phil Mulder Abstract: Crowdfunding is an increasingly popular way to raise emergency funding after disasters. However, for victims of a recent major Colorado wildfire, we find that crowdfunding raised more support for high…
Find out more »September 2023
David Schreindorfer (ASU)
David will present his paper: Volatility and the Pricing Kernel (co-authored with Tobias Sichert) Abstract Negative stock market returns are significantly more painful to investors when they occur in periods of low volatility. To establish this fact, we show that a drop in volatility makes the pricing kernel steeper and average put option returns…
Find out more »Constantine Yannelis (Chicago)
Constantine will present his paper: Data and Welfare in Credit Markets with Mark Jansen, Fabian Nagel, Anthony Lee Zhang Abstract: We show how to measure the welfare effects arising from increased data availability. When lenders have more data on prospective borrower costs, they can charge prices that are more aligned…
Find out more »Ben Matthies – Mendoza College of Business (Notre Dame)
Equity Term Structure Response to FOMC Announcements Abstract We study the response of the equity term structure to FOMC announcements using a high-frequency event study approach. We find that monetary policy surprises have opposite effects on short-term dividend strips and the long-term equity market. Following an unanticipated cut in the…
Find out more »Isha Agarwal – University of British Columbia, Sauder School of Business
Inflation and Disintermediation Abstract We test a bank credit channel through which unexpected increases in inflation lead to short-run macroeconomic fluctuations. For identification, we study an unexpected U.S. inflation increase in early 1977 and exploit differences in state-level reserve requirements for Federal Reserve nonmember banks, which create differences in banks’…
Find out more »October 2023
Greg Weitzner – Desautels Faculty of Management (McGill)
Are Banks Really Informed? Evidence From Their Private Credit Assessments Mehdi Beyhaghi, Cooper Howes, Gregory Weitzner Abstract In classic theories of financial intermediation, banks mitigate information frictions by monitoring and producing information about borrowers. However, it is difficult to test these theories without being able to observe banks’ private information.…
Find out more »Mathias Kronlund – Freeman School of Business (Tulane)
Growth-promoting Bonuses and Mergers and Acquisitions Abstract Approximately one-third of U.S. top executives receive bonuses explicitly tied to firm size measures like sales growth. We study how such “growth-promoting bonuses” influence firms’ mergers and acquisitions (M&A) activities. We find that firms with such bonus structures are more prone to make…
Find out more »Ana-Maria Tenekedjieva – Federal Reserve Board
Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies Abstract We study the consequences of state-level price (rate) regulation for U.S. homeowners’ insurance, a $15 trillion market that provides households protection against climate losses. Using two distinct identification strategies and novel data on regulatory filings and ZIP code level rates, we…
Find out more »November 2023
University of Virginia Investing Conference (UVIC) 2023
https://www.darden.virginia.edu/mayo-center/events/uvic
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