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November 2019

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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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

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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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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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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2020 ICI/Mayo Academic and Practitioner Symposium

21 February

2020 ICI/Mayo Academic and Practitioner Symposium Co-hosted by the Investment Company Institute and the Richard A. Mayo Center for Asset Management, Darden School of Business, University of Virginia. https://www.darden.virginia.edu/faculty-research/seminars-conferences/academic-practitioner-symposium

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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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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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March 2020

Mike Young – Darden

3 March @ 1:30 pm - 2:30 pm
Darden, FOB 174

Friend or Foe: Information Transmission and Competition among Mutual Fund Managers Using the education and prior work experience of mutual fund managers, we study the effect of competition on information transmission among connected individuals. We find that well-connected managers make similar trades, and outperform their less connected peers. As competition…

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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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