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March 2022
April 2022
Vaska Atta-Darkua – Darden – Brown Bag Series
Zoom link: https://darden-virginia.zoom.us/j/96249829459. Decarbonizing Institutional Investor Portfolios by Vaska Atta-Darkua, Simon Glossner, Philipp Krueger, Pedro Matos Combining global data on institutional investors’ equity holdings and firm-level carbon emissions, we study whether and how climate-conscious institutions reduce the carbon emissions of their equity portfolios. We find that institutions actively decarbonized their…
Find out more »May 2022
Frank Warnock – Brown Bag Series – Darden
Foreign Investors and US Treasuries Alexandra M. Tabova & Francis E. Warnock We build, from confidential security-level surveys, a novel dataset on the size, flows, coupon payments, and returns of the US Treasuries portfolios of foreign and US investors. The internally consistent dataset provides evidence on foreigners’ Treasuries portfolios that…
Find out more »October 2022
Fotis Grigoris – Kelley (Indiana) – Brown Bag Series
Inflation and the Relative Price Premium Abstract This study shows that relative price dispersion impacts risk premia. Notably, firms associated with goods and services that have increased (decreased) in price relative to the headline inflation rate earn high (low) returns. We refer to this return spread of 0.71% per month…
Find out more »November 2022
Ting Xu – Darden – Brown Bag Series
The Effect of Childcare Access on Women’s Careers and Firm Performance Abstract We study the effect of government-subsidized childcare on women's career outcomes and firm performance using linked tax filing data. Exploiting a universal childcare reform in Quebec in 1997 and the variation in its timing relative to childbirth across…
Find out more »December 2022
March 2023
Jun Yang – Mendoza College of Business (Notre Dame) – Brown Bag Series
Syndicated Lending, Competition and Relative Performance Evaluation Abstract Relative performance evaluation (RPE) intensifies competitive pressure by tying executive compensation to the profits of rivals. We show that these contracts make loan syndication harder by reducing banks’ willingness to participate in loans underwritten by banks named in their RPE contracts. Lead…
Find out more »September 2023
April 2024
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 »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…
Find out more »May 2024
Brownbag Seminar: Marco Ceccarelli – Vrije Universiteit (VU) Amsterdam
Climate Transition Beliefs Abstract We study expectations about the trajectory of the energy transition (climate transition beliefs) as drivers of “green” investment decisions and return expectations. In a survey of U.S. retail investors (N=1,007), we document considerable heterogeneity in climate transition beliefs at different horizons. Climate transition optimism positively correlates…
Find out more »September 2024
Brownbag: Christoph Herpfer – Darden School of Business
Human Capital, Intrinsic Motivation, and Productivity: Evidence from the Hidden Costs of Government Shutdowns We study how intrinsic motivation affects human capital retention and productivity using millions of employee records for the U.S. federal government. Exploiting heterogenous exposure to government shutdowns as shocks to intrinsic motivation, we show that affected…
Find out more »October 2024
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…
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