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October 2018
Jan Bena – UBC – Brown Bag Series
Teamwork, Technology Combinations, and Value of Innovation ABSTRACT: We examine the role of teamwork in the inventive process. We show that a better ability of an invention team to combine interdependent technologies results in innovations with both higher scientific and private economic value, leads to more breakthroughs in innovations, helps…
Find out more »Anton Korinek – Darden/UVa – Brown Bag Series
The Rise of Artificially Intelligent Agents Rapid advances in AI imply that machines increasingly behave like artificially intelligent agents (AIAs). This raises fundamental questions about what an economy with AIAs will look like – questions that stretch from the allocation of resources between humans and non-humans to the potential for…
Find out more »Xin Xue – UVa Econ – Brown Bag Series
Lending Platforms’ Information Aggregation under Competition I examine how lending platforms use their information advantage to deter adverse selection in their competition for creditworthy borrowers. Using data from peer-to-peer lending platforms and a platform entry event which exogenously in-duces platform competition for both borrowers and lenders, I find that the…
Find out more »November 2018
Ting Xu – Darden – Brown Bag Series
Multi-Class Shares Around the World: The Role of Institutional Investors Jinhee Kim Pedro Matos* Ting Xu November 2018 Abstract This paper examines multi-class share structures around the world. Using a comprehensive sample of publicly listed firms in 45 countries over the period 2001–2016, we find that institutional investors exhibit strong…
Find out more »Don Bowen – Virginia Tech – Brown Bag Series
Technological Disruptiveness and the Evolution of IPOs and Sell-Outs Donald Bowen, Laurent Fresard, and Gerard Hoberg September 19, 2018 ABSTRACT We show that the recent decline in IPOs in U.S. markets is explained by changes in the technological disruptiveness of startups, which we measure using textual analysis of patents from…
Find out more »December 2018
Stefan Thurner – Medical University of Vienna – Brown Bag Series
Eliminating Systemic Risk in Financial Markets Stefan Thurner Systemic risk in financial markets arises—to an important extent—from the interconnectedness of agents via financial contracts. We show that the systemic risk level of every player in a financial system can be quantified by simple network measures. Using central bank data from…
Find out more »February 2019
Philipp Krüger – University of Geneva – Brown Bag Series
The Importance of Climate Risks for Institutional Investors According to our survey regarding climate-risk perceptions, institutional investors believe these risks have financial implications for their portfolio firms and that the risks have already begun to materialize, particularly regulatory risks. Many of the investors, especially the long-term, larger and ESG-oriented investors,…
Find out more »J. P. Gomez – IE Business School in Madrid – Brown Bag Series
Capital Commitment and Investment Decisions: The Role of Mutual Fund Charges Mutual fund managers, we argue, extract valuable information from the investors' choice among different load share-classes regarding their investment horizon. We find that the lack of explicit capital in share classes without entry or exit loads affects fund-trading horizon,…
Find out more »Sugata Ray – U of Alabama – Brown Bag Series
Hedge Fund Hold’em We find that hedge fund managers who do well in poker tournaments have significantly better fund performance. This effect is stronger for tournaments with more entrants, larger buy-ins, larger cash prizes and for managers who win multiple tournaments, suggesting poker skills are correlated with fund management skills.…
Find out more »March 2019
Kristoph Kleiner – Indiana – Brown Bag Series
Friends with Bankruptcy Protection Benefits We evaluate whether social networks limit the effectiveness of targeted debt relief programs. In our setting, individuals learn about the likelihood of debt relief from the recent experiences of workplace peers who file for Chapter 13 bankruptcy. While peers granted bankruptcy are able to discharge…
Find out more »April 2019
Pedro Matos – Darden – Brown Bag Series
“Responsible Institutional Investing Around the World” Rajna Gibson (U Geneva), Philipp Krueger (U Geneva), Pedro Matos, and Tom Steffen (U Geneva) ABSTRACT We explore a novel survey on responsible investing by institutional investors around the world and match it to archival data on equity portfolio holdings. We study what factors…
Find out more »May 2019
Felipe Schwartzman – Richmond Fed – Brown Bag Series
The Persistent Employment Effects of the 2006-09 U.S. Housing Wealth Collapse We show that the housing wealth collapse of 2006-09 had a persistent impact on employment across counties in the US. In particular, localities that had a larger loss in housing net-worth during that period had more depressed employment as…
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