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October 2023
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
Find out more »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 »February 2024
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 »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 »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…
Find out more »Michael Weisbach – Fisher College of Business (OSU)
Risk-Adjusting the Returns to Private Debt Funds Isil Erel, Thomas Flanagan, Michael Weisbach March 2024 Abstract Private debt funds are the fastest growing segment of the private capital market. We evaluate their risk-adjusted returns, applying a cash-flow based method to form a replicating portfolio that mimics their risk profiles. Using…
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 »Mayo / Four Corners 2024 Academic Meeting
https://www.fourcornersresearch.org/events The meeting is organized by the Four Corners Center for Research on Index Investments (https://www.fourcornersresearch.org/) and the Mayo Center for Asset Management at the University of Virginia Darden School of Business (https://www.darden.virginia.edu/mayo-center).The conference will begin at noon on Thursday, May 23rd and conclude in the early afternoon on Friday,…
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