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April 2024
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,…
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
Scott Baker – Kellogg School of Management (Northwestern University)
The Effects of Cryptocurrency Wealth on Household Consumption and Investment Abstract This paper uses transaction-level bank and credit card data to identify cryptocurrency investors and assess the impact of crypto wealth fluctuations on household consumption, as well as on investments in other assets. We find an $0.09 MPC from crypto…
Find out more »Gordon Phillips – Tuck School of Business (Dartmouth)
New Technology Sectoral Disruptions Abstract We construct a novel measure of technology sectoral disruptions (TSDs) using a dynamic text-based spatial model of patents based on the extent to which innovation is suddenly highly correlated across multiple industries. We identify multiple TSDs occurring over a 70-year period of time. Abnormal stock…
Find out more »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…
Find out more »November 2024
Shaojun Zhang – Fisher School of Business (Ohio State)
Oil-Driven Greenium Abstract As climate attention grows, many argue that investors discipline carbon-intensive firms by increasing their costs of capital, creating a “greenium” favoring green firms. We challenge this view, demonstrating that the observed greenium variation is largely driven by oil demand fluctuations, which boost product prices and growth options…
Find out more »Yael Hochberg – Jones Graduate School of Business (Rice)
LEARNING TO QUIT? A MULTI-YEAR FIELD EXPERIMENT WITH INNOVATION DRIVEN ENTREPRENEURS We use a randomized experiment with 553 science- and technology-based startups in 12 coworking spaces across the US to evaluate the effects of intensive, short-term entrepreneurial training programs similar to that offered by accelerator programs and executive education programs…
Find out more »December 2024
Nancy Xu – Carroll School of Management (Boston College)
Do the Voting Rights of Federal Reserve Bank Presidents Matter? Abstract Voting seats at FOMC meetings rotate exogenously among Reserve Bank presidents on a yearly basis. Using detailed data on 472 FOMC meetings that took place between 1969 and 2019, we show that when there is a substantial dispersion in…
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