Events Search and Views Navigation
April 2022
Berk Sensoy (Vanderbilt University, Owen Graduate School of Management)
Diversifying Private Equity Abstract Most institutional investors in private equity (PE) invest in just one or two PE funds per year. For these investors, it is overly optimistic to judge the value of PE as an asset class by its average performance, as prior literature does, because it does not…
Find out more »Michael Weber (The University of Chicago, Booth School of Business)
Missing Data in Asset Pricing Panels Abstract Missing data for return predictors is a common problem in cross sectional asset pricing studies. Most papers do not explicitly discuss how they treat missing data but conventional treatments focus on complete cases for all predictors or impute the unconditional mean for the…
Find out more »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 »September 2022
Josh Lerner – HBS
Financial Innovation in the 21st Century: Evidence from U.S. Patents Josh Lerner, Amit Seru, Nicholas Short, & Yuan Sun December 29, 2021 We explore financial innovation through a dataset of 24 thousand U.S. finance patents granted over last two decades, using machine learning to identify the financial patents and extensively…
Find out more »October 2022
Marina Niessner – Wharton
Can Social Media Inform Corporate Decisions? Evidence from Merger Withdrawals
Find out more »Ludovic Phalippou – Saïd (Oxford)
Employee Views of Leveraged Buy-Out Transactions ABSTRACT Employee satisfaction decreases following a company acquisition. This effect is, generally, higher when it is through a Leveraged Buy-Out (LBO), but with considerable heterogeneity: the decrease in employee satisfaction is concentrated in Tech LBOs and in Public-to-Private (PU2PE) transactions. After any M&A transaction,…
Find out more »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
Song Ma – Yale School of Management
The Education-Innovation Gap Barbara Biasi and Song Ma May 17, 2022 Abstract This paper documents differences across higher education courses in the coverage of frontier knowledge. Applying natural language processing (NLP) techniques to the text of 1.7M syllabi and 20M academic articles, we construct the “education-innovation gap,” a syllabus’s relative …
Find out more »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
Hyeik Kim – University of Alberta
All Clear for Takeoff: Evidence from Airports on the Effects of Infrastructure Privatization Abstract Infrastructure assets have undergone substantial privatization in recent decades. How do different types of owners target and manage these assets? And does the contract form—control rights (concession) vs. outright ownership (sale)—matter? We explore these questions in…
Find out more »February 2023
ICI/Mayo Academic and Practitioner Symposium – Robo-Advising/Crypto
https://www.darden.virginia.edu/faculty-research/seminars-conferences/academic-practitioner-symposium ICI/Mayo Academic and Practitioner Symposium on Mutual Funds and ETFs Co-hosted by the Investment Company Institute and the Richard A. Mayo Center for Asset Management, Darden School of Business, University of Virginia. Fintech, Robo-Advising and Cryptocurrencies FRIDAY, 24 FEBRUARY 2023 9 a.m. - 3:30 p.m. (EST) UVA Darden Sands…
Find out more »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 »