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  • Michael Weisbach – Fisher College of Business (OSU)

    Darden, FOB 194

    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 Read more…

  • Brownbag Seminar: Marco Ceccarelli – Vrije Universiteit (VU) Amsterdam

    Darden, FOB 194

    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 Read more…

  • Mayo / Four Corners 2024 Academic Meeting

    UVA Darden Sands Family Grounds 1100 Wilson Boulevard, Arlington, VA, United States

    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, Read more…

  • Brownbag: Christoph Herpfer – Darden School of Business

    Darden, FOB 194

    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 Read more…

  • Scott Baker – Kellogg School of Management (Northwestern University)

    Darden, FOB 194

    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 Read more…

  • Gordon Phillips – Tuck School of Business (Dartmouth)

    Darden

    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 Read more…

  • Brownbag Seminar: Sangeun Ha (Copenhagen Business School)

    Darden, FOB 294

    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 Read more…

  • Shaojun Zhang – Fisher School of Business (Ohio State)

    Darden, FOB 194

    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 Read more…

  • Yael Hochberg – Jones Graduate School of Business (Rice)

    Darden, FOB 194

    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 Read more…