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September 2019
Slava Fos – Boston College
Do Short-Term Incentives Affect Long-Term Productivity? Previous research shows that stock repurchases that are caused by earnings management lead to reductions in firm-level investment and employment. It is natural to expect firms to cut less productive investment and employment first, which could lead to a positive effect on firm-level productivity.…
Find out more »Peter Simasek – Georgia Tech
Pension Overhang and Corporate Investment We exploit an exogenous, universal increase (decrease) in discount rates (pension liability) mandated by the Moving Ahead for Progress in the 21st Century Act (MAP-21) to identify the impact of pension overhang on investment. We find that firms with large unfunded pension liabilities increase investment…
Find out more »Christoph Herpfer – Emory – Brown Bag Series
Information Intermediaries: How Commercial Bankers Facilitate Strategic Alliances Marc Frattaroli | Christoph Herpfer July 4, 2019 Abstract We investigate how bankers use information from lending relationships to help borrowers combine resources in strategic alliances. Firms that have borrowed from the same banker or share an indirect connection through a network…
Find out more »Jordan Nickerson – Boston College
Gig-Labor: Trading Safety Nets for Steering Wheels Vyacheslav Fos, Naser Hamdi, Ankit Kalda, and Jordan Nickerson July 2019 This paper shows that the introduction of the “gig-economy” changes the way employees respond to job loss. Using a comprehensive set of Uber product launch dates and employee-level data on job separations,…
Find out more »October 2019
Rodney Sullivan – Darden – Brown Bag Series
Hedge Fund Alpha, Cycle or Sunset? Rodney N. Sullivan, CFA, CAIA Abstract The hedge fund industry has grown from $200 billion in assets under management at the turn of the millennium to now over $3 trillion. Many reports criticize hedge funds for destroying investor capital particularly since the 2008 global…
Find out more »Zahi Ben-David – OSU
What Do Mutual Fund Investors Really Care About?
Find out more »Michael Farrell – Darden – Brown Bag Series
Read Between the Filings Daily Mutual Fund Holdings and Liquidity Provision Michael Farrell August 2018 ABSTRACT Many questions about mutual fund trading require daily holdings, yet mutual funds are only required to report quarterly holdings. I model intraquarter trading and use the genetic algorithm to estimate the trade pattern that…
Find out more »Justin Birru – Ohio State
Attention and biases: Evidence from tax-inattentive Justin Birru, Fernando Chague , Rodrigo De-Losso, and Bruno Giovannetti September 23, 2019 Abstract We provide evidence of investor inattention to a very simple and well-known taxexemption opportunity in the Brazilian stock market. Attentive and inattentive investors are similar along the dimensions of portfolio size…
Find out more »Ting Xu – Darden – Brown Bag Series
International Legal Institutions and the Globalization of Innovation Bo Bian, Jean-Marie Meier, and Ting Xu October 11, 2019 Abstract We study how innovation goes global in response to the establishment of strong international legal institutions that reduce cross-border contracting frictions. We construct novel measures of the globalization of innovation at…
Find out more »Benjamin Hébert – Stanford
Are Intermediary Constraints Priced? Violations of no-arbitrage conditions measure the shadow cost of constraints on intermediaries, and the risk that these constraints tighten is priced. We demonstrate in an intermediary-based asset pricing model that violations of no-arbitrage such as covered interest rate parity (CIP) violations, along with intermediary wealth returns,…
Find out more »November 2019
UVIC 2019
The 12th annual University of Virginia Investing Conference (UVIC) will take place at UVA’s Darden School of Business, 8 November 2019.
Find out more »Bob Bruner – Darden – Brown Bag Series
"Financial Crises: Research, Cases, and Courses"
Find out more »Ric Colacito – UNC
Volatility Risk Pass-Through We develop a novel measure of volatility pass-through to assess international propagation of output volatility shocks to macroeconomic aggregates, equity prices, and currencies. An increase in country's output volatility is associated with a decrease in its output, consumption, and net exports. The average consumption pass-through is 50%…
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