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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,…
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…
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