Tania Babina – Columbia Business School

Darden, FOB 194

Crisis Innovation  Tania Babina (Columbia),  Asaf Bernstein (Colorado), Filippo Mezzanotti (Northwestern) January 8, 2020 Abstract In a differences-in-differences design we provide the first systematic evidence that distress from the Great Depression drove the single largest shift in innovative organization in U.S. history – from predominantly outside to inside the firm. Read more…

Roger Ibbotson – Yale

Darden, Classroom 30

The PAPM with Heterogeneous Preferences and Expectations This Draft: 10/2/2019 Initial Draft: 2/6/2019 Thomas Idzorek | Paul D. Kaplan | Roger G. Ibbotson Abstract The Popularity Asset Pricing Model (PAPM) has similar assumptions to the Capital Asset Pricing Model (CAPM), but different conclusions. In the CAPM, the expected excess return Read more…

John Treu – WVU – Brown Bag Series

Darden, FOB 194

Disclosure Crowdsourcing by Lawyers Michael Drake, Brigham Young University Kenneth Merkley, Indiana University Chase Potter, Indiana University John Treu, West Virginia University ABSTRACT Lawyers play an important advisory role in the IPO process, but our understanding of how they influence the process is limited. We provide evidence on the extent Read more…

Dongho Song – JHU

McIntire, RRH 305

Fearing the Fed: How Wall Street Reads Main Street We document a countercyclical sensitivity of the stock market to major macroeconomic news announcements. Stock prices react more to (either good or bad) announcement surprises when the economy is below its potential trend with the expectation of easing policy. Based on Read more…

Ting Xu – Darden – Brown Bag Series

Darden, FOB 294

Financing Entrepreneurship: Tax Incentives for Early-Stage Investors Governments often subsidize startups with the goal of spurring entrepreneurship using tax incentives. Exploiting the staggered implementation of angel investor tax credits in 31 U.S. states from 1988 to 2018, we find that these programs increase the number of angel investments and average Read more…

Rich Evans – Darden – Brown Bag Series

Darden, FOB 194

The Performance of Diverse Teams: Evidence from U.S. Mutual Funds We use the U.S. mutual fund industry to study the relation between team diversity and performance. Focusing on diversity concerning political ideology, we find that diverse portfolio manager teams outperform homogeneous teams and have a higher active share, and tracking Read more…

2020 ICI/Mayo Academic and Practitioner Symposium

2020 ICI/Mayo Academic and Practitioner Symposium Co-hosted by the Investment Company Institute and the Richard A. Mayo Center for Asset Management, Darden School of Business, University of Virginia. https://www.darden.virginia.edu/faculty-research/seminars-conferences/academic-practitioner-symposium

Rafael Zambrana – Notre Dame – Brown Bag Series

Darden, FOB 194

Entrepreneurship and Regional Windfall Gains: Evidence from the Spanish Christmas Lottery The Spanish Christmas Lottery is the largest lottery worldwide. We exploit local windfall gains arising from lottery prizes to estimate the effect of income on entrepreneurship. We find higher firm creation and greater self-employment in winning provinces. Our estimates Read more…

Edward Van Wesep – University of Colorado Boulder

Darden, FOB 194

On the magnification of small biases in decision-making Shaun William Davies, Edward Dickersin Van Wesep, Brian Waters December 5, 2019 Abstract We analyze a setting in which an actor chooses between N ex ante identical options. She can exert effort to learn about the quality of each option, but can Read more…

Mike Young – Darden

Darden, FOB 174

Friend or Foe: Information Transmission and Competition among Mutual Fund Managers Using the education and prior work experience of mutual fund managers, we study the effect of competition on information transmission among connected individuals. We find that well-connected managers make similar trades, and outperform their less connected peers. As competition Read more…

Campbell Harvey (Duke) – Mayo Center Virtual Seminar Series

Format: via Zoom. This is a joint event with FMA International. More details at https://www.darden.virginia.edu/mayo-center/events/speaker-series-economic-financial-implications-covid-19 Topic: The Economic and Financial Implications of COVID-19 Professor Harvey will provide an update and outlook for the global economy and financial markets as the current crisis unfolds. Topics he will discuss include: • Potential Read more…

Lin William Cong – Cornell

Zoom

AlphaPortfolio for Investment and Economically Interpretable AI We propose reinforcement-learning-based portfolio management, an alternative that improves upon the traditional two-step portfolio-construction paradigm a la Markowitz (1952), to directly optimize investors' objectives. Specifically, we enhance cutting-edge neural networks such as Transformer with a novel cross-asset attention mechanism to effectively capture the Read more…

Andrew Karolyi (Cornell) – Mayo Center Virtual Seminar Series

Format: via Zoom. This is a joint event with FMA International. More details at https://www.darden.virginia.edu/mayo-center/events/speaker-series-economic-financial-implications-covid-19 Topic: TBA There will be a Q&A session following the prepared remarks. Moderator: Marc L. Lipson - Robert F. Vandell Professor of Business Administration

Maureen O’Hara (Cornell) – Mayo Center Virtual Seminar Series

Format: via Zoom. This is a joint event with FMA International. More details at https://www.darden.virginia.edu/mayo-center/events/speaker-series-economic-financial-implications-covid-19 Topic: TBA There will be a Q&A session following the prepared remarks. Moderator: Richard B. Evans - Associate Professor of Business Administration