Slava Fos – Boston College

McIntire, RRH 260

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. Read more…

Peter Simasek – Georgia Tech

McIntire, RRH 260

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 Read more…

Christoph Herpfer – Emory – Brown Bag Series

Darden, FOB 194

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 Read more…

Jordan Nickerson – Boston College

Darden, FOB 194

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, Read more…

Rodney Sullivan – Darden – Brown Bag Series

Darden, FOB 194

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 Read more…

Zahi Ben-David – OSU

McIntire, RRH 260

What Do Mutual Fund Investors Really Care About?

Michael Farrell – Darden – Brown Bag Series

Darden, FOB 194

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 Read more…

Justin Birru – Ohio State

Darden, FOB 194

Attention and biases: Evidence from tax-inattentive Justin Birru„, Fernando Chague…, Rodrigo De-LossoŸ, 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 Read more…

Ting Xu – Darden – Brown Bag Series

Darden, FOB 194

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 Read more…

Benjamin Hébert – Stanford

McIntire, RRH 227

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, Read more…

UVIC 2019

Darden

The 12th annual University of Virginia Investing Conference (UVIC) will take place at UVA’s Darden School of Business, 8 November 2019.

Ric Colacito – UNC

McIntire, RRH 260

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% Read more…