Ting Xu – Darden – Brown Bag Series
Darden, CLA 30Multi-Class Shares Around the World: The Role of Institutional Investors Jinhee Kim Pedro Matos* Ting Xu November 2018 Abstract This paper examines multi-class share structures around the world. Using a comprehensive sample of publicly listed firms in 45 countries over the period 2001–2016, we find that institutional investors exhibit strong Read more…
UVIC 2018
DardenThe 11th annual University of Virginia Investing Conference (UVIC) will take place at UVA’s Darden School of Business, 8-9 November 2018. The conference provides the reflection on the 10th anniversary of the Global Financial Crisis of financial analysts, portfolio managers, economists, and industry executives and speaks to professional investment managers, Read more…
Don Bowen – Virginia Tech – Brown Bag Series
Darden, FOB 294Technological Disruptiveness and the Evolution of IPOs and Sell-Outs Donald Bowen, Laurent Fresard, and Gerard Hoberg September 19, 2018 ABSTRACT We show that the recent decline in IPOs in U.S. markets is explained by changes in the technological disruptiveness of startups, which we measure using textual analysis of patents from Read more…
Gill Segal – UNC
McIntire, RRH 260Production Networks and Stock Returns: The Role of Vertical Creative Destruction We study the relation between firms' risk and their upstreamness in a production network. Empirically, firms' average stock returns and productivity exposures increase monotonically with their upstreamness. We quantitatively explain these novel facts using a multi-layer general equilibrium model. Read more…
Richard Evans – Darden – Brown Bag Series
Darden, FOB 194Daniel Barth – Office of Financial Research – Brown Bag Series
Darden, FOB 194Markus Baldauf – UBC
McIntire, RRH 260Contracting for Financial Execution Financial contracts often specify reference prices whose values are undetermined at the time of contracting, which makes them prone to manipulation. To study such situations, we introduce a stylized model of financial contracting between a client, who wishes to trade a large position, and her broker. Read more…
Stefan Thurner – Medical University of Vienna – Brown Bag Series
Darden, FOB 245Eliminating Systemic Risk in Financial Markets Stefan Thurner Systemic risk in financial markets arises—to an important extent—from the interconnectedness of agents via financial contracts. We show that the systemic risk level of every player in a financial system can be quantified by simple network measures. Using central bank data from Read more…
Shai Bernstein – Stanford GSB
Darden, FOB 294Yufeng Wu – UIUC
McIntire, RRH 260Managerial Control Benefits and Takeover Market Efficiency How and to what extent do managerial control benefits shape the efficiency of the takeover market? We revisit this question by estimating both the dark and bright sides of managerial control benefits in an industry equilibrium model. On the dark side, managers’ private Read more…
Sheisha Kulkarni – UC Berkeley / UVA Economics
McIntire, RRH 305Removing the Fine Print: Standardization, Disclosure, and Consumer Outcomes Consumers face a choice when evaluating financial contracts: study the fine print and incur a cognitive cost or ignore it and risk costly surprises in future. We use a pair of policy changes in Chile to contrast two measures to protect Read more…
Philipp Krüger – University of Geneva – Brown Bag Series
Darden, FOB 194The Importance of Climate Risks for Institutional Investors According to our survey regarding climate-risk perceptions, institutional investors believe these risks have financial implications for their portfolio firms and that the risks have already begun to materialize, particularly regulatory risks. Many of the investors, especially the long-term, larger and ESG-oriented investors, Read more…
2019 ICI/Mayo Academic and Practitioner Symposium
UVA Darden Sands Family Grounds 1100 Wilson Boulevard, Arlington, VA, United States2019 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.
J. P. Gomez – IE Business School in Madrid – Brown Bag Series
Darden, FOB 194Capital Commitment and Investment Decisions: The Role of Mutual Fund Charges Mutual fund managers, we argue, extract valuable information from the investors' choice among different load share-classes regarding their investment horizon. We find that the lack of explicit capital in share classes without entry or exit loads affects fund-trading horizon, Read more…
Sugata Ray – U of Alabama – Brown Bag Series
Darden, FOB 194Hedge Fund Hold’em We find that hedge fund managers who do well in poker tournaments have significantly better fund performance. This effect is stronger for tournaments with more entrants, larger buy-ins, larger cash prizes and for managers who win multiple tournaments, suggesting poker skills are correlated with fund management skills. Read more…