Aditya Chaudhry (OSU)
Aditya will present the following paper: The Impact of Prices on Analyst Cash Flow Expectations Abstract: Analyst cash flow expectations deviate from rational expectations and correlate with stock prices. Does this correlation arise solely because these biased expectations are shared by investors who impact prices? Or do prices impact analyst Read more…
Murillo Campello – Cornell University, Johnson Graduate School of Business
Darden, FOB 294Uncertainty Creates Zombie Firms: Implications for Industry Dynamics and Creative Destruction Abstract We show how the threat of “uncertainty-induced zombification” — creditors’ willingness to keep their distressed borrowers alive when faced with uncertainty — shapes various industry dynamics. Under a real options framework, we demonstrate that unlevered firms become reluctant Read more…
Brownbag Seminar: Rich Evans (Darden)
Darden, FOB 294MiFID II Research Unbundling: Cross-border Impact on Asset Managers Richard B. Evans, Juan-Pedro Gomez, Rafael Zambrana ABSTRACT MiFID II requires EU investment advisors to “unbundle” research costs from execution fees. We find evidence that this unbundling for EU Funds is accompanied by an increase in bundled commissions generated by their Read more…
Andra Ghent (Utah)
McIntireAndra will present the following paper, available here. Determinants and Consequences of Return to Office Policies (with Sean Flynn and Vasudha Nair) Abstract: We study the return to office (RTO) policies of publicly-traded firms by handcollecting a dataset of policy announcements for the Russell 1000 firms. The amount of in-person Read more…
Anthony DeFusco – Northwestern (Kellogg)
McIntirePlease note Anthony's Seminar will take place at 2:30 PM to 4:00 PM in Rouss Robertson Hall 227. Anthony will present the following paper, available here. Real Effects of Rollover Risk: Evidence from Hotels in Crisis with Charles Nathanson and Michael Reher Abstract: We show how firms scheduled to roll over Read more…
Brownbag Seminar: Johannes Klausmann (Darden)
Darden, FOB 194Green 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 Read more…
Richard T. Thakor – Carlson School of Management (Minnesota)
DardenWhen 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. Read more…
Brownbag Seminar: Rich Evans (Darden)
Darden, FOB 194(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 Read more…
Michael Weisbach – Fisher College of Business (OSU)
Darden, FOB 194Risk-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 Read more…
Michael Goldstein – Babson College
Darden, FOB 194Brownbag Seminar: Marco Ceccarelli – Vrije Universiteit (VU) Amsterdam
Darden, FOB 194Climate 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 Read more…
Mayo / Four Corners 2024 Academic Meeting
UVA Darden Sands Family Grounds 1100 Wilson Boulevard, Arlington, VA, United Stateshttps://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, Read more…
James Vickery (Philadelphia Fed)
McIntireBrownbag: Francis Won – Darden School of Business
Darden, FOB 294Brownbag: Christoph Herpfer – Darden School of Business
Darden, FOB 194Human 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 Read more…