Constantine Yannelis (Chicago)
McIntireConstantine will present his paper: Data and Welfare in Credit Markets with Mark Jansen, Fabian Nagel, Anthony Lee Zhang Abstract: We show how to measure the welfare effects arising from increased data availability. When lenders have more data on prospective borrower costs, they can charge prices that are more aligned Read more…
Ben Matthies – Mendoza College of Business (Notre Dame)
DardenEquity Term Structure Response to FOMC Announcements Abstract We study the response of the equity term structure to FOMC announcements using a high-frequency event study approach. We find that monetary policy surprises have opposite effects on short-term dividend strips and the long-term equity market. Following an unanticipated cut in the Read more…
Isha Agarwal – University of British Columbia, Sauder School of Business
Darden, FOB 294Inflation and Disintermediation Abstract We test a bank credit channel through which unexpected increases in inflation lead to short-run macroeconomic fluctuations. For identification, we study an unexpected U.S. inflation increase in early 1977 and exploit differences in state-level reserve requirements for Federal Reserve nonmember banks, which create differences in banks’ Read more…
Greg Weitzner – Desautels Faculty of Management (McGill)
Darden, FOB 294Are Banks Really Informed? Evidence From Their Private Credit Assessments Mehdi Beyhaghi, Cooper Howes, Gregory Weitzner Abstract In classic theories of financial intermediation, banks mitigate information frictions by monitoring and producing information about borrowers. However, it is difficult to test these theories without being able to observe banks’ private information. Read more…
Thomas Ernst (Maryland)
McIntireMathias Kronlund – Freeman School of Business (Tulane)
Darden, FOB 194Growth-promoting Bonuses and Mergers and Acquisitions Abstract Approximately one-third of U.S. top executives receive bonuses explicitly tied to firm size measures like sales growth. We study how such “growth-promoting bonuses” influence firms’ mergers and acquisitions (M&A) activities. We find that firms with such bonus structures are more prone to make Read more…
Ramona Dagostino – Simon Business School (Rochester)
Darden, FOB 294Ana-Maria Tenekedjieva – Federal Reserve Board
Darden, FOB 194Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies Abstract We study the consequences of state-level price (rate) regulation for U.S. homeowners’ insurance, a $15 trillion market that provides households protection against climate losses. Using two distinct identification strategies and novel data on regulatory filings and ZIP code level rates, we Read more…
University of Virginia Investing Conference (UVIC) 2023
Dardenhttps://www.darden.virginia.edu/mayo-center/events/uvic
Pari Sastry (Columbia)
McIntireKornelia Fabisik (University of Bern)
Darden, FOB 294Will Diamond (University of Pennsylvania, The Wharton School)
Darden, FOB 194Dmitriy Muravyev – Eli Broad Graduate School of Management (MSU)
Darden, FOB 194An Anatomy of Retail Option Trading Abstract The recent surge in retail option trading has sparked concerns about gambling and significant losses. We study a novel account-level dataset of about $20 billion in retail trades over 2020 to 2022 to show that these concerns may be exaggerated. Option trades account Read more…
Mayo/ICI Virtual Symposium “Inflation: The Macroeconomy and Implications for Asset Management”
Zoom12:10 p.m. - 12:40 p.m. Paper Presentation “Memory & Beliefs: Evidence from the Field” Michael Weber, Associate Professor of Finance, University of Chicago Booth School of Business 12:40 p.m. - 1:20 p.m. Panel Discussion & Q&A Joe Davis, Global Chief Economist & Head of Investment Strategy Group, Vanguard Kristina Hooper, Read more…