Executive Director, Kenan Institute of Private Enterprise; Sarah Graham Kenan Distinguished Professor of Finance, UNC Kenan-Flagler Business School
In addition to his leadership as director of the institute, Greg is also the founder and research director of the Institute for Private Capital, an institute-affiliated research center.
Greg’s research focuses on financial risk and the use of financial derivative contracts as risk management tools. He also studies private investment strategies such as hedge funds and private equity. His research has been published in leading academic and practitioner finance journals, including The Journal of Finance, The Journal of Financial Economics, The Review of Financial Studies, The Journal of Derivatives, Financial Analyst Journal and RISK.
Greg received his doctorate in finance from the University of Texas at Austin and graduated cum laude from Duke University with a bachelor’s degree in physics and economics.
Estimating Undetected COVID-19 Infections
We specify and estimate a time-varying Markov model of COVID-19 cases for the US in 2020. We find that the estimated level of undetected infections spiked in March and remained elevated through May. However, since late April estimated undetected infections have generally declined though it was not until June or July that detected cases exceeded the estimated number of undetected cases.More
Should Defined Contribution Plans Include Private Equity Investments?
This paper evaluates the pros and cons of including private equity fund investments in defined contribution plans. Potential benefits include higher returns and improved diversification as well as a relatively safe method for accessing investments previously only available to institutions and the very wealthy. Despite these enticing benefits, they need to be weighed against potential challenges and costs that may arise from creating this broader access to private funds.More
Capital Flows in Risky Times: Risk-On/Risk-Off and Emerging Market Tail Risk
This paper characterizes the implications of risk-on/risk-off shocks for emerging market capital flows and returns. We document that these shocks have important implications not only for the median of emerging markets flows and returns but also for the left tail.More
Private Portfolio Attribution Analysis
We propose a method for decomposing private fund portfolio performance into effects from timing, strategy selection, geographic focus, sizing of fund allocation, and fund selection attributes.More
The Evolution of Private Equity Fund ValueThis paper provides the first large-sample analysis of buyout and venture capital fund values over their lifetimes. Specifically, we examine interim fund investment multiples (TVPIs), internal rates of return (IRRs), and direct-alphas based on the current reported net asset values (NAVs) at each quarter of a fund’s life. More
Biden and the Economy—What Can We Expect?On January 20, Joseph R. Biden, Jr. will become the 46th president of the United States. In this Kenan Insight, we look at what the Biden administration might mean for the economy and business activity in 2021, including what Biden's highest priorities are, what we can expect in both his and Congress's first 100 days and what we can learn from the divisiveness of the elections and the January 6 attack on the Capitol.
Wrangling Herd Immunity for a Return to the OfficeThe arrival of two approved COVID-19 vaccines provides a clear path to the end of the pandemic that held most of 2020 hostage. But a recent resurgence of the virus and skyrocketing rates of infection indicate that a full return to normalcy—including the pre-pandemic work environment— is still months in the future. In this Kenan Insight, we examine the relevant factors that will determine when and how we go back to the office.
Short-term Help for Long-term Prosperity: Staving Off a Second-Wave DownturnAs a second wave of COVID-19 cases makes its way around the world, the danger to the U.S. economy is clear. In this Kenan Insight, we examine the potentially damaging effects of the ongoing pandemic on an already battered workforce, and make the case for why Congress must act quickly to ensure economic stability.
Risky Business: Capital Allocation in the Time of COVID-19With COVID-19 cases on the rise, much uncertainty remains about how much more damage the pandemic will inflict on the U.S. economy, particularly on certain sectors and small businesses. What is clear, however, is that many businesses will continue to require infusions of capital to stay afloat, and that private sector capital providers will need to play a role in long-term recovery efforts. In this Kenan Insight, we explore how those providers will need to shift their approach to risk assessment in the post-COVID world, and what opportunities might be created for investors who can solve two outstanding issues.
A Shot in the Arm: How COVID-19 Could Transform HealthcareThe global COVID-19 pandemic has been a recurring theme throughout the 2020 U.S. elections, and its health and economic consequences will be felt far beyond November 3. In this Kenan Insight, we look at both the challenges and potential opportunities the pandemic has created for accelerating innovations in healthcare delivery and pharmaceutical development.
Greg Brown Talks COVID-19 Business Strategies with the Los Angeles TimesKenan Institute Executive Director Greg Brown is quoted in this recent Los Angeles Times article on what some entertainment venues are doing to make up for lost revenue due to COVID-19 restrictions.
Kenan Institute Executive Director Featured in CNBC Article on COVID EconomyGreg Brown, executive director of the Kenan Institute, says policymakers, companies and individuals need to focus on longer-term solutions in order to move forward through the pandemic.
Kenan Institute Executive Director Weighs in on Worker ConfidenceGreg Brown, executive director of the Kenan Institute, spoke with ABC 11 (WTVD) News about LinkedIn’s workforce confidence survey. The survey shows that North Carolina workers’ confidence in workplace safety dropped 10 points from May to June — which Brown said is not surprising.
Kenan Institute Executive Director Greg Brown Featured on WRAL News SegmentGreg Brown, executive director of the Kenan Institute of Private Enterprise, discussed on WRAL-TV’s July 16 primetime newscast the shortcomings of the federal COVID-19 economic relief package and outlined provisions to make the next stimulus package more effective.
How Are We Going to Afford COVID-19?The COVID-19 financial downturn will have short- and long-term effects on personal and consumer finance, as explored by a panel of Kenan Institute-convened experts during a press briefing held yesterday. The full recording of this briefing—along with a deeper-dive analysis on the specific implications of the downturn on personal retirement income by Kenan Institute Executive Director Greg Brown—is available in this week’s Kenan Insight.