Research
Survey of Impact of COVID-19 on Small Businesses
The Small Business Investor Alliance surveyed the small business portfolios of Small Business Investment Companies to measure the impact the pandemic is having on their operations and employment. Small businesses are facing extreme cash flow concerns. Small businesses are already laying off a substantial number of employees and without a significant change in trajectory, layoffs are anticipated to increase tremendously. Data analysis provided by the Kenan Institute of Private Enterprise.
MoreDistinguishing Voice and Silence at Work: Unique Relationships with Perceived Impact, Psychological Safety, and Burnout
Scholars continue to debate whether voice and silence are opposites or distinct constructs. This ambiguity has prevented meaningful theoretical advancements about employees’ voice and silence at work. We draw on the behavioral activation and behavioral inhibition systems perspective to provide a conceptual framework for the independence of voice and silence and explicate how two key antecedents—perceived impact and psychological safety—more strongly relate to voice and silence, respectively. We further differentiate voice and silence by identifying their unique effects on employee burnout.
MoreHave Private Equity Returns Really Declined?
In a recent paper, “Demystifying Illiquid Assets – Expected Returns for Private Equity,” Ilmanen, Chandra and McQuinn (of AQR) give a perspective on the past, present, and expected future performance of private equity. They conclude that “private equity does not seem to offer as attractive a net-of-fee return edge over public market counterparts as it did 15-20 years ago from either a historical or forward-looking perspective.” This analysis provides our perspective based on more recent and, we think, more reliable data and performance measures – the historical perspective is more positive than Ilmanen et al. portray. More
Estimating Office and Multi-family Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficient Investments
This research paper develops a substantial, large-scale database of building energy use, energy audit reports, land use, and financial characteristics in New York City to empirically model the hurdle rate for energy retrofit investments, using actual audit data per permitted renovation work.
MoreThe Evolution of Private Equity Fund Value
This 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
The Effect of U.S. Tax Reform on the Tax Burdens of U.S. Domestic and Multinational Corporations
We quantify the net effect of recent U.S. tax reform on the tax rates of public U.S. corporations and find they decreased by 7.5 to 11.4 percentage points on average following tax reform. Further, we separately examine the effect of tax reform on purely domestic firms and multinational firms because some key provisions only affect multinational firms.
MorePeak Performance: A Communications Challenge for Medical Professionals
The Peak Performance simulation is an experiential learning process designed to help learners and medical professionals develop communication and interpersonal skills that are critical in today’s health care settings. The skills practiced in this simulation have a direct impact on our interactions with patients, how we work with colleagues, and our capacity to lead others. More
The Continued Conundrum of Discharge to a Skilled Nursing Facility After a Medicare Observation Stay
Medicare observation status has remained controversial since its introduction as an administrative payment category dating back to at least 1983. Much of the debate revolves around beneficiary billing and the 3-day rule, which requires that beneficiaries spend 3 consecutive days as an inpatient in order to receive coverage for postacute skilled nursing facility (SNF) care. More
Asset Insulators
We construct a new data set tracking the daily value of life insurers’ assets at the security level. Outside of the 2008–2009 crisis, a $1 drop in the market value of assets reduces an insurer’s market equity by $0.10. During the financial crisis, this pass-through rises to $1.
MoreMaking Sure Members Have Access to Care: A Conversation with Chris Peronto of Blue Cross Blue Shield
Chris Peronto is the Vice President and Head of Enterprise Strategy & Innovation at Blue Cross Blue Shield of North Carolina. The MBA Healthcare Club sat down with the UNC ’91 Alum to discuss all things COVID-19. More
Renewed Focus for Healthcare and I-Banking: A Conversation with Jim Pirouz of SunTrust Robinson Humphrey
The MBA Healthcare Club sat down with the KFBS ’98 Alum to talk about the impact of COVID-19 and the current uncertain economic climate, as well as how the investment banking industry continues to respond. More
Real-time Forecasts of State and Local Government Budgets with an Application to COVID-19
Using a sample of the 48 contiguous United States, we consider the problem of forecasting state and local governments’ revenues and expenditures in real time using models that feature mixed-frequency data. We find that single-equation mixeddata sampling (MIDAS) regressions that predict low-frequency fiscal outcomes using high-frequency economic data historically outperform both traditional fiscal forecasting models and theoretically motivated multi-equation models.
MoreNowcasting Net Asset Values: The Case of Private Equity
We apply advances in analysis of mix frequency and sparse data to estimate “unsmoothed” private equity (PE) Net Asset Values (NAVs) at the weekly frequency for individual funds. Using simulations and a large sample of buyout and venture funds, we show that our method yields superior estimates of fund asset values than a simple approach based on comparable public asset and as-reported NAVs.
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