Research


Estimating Office and Multi-family Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficient Investments

July 08, 2020
Working Paper

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.

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The Evolution of Private Equity Fund Value

June 07, 2020
Institute for Private Capital

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

June 05, 2020
Working Paper

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.

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Peak Performance: A Communications Challenge for Medical Professionals

June 03, 2020
Center for the Business of Health

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

June 02, 2020
Center for the Business of Health

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

May 23, 2020
Article

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.

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Making Sure Members Have Access to Care: A Conversation with Chris Peronto of Blue Cross Blue Shield

April 29, 2020
Center for the Business of Health

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

April 29, 2020
Center for the Business of Health

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

April 19, 2020

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.

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Nowcasting Net Asset Values: The Case of Private Equity

April 07, 2020

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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