6/12/2020 — Using #BlackLivesMatter as a case study, this research documents the tensions and harms associated with trademarking online social movement hashtags.

6/11/2020 — We undertake the first empirical analysis of profit shifting by U.S. firms during foreign tax holidays.

• KEYWORD(S):
• international tax

6/7/2020 — 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.

• KEYWORD(S):
• private equity

6/5/2020 — 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.

• KEYWORD(S):
• federal tax
• international tax

6/3/2020 — 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.

• KEYWORD(S):
• healthcare

6/2/2020 — 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.

• KEYWORD(S):
• healthcare

6/2/2020 — This article examines the development of university technology transfer operations at the Research Triangle region’s three universities.

• KEYWORD(S):
• economic development policy
• entrepreneurial ecosystems

6/1/2020 — The staffing of parallel servers in a queue has interested operations researchers for decades, resulting in countless mathematical models studying queuing behavior. But to achieve tractability, these models typically assume the service rate and productivity of individual servers is independent of other servers and the status of the system. We question this assumption and consider whether inter-server dependence impacts queue performance, specifically through server task selection.

• KEYWORD(S):
• healthcare
• hospital
• patient

5/23/2020 — 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.

• KEYWORD(S):
• asset pricing

5/21/2020 — We conduct an experiment designed to understand how social preferences affect investment decisions by observing subjects’ stock allocations and probability assessments. Key to the design is that subjects’ investment outcomes are treated by neutral, negative or positive payoff externalities on social causes. Our findings of asymmetric responses in probability perceptions and allocations suggest negative, but not positive, responsible investment (RI) externalities have significant effects.

• KEYWORD(S):
• investments

5/19/2020 — We provide an innovative methodological contribution to the measurement of returns on infrequently traded assets using a novel approach to repeat-sales regression estimation. The model for price indices we propose allows for correlation with other markets, typically with higher liquidity and high frequency trading. Using the new econometric approach, we propose a monthly art market index, as well as sub-indices for impressionist, modern, post-war, and contemporary paintings based on repeated sales at a monthly frequency. The correlations enable us to update the art index via observed transactions in other markets that have a link with the art market.

• KEYWORD(S):
• asset pricing
• real assets

5/19/2020 — We study the effect of senior manager oversight on inventors’ productivity. We use changes in travel times between inventors and their employer’s headquarters caused by flight time changes as sources of plausibly exogenous variation in manager oversight of inventors.

• KEYWORD(S):
• innovation
• management

5/8/2020 — This paper uses two large panel data sets in China to study the effects of a health shock on household income mobility from 1991 to 2016. We compare outcomes of households with a member who receives a health shock with comparable households that do not receive any health shocks.

• KEYWORD(S):
• global business
• healthcare

5/1/2020 — Angel investor tax credits are commonly used around the world to spur entrepreneurship. Exploiting the staggered implementation of these tax credits in 31 U.S. states, we find that while they increase angel investment, marginal investments flow to relatively low-growth firms. 

• KEYWORD(S):
• finance
• investments
• strategy and entrepreneurship

5/1/2020 — We conduct a field-experiment at an automobile spare-parts retailer to examine the profit implications of providing discretionary power to managers.

• KEYWORD(S):
• decision making
• management

4/29/2020 — 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.

• KEYWORD(S):
• healthcare

4/29/2020 — 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.

• KEYWORD(S):
• healthcare

4/21/2020 — 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 mixed data 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.

• KEYWORD(S):
• covid-19

4/19/2020 — 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.

• KEYWORD(S):
• covid-19

4/7/2020 — 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.

• KEYWORD(S):
• private capital
• private equity
• venture capital

4/7/2020 — My inductive analysis using case studies helps identify and understand the processes whereby B-Corp certification can bring about a change in perception and practices at different levels.

• KEYWORD(S):
• organizational behavior

4/2/2020 — In most sectors of the economy, competition is regarded as the way to improve quality and efficiency, lower costs, and increase innovations. Whether competition effectively achieves these improvements in health care, particularly with respect to hospital services, which remains the largest sector of spending for health care, is open to debate. Also debated, at least among some physicians, is whether functionally banning new physician-owned hospitals by prohibiting their participation in Medicare under the Affordable Care Act (ACA) was too blunt an instrument to correct a problem that could have been fixed with a more nuanced regulatory solution, needlessly limiting a potential source of competition for hospital services.

• KEYWORD(S):
• healthcare

4/1/2020 — The market for structured retail products (SRPs) has grown rapidly in sales volume and complexity over the last two decades. I examine extrapolative expectation to explain this phenomenon. Products with higher past returns have experienced higher sales growth and this effect is stronger for more complex products, leading to increasing popularity of

• KEYWORD(S):
• marketing

3/26/2020 — Focusing on the incubation stage of a potential new industry, this article addresses a gap at the intersection of the external sourcing and market entry literatures by examining pre‐entry external sourcing of new resources.

• KEYWORD(S):
• management

3/24/2020 — The long-term upward trend in Hong Kong's housing price and its ever-increasing price-rent ratio has caused extensive concern from investors and researchers. Dynamic Gordon Model ties an asset's worth to the expected value of the future payoff stream accruing to the asset, and it has been widely used in the literature on finance and real estate asset. As far as we know, this model has not been applied to the research on the Hong Kong real estate market. In this paper, we used this model to analyze the quarterly date of Hong Kong housing prices and other economic indicators from 1999 to 2019.

• KEYWORD(S):
• commercial real estate

3/21/2020 — 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.

• KEYWORD(S):
• investments
• strategy and entrepreneurship

3/18/2020 — We have little knowledge about the prevalence of irreproducibility in the accounting literature. To narrow this gap, we conducted a survey among the participants of the 2019 JAR Conference on their perceptions of the frequency, causes, and consequences of irreproducible research published in accounting journals.

• KEYWORD(S):
• accounting

3/16/2020 — We examine empirically and theoretically the relation between firms’ risk and distance to consumers in a production network. We document two novel facts: firms farther away from consumers have higher risk premiums and higher exposure to aggregate productivity. We quantitatively explain these findings using a general equilibrium model featuring a multilayer production process.

• KEYWORD(S):
• finance
• investments
• risk management

3/16/2020 — Using a comprehensive and proprietary dataset on international private equity activity, we study the determinants of buyout investments across 61 countries and 19 industries over the period of 1990-2017. We find evidence that macroeconomic conditions, development of stock and credit markets, and the regulatory environment in a country are important drivers of international buyout capital flows.

• KEYWORD(S):
• private equity
• venture capital

3/11/2020 — We evaluate the impacts of tax policy on asset returns using the U.S. municipal bond market. In theory, tax-induced ownership segmentation limits risk sharing, creating downward-sloping regions of the aggregate demand curve for the asset. In the data, cross-state variation in tax privilege policies predicts differences in in-state ownership of local municipal bonds; the policies create incentives for concentrated local ownership.

• KEYWORD(S):
• finance
• tax

3/11/2020 — Tax audits are a necessary component of the tax system but have potentially adverse real effects on firms selected for audit. This paper examines the real effects on small firms of being subjected to a tax audit, using administrative data from both random and nonrandom tax audits. We find that audited firms are less likely to continue as going concerns following the audit. However, we find that the effect is almost entirely isolated to firms that underreported their tax liability.

• KEYWORD(S):
• tax

3/6/2020 — Social media have emerged as important channels to disseminate quality information to consumers in a variety of service settings. Their influence has recently spread to healthcare services, for which government report cards have long been established to disclose rigorous and credible quality information to the public. Given the presence of government report cards, do social media even matter in affecting consumer choice?

• KEYWORD(S):
• healthcare

3/5/2020 — Combining the perspectives of practicing physicians, organized medicine, and competition policy, the writers review the challenges and benefits of price transparency, including the recent executive order and associated rulemaking directing providers to disclose negotiated and out-of-pocket costs for “shoppable” healthcare services.

• KEYWORD(S):
• healthcare

2/29/2020 — In this paper, we apply the ARMA-GARCH model to Hong Kong real estate market. We analyzed the monthly data of housing, office retail and factories from February 1993 to February 2019. The result of ARCH LM test indicates that volatility clustering is shown in there four kinds of real estate. The price volatility of housing is influenced by foreign exchange rate, especially the USD exchange rate. The commercial real estate market shows different, they are all influenced by unemployment. All these real estate shows limited inflation hedging ability in a short period. The result of the EGARCH model shows there were no asymmetric effects in the real estate market.

• KEYWORD(S):
• commercial real estate
• real assets

2/24/2020 — Accelerators are entrepreneurial programs that attempt to help ventures learn, often utilizing extensive consultation with mentors, program directors, customers, guest speakers, alumni and peers. While accelerators have rapidly emerged as prominent players in the entrepreneurial ecosystem, entrepreneurs, policy makers, and academics continue to raise questions about their efficacy.

• KEYWORD(S):
• organizational behavior
• strategy and entrepreneurship

2/7/2020 — 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. 

• KEYWORD(S):
• management
• risk management

2/4/2020 — Despite having the deepest and most diverse capital markets in the world, the United States still struggles to provide sufficient capital to many small businesses outside of major commercial centers as well as to women-owned and minority-owned businesses regardless of size or location. This paper reviews the academic literature and provides an analysis of some recent data to gain understanding of the causes of these gaps as well as the solutions for filling the gaps. Results indicate that the Small Business Administration’s SBIC program is an effective mechanism for providing capital to underserved geographies as well as to businesses owned by women and underrepresented minorities.

• KEYWORD(S):
• private equity

2/1/2020 — To encourage year-long engagement and invite more people into the conversation, the Kenan Institute of Private Enterprise and the Entrepreneurship Center at UNC have produced the first-ever Trends in Entrepreneurship Report. Combining data with expert analysis, the report gives timely insights into the topics that significantly affect entrepreneurs, funders, ecosystem partners, policymakers and others in the innovation economy.

• KEYWORD(S):
• strategy and entrepreneurship

1/27/2020 — We analyze how Dodd-Frank-mandated risk retention affects the information investors extract from issuers’ retention choices in the CMBS market. We show that the required retention level is both binding and stringent.

• KEYWORD(S):
• finance
• risk management

1/26/2020 — I examine the liquidity effect of the adoption of ASC 606: Revenue from contracts with customers. Using a staggered difference-in-differences design, I find that the adoption of ASC 606 increases liquidity. Next, I examine the channels through which the adoption of the standard affects liquidity.

1/26/2020 — In this paper, we build up a portfolio in the Chinese residential real estate market. We separate 35 big cities in China into 3 groups with different criteria. Then we build portfolios for these groups, by comparing the efficient frontier and Sharpe ratio with the portfolio of full samples. We find out the most suitable criteria to be the Real Housing Price Increase Rate.

• KEYWORD(S):
• commercial real estate

1/22/2020 — Private equity performance, both for buyouts and venture capital, has been highly cyclical: periods of high fundraising have been followed by periods of low performance. Despite this seemingly predictable variation, we find modest gains, at best, to pursuing realistic, investable strategies that time capital commitments to private equity. This occurs, in part, because investors can only time their commitments to funds; they cannot time when commitments are called or when investments are exited. There is a high degree of time-series correlation in net cash flows even across commitment strategies that allocate capital in a very different manner over time.

• KEYWORD(S):
• private equity
• venture capital

1/17/2020 — Hasbrouck (2018) takes advantage of the fact that U.S. equity market data are timestamped to nanosecond precision, and explores models of price dynamics at resolutions sufficient to capture the reactions of the fastest agents. The paper therefore addresses the econometric analysis of multivariate time series models at sub-millisecond frequencies and relies on long distributed lag models to alleviate the computational complexity while still taking advantage of the inherent sparsity of price transitions.

1/7/2020 — This paper provides a first look at newly available data on the holdings of private equity (PE) funds. Because research has been hampered by the lack of comprehensive, high-quality data on portfolio companies, this new source offers the potential for a wide range of research.

• KEYWORD(S):
• private equity
• venture capital

1/5/2020 — As live streaming of events (e.g., video games, political commentary, and makeup tutorials, among others) gains traction, pay-what-you-want (PWYW) pricing strategies are emerging as critical monetization tools. In this research, we assess the viability and efficacy of PWYW by examining the relationship between popularity (i.e., audience size) of a live streaming event and the revenue it generates under a PWYW scheme.

• KEYWORD(S):
• technology

1/1/2020 — In financial markets, forward contracts reflect market perception of future price dynamics. Nontransparent markets, like commercial real estate investments, lack such tools. We use a panel of NYC office leases between 2005 and 2016 to estimate a dynamic term structure of forward lease rates (rental revenues), which reflects changing expectations by tenants and landlords about future rental contract conditions.

• KEYWORD(S):
• real estate

12/22/2019 — This study shows that the municipal yield curve is informative about local economic outcomes.

12/15/2019 — This paper provides the first study of compensation and pay-for-performance for top executives at non-profit endowments. Using a detailed breakdown of compensation from IRS filings over the 2009-2017 period, we find that pay packages of Chief Investment Officers (CIOs) depend more heavily on bonuses than do those for other non-profit executives.

• KEYWORD(S):
• management
• workforce development

12/12/2019 — Time series regression analysis in econometrics typically involves a framework relying on a set of mixing conditions to establish consistency and asymptotic normality of parameter estimates and HAC-type estimators of the residual long-run variances to conduct proper inference. This article introduces structured machine learning regressions for high-dimensional time series data using the aforementioned commonly used setting.

• KEYWORD(S):
• machine learning

12/11/2019 — We find that Credit Rating Agencies (CRAs) see through transitory shocks to credit risk that stem from transitory shocks to equity prices, while market-based measures of credit risk do not. For a given stock return, CRAs are significantly less likely to downgrade firms with transitory shocks than those with permanent shocks. However, credit default swap spreads and model-implied default probabilities do not distinguish between such shocks. 

• KEYWORD(S):
• equity markets
• finance
• risk management