“I realized that a lot of us come from very different backgrounds, but we all share a desire to make the world a better place.”
ESG measurement and impact accounting can have vast economic and social influence; however, implementation is extremely challenging for both businesses and policymakers. In this week’s insight, our experts propose ways of refining ESG measures to produce structures that meet various stakeholder needs, drive reporting free from political influence and agendas, and illustrate the promise and risks of impact accounting.
Participants include Jim Goldman, Assistant Professor of Financial Economics, University of Toronto; Eva Steiner, Associate Professor of Real Estate, Penn State University; Jay R. Ritter, Joseph B. Cordell Eminent Scholar, Warrington College of Business, University of Florida; Allyson Tucker, Chief Investment Officer, Washington State Investment Board; Michael Elio, Partner, StepStone; Christian Lundblad, Richard Levin Distinguished Professor of Finance, Director of Research, Kenan Institute of Private Enterprise; Matt Harvey, Managing Director, Head of Direct Lending, PGIM Private Capital; and David Sambur, Apollo Global Management, Inc.
We provide a comprehensive overview of accounting-related regulatory changes (financial accounting, auditing, tax, other disclosures) in the 27 EU countries and the UK since the EU’s inception in 1993 (Maastricht Treaty) based on an extensive literature review, a survey, as well as input by country and topic academic experts.
Commercial real estate (CRE) is real estate held to generate income or used as an input into production by firms. It is notably different from other asset classes of a similar magnitude in that CRE is traded in private, illiquid markets. CRE is a hugely important asset class that has received less attention from the academic literature than asset classes that rival CRE in terms of sheer value. Yet pension funds, life insurance companies, sovereign wealth funds and other institutional investors seek the diversification benefits provided by CRE’s unusually steady income flow. The paper, “Commercial Real Estate as an Asset Class,” by Andra Ghent of UNC Kenan-Flagler Business School, Walter Torous of the MIT Center for Real Estate and Rossen Valkanov of UCSD’s Rady School of Management provides a much-needed overview of the CRE literature thus far, focusing on its attributes as an asset class.
Since graduating from UNC Kenan-Flagler Business School in 2018, Elizabeth Berry has been working as an associate project manager at The Link Group in their Durham, North Carolina office. Read more about her post-grad experience.
Reviewing 25 years of research, we observed that the science of feedback at work is not yet a story of coherent and cumulative progress. Feedback is often generically defined, and assumptions substantially diverge. Consequently, insights often appear disconnected from the way feedback is practiced and experienced in organizations. We organize the literature by making three core assumptions explicit and identifying six distinct substreams of feedback research.
...becoming a high-skill, high-reward career path for American workers. Find Out How Modern Manufacturing Is Changing The Game RESEARCH TRIANGLE AND PIEDMONT TRIAD: TWO PATHS, ONE FUTURE Why has the Research Triangle...
UNC Kenan-Flagler’s John Gallemore and co-authors found that, among other things, the complexity of the U.S. tax system has a disproportionately negative effect on small, domestic-owned and private firms.
Pete Stavros of KKR & Co. founded Ownership Works, a new initiative backed by 19 private equity firms, with the objective of reducing income inequality by increasing employee share ownership. The group has prominent backers and a lofty goal of creating $20 billion in wealth in 10 years. As a researcher who has worked on employee share ownership and the benefits it can create, I was encouraged by the news. But while I broadly support employee ownership, such initiatives also can raise red flags because of the risk they impose on employees. As such, it is worthwhile to think carefully through what we know and don’t know about such programs.
Purpose ‐ The purpose of this paper is to propose a conceptual framework ‐ the 4V model ‐ for better understanding how global brands create firm value. Organized around the global brand value chain, the 4V model includes four sets of value-creating activities: first, valued brands; second, value sources; third, value delivery; and fourth, valued outcomes. Design/methodology/approach ‐ The approach is conceptual with illustrative examples.
Healthcare services provided to patients with similar health conditions are known to vary. Standardization of healthcare delivery is a relatively new, yet hotly debated approach to address clinical variations. Previous research on process standardization in health services has focused on measuring adherence to established protocols that are available only for a limited set of disease states. We create an alternate construct that quantifies process standardization measured in terms of consistency of services rendered, and apply it to the healthcare setting using detailed nonpublic inpatient discharge data from about 35 million inpatient stays at 296 acute care hospitals in California between 2008-2016.
Formal theory and empirical research are complementary in building and advancing the body of knowledge in accounting in order to understand real-world phenomena. We offer thoughts on opportunities for empiricists and theorists to collaborate, build on each other’s work, and iterate over models and data to make progress.
Prior research suggests that female negotiators often obtain worse outcomes than male negotiators. The current research examines whether this pattern extends to the large subset of men and women who identify as gays and lesbians. In particular, we interweave scholarship on gender stereotypes with work on intersectionality and MOSAIC theory to develop a theoretical model that anticipates how male and female negotiators will be treated at the bargaining table based on whether they are perceived to be heterosexual or homosexual.
Postdoctoral scholars may be economic complements or substitutes for faculty, doctoral research assistants and capital in the production of university life science research. Using data on 120 US universities, we present two cross-sectional (1993 and 2006) descriptive econometric models. Results suggest that postdocs serve primarily as complements to other labour inputs and capital.
William R. Kenan Jr. Distinguished Professor of Strategy and Entrepreneurship, Director of the Urban Investment Strategies Center
Join us to hear Dr. Daniel J. Egger present his findings from his work in the Quantum Technologies group at IBM Research in Zurich. His research focusses on the control of quantum computers and on the practical applications of quantum algorithms in finance.