Although the non-financial corporate sector accounts for the lion’s share of the post-Global Financial Crisis surge in emerging-market leverage, there is little systematic research on factors that impact corporate distress risk in emerging markets. Existing bankruptcy risk models developed using US data have low predictive power when applied to emerging market firms. We suggest that these models do not account for emerging market vulnerabilities to global shocks such as advanced economy monetary policy changes, US dollar movements, or shifts in global liquidity and risk-aversion.
Research by the institute-affiliated UNC Tax Center shows just six publicly traded U.S. companies, including Amazon and Warren Buffett’s Berkshire Hathaway Inc., would have paid half the estimated $32 billion in revenue generated by a 15% corporate minimum tax signed into law last month. “Who actually pays a lot is just not very many firms at all,” said Jeff Hoopes, Kenan-Flagler Business School professor and the center’s research director, who is one of the study’s authors. “My guess is it will not be the same firms every single year.”
In this paper, we build on research on the microfoundations of strategy and learning processes to study the individual underpinnings of organizational learning. We argue that once an individual has accumulated a certain amount of experience with a task, the benefit of accumulating additional experience is inferior to the benefit of deliberately articulating and codifying the experience accumulated in the past.
Why do fashion brands maintain classics for years or even decades amidst the ever-changing fashion trends? Why do some fashion brands position classic products as premium items, while others treat classics as entry-level offerings? In this research, our aim is to explain the emergence of fashion classics and various classics strategies by considering the possibility of cross-generation signaling in an overlapping generations model.
Adverse events, such as product recalls, transcend business-to-business (B2B) secondary markets (i.e., used product markets). Yet, little, if any, is known about the impact of such adverse events on purchase responses of B2B buyers (i.e., channel intermediaries). The current study addresses this research gap in the empirical context of product recalls in the U.S. automobile secondary market.
Workplace relationships are a cornerstone of management research. At the same time, there remain pressing calls for work relationships to be front and center in management literature, demanding an organizationally specific “relationship science.” This article addresses these calls by unifying multiple scholarly fields of interest to develop a comprehensive understanding of interpersonal workplace relationships.
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.
Defaults exert a strong and predictable influence over behavior (Goldstein et al., 2008; Johnson, Belman, & Lohse, 2002). In European countries with opt-in organ donor pools, it is rare for greater than 20% of the population to opt in, while in opt-out countries it is not unusual to find that over 99% of the population are organ donors (Johnson and Goldstein, 2003).
The Kenan Institute of Private Enterprise launched its State of the Economy Press Briefing, a quick-response roundup of information and commentary following the U.S. Department of Labor’s monthly employment report, with a virtual presentation May 6. Areas for analysis included how the jobs numbers may affect GDP growth, inflation, and the Fed’s plans, with an eye toward what it all means for business.
In the 9 a.m. ET briefing, Chief Economist Gerald Cohen offered additional insights into the effects of COVID-19 on employment and the labor market’s continuing recovery. He also answered questions on the likelihood of a recession and the EU’s response to economic conditions.
UNC-Chapel Hill professor and Kenan Institute expert Iheoma U. Iruka took part in a roundtable discussion on the "childcare cliff" on PBS NC’s “State Lines” July 5. The episode is available online.
Kenan Institute Distinguished Fellow Josh Lerner of Harvard Business School says achieving resilience is difficult, in part because businesses are hard to change.
Have the chances of a recession arriving in the next year decreased? Institute Executive Director Greg Brown laid out the conflicting economic indicators around this question and offered his analysis of the Aug. 4 employment report, which showed 187,000 jobs added in July. He also answered questions on the yield curve’s performance and the potential effects of Fitch’s downgrade of the U.S. credit rating.
From exploring the concept of stakeholder capitalism to welcoming world-class speakers, Kenan Institute Executive Director Greg Brown shares some exciting things to look forward to in 2022.
Please join the Center for the Business of Health and the Kenan Institute for an exclusive lunchtime conversation with Dr. Craig Albanese and Dr. Wesley Burks, joined by Kody Kinsley. The Dean's Speaker Series talk is on Friday, Nov. 3 at 12:30 p.m.
The Kenan Institute of Private Enterprise’s new series of economic briefings returned June 3 following the release of the U.S. Department of Labor’s monthly employment report. In the 9 a.m. ET briefing, Executive Director Greg Brown provided insight on another relatively strong report and talked about how jobs numbers could help influence the Fed to either push past its expected target on interest rates or take a pause in its increases.
Learn how to become part of the Kenan Institute’s mission to convene diverse groups of cross-sector leaders for thought-provoking discussions on the most pressing challenges and exciting opportunities for business today.
During the institute’s monthly press briefing Nov. 3, Research Director Camelia Kuhnen analyzed the subdued job growth in October’s employment report and why economic growth isn't being distributed evenly among all households.
During the institute's monthly press briefing Feb. 2, Senior Faculty Fellow Christian Lundblad discussed a "Wow!" employment report for January in which job growth beat all expectations.
Twenty-five sophomore students from UNC Kenan-Flagler Business School have been selected as members of the fifth class of undergraduate Kenan Scholars, the largest class ever. This five-semester program, sponsored by the Frank Hawkins Kenan Institute of Private Enterprise, brings together UNC business majors and minors that exhibit leadership and a passion for serving on campus and in the community.
In kicking off the new year, we at the Kenan Institute want to highlight five topics we anticipate will be top of mind for business leaders and policymakers during the 12 months ahead.