This article examines at-the-market (ATM) equity programs as an additional source of financial flexibility. We find that firms with higher market-to-book ratios and greater institutional ownership are more likely to announce an ATM program. Firms using ATM programs are also more likely to issue shares when they have exhausted other viable financing alternatives, have timely investment opportunities and when market conditions are favorable. Finally, we document a significant negative announcement effect around the establishment of an ATM program, though the magnitude of this effect is significantly less negative than that of a comparable SEO.
There is no doubt that the COVID-19 crisis has devastated the U.S. economy. But the particulars of this devastation are difficult to gauge, because unique aspects of the of the pandemic distort the data commonly used to assess such situations. In this Kenan Insight, we take a deep dive into the data to learn what it actually tells us about the economic impact of COVID-19, and suggest possibilities for a restart and recovery of the U.S. economy.
The 2019 North Carolina Investment Forum convened a highly select group of private capital investors who back N.C.-based companies. By providing a chance to share information on investment strategies, markets and life-cycle investment policies, the forum ensured all participants left with a greater understanding of how the public and private sectors can better work together to bolster investment in the North Carolina economy. Linda McMahon, administrator of the U.S. Small Business Association, served as the keynote speaker.
A recent analysis by Greg Brown, Kenan Institute director, and Philip Howard, a visiting instructor of finance at UNC’s Kenan-Flagler Business School, shows that four of the five best-run publicly-traded companies in North Carolina are located in the Raleigh-Durham-Chapel Hill area. The data is discussed in a recent Triangle Business Journal article.
This paper conceptualises the array of social practices as a continuum of social innovation and empirically demonstrates variation not captured by legal designation. Using a survey from the US state of North Carolina, this paper examines how organisations across the continuum responded to the 2008 economic recession.
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.
Philanthropy by entrepreneurs remains an empirically underexplored topic. Combining datasets on U.S. based IPOs with individual philanthropic gifts, we empirically demonstrate that entrepreneurial harvests indeed trigger entrepreneurs’ philanthropic behavior. Furthermore, we distinguish how entrepreneurs’ approach to philanthropy differs from other individuals who experience the same wealth creating event. Entrepreneurs are able to transition more quickly to philanthropy compared to non-entrepreneurs, are more likely to invest in university science and technology, and also provide a greater number of gifts.
North Carolina Governor Roy Cooper urged private capital investors to work with government policymakers to bolster investment in the state's economy. His remarks were part of a keynote address to attendees of the first-ever North Carolina Investment Forum, held Wednesday, November 1, at the Kenan Center in Chapel Hill.
This nonpartisan event considered the effect of recent North Carolina tax reform on the economic outcomes in the state. U.S. Senator Thom Tillis, who was the North Carolina Speaker of the House during the reform process, presented a keynote address. The summit provided the opportunity to hear from both Republican and Democratic legislators, multi-state tax practitioners, leading academic researchers, as well as representatives from North Carolina businesses.
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.
We reassess whether and to what degree the hiring, development, and promotion decisions of S&P 500 companies has led to misrepresentation of and bias against their minority executives. Instead of the US population benchmark that has conventionally been used to measure misrepresentation, and from such misrepresentation attribute the presence and magnitude of racial bias and discrimination, we measure misrepresentation in US executives using the benchmark of the racial/ethnic densities (RAEDs) of their college cohort peers. Our key result is that the differences between US executive RAEDs and the RAEDs of their college peers are far smaller than those found using the US population, typically by an order of magnitude or more.
Impression management research suggests variability in the effectiveness of self-promotion: audiences grant self-promoters more status in some situations than others. We propose that self-promotion effectiveness depends on the audience’s cognitive resources.
We axiomatize subjective probabilities on finite domains without requiring richness in the outcome space or restrictions on risk preference through event exchangeability, defined in Chew and Sagi (2006), which was implicit in the prior literature (Savage, 1954; Machina and Schmeidler, 1992; Grant, 1995). We characterize the unique subjective probability representing the underlying exchangeability relation.
Backhanded compliments seem like praise but can leave a sting. This study explores the psychology of backhanded compliments. Flatterers deploy backhanded compliments to garner liking while conveying social status. Recipients view praise of this kind as strategic put-downs and penalize would-be flatterers even as the backhanded compliment undermines their motivation and perseverance.
Crowdsourcing has been used to spur innovation and increase community engagement in public health programmes. Crowdsourcing is the process of giving individual tasks to a large group, often involving open contests and enabled through multisectoral partnerships. Here we describe one crowdsourced video intervention in which a video promoting condom use is produced through an open contest. The aim of this study is to determine whether a crowdsourced intervention is as effective as a social marketing intervention in promoting condom use among high-risk men who have sex with men (MSM) and transgender male-to-female (TG) in China.
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.
Many managers today are spending more and more time working cross-functionally. For example, a recent Corporate Executive Board survey of over 20,000 employees found that 60-70% reported working in groups that involve individuals from other internal functional areas or other external stakeholders. Similarly, a Best Companies for Leadership survey, jointly sponsored by Businessweek.com and the Hay Group, found that more than 96% of managers in the top 20 performing global companies agreed with the statement, "My organization operates in a highly matrixed structure," where one of the main goals behind matrix structures is to pull together representatives from different functional groups to make decisions.
A recent article by AARP compares the tax landscape in North Carolina with surrounding states, and discusses how North Carolina tax breaks for older residents fall short of those offered by other states, such as South Carolina. The article quotes Jim Johnson, director of Education, Aging, and Economic Development for the Kenan Institute, on what older Americans consider when choosing where to spend their retirement years.
This article examines the capability antecedents of firm entry into nascent industries. Because a firm's technological investments in nascent industries typically occur before market entry, this study makes a distinction between firm capabilities at the time of market entry and at the time of initial investment.