We use textual analysis of mandatory accounting filings to develop firm-level, time-varying measures of exposure to individual government agencies. The measures vary predictably across industries and with broad regulatory interventions that expanded the scope and power of different government agencies, but also include substantial firm-specific, time-varying components.
Longxiu Tian, UNC Kenan-Flagler assistant professor of marketing, shares his expertise in resilient business strategies and his perspective on firms' attempts to build trust and profitability with innovative consumer data management strategies.
In the U.S. automobile industry, manufacturers distribute products through dealers and rental agencies. To mediate direct competition between the two intermediaries, manufacturers adopted buyback programs to repurchase used rental cars from rental agencies and redistribute them through dealers.
...or two issues facing society in the next 2-5 years? What role can the business community play to address them? (The business community is inclusive of businesses of all types...
The North Carolina Investment Forum will be held November 1 at the Kenan Center in Chapel Hill. Featuring North Carolina Governor Roy Cooper, State Treasurer Dale Folwell and Secretary of Commerce Tony Copeland, the forum will convene an invitation-only, 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 will ensure all participants leave with a greater understanding of how the public and private sectors can better work together to bolster investment in the North Carolina economy.
Analogies can help people make sense of technological change and other innovations. Using them effectively relies on recognizing both their benefits and pitfalls.
In their paper titled Squaring Venture Capital Valuations with Reality, researchers Will Gornall and Ilya A. Strebulaev propose that, due to flawed valuation models, the average unicorn fair value is overestimated by as much as 51 percent.
This paper provides evidence on the determinants and economic outcomes of updates of accounting systems (AS) over a 24-year time-span in a large sample of U.S. hospitals.
Current innovation literature provides a very limited understanding of the potential impacts of innovative culture on employees. Building on resource-based view theory, the authors investigate theoretically and empirically how a perceived innovative culture can be a building block for a firm's competitive resource and advantage by creating superior employee-level outcomes and how a market information-sharing process may moderate these effects.
We consider a manufacturer serving a retailer that sells its product to customers over two periods. Each firm determines its unit price. The retailer orders the product from the manufacturer prior to the beginning of the selling periods.
This paper studies an upstream supplier who quotes prices for a key component to multiple sellers that compete for an end-buyer's indivisible contract. At most one of the supplier's quotes may result in downstream contracting and hence produce revenue for her.
When an innovator sources for an innovative product from a supplier who is also a competitor in the end market, the potential innovation spillover may be a serious concern. Will an innovation ever source from a competitor-supplier in the presence of innovation spillover? In this paper we attempt to answer this question with an emphasis on the ex-ante uncertain values of innovations, and distinguish between technical innovations which can only spill over through sourcing and non-technical innovations which can spill over through sourcing as well as in the market.
By considering banks as portfolios of assets in different locations, we study how real estate shocks get amplified across bank’s business areas while controlling for local demand shocks and bank location–specific factors.
This paper examines the impact of real estate prices on firm capital structure decisions. For a typical US listed company, a one standard deviation increase in predicted value of firm pledgeable collateral translates into a 3 percentage points increase in firm market leverage ratio.
This study analyzes optimal replenishment policies that minimize expected discounted cost of multi-product stochastic inventory systems. The distinguishing feature of the multi-product inventory system that we analyze is the existence of correlated demand and joint-replenishment costs across multiple products.
Operational systems increasingly rely upon specialized experts who can provide high-quality service. However, these experts, by definition, only address one part of an overall problem and so individuals are needed to coordinate the overall service provision. In many services, this coordination responsibility may be shared across multiple parties serving in the role of a gatekeeper.
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.
Whether fair value accounting should be used in financial reporting has been the subject of debate for many years. A key dimension to this debate is whether fair value earnings can provide information to financial statement users that is helpful in making their economic decisions.
“A storm is threat’ning….Gimme, gimme shelter.” The words of Mick Jagger were probably on the minds of many at the 2018 UNC Real Estate Research Symposium on October 11-12. As the remnants of Hurricane Michael came crashing through the Raleigh-Durham area, participants battled flight delays, cancellations and power outages to get to the Rizzo Center in Chapel Hill.
Experts from the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Bank of Richmond, the U.S. Department of Agriculture (USDA) and the Small Business Administration (SBA) met with bankers and investors to shed light on the unique challenges and advantages of investing in two federal government programs designed to infuse capital into small and rural businesses at the Community Development Investment Workshop on Wednesday, Oct. 17, at the Kenan Center in Chapel Hill.