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.
In its original conception the Kerr Tar Hub was broadly envisioned as a tech-intensive, locally driven regional park potentially providing a wide variety of infrastructure and service offerings intended to attract and support the location of emergent firms from within selected RTRP targeted industries.
An influential group of private sector leaders, university administrators, and government officials gathered at the Raleigh Convention Center on March 1st to craft actionable strategies to help the Research Triangle region attract and retain “C-Suite” talent to emerging high-growth companies in North Carolina.
This case study describes the entrepreneurial ecosystem in Durham, North Carolina – the people and organizations primarily located downtown who embrace this mission.
On March 1-2, approximately 1,000 people convened at the William and Ida Friday Center for Continuing Education in Chapel Hill for the fourth annual UNC Clean Tech Summit. Themes of the 2017 summit included clean energy, food, innovation, and water and energy.
“Entrepreneurship as a field is remarkably multidisciplinary,” said Paige Ouimet, an associate professor of finance at the University of North Carolina-Chapel Hill’s Kenan-Flagler Business School. “I think we all know this. Just look around the room.”
This April, the UNC Tax Center once again welcomed guests from across the country and around the world to Chapel Hill for our 20th Annual UNC Tax Symposium. The event was a great success, with participants ranging from academic researchers in accounting, finance, law and economics to policymakers and practitioners with an interest in evidence-based tax research.
This study examines the economic impact of continuing care retirement communities on North Carolina and the potential they have for creating jobs and expanding the state's tax base. The report suggests that with North Carolina’s older adult population set to explode by nearly 70% in the next twenty years (an additional one million seniors), the impact of CCRCs on our state’s economic health will be staggering.
The Eastern Band of Cherokee Indians (EBCI), mainly descendants of those who managed to avoid being forced on the Trail of Tears evacuation to Oklahoma in the 1830s, is based within the 56,000 acre Qualla Boundary, located in Jackson, Swain, and Haywood Counties. According to tribal estimates, the EBCI has approximately 14,500 members. Approximately 60 percent of those live within the Boundary. Directly and indirectly, the EBCI is dependent upon Harrah’s Cherokee Casino, located in Jackson County near Cherokee, for much of its income. The casino has an important economic impact upon the region which extends beyond the Qualla Boundary and beyond the enrolled members of the tribe. This report describes the impact of the casino on the region and analyzes the routes of its economic impact.
North Carolina was one of the nation’s most rapidly growing states during the first decade of the new millennium. Most of the growth came from migration—movers from other states and abroad. Combined with a more general aging in place of the resident population, newcomers are dramatically changing the state’s demography. But undergirding this demographic dynamism are major geographical, socio-economic, and racial/ethnic disparities in the human condition in our state, which require immediate attention if we are to thrive and prosper in the years ahead.
This white paper develops a demographic profile of the elderly population in the Carolinas1 and presents the results of a literature search which identified both promising initiatives and programmatic gaps where new and innovative efforts are needed to foster and facilitate successful aging in place for seniors. As a launch pad for future discussion around defining The Duke Endowment’s (TDE) role in this space moving forward, a concluding section highlights strategies worthy of consideration for promoting successful aging in the Carolinas.
Since 1965, average idiosyncratic risk (IR) has never been lower than in recent years. In contrast to the high IR in the late 1990s that has drawn considerable attention in the literature, average market-model IR is 44% lower in 2013-2017 than in 1996-2000. Macroeconomic variables help explain why IR is lower, but using only macroeconomic variables leads to large prediction errors compared to using only firm-level variables. As a result of the dramatic change in the number and composition of listed firms since the late 1990s, listed firms are larger and older. Larger and older firms have lower idiosyncratic risk. Models that use firm char-acteristics to predict firm-level idiosyncratic risk estimated over 1963-2012 can largely or completely ex-plain why IR is low over 2013-2017. The same changes that bring about historically low IR lead to unusu-ally high market-model R-squareds.
We undertake the first large-sample analysis of foreign tax holiday participation by U.S. firms.
We document that prior portfolio choices influence investors’ expectations about asset values, and their future choices. We find that people update more from information consistent with their prior choices, leading to sticky portfolios over time.
Millions of employees face work schedules and wages that change frequently as firms try to match labor to demand. Here, we use personnel records from the retail industry to examine whether workers’ income precariousness impacts firm performance.
This paper examines how the international demand for luxury consumption affects the real estate market in global hotspots.
A risk-averse agent can sell claims to an asset of uncertain value to investors who have private information. When investors can choose how much information to acquire, the agent optimally issues information-sensitive securities in each market (e.g., debt and equity).
Financial markets reveal information through which firm managers increase the value of equity, e.g., by improving investment decisions. With debt, however, such decisions are not necessarily socially efficient. We demonstrate that investors’ endogenous information acquisition, acting through this feedback channel, attenuates risk-shifting but amplifies debt overhang.
Queues are an inherent outcome of many service systems. Because waiting in queue is typically perceived as negative, customers may choose either to not enter a queue if the length is too long (balk) or exit a queue prior to receiving service (renege).
Does macroeconomic uncertainty increase or decrease aggregate growth and asset prices? To address this question, we decompose aggregate uncertainty into ‘good’ and ‘bad’ volatility components, associated with positive and negative innovations to macroeconomic growth.