The last 20 years have been a period of tremendous growth for the PE industry. From its roots in the 1970s and 80s in the buyout and venture capital spaces, private capital has expanded dramatically in both scope and scale. Funds have gotten larger, the investor pool has broadened and the largest players have transformed themselves into fully diversified alternative asset managers, with offerings across a wide range of geographies and asset classes.
What is the impact of higher technological volatility on asset prices and macroeconomic aggregates? I find the answer hinges on its sectoral origin. Volatility that originates from the consumption (investment) sector drops (raises) macroeconomic growth rates and stock prices.
Scholars continue to debate whether voice and silence are opposites or distinct constructs. This ambiguity has prevented meaningful theoretical advancements about employees’ voice and silence at work. We draw on the behavioral activation and behavioral inhibition systems perspective to provide a conceptual framework for the independence of voice and silence and explicate how two key antecedents—perceived impact and psychological safety—more strongly relate to voice and silence, respectively. We further differentiate voice and silence by identifying their unique effects on employee burnout.
We survey the properties of commercial real estate (CRE) as an asset class. We first illustrate its importance relative to the US economy and to other asset classes. We then discuss CRE ownership patterns over time.
While technological advances have traditionally been a boon to the U.S. economy, the rapid rise of new platforms and the increased financialization of the economy in recent years have encouraged the growth of monopolies—driving an ever-widening geographic gap in the distribution of income across the country. New research from the Kenan Institute’s Professor Maryann Feldman explores the ramifications of this growing divide.
This study shows that the municipal yield curve is informative about local economic outcomes.
This paper provides the first large-sample analysis of buyout and venture capital fund values over their lifetimes. Specifically, we examine interim fund investment multiples (TVPIs), internal rates of return (IRRs), and direct-alphas based on the current reported net asset values (NAVs) at each quarter of a fund’s life.
The evidence concerning high deductible health plans (HDHPs) suggests three key patterns involving people with diabetes...
We evaluate the effects of two types of breaks (expected versus unexpected), and two distinct forms of unexpected breaks, and find that unexpected breaks can, under certain conditions, yield immediate post-break performance increases.
Since January 2020, Coronavirus Disease 2019 (COVID-19) has infected more than 4.5 million Americans, resulting in over 150,000 deaths; reconfigured our domestic lives and the world economy; and overwhelmed the United States’ (U.S.) public health and health care delivery capabilities. As individuals, institutions, and municipalities struggled to quickly integrate public health best practices into economic activities and social priorities, the virus exposed fault lines in our nation’s health care system(s). The government’s initial response was disjointed, which led to critical delays, confusion, and, ultimately, hindered collaboration. As a result, medical institutions and providers were, and still are in some cases, unable to obtain adequate personal protective equipment (PPE), provide and administer sufficient and timely testing to identify and track the disease, and secure sufficient medical equipment to care for infected individuals.
History informs us that some people, especially the wealthy, typically flee cities in response
to pandemics and other major catastrophes. Media accounts and preliminary empirical
research suggest that the response to the COVID-19 pandemic is no exception. Nearly a half
million people reportedly fled hard-hit New York City within two months of the World Health
Organization declaring the coronavirus disease a global pandemic.Some coronavirus pandemic refugees headed to nearby suburbs, others headed to second homes and vacation spots in other states, and still others moved back home to live with parents.
Immigrants are once again the targets of draconian policymaking. It is during the COVID-19 pandemic this time. Through a series of presidential proclamations and other executive branch maneuvers, the Trump Administration is attempting to leverage a host of so-called migration management tools to ban entry and force some immigrant to leave the country—all under the guise of containing the spread of the coronavirus and protecting American jobs.
The COVID-19 pandemic and the nationwide civil unrest spawned by the recent spate of senseless killings of unarmed African Americans have illuminated what executive development professionals have been telling private and public sector leaders and managers for quite some time. We are living in an era of increasing volatility, uncertainty, complexity and ambiguity—a VUCA World. “Certain-uncertainty” is the new normal in today’s society and economy.
Major strides have been taken in recent years to push toward more sustainable investing practices, yet it remains to be seen if such initiatives are actually meeting their goals. In this Kenan Insight, we look at the challenges of both implementing and measuring the effectiveness of social entrepreneurship and impact investing.
The coronavirus pandemic of 2020 exemplifies a worst-case scenario for federal, state, and local disaster preparedness planning and illustrates some of the United States’ fundamental public health infrastructure flaws. While stay-at-home orders and economic shutdowns initially depressed disease spread, they harmed businesses and organizations, threatened individuals’ livelihoods, and negatively impacted community well-being. National standards for COVID-19 management tools and protocols were not available when needed, and state, local, and federal guidance differed, and often conflicted, in ways that confused the public and created economic uncertainty.
On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic. Within two months, nearly half a million people fled hard-hit New York City. Will they return once the crisis has passed? In this Kenan Insight, we explore how the ongoing pandemic is raising questions about the future attractiveness of large cities as places to live and do business.
We specify and estimate a time-varying Markov model of COVID-19 cases for the US in 2020. We find that the estimated level of undetected infections spiked in March and remained elevated through May. However, since late April estimated undetected infections have generally declined though it was not until June or July that detected cases exceeded the estimated number of undetected cases.
We document what fraction of the housing stock in US cities is affordable to different family types. Rather than looking at what fraction of their income people actually pay in rent in each city, which reflects a mix of households’ ability to pay and supply conditions, we look at the extent to which the housing stock is affordable using discrete housing expenditure share cutoffs and the distribution of rents in the American Community Survey from each city.
Even before the COVID-19 pandemic, finding affordable housing was a persistent problem in the U.S. In this Kenan Insight, we look at the factors driving the nationwide affordable housing crunch, particularly for those most affected by it — low income, single-parent families.