As Global Entrepreneurship Week begins, Professor Ted Zoller, faculty director of the Kenan Institute-affiliated UNC Entrepreneurship Center, discusses what UNC Kenan-Flagler Business School is doing to drive innovation in entrepreneurship education and prepare the next generation of entrepreneurs for success.
Howard Schultz began his third stint as Starbucks Corp. CEO on April 4, this time in an interim capacity, and that brings with it reason for concern, says UNC Entrepreneurship Center Faculty Director and UNC Kenan-Flagler Business School Professor Chris Bingham. Research by Bingham and colleagues Professor Brad Hendricks and UC Irvine Paul Merage School of Business Travis Howell shows that stock performance is about 10% worse under so-called boomerang CEOs than under CEOs taking a position for the first time.
Like anyone trying to get something done with limited time and resources, economic developers have a lot of options to weigh when formulating a strategy to attract and retain businesses in their local economy. Over the years, economic development researchers have espoused a succession of theories as they’ve learned more about the many factors that influence economic growth. Historically, practitioners have tended to respond by focusing their efforts around what they perceive as the latest and greatest thinking, often at the expense of previously favored approaches. In practice, this has led to waves in which economic developers have focused on recruiting large, established companies or on fostering home-grown start-ups—but rarely both.
The Kenan Institute of Private Enterprise at the University of North Carolina at Chapel Hill will host a virtual conference on machine learning in finance on March 5, 2021. The conference is co-sponsored by the Journal of Financial Econometrics (JFEC) and the International Center for Finance (ICF) at Yale University.
This article examines the development of university technology transfer operations at the Research Triangle region’s three universities.
Several organizations have developed ongoing crowdsourcing communities that repeatedly collect ideas for new products and services from a large, dispersed "crowd" of nonexperts (consumers) over time. Despite its promises, little is known about the nature of an individual's ideation efforts in such an online community.
Participants include Jim Goldman, Assistant Professor of Financial Economics, University of Toronto; Eva Steiner, Associate Professor of Real Estate, Penn State University; Jay R. Ritter, Joseph B. Cordell Eminent Scholar, Warrington College of Business, University of Florida; Allyson Tucker, Chief Investment Officer, Washington State Investment Board; Michael Elio, Partner, StepStone; Christian Lundblad, Richard Levin Distinguished Professor of Finance, Director of Research, Kenan Institute of Private Enterprise; Matt Harvey, Managing Director, Head of Direct Lending, PGIM Private Capital; and David Sambur, Apollo Global Management, Inc.
Associate Professor, Economics Department, University of North Carolina at Chapel Hill
Out of the rubble of World War II, we collectively and deliberately built an institutional order that established norms of acceptable behavior and placed constraints on powerful nations. While work remains to create broader economic opportunity and some regions have suffered terrible conflict, the economic and financial globalization that this order fostered nevertheless yielded the greatest period of peace and economic prosperity that humanity has ever known. The more than 70 years since the war’s conclusion are, however, very atypical, and we are now returning to a setting far more familiar to any student of history, where strength and power supersede norms and rules. The world is characterized by a renewed struggle between illiberal autocracy and liberal democracy.
With the increasing prevalence of renewable energy supply contracts, utility suppliers are investing in new green sources and developing allocation policies of those to satisfy renewable targets required by customers. However, the variability of customer demand and the intermittency in supply complicates the supplier's decision process. In this paper, we address these challenges by formulating the utility supplier's problem as a two-stage stochastic program.
This paper investigates fire sales of downgraded corporate bonds induced by regulatory constraints imposed on insurance companies. As insurance companies hold over one-third of investment-grade corporate bonds, the collective need to divest downgraded issues may be limited by a scarcity of counterparties. Using insurance company transaction data, we find that insurance companies that are relatively more constrained by regulation are more likely to sell downgraded bonds. Bonds subject to a high probability of regulatory-induced selling exhibit price declines and subsequent reversals. These price effects appear larger during periods when the insurance industry is relatively distressed and other potential buyers' capital is scarce.
This paper investigates whether investor-level taxes affect corporate payout policy decisions. We predict and find a surge of special dividends in the final months of 2010 and 2012, immediately before individual-level dividend tax rates were expected to increase.
After spending the summer completing internships in the public sector and conducting research on COVID-19’s impact in local communities, Kenan Scholars shared their experiences with fellow students, UNC faculty/staff and business professionals at the Kenan Scholars Public Sector Showcase on Sept. 25, 2020.
Jennifer Blouin, professor of accounting at the University of Pennsylvania’s Wharton School, is the Kenan Institute’s newest Senior Faculty Fellow.
The proliferation of smartphones has spawned a new industry – mobile apps. Managers increasingly recognize the potential for mobile commerce apps to “engage” customers and thereby grow sales. To measure this potential, this paper examines what drives customer usage of apps and whether app usage drives purchases in the online and offline channels.
The fall 2018 issue of The Journal of Alternative Investments features invited editorial content by Greg Brown. Brown’s editorial explores the proliferation of alternative investment strategies over the past 25 years and the trends and developments on the horizon as part of a special journal issue on the new frontiers of alternative investments.
Kenan Institute Executive Director Greg Brown and University of Chicago Booth School of Business Professor Steve Kaplan have co-authored a new white paper assembling the most current, comprehensive performance data on U.S. private equity buyout funds available. Contrary to some recent articles, this research shows U.S. buyouts have consistently outperformed public markets in the post-crisis era.
After careful consideration, we have decided to cancel this event. Given the continued uncertainty of the COVID-19 situation, the status of University operations at this time, and the national impacts on travel, we're confident this is the right decision. If you have any questions regarding this event, please contact the event administrator, Kim Allen via email at Kim_Allen@kenan-flagler.unc.edu.
Using confidential offer-level data on the US housing market, this paper examines the rounding-off heuristics in the bilateral bargaining process. We demonstrate that home sellers and home buyers follow different rounding-off heuristics. While sellers' list prices cluster more frequently around charm numbers (e.g. 349,999), buyers' offer prices and negotiated final sales prices cluster at salient round numbers.