The Biden administration's $2.3 trillion American Jobs Plan comes with a hefty price tag, which the president hopes to pay in part by introducing a 15% minimum tax on corporate book income. Predictably, policymakers from both sides of the aisle are sounding off, but the argument is more complicated and nuanced than partisan rhetoric. In this Kenan Insight, we outline the intricacies and implications of taxing book income.
UNC Tax Center Research Director and Kenan-Flagler Business School Professor Jeff Hoopes, along with more than 200 accounting and tax experts, penned a letter to Congress raising concerns about the corporate tax on minimum tax in the Build Back Better plan.
The Frank Hawkins Kenan Institute of Private Enterprise will host its Annual Open House Thursday, September 7, during which the newly re-envisioned business policy think tank and its affiliated centers will educate and engage with the UNC-Chapel Hill community and beyond.
Kenan Institute Chief Economist Gerald Cohen was part of a panel on WRAL’s in-depth news program July 2 discussing the whys and how longs of inflation, particularly rising prices for gas, housing and food.
In academia, citations received by articles are a critical metric for measuring research impact. An important aspect of publishing in academia is the ability of the authors to navigate the review process and despite its critical role very little is known about how the review process may impact the research impact of an article.
We document that there is commonality in the loan fees that short sellers pay, and the common component of loan fees explains a significant amount of loan fee variation. While the top principal component of stock returns only explains 28.3% of their variation, we find that the top principal component of loan fees explains 45.6% of their variation.
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).
UNC Kenan-Flagler Energy Center Director Stephen Arbogast discusses the power of carbon taxes to accomplish several goals for energy producers and consumers alike.
Hospital emergency departments (EDs) provide around-the-clock medical care and as such are generally modeled as nonterminating queues. However, from the care provider’s point of view, ED care is not a never-ending process, but rather occurs in discrete work shifts and may require passing unfinished work to the next care provider at the end of the shift.
We consider a firm that can use one of several costly learning modes to dynamically reduce uncertainty about the unknown value of a project. Each learning mode incurs cost at a particular rate and provides information of a particular quality. In addition to dynamic decisions about its learning mode, the firm must decide when to stop learning and either invest or abandon the project.
We measure the effects of pre- and postrelease blog volume, blog valence, and advertising on the performance of 75 movies in 208 geographic markets in the United States. We attribute the variation in blog effects across markets to differences in demographic characteristics of markets combined with differences across demographic groups in their access and exposure to blogs as well as their responsiveness conditional on access.
We measure a bank’s connectedness by constructing a measure of its text similarity with other banks based on 10-K business description and MD&A discussions. We find that tail-risk comovement between a given bank and the banking system is increasing in the bank’s average similarity.
The multigenerational survival rate for family-owned businesses is not good. Lack of a shared vision for the family enterprise and weak next-generation leadership are often cited as two of the leading reasons for the failure of family firms to successfully transition from one generation of family ownership to the next. The climate of the business-owning family has also been suggested as important to the performance of the family enterprise. Despite these commonly held tenets, there is a lack of rigorous quantitative research that explores the relationships among these three factors.
Most retailers operate under the assumption that stabilizing employees’ schedules would hurt their financial performance because instability is an inevitable outcome of variable demand patterns in retail stores. We tested the validity of this commonly held belief. The goal of our experiment was to determine if it is possible to improve schedule stability without hurting financial performance.
We prove that in equilibrium, imposing or increasing a market-based undersupply penalty rate in a period can result in a strictly larger renewable energy commitment at all prices in the associated day-ahead market, and can lead to lower equilibrium reliability in all periods with probability 1. We also show in an extension that firms with diversified technologies result in lower equilibrium reliability than single-technology firms in all periods with probability 1.
Past research has shown that founders bring important capabilities and resources from their prior employment into their new firms and that these intergenerational transfers influence the performance of these ventures. However, we know little about whether organizational practices also transfer from parents to spawns, and if so, what types of practices are transferred? Using a combination of survey and registrar data and through a detailed identification strategy, we examine these two previously unaddressed questions.
Kenan Scholar Laura Gerlach (BSBA '20) reflects on her experience with the Kenan Scholars Board of Mentors.
UNC Kenan-Flagler Business School Clinical Associate Professor of Finance Arzu Ozoguz discusses the SEC's anticipated new rules around sustainability.
Since 2008, the Alternative Investments Conference has served as a forum for private equity, hedge fund, venture capital and other alternative asset professionals to network, share ideas and stay abreast of industry trends. This conference serves as a forum for investment managers, institutional investors and academics to network, share ideas and stay abreast of the latest industry trends.
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.