This paper examines price discovery and liquidity provision in the secondary market for bitcoin -- an asset that has no observable fundamentals and is associated with a high level of speculative trading. Based on a comprehensive dataset of the full limit order book of BTC-e over the 2013-2014 period, we find that order informativeness generally increases with order aggressiveness within the first 10 tiers, but that this pattern reverses in the outer layers of the book. In a high volatility environment, aggressive orders seem to be more attractive to informed agents, as reflected by the increased information content of such orders, although market liquidity appears to migrate outward in response to the information asymmetry.
The 2018 UNC Sustainability Awards and Graduation event will recognize the exceptional leadership of a featured North Carolina business, a distinguished alumni, and those graduating MBA students receiving a concentration from UNC Kenan-Flagler’s Center for Sustainable Enterprise. The event will celebrate leaders who are committed to best practice in sustainability through Initiative, Innovation, and Impact.
This event is invitation only. The purpose of this nonpartisan event is to consider the effect of recent NC tax reform on the economic outcomes in the state
From April 23 through April 25, 2018, the Kenan Institute of Private Enterprise was proud to co-host the Black Communities Conference: A Conference for Collaboration at the Carolina Theatre of Durham, N.C. The event was put on by the institute’s affiliated center, NCGrowth, the Institute for African-American Research, the Southern Historical Collection and the Center for the Study of the American South.
On June 6, 2018, representatives from academia, the private sector and government convened at the Urban Institute in Washington D.C. to examine the effect of the recently enacted federal tax reform on financial reporting and investment incentives. The UNC Tax Center, an affiliated of the Kenan Institute of Private Enterprise, co-hosted the event with the D.C.-based Tax Policy Center, a joint venture of the Urban Institute and the Brookings Institution.
Kenan Institute Senior Faculty Fellow Maryann Feldman has been chosen as the 2018 Wiley TIM Distinguished Scholar by the Technology and Innovation Management Division (TIM) of the Academy of Management (AoM). The award will be presented to Feldman during a luncheon at the annual TIM conference in Chicago in August.
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.
“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.
This paper examines corporations’ actions, and statements about actions, following the tax law change known as the Tax Cuts and Jobs Act (TCJA). Specifically, we examine four different outcomes—bonuses (or other actions that benefit workers), announcements of new investments, share repurchases, and dividend announcements.
China’s venture capital funding has contracted significantly since mid-2018. According to Christian Lundblad, director of research at the Kenan Institute, this is a byproduct of U.S. trade policy, some domestic Chinese investment policy and the usual ups and downs in a developing market.
The Office of the Comptroller of the Currency, the FDIC and the Federal Reserve Bank of Richmond – in partnership with the USDA and the SBA – held a workshop for Rural Business Investment Companies (RBICs), Small Business Investment Companies (SBICs) and banks at the Kenan Institute of Private Enterprise at UNC Kenan-Flagler Business School on Oct. 17, 2018.
In October 2018, the Institute for Private Capital and Commercial Real Estate Data Alliance (CREDA) hosted the Real Estate Research Symposium in Chapel Hill, North Carolina. Real estate investments continue to rise in importance in the alternative asset space. This symposium presented innovative and leading research on real estate investments.
In this paper, we compare several approaches of producing multi-period-ahead forecasts within the GARCH and RV families – iterated, direct, and scaled short-horizon forecasts. We also consider the newer class of mixed data sampling (MIDAS) methods.
Much has been said (and rightly so) about the catastrophic effects of the COVID-19 pandemic. But there is another side to the crisis. It’s a story of hope, based on collaboration and innovation. As healthcare needs and economic hardships intensify, entrepreneurs around the globe are stepping up to create solutions that will not only address immediate needs, but also effect long-lasting change. A panel of Kenan Institute-convened experts discussed this surge of innovation in response to COVID-19 on April 7, 2020. The full recording of this press briefing–-along with a deeper-dive analysis on the drivers of innovation amid the crisis by UNC Kenan-Flagler Professors Mahka Moeen and Chris Bingham-–is available in this week’s Kenan Insight.
Black Communities: A Conference for Collaboration will take place Sept. 9–11, 2019 at the Carolina Theatre in Durham, N.C. The Black Communities Conference, a.k.a. #BlackCom2019, is a vibrant and uniquely important gathering featuring panel discussions, local tours, film screenings, workshops, keynotes and more.
This invitation-only symposium will be similar in structure and style to the longstanding PERC Symposium held in the fall in Chapel Hill. This event will supplement and bring new topics to light in the ever-expanding field of private equity research.
On Sunday, March 31, 2019, five other Kenan Scholars and I took part in a high ropes course event at the UNC Outdoor Recreation Center. Not only was the physical experience an event in itself, but so was the pre-event planning process. It ended up being much harder than I expected and taught me several lessons.
We hypothesized that individuals in cultures typified by lower levels of relational mobility would tend to show more attention to the surrounding social and physical context (i.e., holistic vs. analytic thinking) compared with individuals in higher mobility cultural contexts. Six studies provided support for this idea. Studies 1a and 1b showed that differences in relational mobility in cultures as diverse as the U.S., Spain, Israel, Nigeria, and Morocco predicted patterns of dispositional bias as well as holistic (vs. analytic) attention.
The 2019 North Carolina Investment Forum convened a 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 ensured all participants left with a greater understanding of how the public and private sectors can better work together to bolster investment in the North Carolina economy. Linda McMahon, administrator of the U.S. Small Business Association, served as the keynote speaker.