I develop a theory of credit relationships in an economy subject to search frictions and limited enforceability. The model features a dynamic contracting problem embedded within a directed search equilibrium with aggregate and creditor-specific uncertainty.
We propose a method for decomposing private fund portfolio performance into effects from timing, strategy selection, geographic focus, sizing of fund allocation, and fund selection attributes.
We compare several approaches for generating a prioritized list of products to be counted in a retail store, with the objective of detecting inventory record inaccuracy and unknown out-of-stocks. We consider both "rule-based" approaches, which sort products based on heuristic indices, and "model-based" approaches, which maintain probability distributions for the true inventory levels updated based on sales and replenishment observations.
We consider the problem of allocating a single type of resource with limited supply to distinct groups, each with a finite population and characterized by unique reward and arrival rate. We consider both deterministic and stochastic settings.
In the digital age, merchants are presented with an expanding range of resources to enhance operational transparency for customers. Moreover, the digital marketplace increasingly demands improved transparency due to the physical separation between merchants and customers. This paper explores a new method to enhance operational transparency for merchants on digital platforms: displaying real-time videos of their operational processes.
Recent infrastructure legislation offers an opportunity to focus on how new projects can increase wealth in communities with the greatest needs and minimize harm to the environment, all while supporting the broader economy.
For the first time since the tumult of the global financial crisis, the Federal Reserve lowered interest rates by 25 basis points on July 31. The decision was controversial along a multitude of dimensions.
The Kenan Scholars program gathered virtually on Thursday, May 7 to honor its graduating seniors during the Senior Sendoff. This event provided the Kenan Scholars Class of 2020 the opportunity to reflect on their experiences, acknowledge fellow scholars and Kenan Institute staff who have made a positive impact, and be congratulated by students, faculty and staff for their achievements.
In a new study, researchers examine how the rising economic power of technology and finance firms has contributed to regional income disparities across America.
This workshop will combine presentations of cutting-edge research, overviews of data and resources at UNC and networking sessions to plant the seeds for new collaborative research on the issues of aging.
The explosive growth in ESG investing has created confusion among investors. As part of our yearlong series on stakeholder capitalism, we unpack what they should expect from ESG and try to reconcile it with both financial theory and empirical evidence. The bottom line is a bit complicated.
...understanding of the role of private capital in the global economy. Academic and industry experts work together to generate new knowledge about private capital markets based on objective academic research....
...Kenan Scholar (250-300 words). Essay IIA & IIB: Please respond to these two essay questions. Be sure to indicate to which prompt you are responding (250-300 words for each essay)....
This article examines at‐the‐market (ATM) equity programs as an additional source of financial flexibility. We find that firms with higher market‐to‐book ratios and greater institutional ownership are more likely to announce an ATM program. Firms using ATM programs are also more likely to issue shares when they have exhausted other viable financing alternatives, have timely investment opportunities and when market conditions are favorable. Finally, we document a significant negative announcement effect around the establishment of an ATM program, though the magnitude of this effect is significantly less negative than that of a comparable SEO.
African American older adults face a major retirement crisis (Rhee, 2013; Vinik, 2015)). Owing to a legacy of racial discrimination in education, housing, employment, and wages or salaries, they are less likely than their white counterparts to have accumulated wealth over the course of their lives (Sykes, 2016). In 2013, the median net worth of African American older adult households ($56,700) was roughly one-fifth of the median net worth of white older adult households ($255,000) (Rosnick and Baker, 2014). Not surprising, given these disparities in net worth, African American older adult males (17%) and females (21%) were much more likely than their white male (5%) and female (10%) counterparts to live in poverty (Johnson and Parnell, 2016; U.S. Department of Housing and Urban Development, 2013a). They also were more likely to experience disabilities earlier in life and to have shorter life expectancies (Freedman and Spillman, 2016).
We study complexity in the market for securitized products, a market at the heart of the financial crisis of 2007–9. The complexity of these products rose substantially in the years preceding the financial crisis. We find that securities in more complex deals default more and have lower realized returns.
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.
Join our panel of experts who will share their technological, legal and social expertise to answer the questions raised by the real-world performance of risk assessment instruments.
Using U.S. venture capital investment data from 1985 to 2008 and qualitative interviews, we examine how group dynamics influence the growth of interorganizational collaborations through the addition of new members.
We directly test the reliability and relevance of investee fair values reported by listed private equity funds (LPEs). In our setting, disaggregated fair value measurements are observable for funds’ investees; and investee accounting fundamentals are also publicly disclosed. We find that LPE fair value measurements reflect equity book value and net income in a manner consistent with stock market pricing of listed companies.