In 2022, in-migration slowed, and out-migration accelerated, reducing the role of net migration in North Carolina statewide population growth, according to recently released Census data. For the Tarheel state, we document changes in gross and net migration flows between 2021 and 2022, highlight possible drivers, and offer anecdotal evidence as to why the revealed changes may foreshadow a longer- term shift in migration’s role in statewide population change.
Prior research suggests that female negotiators often obtain worse outcomes than male negotiators. The current research examines whether this pattern extends to the large subset of men and women who identify as gays and lesbians. In particular, we interweave scholarship on gender stereotypes with work on intersectionality and MOSAIC theory to develop a theoretical model that anticipates how male and female negotiators will be treated at the bargaining table based on whether they are perceived to be heterosexual or homosexual. This model predicts that homosexual women, like heterosexual men, will receive more beneficial negotiation offers and outcomes than heterosexual women and homosexual men.
Taming the rising costs of prescription drugs has been a focus of U.S. healthcare reform for the past decade. High drug prices limit patient access while also contributing to higher overall healthcare costs. Recently, issues of how drug list prices are set, who reaps the benefits, and how those costs are passed on to patients have come under increased scrutiny.
Private labels (PL), also known as store brands or private brands, account for hundreds of billions of dollars in consumer packaged goods sales every year. PLs build store loyalty, improve margins and have been a key factor in changing the balance of power between retailers and national brand (NB) manufacturers. Thus, retailers around the world have a stake in pushing their own store brands. Yet, while PLs enjoy great success in Western, and increasingly Central, Europe, their performance is much more muted in the world's largest market, the United States, and in emerging markets. Why is that the case?
This paper provides evidence on the determinants and economic outcomes of updates of accounting systems (AS) over a 24-year time-span in a large sample of U.S. hospitals.
We examine realized spreads and price impact in clock and trade time following each trade in all common stocks from 2010 to 2017. The term structure of realized spreads (price impact) is sharply downward (upward) sloping, implying that (a) market maker profitability is sensitive to speed, and (b) the choice of the horizon of measurement is critical when drawing inferences from spread decompositions.
We propose a new theory of systemic risk based on Knightian uncertainty (“ambiguity”). Because of uncertainty aversion, bad news on one asset class worsens investors’ expectations on other asset classes, so that idiosyncratic risk creates contagion, snowballing into systemic risk.
Terrorist attacks. Oil spill disasters. Ebola outbreaks. Our world today is defined by what Jim Johnson, director of the Kenan Institute-affiliated Urban Investment Strategies Center, terms an atmosphere of “certain uncertainty.” Johnson spoke on what individuals need to survive this new reality at the Feb. 12 Carolina Conversations event at UNC-Chapel Hill.
Kenan Institute Executive Director Greg Brown, Director of Research Christian Lundblad and Senior Research Associate Philip Howard's research warns of the risks of investing in crowded hedge funds – particularly during periods of market distress. “The crowdedness of an equity position is an important ingredient for characterizing risk,” the trio wrote in their latest paper "Crowded Trades and Tail Risks."
High rates of opioid abuse have had a significant impact on the United States including implications for firms which must now contend with a lower pool of available and productive workers. This paper documents a negative effect of instrumented opioid prescriptions and subsequent individual employment outcomes.
The 12th annual Alternative Investments Conference, hosted by the Institute for Private Capital and the Kenan Institute of Private Enterprise, was previewed in a WRAL TechWire article on March 27. The conference will cover the latest themes and trends in private equity, hedge funds, real assets, venture capital and other alternative investment types.
In many service operations, customers have repeated interactions with service providers. This creates two important questions for service design. First, how important is it to maintain the continuity of service for individuals? Second, since maintaining continuity is costly and, at times, operationally impractical for both the organization (due to potentially lower utilization) and providers (due to high effort required), should certain customer types, such as those with complex needs, be prioritized for continuity?
We examine whether changes to corporate governance arising from board reforms affect corporate tax behavior. While the relation between corporate governance and tax behavior has been the subject of intense interest in the literature, prior research has been hampered by a lack of exogenous variation.
Cisco Chairman & CEO Chuck Robbins's conversation with UNC Kenan-Flagler Business School Dean Doug Shackelford on April 25 was highlighted in a Triangle Business Journal article. Robbins talked candidly about leadership lessons, geopolitical issues and Triangle accolades.
In a recent paper, “Demystifying Illiquid Assets – Expected Returns for Private Equity,” Ilmanen, Chandra and McQuinn (of AQR) give a perspective on the past, present, and expected future performance of private equity. They conclude that “private equity does not seem to offer as attractive a net-of-fee return edge over public market counterparts as it did 15-20 years ago from either a historical or forward-looking perspective.” This analysis provides our perspective based on more recent and, we think, more reliable data and performance measures – the historical perspective is more positive than Ilmanen et al. portray.
We investigate the spatial dependence between commercial and residential mortgage defaults. A new class of observation-driven frailty factor models is introduced to do so. The idea of dynamic parameters embedded in the class of GAS models is utilized to estimate dynamic models of default risk with potentially multiple factors which are driven by stratified grouping of large panels of mortgage loan records. The score dynamics in the models is driven by so-called generalized residuals, and have therefore a fairly intuitive interpretation of ARMA-like dynamics. The proposed models are computationally easy to implement and therefore attractive in big data applications, something that gives them a considerable advantage in comparison to the typical latent factor frailty models proposed in the literature.
Recent health policy efforts have attempted to promote constructive conversations regarding cost-effectiveness by increasing transparency for both patients and physicians. Spurred by access and cost challenges resulting from increasing pharmaceutical prices, the Centers for Medicare & Medicaid Services (CMS) proposed a rule that would require direct-to-consumer prescription drug advertisements to include the list price for a typical 30-day course of therapy, according to their weighted average cost. This Viewpoint discusses implementing price transparency for health care products and services where physicians spend an increasing proportion of their time—in electronic health records (EHRs).
A detailed treatment of aggregation and capital heterogeneity substantially improves the performance of the investment CAPM. Firm-level predicted returns are constructed from firm-level accounting variables and aggregated to the portfolio level to match with portfolio-level stock returns. Working capital forms a separate productive input besides physical capital. The model fits well the value, momentum, investment, and profitability premiums simultaneously and partially explains positive stock-fundamental return correlations, the procyclical and short-term dynamics of the momentum and profitability premiums, as well as the countercyclical and long-term dynamics of the value and investment premiums. However, the model falls short in explaining momentum crashes.