Universities are under tremendous pressure related to declining resources, flat enrollments, and increasing stakeholder demands. Strategic questions are surfacing related to resource allocation – how to connect investments to outcomes in an increasingly competitive and dynamic environment.
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.
What is the impact of higher technological volatility on asset prices and macroeconomic aggregates? I find the answer hinges on its sectoral origin. Volatility that originates from the consumption (investment) sector drops (raises) macroeconomic growth rates and stock prices.
This study examines the antecedents and consequences of knowledge sharing and monitoring based governance strategies on emissions reduction. We theorize, and empirically test, the impact of supply base diversity in industry and geographic locations on the governance strategy choices. We find that sector and regional diversity both have a significant impact on emissions reduction strategies, yet their direct and interactive impacts are different. Regarding consequences, we find that engaging suppliers is associated with GHG emissions reduction for both buyers and suppliers.
Despite having the deepest and most diverse capital markets in the world, the United States still struggles to provide sufficient capital to many small businesses outside of major commercial centers as well as to women-owned and minority-owned businesses regardless of size or location. This paper reviews the academic literature and provides an analysis of some recent data to gain understanding of the causes of these gaps as well as the solutions for filling the gaps. Results indicate that the Small Business Administration’s SBIC program is an effective mechanism for providing capital to underserved geographies as well as to businesses owned by women and underrepresented minorities.
Scholars continue to debate whether voice and silence are opposites or distinct constructs. This ambiguity has prevented meaningful theoretical advancements about employees’ voice and silence at work. We draw on the behavioral activation and behavioral inhibition systems perspective to provide a conceptual framework for the independence of voice and silence and explicate how two key antecedents—perceived impact and psychological safety—more strongly relate to voice and silence, respectively. We further differentiate voice and silence by identifying their unique effects on employee burnout.
Small businesses are an undeniable engine of growth for the United States, comprising 99 percent of all U.S. firms and driving nearly half our total economic activity. Yet small business owners across the country lack sufficient capital to succeed, grow and scale. The Kenan Institute has conducted a new analysis on the role of the Small Business Administration’s SBIC program in providing capital to the often-overlooked small businesses operating outside of metropolitan centers, as well as those owned by women and underrepresented minorities. You can access an overview of our findings, as well as key takeaways for business and policy leaders, by clicking below.
We survey the properties of commercial real estate (CRE) as an asset class. We first illustrate its importance relative to the US economy and to other asset classes. We then discuss CRE ownership patterns over time.
While technological advances have traditionally been a boon to the U.S. economy, the rapid rise of new platforms and the increased financialization of the economy in recent years have encouraged the growth of monopolies—driving an ever-widening geographic gap in the distribution of income across the country. New research from the Kenan Institute’s Professor Maryann Feldman explores the ramifications of this growing divide.
On Saturday, March 21, the Small Business Investor Alliance released a survey focusing on the effect COVID-19 is having on small businesses across the U.S. Kenan Institute Executive Director Greg Brown and UNC Kenan-Flagler Business School Ph.D. candidate Matteo Binfarè provided data analysis.
The Small Business Investor Alliance surveyed the small business portfolios of Small Business Investment Companies to measure the impact the pandemic is having on their operations and employment. Small businesses are facing extreme cash flow concerns. Small businesses are already laying off a substantial number of employees and without a significant change in trajectory, layoffs are anticipated to increase tremendously. Data analysis provided by the Kenan Institute of Private Enterprise.
Using a sample of the 48 contiguous United States, we consider the problem of forecasting state and local governments’ revenues and expenditures in real time using models that feature mixed-frequency data. We find that single-equation mixeddata sampling (MIDAS) regressions that predict low-frequency fiscal outcomes using high-frequency economic data historically outperform both traditional fiscal forecasting models and theoretically motivated multi-equation models.
Commercial real estate is a major asset class, with an estimated value of more than $12 trillion in the U.S. alone. But the stay-at-home orders and business closures precipitated by the COVID-19 pandemic have the potential to negatively – and disastrously – affect commercial properties. What will the short- and long-term impacts be, which types of properties will be hardest hit and what policies can be put in place to help stem the tide of losses? UNC Kenan-Flagler Business School Professor and Leonard W. Wood Center for Real Estate Studies Faculty Advisor Andra Ghent and her colleagues examine these issues in this week’s Kenan Insight.
This study shows that the municipal yield curve is informative about local economic outcomes.
The mounting health and economic toll of the COVID-19 pandemic raises many questions about how this unprecedented event will affect the U.S. economy. In this Kenan Insight, we explore how people’s expectations about their own financial situation may hold some answers as to how the larger economy will perform.
This paper provides the first large-sample analysis of buyout and venture capital fund values over their lifetimes. Specifically, we examine interim fund investment multiples (TVPIs), internal rates of return (IRRs), and direct-alphas based on the current reported net asset values (NAVs) at each quarter of a fund’s life.
The evidence concerning high deductible health plans (HDHPs) suggests three key patterns involving people with diabetes...
We evaluate the effects of two types of breaks (expected versus unexpected), and two distinct forms of unexpected breaks, and find that unexpected breaks can, under certain conditions, yield immediate post-break performance increases.
In response to the economic chaos caused by the COVID-19 pandemic, the federal government launched its largest fiscal stimulus in modern history—the CARES Act. But with $2 trillion invested in small businesses, unemployment benefits and direct cash payments to households, the CARES Act has still fallen short of its goals to spur consumer spending and restore employment. This Kenan Insight analyzes what went wrong, and offers suggestions for the anticipated next round of federal economic aid.