I develop an equilibrium theory of bank lending 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 bank-specific uncertainty.
This paper studies the investment decisions and price impact of non-resident foreigners in the Paris housing market, employing unique micro-level transaction data over the period 1992–2016. We find that these “out-of-country” buyers generally purchase relatively small but high-quality properties in desirable neighborhoods and in areas with high ratios of compatriots.
This work examines the effects on worker psychological well-being and productivity of highly publicized negative identity-related societal events, such as the 2020 murder of George Floyd, mass shootings like the 2016 Pulse nightclub shooting that targeted LGBTQ+ individuals, and the 2021 Atlanta area Spa shootings that targeted individuals of Asian descent.
Private equity firms now manage commitments of nearly US$3.4t globally, up from less than US$500b in 2000, and in a significant shift new capital from private markets has surpassed for capital raised in public markets for the first time ever.
This roundtable discussion kicks off the Kenan Institute’s “Business of Healthcare: Adapting to an Aging Economy” conference taking place the following day. The conversation will focus on the dual-pronged economic challenge posed by aging Baby Boomers – who are living longer into retirement than any generation before – and the opioid epidemic which is affecting both younger generations’ life spans and their ability to attain and keep employment.
The North Carolina Investment Forum will be held November 1 at the Kenan Center in Chapel Hill. Featuring North Carolina Governor Roy Cooper, State Treasurer Dale Folwell and Secretary of Commerce Tony Copeland, the forum will convene an invitation-only, 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 will ensure all participants leave with a greater understanding of how the public and private sectors can better work together to bolster investment in the North Carolina economy.
Schemas are a central concept in strategy and organization theory. Yet, despite the importance of schemas, little is known about how they emerge. Our in-depth historical analysis of how groups in the life insurance industry developed their schema for the computer from 1945-1975 addresses this gap. We identify three key processes--assimilation, deconstruction, and unitization--that collectively explain and resolve an inherent tension related to schema emergence: how to make the unfamiliar familiar but conceptually distinct. We also find that each process relates to analogical transfer, but in a more pluralistic and dynamic way than the existing literature describes. Broadly, these findings have important implications for organizational change and managerial cognition.
Grounded in a social functional perspective, this article examines the conditions under which group affect influences group functioning. Using meta-analysis, the authors leverage heterogeneity across 39 independent studies of 2,799 groups to understand how contextual factors— group affect source (exogenous or endogenous to the group) and group life span (one-shot or ongoing)—moderate the influence of shared feelings on social integration and task performance.
People believe that weather conditions influence their everyday work life, but to date, little is known about how weather affects individual productivity. Contrary to conventional wisdom, we predict and find that bad weather increases individual productivity and that it does so by eliminating potential cognitive distractions resulting from good weather.
The Kenan Institute of Private Enterprise welcomed Key Square Group Founder, CEO and CIO Scott Bessent on Wednesday, March 7, to have lunch with its Kenan Scholars and field questions about hedge fund management, economics education and starting an investment career.
The forum will convene an invitation-only, 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 will ensure all participants leave 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, will serve as the keynote speaker.
Co-hosted by the North Carolina Office of the US Economic Development Administration and the North Carolina Outdoor Recreation Industry Office at the Economic Development Partnership of North Carolina, NCGrowth’s Blueway Guide provides communities the tools they need to leverage waterways for economic development and increased quality of life. Speakers will include outdoor industry businesses, economic development professionals and community leaders.
Black Communities Conference 2021 will be a vibrant, virtual gathering featuring roundtable discussions, collaborative sessions, films, book talks and more. Our core mission is to foster collaboration among Black communities and universities for the purpose of enhancing Black community life and furthering the understanding of Black communities.
Join the Kenan Institute of Private Enterprise for a virtual talk featuring London Business School Finance Professor Alex Edmans, who will critically examine the case for purposeful business using rigorous evidence and real-life examples to show what works – and, importantly, what doesn’t.
Purpose is the corporate buzzword of today, with politicians, the public and even shareholders calling on businesses to serve wider society. But purpose is also controversial, because companies have a responsibility to deliver returns to investors. Is there a trade-off between purpose and profit, or is it possible for companies to achieve both? The Kenan Institute of Private Enterprise hosted a virtual talk featuring London Business School Finance Professor Alex Edmans, who critically examined the case for purposeful business using rigorous evidence and real-life examples to show what works – and, importantly, what doesn’t. He discussed practical ways for businesses of all sizes to put purpose into practice, how investors and citizens can play their part, and how we can distinguish businesses that are truly purposeful from those that are greenwashing.
Join the Center for the Business of Health virtually as they discuss the complexity of the healthcare ecosystem and how innovation and interconnectivity are necessary to build a more robust and flexible system.
Professional psychologists are increasingly encouraged to document and evaluate the quality of the treatment they provide. However, there is a significant gap in knowledge about the extent to which extant definitions of treatment quality converge with patient perceptions. The primary goal of this study was to examine how adolescent substance users (ASU) and their caregivers perceive treatment quality.
The COVID-19 financial downturn will have short- and long-term effects on personal and consumer finance, as explored by a panel of Kenan Institute-convened experts during a press briefing held yesterday. The full recording of this briefing—along with a deeper-dive analysis on the specific implications of the downturn on personal retirement income by Kenan Institute Executive Director Greg Brown, is available in this week’s Kenan Insight.
This study examines the economic impact of continuing care retirement communities on North Carolina and the potential they have for creating jobs and expanding the state's tax base. The report suggests that with North Carolina’s older adult population set to explode by nearly 70% in the next twenty years (an additional one million seniors), the impact of CCRCs on our state’s economic health will be staggering.
Retail inventory is a statistic that is closely watched by retailers as well as their investors, lenders, and suppliers. Retailers not only benefit from inventory, but also bear the cost of excess inventory. Investors, lenders, and suppliers interpret this statistic for signs of the retailer's health, future sales prospects, and impending costs.