Using a novel database on venue short sales and market design characteristics, we ask: Where do short sellers exploit their information advantage?
Despite encouraging signs, India’s retail market remains largely off-limits to large international retailers like Wal-Mart and Carrefour. Opposition to liberalizing FDI in this sector raises concerns about employment losses, unfair competition resulting in the large-scale exit of incumbent domestic retailers, and infant industry arguments to protect the organized domestic retail sector that is at a nascent stage. Based on international evidence, we suggest that allowing entry by large international retailers into the Indian market may help tackle inflation, especially in food prices.
Please join the Kenan Institute for an exclusive conversation with Squad Founder and CEO Isa Watson on Thursday, Feb. 13. The event takes place in Kenan Center 204 and is part of the Dean’s Speaker Series, hosted by UNC Kenan-Flagler Business School's Senior Associate Dean for Academic Affairs Dave Hoffman.
Mark Little, executive director of CREATE, a Kenan Institute-affiliated center, has been named to the inaugural North Carolina Black Entrepreneurship Council (NC BEC). The council was founded by NC IDEA, a private foundation committed to supporting entrepreneurial ambition and economic empowerment in North Carolina.
Participants in the 2019 Kenan Institute Frontiers of Entrepreneurship conference address the obstacles facing women and underrepresented minority entrepreneurs – from funding to mentorship, resourcing and more – and why overcoming those barriers matters for the broader U.S. and global economies.
Companies today are looking to diversify their workforce – and one way in which they’re attracting more women is by providing generous paid maternity leave. In “The Distribution of Non-Wage Benefits: Maternity Benefits and Gender Diversity,” researcher Paige Ouimet and colleagues discovered that firms in industries or geographies where female talent is relatively scarce are more likely to provide liberal maternity benefits, and that such benefits enhance the value of those firms. In contrast, in areas where maternity benefits have become mandated by law, there is a correlated decrease in the stock price of companies that had offered generous benefits prior to the law’s adoption.
Urban Investment Strategies Center Director Jim Johnson weighed in on the initial surge and subsequent decline in Black bookstore sales during the COVID-19 pandemic in a recent article by CNN Business.
The third annual Kenan Institute Frontiers of Entrepreneurship Conference convened thought leaders from academia, industry and government to debate the most challenging current issues in the field of entrepreneurship and set the agenda for future research and policy. It was held on Jan. 31 and Feb. 1, 2019 at The Breakers Palm Beach.
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. Greg Brown, executive director at the Kenan Institute and professor of finance at UNC Kenan-Flagler Business School, discusses the findings in this video.
On Wednesday, September 22, Piedmont Capital Partners Co-founder and Managing Partner Louise Brady and Partner Bobby Long joined UNC Kenan-Flagler Business School Dean Doug Shackelford to kick off the 2021-2022 Dean’s Speaker Series. Check out their fireside chat to hear the experts’ takes on economic regionalism, the industries most ripe for investment and growth amid and beyond COVID-19, and the role business should play to stem the pandemic-induced exodus of women from the workforce.
CREATE, an economic development center at the institute, worked with civic and business leaders in Rocky Mount last summer to plan a Black Business Matters District downtown in an effort to address the racial wealth gap in the area. Executive Director Mark Little will join CREATE’s Rocky Mount partners on a panel at 9 a.m. on Thursday, March 24 to share their work as part of Carolina’s Engagement Week.
As a magnet for both population and employment growth, North Carolina has a propitious opportunity to create an inclusive and equitable entrepreneurial and small business ecosystem to support the state’s newfound prosperity.
In his Frontiers of Business keynote examining the use of artificial intelligence, MIT economist David Autor sees a future where AI extends the expertise of workers rather than replacing them.
On January 18-19, 2018, the Frank H. Kenan Institute of Private Enterprise convened its second-ever Frontiers of Entrepreneurship Conference, bringing together academic researchers, policymakers and industry leaders to share their experiences, insights and ideas for improving the entrepreneurial climate in the United States and beyond.
As with any U.S. presidential election, 2016 forces us to examine issues that are critical to the economy now and in the future. What's Next America brings together CEOs, researchers and policy makers to go beyond prescribed solutions. Thought and action come together in a full day of workshops and panels aimed at having a real impact.
Real estate private equity (REPE) funds are often differentiated by risk class: Core, Value-Added, or Opportunistic. Fund class is used by investors and managers to allocate funds and to describe investment policies. In this paper, we use REPE fund cash flow data from Burgiss that allow us to calculate a variety of performance metrics.
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.
We examine the trading behavior of particularly intensive traders, those who contribute the most to daily trading volume, and provide new evidence that is consistent with the presence of informational advantages. Using a unique Chinese data set of the most active daily market participants for each stock, we demonstrate that intensive traders’ buying (selling) predicts large positive (negative) abnormal returns, both unconditionally and, in particular, around key, value-relevant announcements.
Do firms learn from their failed innovation attempts? Answering this question is important because failure is an integral part of exploratory learning. In this study, we consider whether and under what circumstances firms learn from their small failures in experimentation. Building on organizational learning literature, we examine the conditions under which prior failures influence firms' R&D output, in terms of amount and quality. Our findings contribute to the organizational learning literature by providing a nuanced view of learning from failures in experimentation.
The objective of this article is to promote discussions and educational efforts among Ph.D. students, scholars, referees, and editors in strategic management regarding the repeatability and cumulativeness of our statistical research knowledge.