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Market-Based Solutions to Vital Economc Issues

Capital Formation

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The Private Equity Research Consortium and the Institute for Private Capital (IPC) at the University of Oxford, Saïd Business School will host the 2021 Spring Private Equity Research Symposium on May 27. The Spring Symposium supplements, and will follow the same format as, the long-standing PERC Fall Symposium that takes place each year at UNC. The conference will be held virtually this year for the safety of our members and attendees.

In partnership with the AICPA, the UNC Tax Center's expert panel will share highlights from the Senate Finance Committee expected whitepaper on proposed US tax legislation, details from the expected Treasury Green Book on Biden administration revenue proposals, as well as updates and discussion of the latest academic research on income shifting and global tax policy.

This fifth annual conference will convene thought leaders from academics, industry and government to debate the most challenging current issues in the field of entrepreneurship and set the agenda for future research and policy.

Apr 14, 2021

The Global-K Recovery

The 2020 COVID-fueled economic downturn generated what has been referred to as a "K-shaped" recession, with both big losers (such as restaurants and the hospitality sector) and big winners (such as high tech and online retail). In this Kenan Insight, we explore how a nascent K-shaped recovery will likely affect U.S. businesses and households.

On Wednesday, April 14, Royal Caribbean Group Executive Vice President & Jason Liberty joined UNC Kenan-Flagler Business School Dean Doug Shackelford for an exclusive virtual discussion. Liberty discussed how his team handled the unknowns of the past year, his current work to ensure customer confidence and the short- and long-term impact of the pandemic on the cruise industry.

On Thursday, April 8, Hershey Company Chairman of the Board, President and CEO Michele Buck joined UNC Kenan-Flagler Business School Dean Doug Shackelford for an exclusive virtual discussion. Buck discussed the challenges and opportunities of leading one of America's most-loved brands along with the effects of the COVID19​ pandemic on the food industry and barriers to leadership facing women today.

In a recent ABC-11 news feature, Kenan Institute Executive Director Greg Brown weighed in on the proliferation of new businesses formed in North Carolina during the COVID-19 pandemic.

Many providers of defined-contribution investment plans, such as 401(k) plans, have advocated for broader access to private investments. In this Kenan Insight, we examine the operating, regulatory and legal constraints involved in allowing that access, and explore what, if anything, retail investors are likely to gain from investing in private funds.

We measure the racial/ethnic densities (RAEDs) of executives in a random sample of 523 US publicly traded companies and the S&P 500®. When we calibrate the RAEDs of executives as a whole against the RAEDs of the 2019 US population, we find that American Indians/Alaska Natives, Blacks and Hispanics are underrepresented and Whites are overrepresented. However, when we calibrate executive RAEDs against a benchmark that seeks to take into account key features of the demand for and supply of proto-executive talent, namely the RAEDs of the cohorts of students graduating with a bachelor’s degree from the broad New York Times 2017 list of the top 100 US four-year colleges and universities, matched to executives’ BA/BS graduation years, mostly different and at times opposite findings obtain.

UNC Kenan-Flagler Business School Professor and Institute for Private Capital Executive Director Shawn Munday sits down virtually with Kenan Institute Executive Director Greg Brown to explain all the buzz around Special Purpose Acquisition Corporation, commonly known as SPACs.

We propose and test a framework of private information acquisition and decision timing for asset allocators hiring outside investment managers. Using unique data on due diligence interactions between an institutional allocator and 860 hedge fund managers, we find that the production of private information complements public information. The allocator strategically chooses how much proprietary information to collect, reducing due diligence time by 18 months and improving outcomes. Selected funds outperform unselected funds by 9% over 20 months. The outperformance relates to the allocator learning about fund return-to-scale constraints and manager skill before other investors.

In partnership with the AICPA, the UNC Tax Center's expert panel will share an overall economic outlook for 2021, a look at the Biden administration’s expected tax policy direction, the tax legislative outlook for 2021 and beyond and possible administrative and regulatory actions.

Our Capital Formation Experts

Greg Brown

Executive Director, Kenan Institute of Private Enterprise; Sarah Graham Kenan Distinguished Professor of Finance, UNC Kenan-Flagler Business School

Philip Howard

Senior Research Associate

Christian Lundblad

Director of Research, Levin Distinguished Professor of Finance, and Associate Dean of the PhD Program, UNC Kenan-Flagler Business School