This webinar, which provides 2.0 CPE credits, is the fourth in a series of tax policy webcasts jointly hosted by the Kenan Institute-affiliated UNC Tax Center and the AICPA. It will feature panelists from practice and academia who will help unravel the mysteries of blockchain and its practical implications on accounting and business.
Using a linked database of Paycheck Protection Program (PPP) loans and Yelp-listed restaurants, we document that businesses owned by minority racial groups are more likely to use fintech lenders than traditional lenders. We develop a simple two-sided matching model to show that this phenomenon can be potentially attributed to differences in performance among borrowers, racial disparities in lending relationships, and race-dependent values of borrower-lender matches. Empirically, we do not find consistent evidence that operational performance is an explanation. We find that minority-owned restaurants are less likely to have lending relationships and that restaurants without lending relationships are more likely to use fintech lenders. We also find a more negative minority-non-minority gap in operational performance for fintech lenders, suggesting minority-owned businesses have higher matching values with fintech lenders. We do not find a similar pattern for first-time bank participants, community development financial institutions, credit unions, or other non-federally insured lenders. Overall, our results suggest that there are racial barriers in traditional loan distribution channels and this can be at least partially addressed by fintech lenders.
To characterize ambiguity we use machine learning to impose guidance and discipline on the formulation of expectations in a data-rich environment. In addition, we use the bootstrap to generate plausible synthetic samples of data not seen in historical real data to create statistics of interest pertaining to uncertainty. While our approach is generic we focus on robust portfolio allocation problems as an application and study the impact of risk versus uncertainty in a dynamic mean-variance setting. We show that a mean-variance optimizing investor achieves economically meaningful wealth gains (33%) across our sample from 1996-2019 by internalizing our uncertainty measure during portfolio formation.
Join us for our next discussion as we welcome Cambridge Quantum Computing’s Senior Research Scientist, Steven Herbert, as he introduces the company’s state-of-the-art Fourier QMCI algorithm, the only QMCI algorithm to bypass the need for costly quantum arithmetic whilst retaining the full quadratic quantum advantage.
Consumers will long associate the early months of the COVID-19 pandemic with seemingly apocalyptic searches for toilet paper, hand sanitizer and PPE. But even now, amid continued surges of the Delta variant, many global supply chains continue to experience disruptions at record rates. This week’s Kenan Insight invites our experts to weigh in on the immediate impact of these disruptions for business and society, the longer term effects across industries and the roles government and emerging tech should be playing to drive solutions.
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 Thursday, April 29, Lyft Chief Policy Officer and Advisor to the Co-founders Anthony Foxx joined UNC Kenan-Flagler Business School Dean Doug Shackelford for an exclusive virtual discussion. Foxx discussed his career as the secretary of transportation under President Obama and as the mayor of Charlotte, the innovative technologies transforming transportation and how we can transition to a greener economy.
Join Rethinc. Labs to hear from Seth Lloyd, Professor of Mechanical Engineering and Physics at MIT, as he shares his findings on quantum algorithms for analyzing financial data and predicting time series.
Cryptocurrency has its critics, but it’s becoming an increasingly mainstream option for retail and institutional investors alike. In this Kenan Insight, we share some thoughts from former Co-president of Morgan Stanley Zoe Cruz and Rethinc. Labs Faculty Director Eric Ghysels on whether crypto has reached a tipping point for adoption by individual investors.
Join our panel of experts who will share their technological, legal and social expertise to answer the questions raised by the real-world performance of risk assessment instruments.
In a Rethinc. Labs webinar, our panel of experts shared their technological, legal and social expertise to answer the questions raised by the real-world performance of risk assessment instruments.
Corporate executives have begun to glimpse the strategic value of incorporating artificial intelligence as an “employee” within their organization. In this Kenan Insight, we explore a framework that outlines the critical elements for harnessing the potential of human-AI working relationships.