Campuses:

Guest Seminar Series

All seminars are held from 10:30-12:00pm in the Carlson School of Management 1-142 unless otherwise noted.

Fall 2013 Seminar Schedule

Fall 2013 Seminar Schedule

Date Presentation
9/6/13

Yuri Tserlukevich, Arizona State University

"Idiosyncratic Cash Flows and Systematic Risk" (534.7 KB)

9/13/13

Utpal Bhattacharya, Kelley School of Business, Indiana University

"The Dark Side of ETFs and Index Funds" (325.4 KB)

9/20/13

Dean Corbae, Wisconsin School of Business, University of Wisconsin

"Capital Requirements in a Quantitative Model of Banking Industry Dynamics" (496.56 KB)

9/27/13

Bryan Kelly, Booth School of Business, University of Chicago

"Firm Volatility in Granular Networks" (503.59 KB)

10/10/13 (Thu) Matteo Maggiori, Stern School of Business, NYU
11/15/13

Vito Gala, London School of Business

"Measuring Marginal q"

11/22/13

Alexander Gorbenko, London School of Business

"Means of Payment and Timing of Mergers and Acquisitions in a Dynamic Economy" (445.33 KB)

12/4/13 (Wed)

RM L-114

Peter DeMarzo, Stanford Business School

"Risking Other People's Money: Gambling, Limited Liability, and Optimal Incentives"

12/13/13

Adair Morse, Booth School of Business, University of Chicago

"Lawyers in the Executive Suite: The Value of Gatekeepers as Internal Governance"

 

Spring 2014 Seminar Schedule

Spring 2014 Seminar Schedule

Date Presentation
3/28/14

Michael Roberts, Wharton School of Business, University of Pennsylvania

"How Does Government Debt Affect Corporate Financial and Investment Policies?"

Co-authored by John R. Graham, Fuqua School of Business, and Mark T. Leary, Olin School of Business

Using a novel dataset of accounting and market information that spans most publicly traded nonfinancial firms over the last century, we find an economically large and robust negative relation between government debt and corporate debt and investment. A one standard deviation increase in treasury debt is associated with a one third standard deviation reduction in corporate debt issuances, a one third standard deviation increase in liquid assets, no significant change in corporate equity issuances, and a one third standard deviation reduction in corporate investment. These relations are more pronounced in larger, less risky firms whose debt is a closer substitute for treasuries. The channel through which this effect operates is financial intermediaries, whose balance sheets reveal a substitution between lending to the federal government and lending to the corporate sector. The relations between government debt and corporate policies, as well as the substitution between government and corporate lending by intermediaries, are stronger after 1970 when foreign demand increased competition for treasury securities. In concert, our results suggest that large, financially healthy corporations act as liquidity providers by supplying relatively safe securities to investors when alternatives are in short supply, and that this financial strategy influences marginal investments.

4/4/14

Mark Leary, Olin Business School, Washington University in St. Louis

"Do Investors Value Dividend Smoothing Stocks Differently?" (763.94 KB)

Co-authored with Yelena Larkin (Penn State) and Roni Michaely (Cornell)

It is almost an article of faith that managers have a preference for smooth dividends. Yet, it is not clear if this reflects investors' preferences. In this paper, we study whether investors indeed value dividend smoothing stocks differently by exploring the implications of dividend smoothing for firms' stock prices and cost of capital. Using over 80 years of data, we find no robust relationship between the smoothness of a firm's dividends and the expected return or market value of its stock. Similarly, we find no association between the path of dividend changes and firms' value. The asymmetric reaction to dividend increases and decreases is largely attributable to the first time the firm cuts its dividend. Finally, we find that retail investors are less likely to hold dividend smoothing stocks, while institutional investors, and especially mutual funds, are more likely. This evidence for a smoothing clientele offers a potential reconciliation of our findings with the prevalent use of dividend smoothing.

4/11/14

Robert Novy-Marx, Simon Business School, University of Rochester

-- CANCELLED --

4/18/14

Neng Wang, Columbia Business School

"Investment, Liquidity, and Financing under Uncertainty" (760.13 KB)

Co-authored with Patrick Bolton (Columbia) and Jinqiang Yang (Shanghai University of Finance and Economics)

4/25/14

Igor Makarov, London Business School

"Arbitrage Trading with Marking-to-market and Price Impact"

The paper studies trading decisions of money managers whose profit is marked- to-market and who trade in markets with price impact. I show that in their chase after good performance record managers may accumulate excessively large arbitrage positions and therefore, push prices above their fundamental levels. This may result in very large losses for investors.

5/2/14

Harrison Hong, Princeton

"Count Models of Social Networks in Finance" (1.33 MB)

Co-authored with Jiangmin Xu (Princeton)