Brown Bag Seminars

Date:                    Wednesday, March 6th


Time:                   12:00-1:00pm


Location:              CSOM L-118


TitleMore Cash Flows, More Options? The Effect of Cash Windfalls on Small Firms


Authors:  Jacelly Cespedes, Xing Huang and Carlos Parra


Abstract: This paper studies the effect of shocks to firms’ internal resources on business success. We use a new source of variation in cash flows by exploiting the bonus that retailers earn when selling jackpot winning lottery tickets. Increases in firms’ internal resources reduce the probability of survival. The evidence is not consistent with deteriorating credit behavior or owner retirement. Small business owners receiving large cash windfalls are more likely to start new businesses in non-retail industries. This effect becomes stronger when owners reside in low-income ZIP codes or own no real estate assets. Findings highlight importance of considering business owners’ outside options when studying small firms.



Date:                    Wednesday, March 27th


Time:                   12:00-1:00pm


Location:              CSOM L-118


TitleGender Complimentary and the Market Value of the Firm


Authors:  Alex Pecora


TitleEffects of banking crises on firms' real and financial quantities


Authors:  Christos Kamara



Date:                    Wednesday, April 3rd


Time:                   12:00-1:00pm


Location:              CSOM L-118


TitleCapital misallocation and risk sharing" is with Hengjie Ai, Anmol Bhandari and Chao Ying


Authors:  Yuchen Chen


TitleEstimating and Testing Investment-Based Asset Pricing Models, with Frederico Belo and Juliana Salomao


Authors:  Yao Deng


TitleInformation provision of the intermediary with reputation concern


 Authors:  Fangyuan Yu


TitleFinancial Institution Misconduct and the Rise of FinTech


Authors:  Keer Yang


Date:                    Wednesday, April 10th


Time:                    12:00pm-1:00pm


Location:              CSOM L-118


TitleDo Shocks to Intermediaries' Balance Sheet Impact Aggregate Risk Premium?


Author: Ramin Hassan


TitleMinsky Cycles


Author: Dan Su


TitlePublic market's discipline and managers' incentives


Author: Colin Ward and Chao Ying

Abstract: We revisit Jensen’s (1986) manager-investor relationship fraught with conflicting interests over the use of firm resources in a dynamic optimal contracting environment with costly external finance. Managers’ private quest for resource control separates these interests and endogenously creates a role for public markets as a provider of discipline.