Brown Bag Seminars
Date: Wednesday, March 6th
Time: 12:00-1:00pm
Location: CSOM L-118
Title: More 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
Title: Gender Complimentary and the Market Value of the Firm
Authors: Alex Pecora
Title: Effects 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
Title: Capital misallocation and risk sharing" is with Hengjie Ai, Anmol Bhandari and Chao Ying
Authors: Yuchen Chen
Title: Estimating and Testing Investment-Based Asset Pricing Models, with Frederico Belo and Juliana Salomao
Authors: Yao Deng
Title: Information provision of the intermediary with reputation concern
Authors: Fangyuan Yu
Title: Financial Institution Misconduct and the Rise of FinTech
Authors: Keer Yang
Date: Wednesday, April 10th
Time: 12:00pm-1:00pm
Location: CSOM L-118
Title: Do Shocks to Intermediaries' Balance Sheet Impact Aggregate Risk Premium?
Author: Ramin Hassan
Title: Minsky Cycles
Author: Dan Su
Title: Public 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.