Home

Research Seminars

Finance, Insurance & Real Estate

Each semester, the Finance department schedules several free seminars where current research relevant to the field of Finance is presented and discussed. Contact Dr. Shane Underwood for more information.

Click a semester listed below to see the seminars for that semester. Some of the seminars have downloadable papers associated with the presentation.


Time and Place Presenter Topic
April 20, 2018
10:00 - 11:30 am
Foster 416
Shawn Mobbs
University of Alabama
Title:
 
Abstract:
March 16, 2018
10:00 - 11:30 am
Foster 416
Tao Shu
University of Georgia
Title:
 
Abstract:
February 23, 2018
10:00 - 11:30 am
Foster 416
Vineet Bhagwat
George Washington University
Title:
 
Abstract:
February 16, 2018
10:00 - 11:30 am
Foster 416
Martijn Cremers
Notre Dame
Title:
 
Abstract:
February 9, 2018
10:00 - 11:30 am
Foster 416
Taylor Begley
Washington University in St. Louis
Title:
 
Abstract:
February 2, 2018
10:00 - 11:30 am
Foster 416
Jordan Nickerson
Boston College
Title:
 
Abstract:
January 19, 2018
10:00 - 11:30 am
Foster 416
James Choi
Yale University
Title:
 
Abstract:

Time and Place Presenter Topic
April 28, 2017
1:30 - 3:00 pm
Foster 302
Bob Parrino
Lamar Savings Centennial Professor Finance and Director of the Hicks, Muse Tate & Furst Center for Private Equity Finance, McCombs College of Business, UT Austin
Title: Uncertainty, Prospectus Content, and Price Updates Prior to Initial Public Offerings
Abstract: We investigate how information gets incorporated into initial public offering (IPO) share prices. We find that greater uncertainty about the value of a firm’s shares is associated with a more conservative anticipated price range and more content concerning efforts to exploit growth opportunities in the offering prospectus. The evidence suggests that potential investors help incorporate the value of this growth option related content into the IPO price through the book-building process. However, not all of the relevant information is reflected in IPO prices. The evidence is also consistent with investors being compensated for their price discovery efforts through underpricing.
April 21, 2017
1:30 - 3:00 pm
Foster 302
Vince Kaminski
Professor in the Practice of Energy Management Jesse H. Jones School of Business, Rice University
Mitch Taylor
Manager Director, Cooper Investment Partners Houston, TX
Panel Discussion: The real story behind the rise and fall of the Enron Corporation (Lessons Learned)
Abstract: Our panelists each played unique rolls at Enron during the years of greatest prosperity and fall from grace. Vince served as the Managing Director for Research which employed more than 50 analysts who developed quantitative models to support energy trading at Enron. Mitch was held a variety of corporate development and finance positions at Enron. He stayed on at Enron and co-led the corporate development group that disposed of $11 billion of Enron’s assets.
April 7, 2017
1:30 - 3:00 pm
Foster 302
Avishai Schiff
PhD Student, McCombs College of Business, UT Austin
Title: Labor Mobility and Financial Leverage
Abstract: In this paper I analyze two competing effects of labor mobility on capital structure. Labor mobility may lead to higher leverage if mobile workers suffer reduced costs of financial distress. However, it may lead to lower leverage if mobile workers demand more rigid wages or are more likely voluntarily leave distressed firms. I formalize this intuition in a static model of labor mobility, worker separation, and optimal debt choice. I then empirically test the relationship using a new measure of labor mobility that relies on occupational dispersion and shocks to local labor markets. Using national employment shocks to instrument for local employment changes, I find that higher mobility firms choose lower financial leverage.
March 31, 2017
1:30 - 3:00 pm
Foster 302
Joe Cunningham, MD
Founding Partner Sante' Health Ventures, Austin, TX
Title: The state of the healthcare industry in America
 
Abstract:
March 24, 2017
2:30 - 4:00pm
Foster 302
Carey King
Asst Director of the Energy Institute, Jackson School of Geosciences, UT-Austin
Larry Lake
Shahid and Sharon Ullah Endowed Chair in Petroleum and Geosystems Engineering, Cockrell School of Engineering, UT-Austin
Gene Shepherd
Brigham Resources, LLC, Austin, TX
Stacey Atchley
Professor and Chair of the Geology Department, Baylor University
Panel Discussion: The true cost of energy and the future of the industry
 
March 17, 2017
1:30 - 3:00pm
Foster 302
Shane Underwood
Baylor University
Title:
Abstract:
February 24, 2017
1:30 - 3:00 pm
Foster 302
Gustavo Grullon
Jesse H. Jones Professor of Finance, Rice University
Title: Are US Industries Becoming More Concentrated?
Abstract: More than 75% of US industries have experienced an increase in concentration levels over the last two decades. Firms in industries with the largest increases in product market concentration have enjoyed higher profit margins, positive abnormal stock returns, and more profitable M&A deals, suggesting that market power is becoming an important source of value. In real terms, the average publicly-traded firm is three times larger today than it was twenty years ago. Lax enforcement of antitrust regulations and increasing technological barriers to entry appear to be important factors behind this trend. Overall, our findings suggest that the nature of US product markets has undergone a structural shift that has weakened competition.
February 17, 2017
1:30 - 3:00 pm
Foster 302
Chris Meyer
Baylor University
Title: An Introduction to Negotiation
Abstract:
January 27, 2017
1:30 - 3:00 pm
Foster 302
Jeff Sandefer
Founder, Master Teacher, Acton Academy, Austin, TX
Title: Your Future as a Professor: Bright or Bleak?
 
Abstract: There is no paper for this talk as I have asked Jeff to come share his thoughts on the future of higher education in America. Jeff is very knowledgeable about the subject (he sits on the advisory board of the Harvard Business School).
January 20, 2017
1:30 - 3:00 pm
Foster 302
Keith Brown
University Distinguished Teaching Professor & Sarofim Fellow, McCombs School of Business, UT Austin
Title: The Decision to Concentrate: Active Management, Manager Skill, and Portfolio Size
Abstract: Several recent studies establish that more highly concentrated portfolios produce superior risk-adjusted returns. The untested premise of this literature is that it is the most skillful managers who hold the most concentrated portfolios and that, commensurate with their security selection abilities, these portfolios outperform. In this study, we formally examine the implicit assertion that the initial portfolio concentration decision is meaningfully related to a manager’s inherent investment skill. First, we present a simple theoretical model showing that the greater the manager’s skill level, the more concentrated the portfolio should be. Second, we conduct an extensive simulation analysis of the capacity to make accurate ex ante security return forecasts and show that while an unskilled investor’s optimal portfolio is fully diversified, skilled managers would select only about 3-20% of the available securities and that the portfolio concentration decision is directly proportional to investment prowess. Finally, we provide an empirical examination of the actual skill-concentration relationship in the mutual fund industry. For actively managed U.S. equity funds over 2002-2015, we document that fund managers who indicated skill in the past do form portfolios with higher concentration levels. We conclude that talented asset managers should and actually do hold more concentrated portfolios and that the extent of this concentration decision is meaningfully related to forecasting skill.

Time and Place Presenter Topic
November 11, 2016
1:30 - 3:00 pm
Foster 329
Laura Starks
McCombs College of Business, UT Austin
Title:
 
Abstract:
October 28, 2016
1:30 - 3:00 pm
Foster 329
James Weston
Jones School of Business, Rice University
Title: A Focus on Identification Issues in Natural Experiments
Abstract: The seminar will combine my last two RFS papers that have been on identification/natural experiments. I will present those papers and focus on methodology.
October 27, 2016
12:30 - 2:00 pm
Foster 322
Giorgo Tsertsios
Universidad de los Andes, Santiago,Chile
Title:
 
Abstract:
October 19-22, 2016
 
FMA  
 
October 14, 2016
1:30 - 2:30am
Foster 329
Viral Acharya
NYU
Soku Byoun
Baylor University
Zhaoxia Xu
NYU
Title: The Sensitivity of Cash Savings to the Implied Cost of Capital
Abstract: We show that firms save cash largely from equity issue proceeds when the implied cost of capital (ICC) is relatively low. Moreover, the sensitivity of cash savings to the ICC is significant especially for firms with greater hedging needs. The ICC also has significant impacts on the probability and the amount of equity issuance. Firms with greater hedging needs tend to issue more equity in excess of their financing needs when the ICC is relatively low. These findings suggest that firms' cash savings are driven by the hedging motive to mitigate future financing costs.
September 30, 2016
1:30 - 3:00 pm
Foster 329
Ioannis Spyridopoulos
Jones School of Business, Rice University
Title: Tough Love: The Causal Effect of Debt Covenants on Firm Performance
Abstract: I investigate whether restrictive loan covenants disrupt or promote firm operating performance. Using an instrumental variable approach to address the endogenous relationship between covenant strictness and firms' efficiency, I find stricter loan covenants cause an increase in profitability and a reduction in operating cost. Stricter covenants improve performance only when large shareholders have no presence on firms' boards, when managers are entrenched, or when firms face softer competition in their product market. The evidence is consistent with the view that the design of debt contracts can mitigate agency costs in firms that lack alternative governance mechanisms.
September 23, 2016
1:30 - 3:00 pm
Todd Gormley
Washington University
Title: Standing on the Shoulders of Giants: The Effect of Passive Investors on Activism
 
Abstract: We analyze whether the growing importance of passive investors has influenced the campaigns, tactics, and successes of activists. We find activists are more likely to pursue changes to corporate control or influence (e.g., via board representation) and to forego more incremental changes to corporate policies (e.g., via shareholder proposals) when a larger share of the target company’s stock is held by passively managed mutual funds. Furthermore, higher passive ownership is associated with increased use of hostile, expensive tactics (e.g., proxy fights) and a higher likelihood the activist obtains board representation or the sale of the targeted company. Overall, our findings suggest that the increasingly large ownership stakes of passive institutional investors mitigate free-rider problems associated with certain forms of intervention and ultimately increase the likelihood of success by activists.
September 9, 2016
1:30 - 3:00 pm
Antonio Macias
Baylor University
Title: A Review of Research Methods Commonly Used to Address Causal Inference in Financial Research
Abstract: Research design for causal inference is at the heart of a "credibility revolution" in empirical research. We will cover the design of true randomized experiments and contrast them to natural or quasi experiments and to pure observational studies, where part of the sample is treated in some way, the remainder is a control group, but the researcher controls neither the assignment of cases to treatment and control groups nor administration of the treatment. We will assess the causal inferences one can draw from a research design, threats to valid inference, and research designs that can mitigate those threats.

 

Border Title