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DTSTART;TZID=America/Chicago:20260130T140000
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CREATED:20260123T213616Z
LAST-MODIFIED:20260123T214209Z
UID:10000607-1769781600-1769785200@uwm.edu
SUMMARY:Does the Control–Cash Flow Rights Wedge Capture Private Benefits of Control? Evidence from a Mandatory Bid Rule Reform
DESCRIPTION:Part of the Lubar Research Seminar Series \nSpeaker:  Carlos Acuna\, Lubar College of Business\, University of Wisconsin – Milwaukee\n \nCarlos examines whether the control–cash flow rights wedge captures private benefits of control (PBC) by exploiting Chile’s adoption of the Mandatory Bid Rule (MBR)\, which requires equal-price offers to all shareholders in control transactions. Firms could opt out for three years through early notification\, with opting out reflecting higher PBC. He finds an inverted U-shaped relationship between opting out and the wedge\, consistent with outsider monitoring limiting expropriation beyond the turning point. The inverted-U implies that the wedge is an imperfect proxy for PBC\, calling for measures that capture both insider expropriation incentives and outsider monitoring intensity.
URL:https://uwm.edu/business/event/mandatory-bid-rule-reform/
LOCATION:Lubar Hall\, N440\, 3202 N. Maryland Ave.\, Milwaukee\, WI\, 53201\, United States
CATEGORIES:Research Seminar Series
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DTSTART;TZID=America/Chicago:20251205T140000
DTEND;TZID=America/Chicago:20251205T150000
DTSTAMP:20251201T191701Z
CREATED:20251201T191701Z
LAST-MODIFIED:20251201T191701Z
UID:10000596-1764943200-1764946800@uwm.edu
SUMMARY:A Tale of Two Market Returns: The Broad Market Factor and The Idiosyncratic Financial Factor
DESCRIPTION:Part of the Lubar Research Seminar Series \nSpeaker:  Johnathan Loudis\, University of Notre Dame\n \nWe construct a broad market factor (BMF) which reflects the value-weighted return on all firms in the US economy (public and private). The BMF differs from the standard value-weighted market factor (VMF)\, the value-weighted return on public firms in the US economy. The difference between the VMF and the BMF is the idiosyncratic financial factor (IFF): the IFF carries no risk premium and is uncorrelated with all macroeconomic proxies for investor marginal utility we consider. Consistent with a model featuring selection into public markets\, we provide evidence that market risk is underestimated when measured with respect to the VMF compared to the BMF for most assets\, and that using the BMF in place of the VMF resolves the size anomaly and renders size factors redundant in standard multi-factor models. Moreover\, the BMF implies a substantially stronger intertemporal risk-return tradeoff. The IFF adds unpriced risk to the VMF\, distorting both cross-sectional and time-series estimates of exposure to priced market risk. Thus\, we provide both theoretical and empirical evidence for how the IFF explains three long-standing asset pricing “puzzles”: 1) the CAPM underestimates discount rates for most assets\, 2) the size anomaly\, and 3) the weak intertemporal risk-return relation. \nAbout the Speaker:\nJohnathan Loudis is an Assistant Professor of Finance at the University of Notre Dame. His research focuses on empirical asset pricing\, asset pricing theory\, and macro-finance. He received his PhD in financial economics from the University of Chicago through a joint degree program between the Booth School of Business and the Kenneth C. Griffin Department of Economics. Johnathan also holds masters degrees in economics from the University of Chicago and materials science from Dartmouth College.
URL:https://uwm.edu/business/event/broad-market-factor/
LOCATION:Lubar Hall\, N440\, 3202 N. Maryland Ave.\, Milwaukee\, WI\, 53201\, United States
CATEGORIES:Research Seminar Series
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BEGIN:VEVENT
DTSTART;TZID=America/Chicago:20251121T140000
DTEND;TZID=America/Chicago:20251121T150000
DTSTAMP:20251117T152258Z
CREATED:20251117T151546Z
LAST-MODIFIED:20251117T152258Z
UID:10000593-1763733600-1763737200@uwm.edu
SUMMARY:Interfirm Collaboration\, Ownership Stakes\, and Incomplete Contracts: Evidence from the Pharmaceutical Industry
DESCRIPTION:Part of the Lubar Research Seminar Series \nSpeaker:  Yianni Floros\, Lubar College of Business\, University of Wisconsin – Milwaukee\n \nIf contracts are incomplete\, ownership stakes between collaborating firms can help align incentives and mitigate the costs of potential future conflicts. Using the unique institutional setting of the pharmaceutical industry\, we construct hypotheses that relate the complexity of the contracting environment to the use of equity stakes. Using a sample of collaborations between pharmaceutical firms and detailed drug (project) and firm-level data\, we find overwhelming support for our hypothesis. We construct precise drug level measures of competition and find equity stakes are more likely when competition is greater. We explore the contract features of the equity stake agreements and find frequent use of control terms. Last\, we document that stock market reactions to the announcements of contracts with equity average 8% compared to 3% for those without equity.
URL:https://uwm.edu/business/event/interfirm-collaboration-ownership-stakes-and-incomplete-contracts-evidence-from-the-pharmaceutical-industry/
LOCATION:Lubar Hall\, N440\, 3202 N. Maryland Ave.\, Milwaukee\, WI\, 53201\, United States
CATEGORIES:Research Seminar Series
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BEGIN:VEVENT
DTSTART;TZID=America/Chicago:20251024T103000
DTEND;TZID=America/Chicago:20251024T113000
DTSTAMP:20251020T145647Z
CREATED:20251020T135632Z
LAST-MODIFIED:20251020T145647Z
UID:10000587-1761301800-1761305400@uwm.edu
SUMMARY:Temporary Loosening of Impossible Ideals: Deconstructed Boundaries and Norm Restructuring Around Work-Family Infrastructure Shock
DESCRIPTION:Part of the Lubar Research Seminar Series \nSpeaker:  Keimei Sugiyama\, University Wisconsin – Milwaukee\n \nThis study examines how working parents navigate the dismantling of work-family infrastructure during extreme circumstances\, drawing on interviews with 76 working parents (including 18 couples) during the prevalence of remote work in the early months of the COVID-19 pandemic. We introduce the concept of work-family infrastructure shock (WFI shock) to explain what happens when the scaffolding that supports work-family management suddenly collapses. Our findings reveal that WFI shock creates a liminal experience in which working parents temporarily question and restructure deeply embedded work and family norms. This liminal period enables a shift from individual to more social approaches in boundary work\, as working parents engage in co-constructing boundaries with others. Additionally\, the loosening of ideal worker and parent norms allows working parents to experience temporary freedom from impossible standards. While some working parents retreat to the status quo due to fear and perceived risks\, others leverage this period to reframe their work-family management through increased appreciation of others and enhanced resilience. Our study contributes to work-family literature by revealing how shock events can create opportunities to challenge traditional work-family ideals and demonstrates the importance of reconceptualizing work-family supports as critical infrastructure rather than optional benefits.
URL:https://uwm.edu/business/event/temporary-loosening-of-impossible-ideals-deconstructed-boundaries-and-norm-restructuring-around-work-family-infrastructure-shock/
LOCATION:Lubar Hall\, N440\, 3202 N. Maryland Ave.\, Milwaukee\, WI\, 53201\, United States
CATEGORIES:Research Seminar Series
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BEGIN:VEVENT
DTSTART;TZID=America/Chicago:20251010T140000
DTEND;TZID=America/Chicago:20251010T150000
DTSTAMP:20251006T145921Z
CREATED:20251006T145921Z
LAST-MODIFIED:20251006T145921Z
UID:10000583-1760104800-1760108400@uwm.edu
SUMMARY:What is the Risk-Premium for the SDF?
DESCRIPTION:Part of the Lubar Research Seminar Series \nSpeaker:  John Huck\, University Wisconsin – Milwaukee\n \nWe develop a model that identifies a time-varying risk-premium for a latent stochastic discount factor (SDF) with minimal assumptions. The SDF risk-premium can be identified in two ways: (1) as a function of the weighted average variance risk-premium (VRP) for individual stocks and the VRP for the market\, and (2) as a function of the cross-sectional weighted variance of expected stock returns. We construct empirical proxies for the SDF risk-premium\, and show that they can price the cross-section of stock returns. Specifically\, investors pay a premium for assets that have higher betas to the SDF risk-premium factors.
URL:https://uwm.edu/business/event/what-is-the-risk-premium-for-the-sdf/
LOCATION:Lubar Hall\, N440\, 3202 N. Maryland Ave.\, Milwaukee\, WI\, 53201\, United States
CATEGORIES:Research Seminar Series
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BEGIN:VEVENT
DTSTART;TZID=America/Chicago:20250918T140000
DTEND;TZID=America/Chicago:20250918T150000
DTSTAMP:20250915T210326Z
CREATED:20250911T184709Z
LAST-MODIFIED:20250915T210326Z
UID:10000573-1758204000-1758207600@uwm.edu
SUMMARY:No Margins\, No Mission: The Effects of Immigration on the Hospital Sector
DESCRIPTION:Part of the Lubar Research Seminar Series \nSpeaker:  Giorgo Sertsios\, University Wisconsin – Milwaukee\n\nNonprofit organizations dominate the U.S. hospital sector\, yet their objectives and constraints are not well understood. We shed light on these issues by studying how hospitals adjust their investment and financing decisions in response to immigration.  Instrumenting for immigration inflows using historical enclaves of foreign-born nationalities\, we find that a 1% increase in immigration (relative to the county’s initial population) leads to a 2.17% decline in hospital bed capacity over ten years. The effect is primarily driven by nonprofit hospitals\, which are more likely to exit through closures or acquisitions. Continuing nonprofit hospitals experience a significant decline in their profit margins due to increased expenditure on uncompensated care. To cover the financial shortfalls\, nonprofits curtail fixed-asset investments but do not raise additional funds. Our findings suggest that nonprofit hospitals operate under tight financing and operating constraints\, underscoring a strong link between nonprofits’ ability to generate profits and their capacity to pursue “mission-driven” objectives.
URL:https://uwm.edu/business/event/no-margins-no-mission-the-effects-of-immigration-on-the-hospital-sector/
LOCATION:Lubar Hall\, N440\, 3202 N. Maryland Ave.\, Milwaukee\, WI\, 53201\, United States
CATEGORIES:Research Seminar Series
ATTACH;FMTTYPE=image/gif:https://uwm.edu/business/wp-content/uploads/sites/554/2025/08/world-image.gif
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BEGIN:VEVENT
DTSTART;TZID=America/Chicago:20250418T103000
DTEND;TZID=America/Chicago:20250418T120000
DTSTAMP:20250414T161028Z
CREATED:20250414T161028Z
LAST-MODIFIED:20250414T161028Z
UID:10000545-1744972200-1744977600@uwm.edu
SUMMARY:Retention Costs or Human Capital Investments: A Dual Perspective on Employer-Sponsored Health Benefits?
DESCRIPTION:Part of the Lubar Research Seminar Series \nSpeaker:  Xuelin Li\, Columbia University\n \nEmployer-sponsored health insurance is the predominant coverage source for the U.S. workforce\, yet the rationale behind firms’ provision of these benefits remains debated. We examine two primary motivations: as a retention mechanism reducing employee turnover\, and as a human capital investment enhancing workforce productivity. To disentangle these perspectives\, we exploit policy-induced shocks to labor mobility and track firms’ benefit adjustments. We employ a stacked difference-in-differences approach using novel datasets on health plan details\, individual healthcare utilization\, and state-level variations in non-compete agreement (NCA) enforceability from 2013 to 2020. Our results show that increased NCA enforceability leads firms to lower premiums primarily by shifting to High-Deductible Health Plans (HDHPs). This shift\, in turn\, boosts HDHP enrollment rates and significantly reshapes healthcare utilization among affected employees\, leading to fewer preventive care visits but a greater incidence of severe\, high-cost medical procedures. Overall\, our findings support the retention cost perspective while also highlighting the unintended long-term consequences of such cost-saving strategies
URL:https://uwm.edu/business/event/retention-costs-investments/
LOCATION:Lubar Hall\, N440\, 3202 N. Maryland Ave.\, Milwaukee\, WI\, 53201\, United States
CATEGORIES:Research Seminar Series
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BEGIN:VEVENT
DTSTART;TZID=America/Chicago:20250411T103000
DTEND;TZID=America/Chicago:20250411T120000
DTSTAMP:20250407T181536Z
CREATED:20250407T181442Z
LAST-MODIFIED:20250407T181536Z
UID:10000544-1744367400-1744372800@uwm.edu
SUMMARY:Designing Renewable Power Purchase Agreements: Impact on Green Energy Investment
DESCRIPTION:Part of the Lubar Research Seminar Series \nSpeaker:  Professor Zuguang Gao\, University of California – Irvine\n \nThis paper studies a long-term power purchase agreement (PPA) between a firm and a new renewable energy generator. At each time\, the firm must meet an uncertain electricity demand in excess of its existing energy sources. The wholesale electricity market price evolves as a stochastic process. When the firm signs a PPA\, a new renewable energy facility becomes operational\, and the firm owns the facility’s output during the contract. The new facility’s capacity is determined based on PPA terms. The firm dynamically decides when to start a renewable PPA and total payment to the renewable energy generator to maximize its expected total discounted benefit. We show that the firm’s optimal time-to-sign a PPA is determined by a (time- varying) threshold policy. Our analysis offers key insights to policymakers and renewable energy developers. We find that\, in contrast to the common understanding\, increasing investment cost for renewable technology can boost renewable energy capacity and output when renewable energy facilities are developed under a PPA. This calls for caution in implementing investment tax credit for clean technologies under PPAs. We show that total renewable energy generation can decrease with site productivity. Hence\, restricting renewable facility development to the most productive sites might be counterproductive under PPAs. \nZoom meeting link \nMeeting ID: 926 5434 0716\nPasscode: 807247
URL:https://uwm.edu/business/event/green-energy/
LOCATION:Lubar Hall\, N440\, 3202 N. Maryland Ave.\, Milwaukee\, WI\, 53201\, United States
CATEGORIES:Research Seminar Series
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BEGIN:VEVENT
DTSTART;TZID=America/Chicago:20250404T103000
DTEND;TZID=America/Chicago:20250404T120000
DTSTAMP:20250331T184730Z
CREATED:20250331T184716Z
LAST-MODIFIED:20250331T184730Z
UID:10000541-1743762600-1743768000@uwm.edu
SUMMARY:Racial Diversity and Inclusion Without Equity? Evidence from Executive Compensation
DESCRIPTION:Part of the Lubar Research Seminar Series \nSpeaker:  Felipe Cabezon\, Virginia Tech \nThe structure of managerial compensation\, excluding CEOs\, varies by ethnicity and race. Black\, Hispanic\, and Asian C-suite executives receive less equity-based pay than their White counterparts. As minority executives’ tenure increases or they move to firms with minority CEOs or firms near recent Black Lives Matter events\, pay structure similarity improves. When this similarity increases\, the pay gap between White and minority executives tightens\, firm performance improves\, financial fraud declines\, and the CEO-to-median-worker pay ratio narrows. Race-based pay disparities are influenced by both minority executives’ preferences and corporate cultures where the idiosyncratic backgrounds of different executives take time to coalesce. \n 
URL:https://uwm.edu/business/event/executive-compensation/
LOCATION:Lubar Hall\, N440\, 3202 N. Maryland Ave.\, Milwaukee\, WI\, 53201\, United States
CATEGORIES:Research Seminar Series
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