Carlson School of Management

Brown Bag Seminars

All seminars are held from 12:00-1:00 pm in the Carlson School of Management 4-300V unless otherwise noted.

Spring 2014 Brown Bag Seminars

2/26/14

Ashraf Al Zaman

Cash holdings and technological development: Evidence from IT mediated improvement in inventory management

 

Since 1980s US manufacturing firms are holding more cash relative to their assets. In this paper, we investigate whether improvements in information technology (IT) and its use have contributed to this increase. We establish that IT contributed to the improvement through inventory channel. IT has enabled firms redeploy their current assets: substituting cash for inventory, engendering an era of sustained higher level of cash holdings. In addition, we also establish that some observed heterogeneity in cash holdings can be explained by the industries firms operate in, the type of inventories they hold, and the financial constraints they face.

3/5/14

Jianfeng Yu
Short- and Long-Run Business Conditions and Expected Returns 

(joint with Qi Liu, Libin Tao, and Weixing Wu)

Numerous studies argue that the market risk premium is associated with economic
conditions and show that proxies for business conditions indeed predict aggregate
market returns. By directly estimating short- and long-run expected economic growth,
we show that short-run expected economic growth is negatively related to future
returns, whereas long-run expected economic growth is positively related to aggregate
market returns. At an annual horizon, short- and long-run expected growth can
jointly predict aggregate excess returns with an R2 of 17-19%. Our ndings indicate
that the risk premium has both high- and low-frequency fluctuations and highlight
the importance of distinguishing short- and long-run economic growth in macro asset
pricing models.

 

3/12/14 John Pokorny TBD

3/19/14

Spring Break No Seminar

3/26/14

Hongda Zhong

TBD

4/2/14 Martin Szydlowski TBD
4/9/14

Kee Seon Nam

TBD

4/16/14 Junyan Shen
TBD
4/23/14 Raj Singh

TBD

4/30/14 Frederico Belo TBD
5/7/14 Rajesh Aggarwal TBD

 

 

 

 

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