Event Series

CFLP Blue Bag Lunches

CFLP Blue Bag Lunches

Showing 1 - 30 of 31 results
CFLP Blue Bag Lunches

Misconduct Synergies

Sep 9, 2021, 12:00-1:00 pm EDT
Professor Emmanuel Yimfor discusses his research on the question: Do corporate control transactions discipline the labor force? Center on Finance, Law & Policy's monthly Blue Bag Lunch Talk series.
CFLP Blue Bag Lunches

Insider Giving

May 6, 2021, 12:00-1:00 pm EDT
Professor Nejat Seyhun will discuss a new paper on "insider giving," as a potent substitute for insider trading due to lax reporting requirements and legal restrictions.
CFLP Blue Bag Lunches

Banking on a Revolution

Mar 11, 2021, 12:00-1:00 pm EST
Professor Terri Friedline's book, Banking on a Revolution, makes a compelling case for a revolutionized financial system that centers the needs, experiences, and perspectives of those it has historically excluded, marginalized, and exploited.
CFLP Blue Bag Lunches

Sustainability scrutiny in the financial markets

Feb 4, 2021, 12:00-1:00 pm EST
Professor Adriaens' research explores the impact of water risk – as a proxy for climate impact - on corporate share price premiums and financial performance of global indexes, and the impact of green investment intent and corporate ESG disclosure on bond yield spread (relative to 10-year treasury notes).
CFLP Blue Bag Lunches

The Macroeconomics of COVID-19

Jan 21, 2021, 12:00-1:00 pm EST
Economics Professor Linda Tesar will review some recent evidence on the impact of  COVID-19 on economic activity in the US and abroad and will discuss some of the ways that macroeconomists have begun to model the "COVID shock" and its economic effects. 
CFLP Blue Bag Lunches

Domesticating foreign finance

Sep 10, 2020, 12:00 pm EDT
More than a decade after the 2008 financial crisis, U.S. policymakers still have not adequately addressed one of the primary causes of the crash: foreign banks.
CFLP Blue Bag Lunches

Private Financing of Public Infrastructure: Will Digital Finance Open the Floodgates?

Oct 4, 2018, 12:00-1:00 pm EDT
South Hall Room 0220
Historically, public infrastructure systems such as roads, water utilities, and schools are financed using a combination of tax revenue, government and revenue-backed bonds. This system has repeatedly fallen short due to insufficient tax revenue and political aversion towards funding “social infrastructure”. Especially for schools, the access to quality infrastructure is highly correlated (in the US) to poverty, stemming from property values, credit worthiness and other factors. A recent bill (not passed) required a 1:6 leverage of federal with state and private finance, compared to 1:12 in Europe and 1:30 proposed under the Climate accords. Either infrastructure has not been built or upgraded, or private capital has stepped in the breach. At the Center for Smart Infrastructure Finance, we're asking whether data-driven models can close the gap by taking advantage of the internet of things (IoT): smart sensors that deliver information which can be monetized. This seminar will explore how private financing models that leverage digital data supply chains to attract 'efficient capital' (e.g. insurance, options trades, debt securities, variable interest rate bonds) can be adapted to financing public infrastructure while limiting recourse to the citizens that use it, and leveling the economic disparities of access.
Ford School
CFLP Blue Bag Lunches

February Blue Bag Lunch Talk: Currency Manipulation

Feb 7, 2019, 12:00-1:00 pm EST
Jeffries Hall 0220
Governments have increasingly relied on exchange rate stabilization policies, specifically intervention operations in currency markets and capital controls, to offset external shocks.  The focus on exchange rate stabilization is not limited to countries with pegged exchange rate regimes.  Indeed, a number of countries that currently actively intervene in currency markets self-describe as floaters. The U.S. has responded by raising concerns that these policies amount to currency manipulation. Article IV of the IMF Articles of Agreement requires that members “avoid manipulating exchange rates” in order to gain an unfair competitive advantage over other members. Separately (since 1989) the U.S. Treasury must report to Congress biannually regarding whether individual trading partners are manipulating currencies for unfair advantage.  This talk will examine both the theoretical underpinning and empirical evidence on currency intervention and manipulation, with the goal of better understanding when exchange rate stabilization is effective from the point of view of domestic policy-makers and when it should be considered manipulative from a global perspective.
CFLP Blue Bag Lunches

The Rise of Whistleblower Bounties to Prevent and Deter Corporate Wrongdoing

Apr 4, 2019, 12:00-1:00 pm EDT
Jeffries Hall 0220
Many statutes now permit bounties for whistleblowers who provide enforcement relevant information to the authorities.  The growth in such bounties has been quite rapid in recent years generating substantial scholarly, policy and practical interest.  However, much of the scholarship does not address a critical feature of corporate liability in the US – there is considerable uncertainty about both the scope and definition of wrongdoing. This talk examines the effects of this uncertainty on the desirable structure and incidence of bounty regimes.  Some key findings are that the greater this uncertainty the harder it will be to gather information about wrongdoing both within a firm and more generally because individuals will likely be reluctant to share information that might be relevant to enforcement. This has numerous effects. First, as gathering and sharing of information becomes more difficult it will become harder to deter and prevent wrongdoing, which in part depends on gathering and sharing information.  Second, weaker gathering and sharing of information within the firm will hamper the ability of employees to work together cohesively. This not only worsens firm performance (which has its own costs), but also is likely to increase wrongdoing because poor firm performance is a key predicator of corporate wrongdoing. The analysis thus counsels caution in extending whistleblower bounties to areas where the underlying law is uncertain, provides insights on how one might design a bounty system in light of this uncertainty (e.g., differentiating between internal and external whistleblowers, varying bounties by firm size), and lays out certain steps that might be taken to ameliorate some of the identified effects of uncertainty.
Ford School
CFLP Blue Bag Lunches

College Savings Accounts for HeadStart Families: Preliminary Results from Michigan

Nov 7, 2019, 12:00-1:00 pm EST
Room 1025 Jeffries Hall
The Saving for Education, Entrepreneurship and Downpayment (SEED) initiative began in 2003 to test asset-building accounts for children and youth with the goal of providing strategic and practical lessons in how to create an inclusive CSA system. At the SEED impact assessment site in Michigan (MI-SEED), 500 Head Start families were offered Michigan 529 Educational Savings plans. The accounts were opened with an initial contribution of $800 from program funding and a possible $200 match from the State of Michigan. Any subsequent savings by the family were matched 1:1 up to $1200. Another set of similar Head Start families made up a comparison group that was not offered accounts. Most of the participating pre-school children are now old enough to graduate from high school and actually use the accounts to fund post-secondary education. This presentation will offer preliminary longitudinal data on accounts, standardized test scores, and other educational outcomes over time. 
CFLP Blue Bag Lunches

Taxes and Public Policy: How Ross Students and City Administrators Are Working Together to Help Finance Revitalization Efforts in Detroit

Nov 1, 2018, 12:00-1:00 pm EDT
South Hall 0220
The rebirth of Detroit is dependent on a multitude of factors including issues related to urban infrastructure, the revitalization of neighborhoods, and beyond. Critical to this rebirth is investment in the city. For the city administration, this investment means being able to collect sufficient tax revenues to turn on streetlights, police neighborhoods, replace infrastructure, and finance other projects. Unfortunately, one consequence of the challenges faced by the city has been a culture of non-payment of the taxes owed. Over the last three years, the Master of Accounting students at the Ross School of Business have worked closely with the city to help address these non-payment issues. This talk will describe the projects the students have worked on, the benefits to both the city and to the students, and the work that still needs to be done. We will be joined by the city’s Director of Audit and Compliance, Odell Bailey.
Ford School
CFLP Blue Bag Lunches

Myths About Student Loans

Jan 17, 2019, 12:00-1:00 pm EST
Jeffries Hall Room 0220
The massive dollar amounts associated with student loan debt and the impact on individuals and the financial stability of the overall economy has attracted the attention of journalists, economists, and average Americans. There are, however, several myths associated with these eye-popping numbers, and Susan Dynarski, Professor of public policy, education and economics will discuss a few of these myths in our January Blue Bag Lunch Talk.For example, in a recent paper for Brookings, "The Trouble with Student Loans? Low Earnings, Not High Debt," Professor Dynarski debunks the popular notion that more student debt leads to higher student loan default rates.In fact, research shows that default rates are highest among individuals with smaller loan balances. Students borrowing under $5,000 default at a rate of 34 percent, compared to 18 percent for those borrowing more than $100,000.Among policy proposals advocated by Professor Dynarski to address the student loan crisis is to automatically enroll borrowers who are late on payments in income-based repayment, or adjust loan payments each pay period, similar to the current income-tax withholding system.
CFLP Blue Bag Lunches

Modernizing Bank Merger Review

Sep 12, 2019, 12:00-1:00 pm EDT
Room 1025 Jeffries Hall
 Sixty years ago, Congress established a federal pre-approval regime for bank mergers to protect consumers from then-unprecedented consolidation in the banking sector. This process worked well for several decades, but it has since atrophied, producing numerous “too big to fail” banks.Professor Kress's research contends that regulators’ current approach to evaluating bank merger proposals is poorly suited for modern financial markets. Policymakers and scholars have traditionally focused on a single issue: whether a bank merger would reduce competition. Over the past two decades, however, changes in bank regulation and market structure—including the repeal of interstate banking restrictions and the emergence of nonbank financial service providers—have rendered bank antitrust analysis largely obsolete. As a result, regulators have rubber stamped recent bank mergers, despite evidence that such deals could harm consumers and destabilize financial markets. Professor Kress's research asserts that contemporary bank merger analysis should instead emphasize statutory factors that regulators have long neglected: whether a proposed merger would increase systemic risks, enhance the public welfare, and strengthen the relevant institutions. Professor Kress's research urges regulators to modernize their approach, and it proposes a novel framework to ensure that bank merger oversight safeguards the financial system. The proposals contained herein have far-reaching implications not only for bank regulation but also for the ongoing debate over merger policy in technology, agriculture, and other industries.
Ford School
CFLP Blue Bag Lunches

Effects of Team Membership on Pro-social Lending in Online Microfinance: Large-scale Field Experiments on Kiva

Dec 6, 2018, 12:00-1:00 pm EST
South Hall 0220
This will be a presentation of two large-scale field experiments designed to test the hypothesis that group membership can increase participation and pro-social lending for an online crowdlending community, Kiva. The first experiment uses variations on a simple email manipulation to encourage Kiva members to join a lending team, testing which types of team recommendation emails are most likely to get members to join teams as well as the subsequent impact on lending. We find that emails do increase the likelihood that a lender joins a team, and that joining a team increases lending in a short window following our intervention. The impact on lending is large relative to median lender lifetime loans. We also find that lenders are more likely to join teams recommended based on location similarity rather than team status. Our results suggest team recommendations can be an effective behavioral mechanism to increase pro-social lending. In a second field experiment, we manipulate forum messages to explore the underlying mechanisms for teams to be effective. 
CFLP Blue Bag Lunches

Local Government Fiscal Health: Do subjective self-assessments match "the numbers"?

Mar 14, 2019, 12:00-1:00 pm EDT
Jeffries Hall Room 0220
Local government fiscal health is typically assessed using objective financial indicators, but little is understood about how local officials subjectively understand their own fiscal health. We compare self-assessment data from the Michigan Public Policy Survey with financial data on Michigan local governments to explore the extent to which self-assessments align with conventional financial indicators. Qualitative results reveal that local officials emphasize long-term spending pressures (e.g. roads, infrastructure) and external factors, such as uncertainty around property values and state aid (i.e. revenue sharing) payments, when assessing their fiscal health. Quantitative results provide some corroborating evidence, but in general, conventional indicators are not powerful predictors of self-assessments, especially for high-stress governments. We believe that part of the disparity is that financial indicators do a poor job of capturing what local officials say they are most worried about. We suggest that self-assessments may be a useful supplement to conventional measures in capturing “true” fiscal health.

Nejat Seyhun: Insider Giving

May 17, 2021 0:59:20

“Insider giving” is a potent substitute for insider trading. Professor Seyhun and co-authors S. Burcu Avci, Cindy A. Schipani, and Andrew Verstein show that insider giving is far more widespread than previously believed. 

Peter Adriaens: Sustainability scrutiny in the financial markets

Feb 4, 2021 0:56:17

Peter Adriaens explains how Environmental, Social, and Governance (ESG) measurement, Corporate Social Responsibility (CSR) activities, and Socially Responsible Investing (SRI) are increasingly important considerations to manage growth and climate

Linda Tesar: The Macroeconomics of COVID-19

Jan 21, 2021 0:50:11

Linda Tesar reviews some recent evidence on the impact of  COVID-19 on economic activity in the US and abroad and will discuss some of the ways that macroeconomists have begun to model the "COVID shock" and its economic effects. Janurary 2021.