Join us to hear from Matteo Binfare, University of Missouri. His presentation is titled, "Investing with Purpose: Evidence from Private Foundations". Abstract: We study the asset allocation, spending behavior, fees, and investment performance of U.S. private foundations. We find that large foundations generate positive risk-adjusted returns of about one percent per year. Larger and more sophisticated foundations perform better and invest more aggressively. Foundations with concentrated stock holdings have higher returns, but also take on more risk. Because of the constraints imposed by the five percent minimum spending rule and accommodating monetary policy, private foundations increase their risk-taking and reach for yield. Due to these constraints, a conservative asset allocation will decrease real wealth over time resulting in less charitable giving. The Clarence Tow Lectures in Finance Series brings high-profile researchers to the Tippie College of Business to present to an audience of faculty, PhD students, and researchers from around the University of Iowa. 

Hie Joo Ahn is a Principal Economist on the Board of Governors of the Federal Reserve Systems.

Join us to hear from Anthony DeFusco, University of Wisconsin.  His presentation is titled, "Real Effects of Rollover Risk: Evidence from Hotels in Crisis".   Abstract We show how firms scheduled to roll over debt in a crisis strategically reduce operations, regardless of their liquidity constraints. Our research design utilizes contractual features of commercial mortgages that generate as-good-as-random variation in whether debt is scheduled to mature during a crisis or just before. Once the crisis begins, borrowers cut labor expenses and produce less output at properties collateralizing loans coming due during the crisis, especially high-leverage loans. These effects hold with owner fixed-effects, consistent with strategic default and not liquidity constraints as the dominant mechanism. A parsimonious model of debt overhang with rollover risk rationalizes these results. The Clarence Tow Lectures in Finance Series brings high-profile researchers to the Tippie College of Business to present to an audience of faculty, PhD students, and researchers from around the University of Iowa.

Buddhika Nettasinghe is an Assistant Professor of Business Analytics at the Tippie College of Business.  Title: "Network scientific view of the emergence of structural disparities in science." Abstract: Glass ceiling effect, defined as “the unseen, yet unbreakable barrier that keeps minorities and women from rising to the upper rungs of the corporate ladder, regardless of their qualifications or achievements,” is a well-studied phenomenon. However, its emergence in directed networks (e.g...

Stephen Glaeser is an Assistant Professor of Accounting at the University of North Carolina at Chapel Hill.

Marcia Fampa is a Professor of Systems and Computer Engineering at the Federal University of Rio de Janeiro.