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Seminar Series

Discover the Future of Finance.

The Risk Management and Insurance Center, in collaboration with the Department of Finance at Quinlan School of Business, presents an annual seminar series in finance, showcasing the latest research findings in the field. Led by professor Tom Nohel, faculty director of the series, these seminars feature cutting-edge insights by esteemed scholars. Sessions are held in person on select Fridays from 1:30 pm to 3:00 p.m. (CT) and are also accessible remotely via Zoom.

Explore topics from past seminars in the articles below.


April 26, 2024

Fewer but Better: How Superstar Firms Affect New Firm Creation

Victor Lyonnet, Assistant Professor of Finance, Ohio State University
Jack Liebersohn, Assistant Professor, UC Irvine

Discover the impact of superstar firms on new business creation. This study unveils a novel explanation for declining new firm formation, attributing it to the dominance of the largest and most productive companies. As superstar firms rise, they deter low-ability entrepreneurs while encouraging higher quality startups. Additionally, they displace low-productivity incumbents, contributing to a widening productivity gap across the economy. Read more.


April 5, 2024

Refinancing Frictions, Mortgage Pricing and Redistribution

Konstantin Milbradt, Professor of Finance, Northwestern University
David Berger, Associate Professor, Duke University and NBER
Fabrice Tourre, Assistant Professor, Baruch College
Joseph Vavra, Economics Professor, University of Chicago and NBER

Delve into the intricacies of mortgage refinancing dynamics in the US. This study unveils significant cross-subsidies from infrequent to frequent refinancers, highlighting potential redistributive implications. Exploring equilibrium mortgage pricing models, it reveals how policy reforms aimed at increasing refinancing frequency could impact mortgage rates and access to residential credit, offering insights into the complex interplay between market forces and policy interventions. Read more.


February 23, 2024

The Labor Market Impact of Shareholder Power: Worker-Level Evidence

Hyunseob Kim, Economist, Chicago FED
Antonio Falato, Economist, Federal Reserve Board
Daniel Gallego, PhD Student, Department of Economics, Northwestern University
Till von Wachter, Economics Professor, Department of Economics, UCLA

Unlocking insights from worker-level data, this study delves into the labor market impact of shareholder power. Analyzing data spanning over two decades, it reveals significant earnings losses for employees when firms experience increased ownership by block institutional shareholders. High-skilled workers and top managers bear the brunt of the impact, with earnings declining by up to 63%. The study suggests concentrated ownership enhances shareholders' bargaining power, leading to reduced employee earnings. Read more.


January 19, 2024

Passive Bond Fund Management is an Oxymoron

Jaewon Choi, Professor of Finance, University of Illinois
K. J. Martijn Cremers, Professor of Finance, University of Notre Dame
Timothy B. Riley, Assistant Professor, University of Arkansas

Explore the paradox of passive bond fund management. Unlike equity funds, they often underperform active counterparts due to challenges with illiquid bonds and the absence of positive skewness in returns. Discover why active bond funds frequently outshine passive ones, shedding light on the advantages of active management in the bond market. Read more.


November 10, 2023

Competition in the Cryptocurrency Exchange Market

Anthony Lee Zhang, Professor of Finance, University of Chicago
Junyi Hu, MS Financial Economics Student, Fudan University, School of Economics

Unlock the dynamics of competition within the cryptocurrency exchange market. Contrary to traditional theories, small and large exchanges are revealed as complements rather than substitutes. Discover how listing decisions by major exchanges drive trade volumes and listings on smaller platforms, shedding light on the pivotal 'leader' role large exchanges play in shaping the market landscape. Read more.


October 20, 2023

Delay Your Rivals: Vertical Integration in Securitization and Lending Competition

Brandon Zborowski, PhD Student, Northwestern University
José D. Salas, PhD Student, Department of Economics, Northwestern University

Discover how vertical integration transforms CMBS lending competition; unravel the secrets behind rate spreads, loan prioritization, and securitization timelines; and explore the strategic trade-offs that VI lenders navigate, offering insights into credit allocation and profitability. Read more.

Discover the Future of Finance.

The Risk Management and Insurance Center, in collaboration with the Department of Finance at Quinlan School of Business, presents an annual seminar series in finance, showcasing the latest research findings in the field. Led by professor Tom Nohel, faculty director of the series, these seminars feature cutting-edge insights by esteemed scholars. Sessions are held in person on select Fridays from 1:30 pm to 3:00 p.m. (CT) and are also accessible remotely via Zoom.

Explore topics from past seminars in the articles below.


April 26, 2024

Fewer but Better: How Superstar Firms Affect New Firm Creation

Victor Lyonnet, Assistant Professor of Finance, Ohio State University
Jack Liebersohn, Assistant Professor, UC Irvine

Discover the impact of superstar firms on new business creation. This study unveils a novel explanation for declining new firm formation, attributing it to the dominance of the largest and most productive companies. As superstar firms rise, they deter low-ability entrepreneurs while encouraging higher quality startups. Additionally, they displace low-productivity incumbents, contributing to a widening productivity gap across the economy. Read more.


April 5, 2024

Refinancing Frictions, Mortgage Pricing and Redistribution

Konstantin Milbradt, Professor of Finance, Northwestern University
David Berger, Associate Professor, Duke University and NBER
Fabrice Tourre, Assistant Professor, Baruch College
Joseph Vavra, Economics Professor, University of Chicago and NBER

Delve into the intricacies of mortgage refinancing dynamics in the US. This study unveils significant cross-subsidies from infrequent to frequent refinancers, highlighting potential redistributive implications. Exploring equilibrium mortgage pricing models, it reveals how policy reforms aimed at increasing refinancing frequency could impact mortgage rates and access to residential credit, offering insights into the complex interplay between market forces and policy interventions. Read more.


February 23, 2024

The Labor Market Impact of Shareholder Power: Worker-Level Evidence

Hyunseob Kim, Economist, Chicago FED
Antonio Falato, Economist, Federal Reserve Board
Daniel Gallego, PhD Student, Department of Economics, Northwestern University
Till von Wachter, Economics Professor, Department of Economics, UCLA

Unlocking insights from worker-level data, this study delves into the labor market impact of shareholder power. Analyzing data spanning over two decades, it reveals significant earnings losses for employees when firms experience increased ownership by block institutional shareholders. High-skilled workers and top managers bear the brunt of the impact, with earnings declining by up to 63%. The study suggests concentrated ownership enhances shareholders' bargaining power, leading to reduced employee earnings. Read more.


January 19, 2024

Passive Bond Fund Management is an Oxymoron

Jaewon Choi, Professor of Finance, University of Illinois
K. J. Martijn Cremers, Professor of Finance, University of Notre Dame
Timothy B. Riley, Assistant Professor, University of Arkansas

Explore the paradox of passive bond fund management. Unlike equity funds, they often underperform active counterparts due to challenges with illiquid bonds and the absence of positive skewness in returns. Discover why active bond funds frequently outshine passive ones, shedding light on the advantages of active management in the bond market. Read more.


November 10, 2023

Competition in the Cryptocurrency Exchange Market

Anthony Lee Zhang, Professor of Finance, University of Chicago
Junyi Hu, MS Financial Economics Student, Fudan University, School of Economics

Unlock the dynamics of competition within the cryptocurrency exchange market. Contrary to traditional theories, small and large exchanges are revealed as complements rather than substitutes. Discover how listing decisions by major exchanges drive trade volumes and listings on smaller platforms, shedding light on the pivotal 'leader' role large exchanges play in shaping the market landscape. Read more.


October 20, 2023

Delay Your Rivals: Vertical Integration in Securitization and Lending Competition

Brandon Zborowski, PhD Student, Northwestern University
José D. Salas, PhD Student, Department of Economics, Northwestern University

Discover how vertical integration transforms CMBS lending competition; unravel the secrets behind rate spreads, loan prioritization, and securitization timelines; and explore the strategic trade-offs that VI lenders navigate, offering insights into credit allocation and profitability. Read more.