Mayo Center - Research

"ESG at a Crossroads," Darden Report, 26 March 2024, highlights research from Professor Pedro Matos.

Appel, I., Fos, V. (2024). Short Campaigns by Hedge Funds. The Review of Financial Studies, 37(5), 1460–1493, https://doi.org/10.1093/rfs/hhad092

Binfarè, M., & Harris, R. S. (2024). Paying Managers of Complex Portfolios: Evidence on Compensation and Performance from Endowments. Journal of Financial and Quantitative Analysis, 1–64. doi:10.1017/S0022109024000188

Deng, X., Gupta, V. K., Lipson, M. L., & Mortal, S. (2023). Short-Sale Constraints and Corporate Investment. Journal of Financial and Quantitative Analysis, 58(6), 2489–2521. doi:10.1017/S0022109022000849

Engelberg, J., Evans, R. B., Laonard, G., Reed, A. V., & Ringgenberg, M. C. (forthcoming). The Loan Fee Anomaly: A Short Seller’s Best Ideas. Management Science.

Evans, R., Gil-Bazo, J., & Lipson, M. (2024). Mutual fund performance and manager assets: The negative effect of outside holdings. Financial Management, 53, 3–29. https://doi.org/10.1111/fima.12443

Evans, R., Gómez, J.-P., Ma, L., & Tang, Y. (2023). Peer Versus Pure Benchmarks in the Compensation of Mutual Fund Managers. Journal of Financial and Quantitative Analysis, 1–38. doi:10.1017/S0022109023001230

Evans, R. B., Porras Prado, M., Rizzo, A. E., & Zambrana, R. (forthcoming). The Performance of Diverse Teams: Evidence from U.S. Mutual Funds. Management Science.

Harris, R. S., Jenkinson, T., Kaplan, S. N., & Stucke, R. (2023). Has persistence persisted in private equity? Evidence from buyout and venture capital funds. Journal of Corporate Finance, 81, 102361. https://doi.org/10.1016/j.jcorpfin.2023.102361

Hsu, P., Liang, H., Matos, P. (2023). Leviathan Inc. and Corporate Environmental Engagement. Management Science, 69(12), 7719-7758. https://doi.org/10.1287/mnsc.2021.4064

Li, L., Loutskina, E., Strahan, P. (2023). Deposit market power, funding stability and long-term credit. Journal of Monetary Economics, 138, 14-30. https://doi.org/10.1016/j.jmoneco.2023.04.004

Citrix Systems, Inc.: A Fight Worth Fighting?, Darden Business Publishing, written by Elena Loutskina & Jigar Shah

Williams-Sonoma, Inc., LBO: Let's Get Cooking, Darden Business Publishing, written by Elena Loutskina & Abanikash Rayaji

Atlas Air: Shipping at Preferred Cost, Darden Business Publishing, written by Elena Loutskina 

Rolling the Dice with Management Service Agreements, Darden Business Publishing, written by Elena Loutskina, Chad Kenney Jr. & Lee McElroy

Crocs, Inc., 2022: Déjà Vu All Over Again, Darden Business Publishing, written by Marc Lipson, Elena Loutskina & Abanikash Rayaji

“Dubious Green Funds are Rampant in America,”  The Economist, 1 December 2022, highlights research from Professor Pedro Matos.

"Divesting is 'Counterproductive,' New Research Says," Institutional Investor, 26 September 2022, cites research by Professor Pedro Matos and Darden post-doc student Vaska Atta-Darkua, economist Simon Glosser of the Federal Reserve, and Associate Professor Philip Kreuger from the University of Geneva.

Hedge Fund Alpha is Negative and Declining

Rodney Sullivan, Executive Director of the Richard A. Mayo Center for Asset Management has his research featured in an article by Larry Swedroe.

A paper co-authored by Professor Pedro Matos, "Do Responsible Investors Invest Responsibly?" is featured in a recent SEC Commissioner comment letter on the role of ESG in investing.

Paper Citation:
Gibson, Rajna and Glossner, Simon and Krueger, Philipp and Matos, Pedro and Steffen, Tom, "Do Responsible Investors Invest Responsibly?" (May 25, 2021). Review of Finance (Forthcoming), Swiss Finance Institute Research Paper No. 20-13, European Corporate Governance Institute – Finance Working Paper 712/2020, Available at SSRN: https://ssrn.com/abstract=3525530 or http://dx.doi.org/10.2139/ssrn.3525530

Do Institutional Investors Really "Walk the Talk" When They Sign Up the Principles for Responsible Investment?

Academic director Pedro Matos and Mayo Center post-doc Simon Glossner with co-authors from the University of Geneva on "Do PRI signatory investors walk the talk?"

Disaster Strikes: Where Do Institutional Investors Go?

Insights from Pedro Matos from Darden's Ideas to Action 

Hedge Fund Alpha: Cycle or Sunset

Webinar

Evidence shows that hedge fund managers as a group have shown a marked decline in risk-adjusted returns in the 10 years following the Global Financial Crisis. Rodney Sullivan, Executive Director of the Mayo Center for Asset Management, seeks to demystify hedge fund strategies by evaluating fund performance that can be attributed to the markets as well as other well-known systematic factors. By understanding these factors, investors will be better positioned to make more informed decisions regarding hedge fund allocation.

Academic director Pedro Matos and Mayo Center post-doc Simon Glossner with co-authors from the University of Zurich on “Where Do Institutional Investors Seek Shelter when Disaster Strikes? Evidence from COVID-19”

Cooperation vs. Competition: What Do You Want in Your Mutual Fund?

Insights from Richard B. Evans from Darden's Ideas to Action

Responsible Institutional Investing Around the World

Pedro Matos (University of Virginia), Rajna Gibson (University of Geneva), Simon Glossner, Philipp Krueger (University of Geneva) and Tom Steffen (Osmosis Investment Management)

PUTTING 2020 INTO PERSPECTIVE: DIVERSIFICATION MAY WORK BETTER THAN YOU THINK

Rodney Sullivan, Executive Director of the Mayo Center, puts the turbulent markets of 2020 into historical context. The ability of a diversified portfolio, especially long-only, to provide relief during market turbulence has come under attack in recent years with many saying that diversification disappears altogether when investors need it most. The evidence here suggests the oft repeated “all correlations go to one in a crisis” is an exaggeration. Instead, diversification remains as relevant to investors today as ever before

GLOBAL ECONOMIC PROSPECTS REPORT DISCUSSION

Ayhan Kose, faculty member at Darden and Director of the World Bank Group’s Prospects Group discusses the outlook for the global economy to include both developed and emerging markets. The discussion will be driven by the findings from the World Bank’s Global Economic Prospects Report published in June 2020.

WEBINAR ON "ESG AND RESPONSIBLE INSTITUTIONAL INVESTING AROUND THE WORLD"

Does the increased interest in ESG investing shown by institutional and private wealth clients mean that we are at the inflection point for a structural change in the way investors allocate resources? The growth in ESG assets under management make it important to understand the trends and driving forces behind ESG investing, particularly as it pertains to risk management. This webinar with Professor Pedro Matos explored the substantial body of research on ESG investing, discussed how these insights can create win–win scenarios for portfolio managers and their clients. He also discussed whether investors have the data and metrics they need for ESG integration, examined how institutional investors around the world implement ESG strategies, and looked at whether investors are “walking the ESG talk.”

Professor Matos drew conclusions from the body of academic evidence presented in his CFA Institute Research Foundation publication, ESG and Responsible Institutional Investing Around the World: A Critical Review. He also discussed how some of these considerations are accelerating in response to COVID-19.

ECONOMIC FORECAST: JUNE 2020. THE PATH FORWARD FOR ECONOMICS AND MARKETS

Professor Alan Beckenstein and economist Nick Sargen discuss a variety of impacts the pandemic will have on economies and markets. Professor Beckenstein and Dr. Sargen examine how this shock compares to those in the past, quantify the impact the pandemic has had on the US economy, provide an outlook on the strength of the US dollar globally, review the policy responses in the US and forecast recovery possibilities and horizons.

You can watch the presentation here

HOW THE CORONAVIRUS WILL SHAPE THE GLOBAL ECONOMY

Professor Peter Debaere, expert in international trade and investment, multinationals and trade policy, explores a range of impacts the pandemic may have on the global economy and trends in globalization. In his presentation, Professor Debaere explores impacts on GDP growth, unemployment and emerging economies, with a special focus on global trade between countries and the flows of capital and people.

You can watch the presentation here

ESG AND RESPONSIBLE INSTITUTIONAL INVESTING AROUND THE WORLD: A CRITICAL REVIEW

Academic Director Pedro Matos from the Richard A. Mayo Center for Asset Management, examines the vibrant academic literature on environmental, social, and governance (ESG) investing.

POWER PLAY: THE LONG-TERM IMPACT OF MULTI-CLASS SHARES

Academic Director Pedro Matos, Professor Ting Xu and post-doc Jinhee Kim from the Richard A. Mayo Center for Asset Management conducted research in collaboration with FCLTGlobal on a project about corporations issuing shares with different voting rights. The research presents empirical facts about the long-term and global performance of these shares.  

INVESTING FOR HIGHER EDUCATION: ENDOWMENT ALLOCATIONS, RETURNS, AND THE ROLES OF EXPERTISE AND NETWORKS

Read about research by Professor Bob Harris on endowment allocations, returns and the roles of expertise and networks.

Webinar on "ESG Investing"

Academic Director Pedro Matos and Professor Mary Margaret Frank discussed their perspectives on environmental, social and governance (ESG) investing.  Over the past several years, the market for ESG and socially responsible investing has exploded. Matos and Frank offer an introduction to the space, review how institutions approach ESG and socially responsible investing around the world, and summarize a recent case study they co-authored about how a new ESG product offered by Goldman Sachs came to life.

You can watch the presentation here. Click here to view the slides.

Three Things: Preparing For Financial Crisis

What have we learned in the 10 years since the Great Financial Crisis of 2008 and how can we use that knowledge to forecast future crises? Professor Bob Bruner outlines three reflections to help delay or mitigate future crises.

The Coming Financial Crisis

Join Dean Emeritus Bruner in a webinar as he discusses the factors of financial crises.

Mayo Center Insights: November 2017

Read about the global growth of passive investing in the work of Pedro Matos, Academic Director of the Richard A. Mayo Center for Asset Management. 

Quantitative Easing With Dr. Paul Sheard and Professor Alan Beckenstein

Watch Dr. Paul Sheard, chief economist of S&P Global, and Darden Professor Alan Beckenstein in a webinar discussion on quantitative easing and what happens when the U.S. stops printing money in a world of unconventional monetary policy.