Mayo Center - Research

Mayo Center Research

Research Highlight - ESG at a Crossroads

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

AY2023-2024 Published Research

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

AY2023-2024 Case Studies

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

Mayo Center Research Archive

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

"Divesting is 'Counterproductive,' New Research Says," Institutional Investor, 26 September 2022, cites research by Pedro Matos and Darden post-doc 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, The Evidence Based Investor, 7 December 2021, Rodney Sullivan, Executive Director of the Richard A. Mayo Center for Asset Management has his research featured in an article by Larry Swedroe.

Statement on Proposed Rule Requiring Enhanced Disclosure by Certain Investment Advisers and Investment Companies on ESG Investment Practices, US Securities and Exchange Commission, 25 May 2021, a paper co-authored by Pedro Matos, "Do Responsible Investors Invest Responsibly?" is featured in a recent SEC Commissioner comment letter on the role of ESG in investing.

Do Institutional Investors Really "Walk the Talk" When They Sign Up the Principles for Responsible Investment?, Principles for Responsible Investment, 19 January 2021, 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?"

Where Do Institutional Investors Seek Shelter when Disaster Strikes? Evidence from COVID-19, Harvard Law School Forum on Corporate Governance, 5 November 2020, research by Pedro Matos and Mayo Center post-doc Simon Glossner with co-authors from the University of Zurich

Putting 2020 into Perspective: Diversification May Work Better than You Think,CAIA Association, 6 August 2020, 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

Power Play: The Long-term Impact of Multi-class Shares, FCLTGlobal, 15 April 2020, Pedro Matos, 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.

ESG and Responsible Institutional Investing Around the World: A Critical Review, CFA Institute, 28 March 2020, Pedro Matos from the Richard A. Mayo Center for Asset Management, examines the vibrant academic literature on environmental, social, and governance (ESG) investing.

Investing for Higher Education: Endowment Allocations, Returns and the Roles of Expertise and Networks, UVA Darden - Research Briefing, August 2019, Read about research Bob Harris on endowment allocations, returns and the roles of expertise and networks.