Daniel Weagley

🚨 New working paper 🚨 with Taylor Begley and Peter Haslag: Q: does sharing a board member stifle worker mobility? A: Yes! Pretty significantly! Employee flows between the connected firms drop by around 20%:

The Saylor-Buffett Ratio acadian-asset.com/investment-ins…

ETFs are booming… over 100 new launches this month.

Carolyn Kousky and I have a forthcoming chapter, “Household Financial Resilience after Severe Climate Events: The Role of Insurance” in the Handbook of Insurance. Here is a working paper version: dx.doi.org/10.2139/ssrn.4… a short 🧵, 1/4

Submit your papers to the UGA finance football conference! Deadline is March 22. A small set of presentations/discussions on Sept. 6, followed by a fun dinner. Then tailgating and a college football game on the 7th! Link: ssrn.com/index.cfm/en/j…

Recently accepted to REStud, ``The Work-From-Home Technology Boon and its Consequences,'' from Davis, Ghent and Gregory: restud.com/the-work-from-…

Our @ProMarket_org piece on shared board members and the reduced flow of talent between connected firms promarket.org/2024/01/29/fir… via @ProMarket_org

Wouww! Labor market effects of common directorships. “cooperative behavior” is the preferred nomenclature in the finance literature. Cc @FTC @JusticeATR

The finance department at @GATechScheller is hiring. Deadline is Jan. 15. Please apply! careers.hprod.onehcm.usg.edu/psc/careers/CA…

📢 Call for Papers! 🏡💰 Exciting opportunity to contribute to the 2024 GT-AtlantaFed Household Finance Conference.  We welcome submissions on a wide range of topics in household finance! 📅 Submission Deadline: December 15, 2023 🔗 Website: sites.google.com/view/gt-frba-h… #econtwitter

@joshua_t_white Georgia Tech- Atlanta Fed Household Finance Conference - deadline 12/15 sites.google.com/view/gt-frba-h…

@JasonKotter Thanks, @JasonKotter!

Congrats, @W_eagle_y and Matt Linn on this forthcoming article!

Linn and Weagley use machine learning methods to construct informative financial constraint measures. They show more constrained firms tend to issue equity and invest relatively more when market sentiment is high. Constraint data @ danielweagley.com cambridge.org/core/journals/…

"Zillow Group Inc. and other real estate stocks plunged after a Missouri jury found the National Association of Realtors and other industry players guilty of colluding to maintain high brokerage commissions." bloomberg.com/news/articles/…

Happiness is not utility — it is the sum of baseline mood (an output of household production) and an impulse response to news, from @mileskimball and Robert J. Willis nber.org/papers/w31707

Did you know the first dividend was paid out in spices? The history of dividends stretches back four centuries to the first issuance by Dutch East India Company (VOC) management. THE DUTCH EAST INDIA COMPANY The modern stock market began in 1602 on the Amsterdam Stock Exchange, when shares of the Dutch East India Company first traded. Despite the company’s incredible monopoly on trade and demands from shareholders, the VOC did not pay a dividend until 1610. Even still, this first dividend was paid in spices. Shareholders received “mace at a value of 75% of the nominal capital”. It was not until 1612 that the company finally paid investors a cash dividend. ACTIVIST SHORT-SELLING The VOC issued these first dividends in response to criticism from shareholders over management’s poor allocation of capital and dividend policy. This shareholder movement stemmed from the campaign of Isaac Le Maire, the world’s first short seller. Beginning in 1609, Le Maire, published a pamphlet levying three primary criticisms against VOC management: Rising debt levels preventing dividend payouts, the board’s unwillingness to hear investor complaints, and board directors “enriching themselves to the detriment of shareholders”. While Le Maire had a controversial relationship with the VOC, the company’s decision to issue dividends yielded a definitive victory for the short seller.

Return-Based Anomalies in Corporate Bonds: Are They There? The answer is … not really. You can find my new working paper with Cesare Robotti (Warwick) and Giulio Rossetti (Warwick) at SSRN available here: papers.ssrn.com/sol3/papers.cf…

As called by Mike Kelly & heard on the @varsity app:

When firms are sued they call lawyers… & an ad agency When a firm is sued in a big lawsuit, they increase ads in the area of the trial to reach the jury. It works “a $183,000 increase in advertising is associated with a roughly 21% increase in winning odds for the average firm”