Finance

Scholars and Industry Leaders Honor Albert 'Pete' Kyle

Leading academics, bankers and regulators gathered at the Smith School for a conference honoring the Smith School’s Albert “Pete” Kyle — specifically, the thirtieth anniversary of the publication of Kyle’s seminal 1985 paper “Continuous Auctions and Insider Trading.” Co-sponsored by the Smith School’s Center for Financial Policy and UBS, the conference included discussion of the paper’s influence, tributes to Kyle and scholarly talks. Read more ...

Treasury Targets Corporate Inversions, Drawing Ire of CEOs

Treasury continues to tighten its rules to prevent corporate "inversions" — the move in which a U.S. company merges with a smaller foreign company then shifts its official location abroad, to avoid U.S. taxes. Given the lack of congressional action on this issue, the new rule appears "reasonable," says the Smith School's Michael Faulkender. Still, he says, the U.S. tax system is "broken." Read more ...

Insights from Buffett's Analysis of 2008 Financial Crisis

Clinical professor of finance David Kass is a Berkshire Hathaway shareholder and a close follower of Warren Buffett’s investment strategy since 1980. He says the recent release of a 103-page "Financial Crisis Inquiry Commission Interview of Warren Buffett" provides "interesting insights into the causes of the financial crisis, its consequences on the shareholders of financial institutions, and on stock market valuation.” Read more...

The Negative-Interest Rate Experiment: Mixed Results

Central bankers in Japan and the Europe Union are at their wits' end in trying to figure how to generate demand and stave off deflation. Both banks have dropped interest rates into negative territory, encouraging spending by making saving literally costly. Yet the publics of the two economic regions have reacted differently. Each is unhappy for a different reason. Smith School professor Haluk Ünal explains why negative interest rates can't solve all the problems of Europe and Japan. Read more ...

Francesco D'Acunto

Francesco D'Acunto is an Assistant Professor of Finance at the Smith School of Business of the University of Maryland. His research interests focus on empirical corporate finance, entrepreneurial finance and innovation, and cultural finance. Prior to joining the Smith School, D'Acunto earned a M.Sc. and Ph.d. in finance from the Haas School of Business, UC Berkeley, and a M.A. in Economics and Business Law from the Università di Tor Vergata, Italy. 

Buffett’s Letter: Don’t Bet Against the U.S. Economy

Vexed politicians and Election 2016 voters might scoff. But investor Warren Buffett’s economic outlook, expressed in a letter and subsequent CNBC interview, is cautiously optimistic. Smith School finance professor David Kass, a close follower of Buffett’s investment strategy since 1980 and a Berkshire shareholder, says the view isn't unexpected. Read more...

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