Thought Leadership

Smith finance professor Serhiy Kozak and co-authors Stefano Giglio and Bryan Kelly developed a new asset pricing model to evaluate risky investments by predicting term structures of discount rates. Their model, validated with 45 years of data, excludes reliance on dividend strip data while…

Russ Wermers, Smith professor and director of Smith’s Center for Financial Policy, introduces the Holding Horizon (H-H) measure, linking mutual fund managers' long-term stock holdings to superior risk-adjusted returns. The research highlights that skilled long-horizon managers outperform, offering…

Federal regulators are drafting new capital rules for banks, contested by industry experts like Clifford Rossi, Professor of the Practice and Director of SERC at the University of Maryland’s Robert H. Smith School of Business. Rossi argues against the rules as he warns of adverse economic impacts.

In September 2022, the proposed $24.6 billion merger of Krogers and Albertsons sparked controversy. The Federal Trade Commission intervened, citing concerns of reduced competition and higher prices. Amidst legal battles, a notable case study by Susan White at the University of Maryland explores the…

A July tornado that tore across the Rocky Mount, N.C., region left severe damage including to a Pfizer facility. Amid subsequent supply chain disruption, the manufacturer alerted hospitals to a list of 12 drugs available only through emergency orders “due to their high medical need,” effective…

COVID-19 lockdowns and subsequent stimulus payments left many Americans with extra time and cash. Among the effects was a surge in retail stock trading through zero-commission brokerages. This worked to drive up the share price of meme stocks and led to market volatility.

Many Maryland homeowners are increasingly faced with the threat of costly home repairs from extreme weather events. With climate change, these events are becoming more frequent and more intense. And that could mean bigger problems for homeowners – particularly those who don’t have the extra cash to…

Health safety for residents following the Feb. 3 Norfolk Southern train derailment in East Palestine, Ohio, has been a top concern. Has it really been safe enough to return – both for the short- and long-term?

The Federal Reserve Board has engaged six of the biggest U.S. banks in a pilot Climate Scenario Analysis (CSA) to assess and “advance the ability of supervisors and banks to analyze and manage emerging climate-related financial risks.”

FTX postmortems have included Axios describing the cryptocurrency exchange as a “house of cards” comparable to Enron, Theranos, Bear Stearns, Lehman Brothers and Madoff Investment Securities. Plus, Moody’s writes the collapse “will radically transform the crypto ecosystem, further shaking trust and…