Research Seminars - Graduate School of Defense Management

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Reseach Seminars

Reseach Seminars

The GSDM’s Research Seminar Series invites academic researchers from around the country to present their working papers on a wide range of topics relevant to GSDM academic areas (economics, financial management, operations and logistics management, management and organizations, acquisition). The Series facilitates thought-provoking discussions between the GSDM faculty and external scholars, hence directly fulfilling the NPS mission “to sustain academic excellence, foster and encourage a program of relevant and meritorious research which both supports the needs of Navy and Department of Defense while building the intellectual capital of Naval Postgraduate School faculty.”




04/09/2021 | Location: Zoom | Time: 10:00 am - 12:00 pm
Title of Seminar: Pay Now, Play Later: Political Connections and Underwriting Relationships in the Muni Market
Z. Jay Wang, University of Oregon

ABSTRACT: Using a novel data set of political contributions, we investigate the motivation and impact of political connections in the U.S. municipal bond primary market. We find underwriters that make multi-small donations (multiple donations under the de minimis limit of $250) to campaign candidates experience a significant increase of 3% in their negotiated market share. Employing a difference-in-differences approach under G-37’s restrictions, we find large donations (donations above the de minimis limit of $250) are associated with a significant increase in underwriter’s market share with a two-year delay. The effect is stronger when an underwriter is connected with more political officials. Further, we find that regional underwriters are more likely to make multi-small donations to their home states and national underwriters are more likely to choose large donations in states where they have poor business performance and states with high market growth in negotiated sales. We provide evidence that underwriters donate to political parties in states where they have strong business relations. Our findings suggest that underwriters apply a mixture of contribution strategies to establish connections with issuer officials even after the implementation of G-37 and political connections still play an influential role in the municipal bond market.

Z. Jay Wang's bio: 

Z. Jay Wang is an associate professor in the Department of Finance and Alumni Investment Management Research Scholar at the Lundquist College of Business. His expertise includes asset management, institutional investors, and market liquidity. His research has been published in journals such as Journal of Financial Economics, Review of Financial Studies, Journal of Financial Quantitative Analysis, Journal of Financial Intermediation, and Contemporary Accounting Research.

Wang received two PhD degrees in finance and economics from University of Michigan at Ann Arbor and Iowa State University respectively. Before joining the Lundquist College, he was an assistant professor of finance at the University of Illinois at Urbana-Champaign. He also held a position as a research economist for the National Bureau of Economic Research from 2015 to 2017.



Date: TBD | Location: TBD | Time: TBD
Title of Seminar: TBD
Chan Li, University of Kansas


01/12/2021 | Location: Zoom | Time: 3:00 - 5:00 pm
Title of Seminar: Reshaping Adolescents' Gender Attitudes: Evidence from a School-Based Experiment in India. 
Seema Jayachandran, Northwestern University


02/12/2020 | Location: Ingersoll Hall 122 | Time: 12:00 - 1:00 pm
Title of Seminar: Deliver Capability to the Warfighter - Faster!
Jeff Dunlap, NPS


01/23/2020 | Location: Ingersoll Hall 278 | Time: 12:00 - 1:30 pm
Title of Seminar: Religion and 360º strategic thinking: A View from Europe
Sean Oliver-Dee, Oxford University


09/20/2019 | Location: Ingersoll Hall | Time: 3:00 - 4:30 pm
Title of Seminar: How Controlling Failure Perceptions Affects Performance (Evidence from a Field Experiment)
Jason Schloetzer, Georgetown University


08/01/2019 | Location: Ingersoll Hall | Time: 3:00 - 4:30 pm
Title of Seminar: Introduction to the Design Structure Matrix (DSM) for Management and Engineering Researchers
Tyson Browning, Texas Christian University


07/17/2019 | Location: Reed 201 | Time: 3:00 - 4:30 pm
Title of Seminar: Influence over-qualification on hiring decisions, job-selection, and performance
Patricia Martinez, Loyola Marymount University


05/30/2019 | Reed Hall 201 | 3:00 - 4:30 pm
A DDDAMS-based Surveillance and Crowd Control via UABs and UGVs
Young-Jun Son, University of Arizona


01/31/2019 | Reed Hall 201 | 3:00 - 4:30 pm
Labor Market Impacts of the Seattle Minimum Wage Initiative
Jacob Vigdor, University of Washington 

For more information about the GSDM’s Research Seminar Series, please contact Chong Wang, the faculty coordinator, at 831-656-2665 or