Research Seminars - Graduate School of Defense Management
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
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Seema Jayachandran, Northwestern University
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Sean Oliver-Dee, Oxford University
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Jason Schloetzer, Georgetown University
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Tyson Browning, Texas Christian University
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Patricia Martinez, Loyola Marymount University
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A DDDAMS-based Surveillance and Crowd Control via UABs and UGVs
Young-Jun Son, University of Arizona
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Labor Market Impacts of the Seattle Minimum Wage Initiative
Jacob Vigdor, University of Washington