Question for
#econtwitter
. Does anyone know who came up with this example of omitting important variables? My code is from 2019 and I cannot recall where I found it.
You set up a dataset with quarters, dimes, nickels, pennies and the total. 1/n
No matter what you think about retail investors, can we acknowledge that 4400 of them streamed and discussed
@GaryGensler
's testimony today to the House Financial Services Committee in just one space?
This is incredible. Nearly zero would have listened in 2019.
This CEO of Silicon Valley Bank, Greg Becker, is the same one that successfully lobbied Congress to raise the Dodd-Frank threshold from $50 to $250b that triggers enhanced standards such as stress tests & capital requirements. They had assets ~$200b before they collapsed. $SIVB
Shout out to the student from 6 years ago that sent me a nice message on a Saturday.
An assistant professor's career is around 90% rejection from journals and conferences in finance.
They have no idea how much it means to hear you made a difference in someone's life.
So you want to do a PhD in finance, accounting, or econ?
It is a Saturday in August 2023. And I am revising for the third round on a paper I started with a postdoc in 2018. And this is not atypical.
@Ziqian_Xia
Unprofessional.
Plus it was Chat GPT’d. As evidenced by the non curly apostrophe and use of word thirdly.
Do your best to not internalize it.
My teaching days are all the same.
8am: I'm going to do A LOT before I teach this afternoon
9-noon: Accomplish nothing
Noon-2pm: Wait, what am I teaching today?
2-4pm: Teach
4-10pm: Obsess over the one question I should have answered better
Rinser. Lather. Repeat.
DOJ spitting fire with this PR on the SBF ruling. 🔥
“This case is also a warning to every fraudster who thinks they’re untouchable…I promise we’ll have enough handcuffs for all of them.”
Shocked and thrilled to be awarded Vanderbilt University's 2023 James A. Webb Award for Teaching Excellence. I feel undeserving, but am always inspired by the curiosity and resilience of Vanderbilt students.
It is a privilege for a kid from a small town in East TN to help foster
@jenniferdoleac
I am grateful for the
@ASSAMeeting
accommodating my virtual presentation. Had a back injury that prevented travel and coauthors were unavailable.
Not ideal, but making the ASSA program and getting great feedback on a paper was massively important as a junior faculty member.
@WeSoUnderRated
Had heart and back surgery and still taught 3 classes, supervised 2 MBA ind studies, mentored a postdoc, and published a paper. More than anything, learned about the mind-body connection.
SEC Chair
@GaryGensler
refuses to schedule a Commission vote to provide Congress with requested documents.
Should Gensler continue to stonewall, Republicans will have no choice but to issue the first subpoena to the SEC from my Committee to compel their production.
Just finished a replication report on a finance paper for the Management Science Reproducibility Project. Three observations:
1) Paper was fully reproducible ✅
2) Learned a LOT about well-organized code
3) Came away with a research idea
All journals should "replicate" this!
So you want to do empirical corporate finance...
I've spent the last 5 days hand collecting data for 1 of 40+ comments by reviewers. Morning until evening.
For something that will likely be a footnote. On a project that is 3 years old and has 3500 obs in the main dataset. 😣
Excited to testify to Congress this Thursday!
I'm scheduled to appear before the Subcommittee on Capital Markets of the House Financial Services Committee to discuss safeguarding investor interests in the proxy process.
I hope you will stream it & share your perspectives with
1) I'm absolutely gutted by this news, which was briefed to the company this afternoon.
Underpinning my shock are feelings of utter disgust and betrayal by Mike’s actions, greed, lack of disclosure. He's literal scum. He kept every single one of us in the dark.
“Reproducibility in Management Science”
Happy to participate in this important project as a reviewer along with
@charles_cy_wang
@AustinStarkwea1
@Tyler_Menzer
& 700+ others.
Let’s do the same at Finance and Accounting journals!
@robbezdjian
I would not be surprised if more actions come out of this.
But the next week will be very busy with enforcement actions or settlements. The SEC's fiscal year ends this month, so there is an incentive to bring and settle cases quickly to increase the tally.
40 page response. Single spaced. 35+ tables. 7 figures.
And that is one of two reviewers.
Be sure if you sign up for this job, that you really want it.
Oh my! Did not have a Taliban endorsement of Twitter on my Bingo card today.
@chancery_daily
@lorakolodny
I wonder if this is one of those 95 equity holders of X-Corp that were redacted?
Twitter has two important advantages over other social media platforms.
The first privilege is the freedom of speech. The second privilege is the public nature & credibility of Twitter. Twitter doesn't have an intolerant policy like Meta. Other platforms cannot replace it.
The
@SECGov
had until Nov 30 to "correct the defects” in the economic analysis that the 5th Circuit identified in the Share Repurchase Disclosure Modernization Rule.
I see nothing in Bloomberg law on Dec 1 other than a denial of extension for more time on Nov 26. (1/4)
Looking forward to testifying to the House Financial Services Committee this week the SEC's climate disclosure rule.
I had the privilege of testifying to the HFSC's subcommittee on capital markets last summer. I hope you can tune in.
Have spent the better part of the past 72 hours reading through proxy statements.
Will be writing a comment letter to the
@SECGov
on the need for standardized info on basics like board size, classification, members of committees, etc.
Info acquisition costs are too high.
@terminalarc
This sentence suggests that the SEC believes the error in the code was unintentional. Had it biased towards shorts, it would have appeared much worse.
Their quick correction after discovery and cooperation with the SEC likely reduced the penalty.
@KhoaVuUmn
Stick with me. That feeling when your 18 yo daughter breaks up w/ her BF. And he calls you crying on a Sat. And you're just trying to hit an NBER submission deadline on Monday...
One of the most amazing things about academia is when a senior person in the profession is gracious with their time. And offers encouragement and pointed feedback on your work.
Had that experience today and I am so grateful to this person! I hope to pay it forward someday.
1/ NEW: For the last year, we have been combing through a trove of confidential stock trading data, allowing us to see how the titans of American industry make themselves even wealthier in the stock market. (THREAD)
Working on ref report
#18
for the year. And two more in the queue.
My apologies to that faculty member that said I will never have more free time than when I was a grad student. You were right and I doubted you. This crow is tasty.
That surreal feeling when your kiddo is packed for her Frosh year of college. It seems like yesterday that I dropped her off for Kindergarten. Time flies.
Everyone complaining about about the hefty 885 page SEC Climate rule is overlooking an important fact.
Page 758 is blank, so it truly only 884 pages long.
“US says 'real concern' about Tesla Autopilot driver interaction”
They should be! Many FSD deaths seem to be omitted from NHTSA’s reports but appear in this database with source articles:
"We urge Congress to act quickly to increase the $50 billion threshold...given the low risk profile of our activities and business model, such as result would stifle our ability to provide credit to our clients without any meaningful
Sometimes the finance gods have a sense of humor. Sunrun's stock $RUN crashing due to the Silicon Valley Bank collapse.
They literally chose the ticker "RUN" and are now getting drilled by a bank run. 🤦♂️
Enjoyed watching
@toniwhited
present research for the
@CBER_Forum
on CBDCs. Of course, I liked the questions about regulation at the end...but the presentation was quite insightful.
If you missed it, the video is here:
🚨Finance Postdoc Alert 🚨
Excited to announce Vanderbilt-Owen is once again hiring a postdoctoral scholar in finance for a two-year appointment.
Please encourage any potential candidates to consider applying by March 10, 2024. Here is the posting on FEN:
Jockey of horse
#2
should send an email to Professor Derby.
They are shocked and upset about their final position, worked super hard, and need this win really bad.
@Kory_Corner
I agree that a $7m fine is not much of a financial deterrent to company that made $16b in profit last year.
Here is my theory on why it was so low. ⬇️
@terminalarc
This sentence suggests that the SEC believes the error in the code was unintentional. Had it biased towards shorts, it would have appeared much worse.
Their quick correction after discovery and cooperation with the SEC likely reduced the penalty.
Pretty sure peak Earth was 1992. Mostly peaceful, transportation was low cost, low inflation, zero social media, and no cell phones. Can publish endogenous results in "A" journals. And Crystal Pepsi was the worst crystal you could consume. Plus Batman Returns + grunge rock.
A 2nd round rejection at an "A" journal on day 2 of a 2-week road trip. 2⃣2⃣2⃣
Literally received it here in AZ. Fortunately the paper hit at another A journal later. And I learned to never check emails when taking personal time.
“Finance professor Ken French once said about stock buybacks: ‘Buybacks are divisive. They divide people who do understand finance from those who don’t’”
This quote will be in my slides when we get to payout policy. 💯
You can block me, mute me, or send me nasty DMs. But how long are we willing to watch children die from assault rifles before we do any one thing to protect our kids?! Blood is on the hands of every politician that waits one minute to solve this problem. And I grew up in
Few things are more tortuous--as an academic--than revising the same paper, every day, for 5 months. 🤦♂️
Is this the intellectual equivalent of a hamster running on a wheel?