Research


Older Adults and the Challenges of Aging in Place

September 21, 2017
White Paper • Urban Investment Strategies Center

American Community Survey data are used to develop typologies of the generational dynamics and living arrangements of the estimated 1.6 million U.S. older adult households who will likely encounter the most difficulty aging in place. Policy recommendations and strategies are offered to address the specific barriers and challenges that must be overcome in order for these older adults to successfully live out their lives in their homes and community. More

The Taxman Cometh: Does Tax Uncertainty Affect Corporate Cash Holdings?

September 01, 2017
Article • UNC Tax Center

We examine whether firms hold more cash in the face of tax uncertainty. Because of gray areas in the tax law and aggressive tax avoidance, the total amount of tax that a firm will pay is uncertain at the time it files its returns. The tax authorities can challenge and disallow the firm’s tax positions, demanding additional cash tax payments. More

2017 UNC Tax Symposium

August 11, 2017
Conference Proceeding • UNC Tax Center

This April, the UNC Tax Center once again welcomed guests from across the country and around the world to Chapel Hill for our 20th Annual UNC Tax Symposium. The event was a great success, with participants ranging from academic researchers in accounting, finance, law and economics to policymakers and practitioners with an interest in evidence-based tax research. More

Firm Characteristics, Consumption Risk, and Firm-level Risk Exposures

August 01, 2017
Article • Institute for Private Capital

We propose a novel approach to measuring firm-level risk exposures and costs of equity. Using a simple consumption-based asset pricing model that explains nearly two-thirds of the variation in average returns across 55 anomaly portfolios, we map the relation between exposures to consumption risk and portfolio-level characteristics. We use this relation to calculate exposures to consumption risk at the firm level and show that the calculated consumption risk exposures yield portfolios with large differences in average returns and ex post consumption risk exposures consistent with those predicted by our calculated betas. More

UNC Clean Tech Summit

July 10, 2017
Conference Proceeding • Center for Sustainable Enterprise

On March 1-2, approximately 1,000 people convened at the William and Ida Friday Center for Continuing Education in Chapel Hill for the fourth annual UNC Clean Tech Summit. Themes of the 2017 summit included clean energy, food, innovation, and water and energy. More

From Factory Town to Vibrant Innovation Center: The Entrepreneurial Ecosystem in Durham, NC

June 13, 2017
White Paper • Center for Entrepreneurial Studies

This case study describes the entrepreneurial ecosystem in Durham, North Carolina – the people and organizations primarily located downtown who embrace this mission. More

Changes in Corporate Effective Tax Rates over the Past Twenty-Five Years

June 01, 2017
Article • UNC Tax Center

We investigate systematic changes in corporate effective tax rates over the past 25 years and find that effective tax rates have decreased significantly. Contrary to conventional wisdom, the decline in effective tax rates is not concentrated in multinational firms; effective tax rates have declined at approximately the same rate for both multinational and domestic firms. Moreover, within multinational firms, both foreign and domestic effective rates have decreased. Finally, changes in firm characteristics and declining foreign statutory tax rates explain little of the overall decrease in effective rates. More

U.S. Older Adults: Demographics, Living Arrangements, and Barriers to Aging in Place

May 30, 2017
White Paper • Urban Investment Strategies Center

A pooled Public Use Microdata Sample File of the Census Bureau’s Annual American Community Survey (2011-2015) is used to (1) create a demographic profile of the nation’s older adult population; (2) develop an older adult household typology which encapsulates both generational dynamics and diverse living arrangements; and (3) identify older adults who face the greatest barriers to aging in place. Policies and strategies that support and facilitate successful aging in place for the most vulnerable older adults are discussed. More

Nurturing UNESCO’s “Aged”Infants in India: Lessons in Heritage Policy

March 28, 2017
Article • Center for Sustainable Enterprise

This paper illustrates the major challenges faced by globally recognised classical art forms through the examination of Kutiyattam, a centuries old renowned theatre form of India, Kutiyattam was declared by the UNESCO in 2001 as an intangible heritage of humankind. During the mid-twentieth century, Kutiyattam performers came out of their traditional performing space in Hindu temples, encouraged by the proactive support of the State. In the wake of the UNESCO recognition for the theatre form, State support measures underwent further strengthening. However, in spite of this, India’s Kutiyattam institutions are confronted with a serious economic crisis that threatens their very existence. More

Oil Price Movements and Risks of Energy Investments

March 01, 2017
Article • Institute for Private Capital

This article examines the historical relation between oil price movements and both public and private equity investments in the energy sector. By utilizing two proprietary private equity databases (one at the fund level and the other at the company level), the authors are able to show that investments in energy-focused private equity offer diversification benefits relative to similarly focused public equity and direct energy commodity investments. They find that public equity investments perform better than direct investments in energy commodities. Energy-focused private equity outperforms energy-focused public equity. More