About
- Laurence D. and Lori W. Fink Endowed Chair in Finance and Professor of Finance
- Associate Editor, Journal of Political Economy (2021-Present)
- Director, American Finance Association (2019-Present)
Voting History
Question A: Aggressive use of tax alpha investment strategies that use long-short strategies to enhance loss realization, as well as accounting treatments that allow generation of losses that can offset ordinary income, offers substantial additional returns for high net worth investors over a ten-year horizon.
| Vote | Confidence | Median Survey Vote | Median Survey Confidence |
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Comment: If substantial is defined as changing behavior it is possible that tax alpha strategies change behavior in the sense that investors avail themselves of them, while at the same time not changing their overall capital allocation decisions substantively.
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Question B: Aggressive use of tax alpha investment strategies that use long-short strategies to enhance loss realization, as well as accounting treatments that allow generation of losses that can offset ordinary income, is leading to substantial reductions in government revenue from high net worth investors.
| Vote | Confidence | Median Survey Vote | Median Survey Confidence |
|---|---|---|---|
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Comment: I have seen no reliable study addressing this question.
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Question A: If the Federal Reserve under Kevin Warsh were to reduce its balance sheet by at least $1 trillion over the next 12 months, it would measurably improve the functioning of financial markets over his four-year appointed term as chair.
| Vote | Confidence | Median Survey Vote | Median Survey Confidence |
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Comment: Reducing the balance sheet by 1TR over a 12 month period could constitute a large supply shock to bond markets. It is not clear that such a supply shock would be absorbed without any impact on the level and volatility of rates. It could also impact money market functioning.
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Question B: If the Federal Reserve under Kevin Warsh were to provide substantially less forward guidance and communication than it has done in the recent past, it would measurably improve the functioning of financial markets over his four-year appointed term as chair.
| Vote | Confidence | Median Survey Vote | Median Survey Confidence |
|---|---|---|---|
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Comment: Forward guidance is an additional tool. Not using it is a constraint on the Fed’s toolbox. Markets rely on forward guidance for planning.
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