Finance Panel

The Clark Center for Global Markets explores finance professors’ views on vital policy issues via our Finance Panel. We regularly poll over 40 individuals on a range of timely and relevant topics. Panelists not only have the opportunity to respond to a poll’s statements, but an opportunity to comment and provide additional resources, if they wish. The Clark Center then shares the results with the public in a straightforward and concise format.

Please note that from September 2022, the language in our polls will use just two modifiers to refer to the size of an effect:

‘Substantial’: when an effect is large enough that it would make a difference that matters for the behavior involved.
‘Measurable’: when the direction of the effect is clear, but perhaps experts would differ as to whether it is substantial.

Taxing Stock Buybacks

Finance

Taxing Stock Buybacks

Question A:

Large-scale stock buybacks by public corporations provide short-term rewards for shareholders and senior executives at the expense of potentially higher-return corporate investments.

Responses

Source: Clark Center Economic Experts Panel
Methodology

Question B:

The proposed higher tax on corporate stock buybacks (an increase from 1% to 4%) would generate substantial public revenues.

Responses

Source: Clark Center Economic Experts Panel
Methodology

Question C:

The proposed higher tax on corporate stock buybacks would generate a substantial increase in corporate investment.

Responses

Source: Clark Center Economic Experts Panel
Methodology

Business, Management, & Corporate Performance

February 22, 2023

Debt Ceiling

Finance

Debt Ceiling

Question A:

Missing payments on the US Treasury security obligations for several weeks would pose a substantial risk of a global financial crisis.

Responses

Source: Clark Center Economic Experts Panel
Methodology

Question B:

The requirement to periodically increase the debt ceiling measurably reduces the long-run size of the debt.

Responses

Source: Clark Center Economic Experts Panel
Methodology

Bonds

January 31, 2023

Individual Investor Order Execution

Finance

Individual Investor Order Execution

This Finance survey examines (a) The SEC’s proposed new rule for stock orders from individual investors is likely to be effective in giving those investors better prices on their trades on average; (b) The new rule would improve the overall operation of the stock market

Financial Regulation

January 19, 2023

Public and Private Equities

Finance

Public and Private Equities

This Finance survey examines (a) Although the reported volatility of asset values in private markets (private equity, buyouts, and venture capital) is lower than that of comparable assets in public markets, their true volatility is broadly similar or greater; (b) Since the global financial crisis, the realized returns on private equities have measurably exceeded the returns on public equities

December 20, 2022

Cryptocurrency Exchanges

Finance

Cryptocurrency Exchanges

This Finance survey examines (a) The collapse of a major crypto intermediary will have little impact on the wider economy and the stability of the traditional financial system; (b) The collapse of a major crypto intermediary suggests the need for the crypto asset class to be more tightly regulated.

Finance and the Economy

November 21, 2022

Passive Investing

Finance

Passive Investing

This Finance survey examines (a) The amount of passively invested funds has reached levels at which it has a measurable detrimental effect on market efficiency.

Investment Management

November 8, 2022

Banks and Financial Crises

Finance

Banks and Financial Crises

This Finance survey examines (a) Research on the nature and impact of bank runs has made it possible to limit substantially the wider economic damage from financial crises; (b) Reforms of financial regulation since 2008 (and macroprudential policies in some countries) will not substantially reduce the probability of financial crises

Banking

October 18, 2022

Currency Depreciation

Finance

Currency Depreciation

This Finance survey examines (a) The costs and risks associated with a sharp fall in the value of sterling outweigh any macroeconomic benefits for the UK of export stimulus due to a weaker currency; (b) Concerns about government finances and debt sustainability can undermine the reserve currency status of a major currency

International Finance

October 5, 2022

Executive Pay

Finance

Executive Pay

This Finance survey examines (a) The typical chief executive officer of a publicly traded corporation in the U.S. is paid more than his or her marginal contribution to the firm's value. (b) Mandating that U.S. publicly listed corporations must allow shareholders to cast a non-binding vote on executive compensation was a good idea.

Corporate Governance

September 21, 2022

Climate Reporting Mandate

Finance

Climate Reporting Mandate

This Finance survey examines (a) A mandate for public companies to provide climate-related disclosures (such as their greenhouse gas emissions and carbon footprint) would provide financially material information that enables investors to make better decisions; (b) A mandate for public companies to provide climate-related disclosures would provide material information that enables investors to make better decisions with regards to non-financial objectives (such as aiding portfolio choice based on ESG principles); (c) A mandate for public companies to provide climate-related disclosures would induce them to reduce their climate impact substantially.

Corporate Governance

September 21, 2022