Mayo Center - Research | UVA Darden School of Business

Richard A. Mayo Center for Asset Management

Research

The Richard A. Mayo Center for Asset Management (Mayo Center) advances the study and practice of responsible asset management globally through developing and delivering world-class research, responsible thought leadership and relevant curriculum materials.

Research Highlights

UVA Ideas to Action | 31 March 2025

Health Care Fraud Costs Billions Every Year. AI Can Help Fix This.

UVA Ideas to Action | 25 March 2025

Carried Interest Under Fire: The Controversial Tax Break Trump Wants to Eliminate

UVA Ideas to Action | 7 January 2025

Are the Glory Days of Hedge Funds Behind Us?

Mayo Center Research

AY2024-2025 Published Research

Abuzov, R. (2025). Busy Venture Capitalists and Investment Performance. Journal of Financial and Quantitative Analysis, 1–35. https://doi.org/10.1017/S0022109024000759

Atta-Darkua, V., Bruner, R. F., & Miller, S. C. (2024). Investor reactions to legislative liberalization and the run-up in British share prices, 1844 to 1845. Financial History Review, 31(1), 1–35. https://doi.org/10.1017/S0968565024000052

Bruner, R. F. (2025). Teaching democracy and capitalism: High engagement and “doing economics.” The Journal of Economic Education, 56(1), 76–86. https://doi.org/10.1080/00220485.2024.2418838

Evans, R. B., Prado, M. P., Rizzo, A. E., & Zambrana, R. (2025). Identity, Diversity, and Team Performance: Evidence from U.S. Mutual Funds. Management Science, 71(4), 3026–3051. https://doi.org/10.1287/mnsc.2022.00544

Evans, R. B., Karakaş, O., Moussawi, R., & Young, M. (2025). Phantom of the Opera: ETF Shorting and Shareholder Voting. Management Science, mnsc.2023.01567. https://doi.org/10.1287/mnsc.2023.01567

Glossner, S., Matos, P., Ramelli, S., & Wagner, A. F. (2025). Do Institutional Investors Stabilize Equity Markets in Crisis Periods? Evidence from COVID-19. Management Science, mnsc.2022.03411. https://doi.org/10.1287/mnsc.2022.03411

Holland, S. B., Sarkissian, S., Schill, M. J., & Warnock, F. E. (2024). Nonlinearities and a pecking order in cross-border investment. Journal of Banking & Finance, 166, 107250. https://doi.org/10.1016/j.jbankfin.2024.107250

Jiang, J., Liu, Q., & Sun, B. (2024). Investor Sentiment, Managerial Manipulation, and Stock Returns. Journal of Money, Credit and Banking, jmcb.13223. https://doi.org/10.1111/jmcb.13223

Klausmann, J., Krueger, P., & Matos, P. (forthcoming). Green Revenues. Corporate Finance.

Pelizzon, L., Subrahmanyam, M. G., & Tomio, D. (2025). Central Bank–Driven Mispricing. Journal of Financial Economics, 166, 104004. https://doi.org/10.1016/j.jfineco.2025.104004

AY2024-2025 Case Studies

Almost Heaven: West Virginia State Pension Funds and Investing in Equity, Darden Business Publishing, written by Richard B. Evans, Tate Bennett & Demitri Kalogeropoulos

An Arbitrage Opportunity in the Futures Market: The ECB’s Quantitative Easing Program, Darden Business Publishing, written by Davide Tomio & Aaron Fernstrom

Betting on GPs: A Two-Horse Race, Darden Business Publishing, written by Elena Loutskina & Nick LoMonaco

Everglow Ventures: Reinventing the VC Model, Darden Business Publishing, written by Russ Abuzov & Elena Loutskina

Helios Solar, Darden Business Publishing, written by Elena Loutskina & Alexandr Kuzmin

Navigating a Down Round in Venture Capital: GoStage Ventures, Darden Business Publishing, written by Les Alexander & Nik Jain

[NAV]igating PE Performance, Darden Business Publishing, written by Elena Loutskina & Ryan Boutwell

Phynix in the Ashes of SVB, Darden Business Publishing, written by Elena Loutskina & Aldo Sesia

Tesla's Convertible, Darden Business Publishing, written by Pedro Matos, Davide Tomio & Terrance Ge

Theranos: “Fake It till You Make It”?, Darden Business Publishing, written by Les Alexander

Town Center at King of Prussia, Darden Business Publishing, written by Pedro Matos, Davide Tomio & George Overstreet Jr.

AY2023-2024 Published Research

Appel, I., Fos, V. (2024). Short Campaigns by Hedge Funds. The Review of Financial Studies, 37(5), 1460–1493, https://doi.org/10.1093/rfs/hhad092

Binfarè, M., & Harris, R. S. (2024). Paying Managers of Complex Portfolios: Evidence on Compensation and Performance from Endowments. Journal of Financial and Quantitative Analysis, 1–64. doi:10.1017/S0022109024000188

Deng, X., Gupta, V. K., Lipson, M. L., & Mortal, S. (2023). Short-Sale Constraints and Corporate Investment. Journal of Financial and Quantitative Analysis, 58(6), 2489–2521. doi:10.1017/S0022109022000849

Engelberg, J. E., Evans, R. B., Leonard, G., Reed, A. V., & Ringgenberg, M. C. (2024). The Loan Fee Anomaly: A Short Seller’s Best Ideas. Management Science. https://doi.org/10.1287/mnsc.2023.00152

Evans, R., Gil-Bazo, J., & Lipson, M. (2024). Mutual fund performance and manager assets: The negative effect of outside holdings. Financial Management, 53, 3–29. https://doi.org/10.1111/fima.12443

Evans, R., Gómez, J.-P., Ma, L., & Tang, Y. (2023). Peer Versus Pure Benchmarks in the Compensation of Mutual Fund Managers. Journal of Financial and Quantitative Analysis, 1–38. doi:10.1017/S0022109023001230

Harris, R. S., Jenkinson, T., Kaplan, S. N., & Stucke, R. (2023). Has persistence persisted in private equity? Evidence from buyout and venture capital funds. Journal of Corporate Finance, 81, 102361. https://doi.org/10.1016/j.jcorpfin.2023.102361

Hsu, P., Liang, H., Matos, P. (2023). Leviathan Inc. and Corporate Environmental Engagement. Management Science, 69(12), 7719-7758. https://doi.org/10.1287/mnsc.2021.4064

Li, L., Loutskina, E., Strahan, P. (2023). Deposit market power, funding stability and long-term credit. Journal of Monetary Economics, 138, 14-30. https://doi.org/10.1016/j.jmoneco.2023.04.004

AY2023-2024 Case Studies

Atlas Air: Shipping at Preferred Cost, Darden Business Publishing, written by Elena Loutskina

Citrix Systems, Inc.: A Fight Worth Fighting?, Darden Business Publishing, written by Elena Loutskina & Jigar Shah

Crocs, Inc., 2022: Déjà Vu All Over Again, Darden Business Publishing, written by Marc Lipson, Elena Loutskina & Abanikash Rayaji

Rolling the Dice with Management Service Agreements, Darden Business Publishing, written by Elena Loutskina, Chad Kenney Jr. & Lee McElroy

Williams-Sonoma, Inc., LBO: Let's Get Cooking, Darden Business Publishing, written by Elena Loutskina & Abanikash Rayaji

Mayo Center Research Archive

“Dubious Green Funds are Rampant in America,” The Economist, 1 December 2022, highlights research from Pedro Matos.

"Divesting is 'Counterproductive,' New Research Says," Institutional Investor, 26 September 2022, cites research by Pedro Matos and Darden post-doc Vaska Atta-Darkua, economist Simon Glosser of the Federal Reserve, and Associate Professor Philip Kreuger from the University of Geneva.

Hedge Fund Alpha is Negative and Declining, The Evidence Based Investor, 7 December 2021, Rodney Sullivan, Executive Director of the Richard A. Mayo Center for Asset Management has his research featured in an article by Larry Swedroe.

Statement on Proposed Rule Requiring Enhanced Disclosure by Certain Investment Advisers and Investment Companies on ESG Investment Practices, US Securities and Exchange Commission, 25 May 2021, a paper co-authored by Pedro Matos, "Do Responsible Investors Invest Responsibly?" is featured in a recent SEC Commissioner comment letter on the role of ESG in investing.

Do Institutional Investors Really "Walk the Talk" When They Sign Up the Principles for Responsible Investment?, Principles for Responsible Investment, 19 January 2021, Pedro Matos and Mayo Center post-doc Simon Glossner with co-authors from the University of Geneva on "Do PRI signatory investors walk the talk?"

Where Do Institutional Investors Seek Shelter when Disaster Strikes? Evidence from COVID-19, Harvard Law School Forum on Corporate Governance, 5 November 2020, research by Pedro Matos and Mayo Center post-doc Simon Glossner with co-authors from the University of Zurich

Putting 2020 into Perspective: Diversification May Work Better than You Think,CAIA Association, 6 August 2020, Rodney Sullivan, Executive Director of the Mayo Center, puts the turbulent markets of 2020 into historical context. The ability of a diversified portfolio, especially long-only, to provide relief during market turbulence has come under attack in recent years with many saying that diversification disappears altogether when investors need it most. The evidence here suggests the oft repeated “all correlations go to one in a crisis” is an exaggeration. Instead, diversification remains as relevant to investors today as ever before

Power Play: The Long-term Impact of Multi-class Shares, FCLTGlobal, 15 April 2020, Pedro Matos, Ting Xu and post-doc Jinhee Kim from the Richard A. Mayo Center for Asset Management conducted research in collaboration with FCLTGlobal on a project about corporations issuing shares with different voting rights. The research presents empirical facts about the long-term and global performance of these shares.

ESG and Responsible Institutional Investing Around the World: A Critical Review, CFA Institute, 28 March 2020, Pedro Matos from the Richard A. Mayo Center for Asset Management, examines the vibrant academic literature on environmental, social, and governance (ESG) investing.

Investing for Higher Education: Endowment Allocations, Returns and the Roles of Expertise and Networks, UVA Darden - Research Briefing, August 2019, Read about research Bob Harris on endowment allocations, returns and the roles of expertise and networks.