Questions in Finance

About Questions in Finance

We dive into the latest research and translate academic mumbo-jumbo to provide answers to the most interesting questions in the world of Finance! Send us your questions at Questions@questionsinfinance.com

Publisher

QiF

Category

business

Language

en

Explicit

No

First episode

29 Sept 2024

Latest episode

4 Aug 2026

Latest episodes

4 of 16 episodes have a transcript.

1. 

   4 Aug 2026TRANSCRIPT

   Should You Surf the 2026 IPO Wave?

   Host Kate Holland and guest Veljko Fotak analyze IPO research, revealing why initial excitement fades and guiding listeners on navigating the current wave of public offerings.

2. 

   4 Jul 2026TRANSCRIPT

   All Stocks, All the Time?

   Host Kate and guest Veljko explore new research suggesting an all-stock retirement portfolio, challenging traditional bond allocation advice.

3. 

   3 May 2026TRANSCRIPT

   How Do Stock Markets React to Wars?

   Hosts Kate Holland and Veljko Fotak explore how stock markets react to wars, revealing surprising volatility patterns and sector-specific impacts.

4. 

   23 Feb 2026TRANSCRIPT

   Should You Hire a Financial Advisor?

   Hosts Kate Holland and Veljko Fotak weigh the advantages and disadvantages of using a financial advisor, including costs, returns, fraud, and common mistakes, using academic research.

5. 

   18 Nov 2025

   What Ten Geopolitical Trends Are Shaping Tomorrow’s Markets? With William Megginson

   William Megginson explores ten geopolitical trends, including tariffs, climate politics, and AI's impact, that are poised to reshape global markets, in an interview with Kate Holland and Veljko Fotak.

6. 

   14 Sept 2025

   How Does Policy Uncertainty Affect Investments?

   University professors Kate Holland and Veljko Fotak examine how policy uncertainty impacts investment decisions, markets, and firms, revealing that high uncertainty often hinders corporate investment and economic growth in this interview.

7. 

   3 Jul 2025

   Can You Invest Like Warren Buffett?

   Hosts Kate Holland and Veljko Fotak discuss Warren Buffett's life, investment philosophy, and key strategies, examining his journey to becoming a successful investor in this interview episode.

8. 

   31 May 2025

   Should Space Be Privatized? With William Megginson

   Professor William Megginson explores the economics of spaceflight, including privatization, financing, and competition between private companies like SpaceX and government entities like NASA, in an interview with Kate and Veljko.

9. 

   30 Apr 2025

   Who Paid for the 2018 Trade Tariffs?

   Professors Kate Holland and Veljko Fotak analyze the economic impact of the 2018 US trade tariffs, revealing how consumers and importers bore the costs while select producers and the government benefited in this interview.

10. 

    22 Mar 2025

    Is a U.S. Sovereign Wealth Fund a Good Idea? With William Megginson

    Professor William Megginson explores the concept of Sovereign Wealth Funds, discussing their purpose, types, historical performance, and potential drawbacks, in an interview with hosts Kate Holland and Veljko Fotak.

11. 

    23 Feb 2025

    Should Investors Care About Corporate Culture?

    Hosts Kate Holland and Veljko Fotak explore corporate culture's impact on firm performance, examining how elements like innovation, integrity, and communication influence investor portfolios in this insightful episode.

12. 

    6 Jan 2025

    Do Pension Bailouts Create Moral Hazard? With Michael Dambra

    Host Veljko Fotak interviews Michael Dambra, the Kenneth Colwell Chair of Accounting and Law, about moral hazard and pension bailouts, revealing how bailout expectations impact financial behavior within the pension fund sector.

13. 

    8 Dec 2024

    Is Short Selling Evil?

    Kate and Veljko delve into the contentious topic of short selling, examining its mechanisms, benefits, and ethical implications, and dispelling common misconceptions about its positive impact on financial markets.

14. 

    4 Nov 2024

    Do Woke Firms Go Broke? Part 2

    Do Woke Firms Go Broke? Part 2 In this episode of ’Questions in Finance,’ university professors Kate Holland and Veljko Fotak delve into the ’S’ (social) aspect of ESG (Environmental, Social, and Governance) in corporate social responsibility. They discuss the concept of ’double bottom line’ companies that care about both operating profits and social responsibility, highlighting various facets of social responsibility including gender equality, parental leave policies, and worker safety. The hosts review academic studies on these topics, explore the impact of corporate scandals on reputation and valuation, and debate the performance of anti-woke funds. The episode concludes with a hopeful message that socially responsible firms do not underperform, illustrating that firms can be good corporate citizens without sacrificing profitability. Timeline: 00:00 Do Double-Bottom-Line Firms Bottom Out? 01:36 Welcome 02:14 Defining ”Social” 03:18 Labor-Friendly Policies, Equity, and Firm Value 09:58 Causality and the Maslow-Fotak-Holland Hierarchy of Corporate Needs 25:33 Corporate Scandals and Social Reputation 31:54 The Cost of Murder 44:42 Anti-Woke Funds 53:43 Not all Customers and Investors are Alike 57:54 Wrapping Up - A Note of Optimism Bibliography: Ahern, Kenneth R., and Amy K. Dittmar. ”The changing of the boards: The impact on firm valuation of mandated female board representation.” The Quarterly Journal of Economics 127, no. 1 (2012): 137-197. Cohn, Jonathan, B. and Malcom I. Wardlaw. ”Financing constraints and workplace safety.” The Journal of Finance 71, no. 5 (2016); 2017-2058. Eckbo, B. Espen, Knut Nygaard, and Karin S. Thorburn. ”Valuation effects of Norway’s board gender-quota law revisited.” Management Science 68, no. 6 (2022): 4112-4134. Edmans, Alex. ”The link between job satisfaction and firm value, with implications for corporate social responsibility.” Academy of Management Perspectives 26, no. 4 (2012): 1-19. Fauver, Larry, Michael B. McDonald, and Alvaro G. Taboada. ”Does it pay to treat employees well? International evidence on the value of employee-friendly culture.” Journal of Corporate Finance 50 (2018): 84-108. Fotak, Veljko, Kateryna Holland, Vishal Sharma. ”The cost of murder: Shareholder response to a social reputation shock.” Working Paper. Friede, Gunnar, Timo Busch, and Alexander Bassen. ”ESG and financial performance: aggregated evidence from more than 2000 empirical studies.” Journal of Sustainable Finance & Investment 5, no. 4 (2015): 210-233. Knittel, Christopher R., and Victor Stango. ”Celebrity endorsements, firm value, and reputation risk: Evidence from the Tiger Woods scandal.” Management Science 60, no. 1 (2014): 21-37. Gertsberg, Marina, Johanna Mollerstrom, and Michaela Pagel. ”Gender quotas and support for women in board elections.” Working Paper. Lins, Karl V., Lukas Roth, Henri Servaes, and Ann Tamayo. ”Sexism, culture, and firm value: Evidence from the Harvey Weinstein scandal and the #MeToo movement.” Journal of Accounting Research, (2024), forthcoming Liu, Tim, Christos Makridis, Paige Ouimet, and Elena Simintzi. ”The distribution of non-wage benefits: Maternity benefits and gender diversity.” Review of Financial Studies, 36, (2023): 194-234. Sonnenfeld, Jeffrey, Steven Tian, Steven Zaslavsky, Yash Bhansali, and Ryan Vakil. ”It pays for companies to leave Russia.” Working Paper. Online Sources and Media: Amrith Ramkumar, Amit (2022), ”Anti-ESG activist investor urges Chevron to increase oil production, Wall Street Journal, September 6, 2022.” Rajogpal, Shivaram, ”Does The Anti-Woke MAGA ETF Inadvertently Make The Case For ESG?” Forbes, October 3, 2022. Soundtrack: The soundtrack is based on ”Walk on a Funky Street” by MondayHopes. Thanks for the music and keep up the good work! Use is under the Pixabay Content License.

15. 

    20 Oct 2024

    Do Woke Firms Go Broke? Part 1

    Do Woke Firms Go Broke? Part 1 In this episode of ’Questions in Finance,’ university professors Kate Holland and Veljko Fotak explore the intersection of corporate profitability and social responsibility. They examine whether companies prioritizing ESG (Environmental, Social, and Governance) or CSR (Corporate Social Responsibility) practices can also deliver strong financial returns. Using historical financial perspectives and empirical evidence, they analyze corporate earnings, stock returns, and the effects of governance on firm performance. The episode delves into various aspects of ESG, including environmental impact and ’greenium’—the premium returns of environmentally conscious firms—highlighting the positive correlation between good ESG practices and financial success. Featuring studies and case examples, this comprehensive discussion addresses the financial and ethical dynamics of socially responsible investing in modern markets. Timeline: 00:00 Introduction and Allbirds 03:42 Exploring the Concept of ’Woke’ Firms 08:30 A Narrow View of Corporate Performance 14:05 Governance and Its Impact on Returns 21:13 Environmental Policies and Firm Returns 27:19 Correlation vs. Causation in ESG Performance 28:45 Historical Context of ESG Concerns 30:24 Back from Break: Discussing Corporate Responsibility 35:52 Green Firms in Brown Industries 44:31 Summarizing ESG Performance 45:49 Wrapping Up and Looking Ahead Bibliography: Bolton, Patrick, and Marcin Kacperczyk. ”Do investors care about carbon risk?.” Journal of Financial Economics 142, no. 2 (2021): 517-549. Chan, Pak To, and Terry Walter. ”Investment performance of “environmentally-friendly” firms and their initial public offers and seasoned equity offers.” Journal of Banking & Finance 44 (2014): 177-188. Griffin, Dale, Omrane Guedhami, Kai Li, and Guangli Lu. ”National culture and the value implications of corporate environmental and social performance.” Journal of Corporate Finance 71 (2021): 102123. Derwall, Jeroen, Nadja Guenster, Rob Bauer, and Kees Koedijk. ”The eco-efficiency premium puzzle.” Financial analysts journal 61, no. 2 (2005): 51-63. Friede, Gunnar, Timo Busch, and Alexander Bassen. ”ESG and financial performance: aggregated evidence from more than 2000 empirical studies.” Journal of Sustainable Finance & Investment 5, no. 4 (2015): 210-233. Gompers, Paul, Joy Ishii, and Andrew Metrick. ”Corporate governance and equity prices.” The Quarterly Journal of Economics 118, no. 1 (2003): 107-156. Houston, Joel F., Sehoon Kim, and Boyuan Li. ”One Hundred and Thirty Years of Corporate Responsibility.” Working Paper (2024). Pastor, Lubos, Robert F. Stambaugh, and Lucian A. Taylor. ”Dissecting green returns.” Journal of Financial Economics 146, no. 2 (2022): 403-424. Soundtrack: The soundtrack is based on ”Walk on a Funky Street” by MondayHopes. Thanks for the music and keep up the good work! Use is under the Pixabay Content License.

16. 

    29 Sept 2024

    The Presidential Puzzle: Does the US Economy Perform Better under Democrat or Republican Presidents?

    The Presidential Puzzle: Does the US Economy Perform Better under Democrat or Republican Presidents? In this episode of ’Questions in Finance,’ university professors Kate Holland and Veljko Fotak dive into an intriguing economic puzzle: why does public opinion favor Republicans as better managers of the economy, while macroeconomic indicators, corporate performance, and stock market returns generally show better outcomes under Democrat presidencies? And what explains some of the gap in performance? The discussion, grounded in academic research, explores various metrics, at the macroeconomic, firm, and market levels and the strength and robustness of findings. Kate and Veljko delve into common explanations, debunk the flawed ones, and emphasize the role of risk-aversion cycles and the timing of the Korean war and crude-oil shocks as having favored Democrat presidencies. The episode concludes with an exploration of party identity and political polarization, touching on the complex factors influencing electoral success and public perceptions. Timeline: 00:00 Introduction and Personal Anecdotes 01:17 Questions in Finance Podcast Introduction 02:08 Economic Performance Under Different Presidents 02:46 Public Perception vs. Economic Reality 05:04 The Presidential Puzzle 09:52 Diving into the Evidence 18:35 Corporate Performance Analysis 36:35 Exploring Explanations for Economic Trends 37:05 Cherry-Picking Time Periods: Valid or Not? 40:52 Impact of Crude Oil Shocks and the Korean War 43:51 Inherited Economic Conditions and Lead-Lag Effects 45:48 Risk Cycles and Economic Performance 50:36 Policy Explanations: Congress and Corporate Outcomes 59:34 Behavioral Explanations: Over-Optimism and Euphoria 01:03:20 Summarizing the Presidential Puzzle 01:06:06 Republican Electoral Success Despite Economic Trends 01:10:04 Party Identity and Political Polarization 01:11:45 Conclusion and Future Topics Bibliography: Alesina, Alberto and Howard Rosenthal. ”Partisan politics, divided government, and the economy.” Cambridge University Pres, 1995. Alesina, Alberto, Nouriel Roubini, and  Gerald D. Cohen. ”Political cycles and the macroeconomy.” MIT Press, 1997. Belo, Frederico, Vito D. Gala, and Jun Li. ”Government spending, political cycles, and the cross section of stock returns.” Journal of Financial Economics 107, no. 2 (2013): 305-324. Blinder, Alan S., and Mark W. Watson. ”Presidents and the US economy: An econometric exploration.” American Economic Review 106, no. 4 (2016): 1015-1045. Holland, Kateryna, and Esther Im. ”Corporate Cash Flow Outcomes Across Presidencies: Still a Presidential Puzzle.” Working paper. Mian, Atif, Amir Sufi, and Nasim Khoshkhou. ”Partisan bias, economic expectations, and household spending.” Review of Economics and Statistics 105, no. 3 (2023): 493-510. Potrafke, Niklas. ”Government ideology and economic policy-making in the United States—a survey.” Public Choice 174 (2018): 145-207. Santa‐Clara, Pedro, and Rossen Valkanov. ”The presidential puzzle: Political cycles and the stock market.” The Journal of Finance 58, no. 5 (2003): 1841-1872. Snowberg, Erik, Justin Wolfers, and Eric Zitzewitz. ”Partisan impacts on the economy: evidence from prediction markets and close elections.” The Quarterly Journal of Economics 122, no. 2 (2007): 807-829. Online Sources: EPI Report: https://epiaction.org/2024/04/02/economic-performance-is-stronger-when-democrats-hold-the-white-house/#full-report Belfer Center Study: https://www.belfercenter.org/publication/historical-puzzle-us-economic-performance-under-democrats-vs-republicans Soundtrack: The soundtrack is based on ”Walk on a Funky Street” by MondayHopes. Thanks for the music and keep up the good work! Use is under the Pixabay Content License.

Inside a recent episode

Should You Surf the 2026 IPO Wave?

Published 4 Aug 2026 · Transcript excerpt

[…] Famously, Google ran a Dutch auction in 2004, which which became a little bit of a prototype. More recently, Robinhood had an IPO access program for investors using its app. And fast forward to SpaceX, SpaceX originally promised a 30% allocation to individual retail investors, which was actually subsequently reduced by some percentage points. And yet it was still a lot larger than usual. Yeah, but democratizing this access to IPOs seems a bit like democratizing access to a casino or more topical recently democratizing access into sports betting. Why? A new paper titled Retail IPO Access High Hopes, Low Returns shows that these programs that hand regular people, normal people shares at institutional prices, the firms that these regular people get in these IPOs still underperform comparable IPOs where normal people didn't get shares by over 20 percentage points in the first year. […]

Reach and audience

Public platform figures. Ratings count people who left a rating, not total listeners.

Apple Podcasts (US)

5.0 / 5

10 ratings

Podcast Authority Score: 19 / 100

A composite of feed quality, social presence, YouTube performance and engagement. Read the methodology.

Quality

18

Social presence

0

YouTube

0

Engagement

51

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