Fisher Research and Insights Forefront
![Why some gifts are better-received than others](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/SS42012.jpg?VersionId=gLpMkU.yrNewNpOPML.TsOjXW1NyQprw&itok=YqYHWuls)
August 23, 2020
U.S. News & World Report
U.S. News & World Report
Why some gifts are better-received than others
It may seem like a paradox, but giving someone a gift to help them save money is a sure way to make them hate it. The reason: It will make the recipient feel inferior to you, according to research by Assistant Professor of Marketing Grant Donnelly and his colleagues. In contrast, a gift that helps a recipient save time is taken as a compliment.
![Hedge fund fees — whether or not you make money — are truly shocking](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/MW-IH474_poker_ZG_20200529115605.jpg?VersionId=D4lJ7tI3RW44XG45zYt2n4AgyVn7xTiA&itok=qH6ubuoz)
August 22, 2020
MarketWatch
MarketWatch
Hedge fund fees — whether or not you make money — are truly shocking
If you already see hedge fund fees as exorbitant, you ain’t seen nothing yet. Over the past two decades, the hedge fund industry has kept 64 cents of every dollar of gross profits that it has generated above the risk-free rate. This, according to research by Itzhak Ben-David, the Neil Klatskin Chair in Real Estate and Finance, and Finance Professor Justin Birru, and a colleague.
![There's more big tech in your life than you even know. Check out your stock portfolio](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/gettyimages-1147862534_wide-ee56d97d75fe8ad886c92a4bceb14f769238c6a8.jpg?VersionId=556TYCWvZvw9_LcTUew6LEfXIfinHt0F&itok=08aTrVTd)
August 20, 2020
NPR
NPR
There's more big tech in your life than you even know. Check out your stock portfolio
This year, index fund investors are making money all right. But it's come with some risks: Much of the gains are due to half a dozen ultra-hot technology stocks. Lu Zhang, the John W. Galbreath Chair in Finance, provides some additional context to the presence of tech stocks in our portfolios.
![Hedge fund investors get a raw deal from incentive fees](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/1920_hedgefundfees.jpg?VersionId=D2vnNA2i8XoIS5KN53LIKRNVqZIwNa0V&itok=3DunyMsf)
August 17, 2020
The Ohio State University
The Ohio State University
Hedge fund investors get a raw deal from incentive fees
Investors who put their money in hedge funds may find that the fees are much higher than expected, a new study from Itzhak Ben-David, the Neil Klatskin Chair in Real Estate, and Associate Professor of Finance Justin Birru suggests. Most hedge funds charge their clients incentive fees of about 20 percent of gains made over a specified benchmark. But in a study of 6,000 hedge funds over 22 years, researchers found that those fees ended up costing investors nearly 50 percent – about 2.5 times more than the average fee rate on paper.
![Terry Esper](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/2020-08/TE%20thumbnail%203%20-%20Edited.png?VersionId=GT9UEzzKjRu8QVwW6UavEEroDCAFBcqt&itok=l_OpH2VA)
August 12, 2020
Fisher College of Business
Fisher College of Business
Racial bias on our doorstep
From the disclosure of delivery information designed to improve our online shopping satisfaction to examining the biases that we may not know we hold, research by Logistics Professor Terry Esper is helping companies reexamine and improve driver safety and their delivery processes.
![CFOs think they know more than they do](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/CFOs_0811.jpg?VersionId=qznzs0Fg0TnB8ilC2rEGhj3wuHbt7gmW&itok=v4BmuP-L)
August 11, 2020
Institutional Investor
Institutional Investor
CFOs think they know more than they do
A new study by Itzhak Ben-David, the Neil Klatskin Chair in Real Estate, and colleagues from Duke, examined thousands of finance executives’ S&P 500 projections over time for one behavioral bias: excess conviction. The study, a follow-up to an earlier research project, found the overconfidence bias to be greater than even the original landmark research found.
![Top 10 institutional investors fuel market volatility, study finds](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/https%253A%252F%252Fd1e00ek4ebabms.cloudfront.net%252Fproduction%252Fc3f70a86-6379-402b-bcb3-3956acbb0ea3.jpg?VersionId=bik1CANiv9BWK46Z860WG0.y8__eBfj_&itok=-MQ8GUMs)
August 8, 2020
Financial Times
Financial Times
Top 10 institutional investors fuel market volatility, study finds
BlackRock, Vanguard, State Street, Fidelity and Capital Group are driving up equity market volatility and fuelling mispricing in company stocks, according to an analysis that raises fresh questions over the regulatory oversight of the largest asset managers. The study was produced by Itzhak Ben-David, the Neil Klatskin Chair in Real Estate, and his colleagues.
![Why New York is suing the NRA: 4 questions answered](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/file-20200806-22-735ki7.jpg?VersionId=lYFSNVnwQpLa2TvQMXLHuL_ZO8f7crFm&itok=A2O60CZI)
August 7, 2020
The Conversation
The Conversation
Why New York is suing the NRA: 4 questions answered
As New York state moves forward with a lawsuit against the National Rifle Association and four of its current and former officials for allegedly benefiting personally from the improper use of its funds, Brian Mittendorf, the Fisher Designated Professor in Accounting and a nonprofit expert, explains what the repercussions might be for the gun group and its leaders.
![Joining the S&P 500 may not be as big a boon as often assumed](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/20200808_WBP502.jpg?VersionId=Ip_OSyvuR8x2lwpl2C0gP0SeHtu1t0lN&itok=7QYPvJOW)
August 7, 2020
The Economist
The Economist
Joining the S&P 500 may not be as big a boon as often assumed
New research from Rene Stulz, the Everett D. Reese Chair of Banking and Monetary Economics, and his colleagues suggests that the share-price premium for entering Wall Street’s flagship index isn’t what it used to be.
![Hedge funds might charge 2-and-20, but investors are paying a lot more](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/art_feesperform.jpg?VersionId=feZDGVygIZcy6LU.2q66omLLmNINGK5T&itok=qgJqPXzw)
August 5, 2020
Institutional Investor
Institutional Investor
Hedge funds might charge 2-and-20, but investors are paying a lot more
Investors give up nearly half of their gross profits through incentive fees, according to a working paper authored by Itzhak Ben-David, the Neil Klatskin Chair in Real Estate, and Justin Birru, associate professor of finance, and a colleague.
![There's a Better Way Podcast: Personal commitments add value to the workplace](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/tracy_dumas_web_photo_2016.jpg?VersionId=tOxBKyc_W8p7iwrk2A9U0f7eOmn3RyWq&itok=J50ricpa)
August 4, 2020
Fisher College of Business
Fisher College of Business
There's a Better Way Podcast: Personal commitments add value to the workplace
As part of the “There’s a Better Way” podcast, Aravind Chandrasekaran, associate director of the Center for Operational Excellence, talks with Tracy Dumas, associate professor of management and human resources, about how our personal and professional lives interface with one another.
![When Tesla hits the S&P 500, it’ll spark the wildest passive trade ever](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/1200x-1.jpg?VersionId=26Zqy5guLHvGZWTO_2iodHnKaqDqH3Ua&itok=VbbiYDBM)
July 31, 2020
Bloomberg
Bloomberg
When Tesla hits the S&P 500, it’ll spark the wildest passive trade ever
As Tesla prepares to join the S&P 500, research by Rene Stulz, the Everett D. Reese Chair of Banking and Monetary Economics, and his colleagues reveals being listed on the index does not provide the same return as it used to.
![Why the S&P 500 may now be easier to beat and what this means for your investments](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/MW-HQ385_hurdle_ZG_20190829100822.jpg?VersionId=LdFi2zFik25pDW4UnIPHYVfnUhxs1KP6&itok=-ScMprm_)
July 31, 2020
MarketWatch
MarketWatch
Why the S&P 500 may now be easier to beat and what this means for your investments
Tesla could be the latest example of how inclusion in the S&P 500 weakens a company’s stock performance. According to research from Rene Stulz, the Everett D. Reese Chair of Banking and Monetary Economics, and his colleagues, beginning around a decade ago, getting added to the S&P 500 began to cause a company's stock to drop. This information has caused some to hypothesize that the S&P 500 could become easier to time and to beat.
![Americans on owing money to the IRS: "No big deal"](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/https%253A%252F%252Fimages.saymedia-content.com%252F.image%252FMTc0MzI5MzYzMzQzMzUzMTky%252Fneonbrand-jw6r_0cpyec-unsplash.jpg?VersionId=aMGpXarArL3jmY0P3wSIOqnArtSa_VDi&itok=eu7v-vnc)
July 30, 2020
TheStreet
TheStreet
Americans on owing money to the IRS: "No big deal"
Owing money to the IRS is not a pleasant experience. Historically, it's been viewed as a major taboo, not to be discussed, but definitely needing to be dealt with. In recent years, even before the pandemic, Americans have grown almost indifferent to the "owed tax" experience. A new study by Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate at Fisher, and his colleagues, many American taxpayers have "surprisingly" adjusted their standard of living when they owe money to the IRS versus when they receive tax refunds.
![Owe the IRS? No problem, some Americans say](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/1920_amountyouowetaxes.jpg?VersionId=NjSZdukpTgA1fUttTTEVamayHtqiTlDB&itok=fLwO8hgI)
July 28, 2020
The Ohio State University
The Ohio State University
Owe the IRS? No problem, some Americans say
A new study shows the surprising way that many American taxpayers adjust their standard of living when they owe money to the IRS versus when they receive tax refunds. Researchers, including Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, found that when households received tax refunds, they immediately started spending that new money. But those same households didn’t cut their spending in years when they owed taxes to the IRS.
![Tesla shares have surged on hope of inclusion in the S&P 500. But does being added to an index help a stock?](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/MW-IL241_tesla__ZG_20200727131018.jpg?VersionId=TknCLazuT1WLR0uFK_CQO1R9FXp7TGf0&itok=ndHp98zl)
July 27, 2020
MarketWatch
MarketWatch
Tesla shares have surged on hope of inclusion in the S&P 500. But does being added to an index help a stock?
It used to be good for stocks to be added to indexes, but that is changed in the past decade or so, according to new research from Rene Stulz, the Everett D. Reese Chair of Banking and Monetary Economics, and his colleagues.
![2Q 2020 Middle Market Indicator reports cautious outlook amid COVID-19](/s3/files/styles/newsroom_image_1x/public/logo.webp?itok=pVlARUQ3)
July 22, 2020
The National Center for the Middle Market
The National Center for the Middle Market
2Q 2020 Middle Market Indicator reports cautious outlook amid COVID-19
COVID-19 has produced conditions never before seen in the eight-year history of the Middle Market Indicator (MMI). Fewer companies than ever say their past-year performance has improved compared to the historical MMI average. Both revenue and employment growth rates are negative and many companies have put investment plans on hold. Despite the data, middle market leaders see better times ahead.
July 21, 2020
msn
msn
How to apologize: The 6 steps of the perfect apology
What makes for a good apology? You have to mean it, sure. But there’s a narrative structure that a good apology should follow. Roy Lewicki, professor emeritus of management and human resources, is an expert in the art of negotiation as well as rebuilding trust. He’s spent years researching the ideal apology, and he’s broken it down the perfect apology into six components.
![Itzhak Ben-David](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/ben-david.1.jpg?VersionId=6h38MlMnIqjUUegx_Wi6dP_jyYE47weT&itok=xvbhEXER)
July 20, 2020
TheMarker
TheMarker
The scary picture of hedge funds: At least half of the profits remain with executives
International coverage of research by Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, reveals that because fund managers invest in a scattered portfolio of hedge funds and because of the jumps from fund to fund, investment profits are greatly diminished.
July 19, 2020
The Washington Post
The Washington Post
Stock buybacks and a shaky economy
A new study from Rene Stulz, the Everett D. Reese Chair of Banking and Monetary Economics, and a colleague shows how profits are distributed — and it has some surprising conclusions. Total payouts to shareholders rose from 19 percent of operating profits from 1971-1999 period to 32 percent in 2000-2017; and buybacks alone accounted for 55 percent of the distribution in the 2000-2017 period, up from 22 percent in the 1971-1999 period. To emphasize: Stock repurchases soared.
![In the sharing economy, consumers see themselves as helpers](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/1920_hailingarideshare-2.jpg?VersionId=XUZPP1ZlXfSYTkBnkcw3X7nz0THdz4_L&itok=qmzoXQXS)
July 15, 2020
The Ohio State University
The Ohio State University
In the sharing economy, consumers see themselves as helpers
The peer-to-peer business model of firms like Uber or Airbnb is changing how consumers view some service providers, says John Costello, lead author of a new study and a doctoral candidate in marketing at Fisher.
![This is the absolute worst kind of gift to give](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/gift-present-1000x563.jpg?VersionId=S2InKqvOA36me4_YCkfensVcEoSm6Ih7&itok=XM2jeoTX)
July 14, 2020
The Ladders
The Ladders
This is the absolute worst kind of gift to give
A new study from Assistant Marketing Professor Grant Donnelly has a piece of gift-giving advice. Whatever you do, don’t tell the recipient your gift will save them money. According to the research, people often feel ashamed and even disrespected after receiving a “money-saving” gift from someone else.
![Researchers find the worst reason to give a gift](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/1920_givinggiftcard1.jpg?VersionId=xv2nICZy5SPMc.t2Zi0tPTkOzhDaGHtJ&itok=3vk4n4SN)
July 13, 2020
The Ohio State University
The Ohio State University
Researchers find the worst reason to give a gift
Here’s a good way to make sure a friend hates a gift from you: Say it will save him money. In a series of studies, researchers found that people reacted negatively to gifts that they were told – or that they inferred – were given to help them save money. Receiving this kind of present makes a person feel inferior to the gift-giver, according to research from said Grant Donnelly, assistant professor of marketing at Fisher.
![Why COVID-19 hasn’t stopped digital transformation at mid-sized companies](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/GettyImages-1213956945_web.jpg?VersionId=tl.4RRfBzFvhMkKN2oRLX1hO5lxIaJVQ&itok=UazJlnK7)
July 13, 2020
Fortune
Fortune
Why COVID-19 hasn’t stopped digital transformation at mid-sized companies
Amid falling revenue and employment, capital spending cuts, growth initiatives put on hold, tight cash and disrupted operations brought on by COVID-19, middle market companies are maintaining and even slightly accelerating their digital transformation, writes Tom Stewart, executive director of the National Center for the Middle Market.
![Is the business world ready for a chief data ethics officer?](https://s3.us-east-2.amazonaws.com/files.fisher.osu.edu/public/styles/newsroom_image_1x/public/https%253A%252F%252Fspecials-images.forbesimg.com%252Fimageserve%252F5f0c45536b13c8000671831c%252F0x0.jpg?VersionId=7wDP_QxS4IBF7uG3o063tb3XMcCajLqq&itok=bYiouoU2)
July 13, 2020
Forbes
Forbes
Is the business world ready for a chief data ethics officer?
Dennis Hirsch, director of the Program on Data and Governance at The Ohio State University Moritz College of Law, and a fellow at The Risk Institute, researches data analytics, how it can pose ethical risks, and how leading companies are responding.