Herbert Brown Mayo is a long-time friend of Carolina Economics.  In recent years he gave a gift to the Economics Department to fund undergraduate student research in the areas of financial economics and financial markets.  That gift has triggered a flood of student creativity in the years that followed.

We have very simple rules for participation.  Two students identify a topic in financial economics and financial markets that they’d like to investigate as a summer project.  (In rare cases, we accept single-authored applications.)  They identify a faculty member in economics to mentor them in their research.  They then write a short application for funds to the Chair of the Economics Department.  The awards represent summer funding for the students designed to cover living expenses while completing the research project as well as a stipend for the faculty adviser.

The resulting research papers have been quite impressive.  They are listed below by year, with links to the research paper if available.

In 2017:

“Migration Status and Loan Default” by Ruyang Chengan and Jin Xi

“Crowdsourcing Forecasts of NonFarm Payrolls”by Peter Murphy and Amar Patel

“Portfolio Diversification and Return Benefits by REIT Property Types” by Zicheng Ye and Diana Song

In 2016:

Tax Delinquency and Location Efficiency, Evidence from Wake County, NC” by Ariana Vaisey

“Does Chinese Monetary Policy React to Her Stock Market?” by Jiaxi Li

In 2015:

The High Frequency Impact of News on Foreign Exchange Returns” by Ben Horlick and Paul Kushner

Mean-Semivariance Portfolio Optimization, Skewness, and Modified Value at Risk” by Youndong Liu and Longxuan Wang

In 2014:

Extracting Market Implied Earnings from Equity Market Data”  by Carter Bryson, Jesse Meredith, and Meiyao Tysinger

In 2013:

“Don’t be late: Examining the cost of latency” by Aakash Patel and Yize Wang


Thanks to Herbert Brown Mayo for his financial support.  All of these students were advised by Michael Aguilar, Teaching Associate Professor; thanks as well to him for his mentoring over the years.