Lecture Series Honors Alumnus Who Was 鈥楢 Presence鈥擭ot Just in Size, But in Terms of His Voice鈥�
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Leeds professor delivers inaugural talk in Steven Lindstrom Pardo Memorial Finance Lecture Series.
For Shaun Davies, Steven Pardo was better known as 鈥淕ame Seven.鈥�
鈥淚 had him in class in fall of 2019, and he was a bigger guy, a presence鈥攏ot just in size, but in terms of his voice in the room,鈥� said Davies, associate professor of finance at the 麻豆影院鈥檚 Leeds School of Business. 鈥淚 like to banter with my students, and he was just a good, intellectually curious person.鈥澨�
When Pardo skipped class one day to attend the deciding seventh game of the World Series, featuring his beloved Washington Nationals, his absence was notable; Davies gave him the nickname right afterward.
鈥淗e was good at giving me a hard time, but in a good way,鈥� Davies said. 鈥淟ike saying a model we were discussing in class wouldn鈥檛 work the same way in the real world.鈥澨�
Pardo, who graduated in 2020, died of cancer last year, but his family has worked with CU 麻豆影院 to create a lecture series designed to honor the presence and intellectual curiosity he brought to life and Leeds.
鈥淢y son was a people person,鈥� said Pardo鈥檚 mother, Cheryl Lindstrom, a radiologist in the Washington, D.C., area. 鈥淪teven was the type of kid who you鈥檇 be having lunch with him, and next thing you knew, you鈥檇 committed to going on a hike the next day, followed by driving to Pennsylvania to get fireworks for the Fourth, and then you鈥檇 be looking at plane tickets for the weekend.听
鈥淗e always wanted to involve people, and we felt a lecture would be a way of bringing people together while instilling his thirst for knowledge in future generations of students.鈥澨�
The Steven Lindstrom Pardo Memorial Finance Lecture Series is designed to be an annual event showcasing faculty research鈥攚hen he was sick, Lindstrom said, Pardo asked Davies to share some of his research with him. Davies, who developed a relationship with the family after Pardo鈥檚 death, delivered the first lecture in the series on March 29.
Opacity in TDFs
In his lecture, Davies discussed his recent research on target-date funds, which he鈥檚 called a 鈥減henomenal investment innovation,鈥� though one saddled with high fees. A TDF provides investors with an evolving asset allocation designed to meet their needs at retirement, 鈥渂ut the average investor has no understanding of the fees they鈥檙e paying in these funds. This opaqueness is clearly unfair.鈥�
Exchange-traded funds, on the other hand, offer passive management but very low fees. Davies and his co-author found they could replicate TDFs by building a similar basket of ETFs based on publicly available information about TDF holdings. These so-called 鈥渞eplicating funds鈥� almost perfectly tracked TDF听performance, but significantly outperformed them due to lower fees: From 2008 to 2019, Davies found TDF sponsors collectively overcharged nearly $30 billion.听
鈥淭his is about adding transparency to an opaque market,鈥� Davies said.
The lecture was followed by a lengthy question-and-answer with the audience of about 100, which including a large group of students in the Delta Sigma Pi business fraternity; as a student, Pardo was president of the Leeds chapter.
鈥淚 hope these lectures help lower the barrier between faculty and students to encourage relationships,鈥� Davies said. 鈥淪teve鈥檚 influence on my life was important; I鈥檓 so glad he reached out to me. I hope we are able to honor his intellectual curiosity by helping students appreciate the research insights their professors are making.鈥澨�
Prior to the lecture, Pardo鈥檚 parents hosted a group of their son鈥檚 friends for dinner at the Roadhouse, in 麻豆影院. People traveled from the East Coast and beyond to attend the lecture; a large group also tuned in virtually.听
鈥淲e had two memorials for Steven鈥攐ne in McLean and one in 麻豆影院鈥攁nd when we looked around the rooms, a lot of those people had graced our doorway,鈥� Lindstrom said. 鈥淚t鈥檚 not like Virginia is close to Colorado鈥攂ut it seemed like every time someone was passing through, they鈥檇 want to come visit and see Steven. That鈥檚 just who he was.鈥澨�
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