Four key ideas provide the foundation for the pragmatic theory of the firm, which is expecially useful for …
Capital Allocation
Making Economics More Useful: How Technological Eclecticism Could Help
Keynes thought it would be “splendid” if economists became more like dentists. Disciplinary economics has instead become more …
A Practitioners’ Guide to Leverage through Downturns
There is extensive research addressing questions of optimal capital structure. Studies typically focus on estimating the appropriate level …
The Relationship between Shareholder Return and CEO Pay over a...
The author reports the findings of his examination of the relationship between CEO pay and performance, as measured …
Should Shareholders Have a Say on Acquisitions?
Shareholders of U.S. corporations have lost billions of dollars in acquisitions they never approved. In the United Kingdom, …
Risk Capital: Theory and Applications
After a brief review of the current theory and practice of risk capital by financial firms, the authors …
Strategic Financial Management: Lessons from Seasoned Equity Offerings
Each of today’s three dominant academic theories of capital structure has trouble explaining the financing behavior of companies …
Columbia Business School Roundtable on Broken Models of Public Finance
Joe Biden’s chief economic adviser joins a proactive investor who was one of the largest private investors in …
Convergence and Reversion: China’s Banking System at 70
During its 70-year existence, China’s modern banking system has typically been ill used by its government. Nevertheless, after …
Rethinking Macro Measurement
Economists have long recognized that widely reported and followed economic indicators such as GDP, productivity, and real wage …