Each of today’s three dominant academic theories of capital structure has trouble explaining the financing behavior of companies …
Capital Allocation
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 …
The Poverty of Monetarism
In this edited transcript of a lecture presented in Beijing in December 2019, the author provides a critique …
Columbia Business School Roundtable on The Fed’s Response to the...
A former Federal Reserve Governor (from 2006-2008) and a former Treasury official discuss the Fed’s and U.S. government’s …
The Benefits of Buying Distressed Assets
Studies of mergers and acquisitions have struggled to identify characteristics of M&A transactions that are consistently associated with …
Using ESG to Enhance Fixed-Income Returns: The Case of Inherent...
The authors discuss how their investment firm uses environmental and social as well as financial considerations to produce …
What Public Companies Can Learn from Private Equity Pay Plans
Studies of private equity pay, including one by current SEC commissioner Robert Jackson, have pointed to restrictions on …
Columbia Law School Roundtable on Public Aspects of Private Equity
The mandate of the broader private equity “ecosystem” goes well beyond earning competitive returns for the limited …