Four key ideas provide the foundation for the pragmatic theory of the firm, which is expecially useful for …
Governance
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 …
Value-Added Per Share (VAPS): A Value-Relevant Corporate Performance Metric
The authors introduce Value Added Per Share (VAPS) as a value-relevant metric that is intended to complement earnings …
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, …
American Enterprise Institute Roundtable: Was Milton Friedman Right about Shareholder...
In this look back at Milton Friedman’s famous essay in The New York Times 50 years ago organized …
The First Modern Financial Crises: The South Sea and Mississippi...
The twin South Sea and Mississippi bubbles of 1720 inaugurated the new age of modern finance. Both of …
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 …
Apocalypse Averted: The COVID-Caused Liquidity Trap, Dodd-Frank, and the Fed
In an article published in this journal in 2012, the author challenged the conventional wisdom that a major …
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 …