Corporate managers often view short sellers as market manipulators whose actions drive their company’s stock price below intrinsic …
Incentives
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 …
The Economic (Not Literary) Offenses of Michael Lewis: The Case...
In a shameless abuse of editorial prerogative, the editor of this journal uses Lewis’s bestseller as a pretext …
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 …
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 …
A Tale of Leadership in Value Creation
In this prologue to his new book, Curing Corporate Short-Termism, the founder and CEO of Fortuna Advisors presents …