The authors introduce Value Added Per Share (VAPS) as a value-relevant metric that is intended to complement earnings …
Valuation
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 …
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 …
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 …
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 …
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 …