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Number 1, Winter 2021

Implications of Short Selling for Corporate Finance

  • Incentives
  • Risk
by Sanjay Deshmukh, Keith Jacks Gamble, | Number 1, Winter 2021, Volume 33 2 years ago

Corporate managers often view short sellers as market manipulators whose actions drive their company’s stock price below intrinsic …

The Pragmatic Theory of the Firm

  • Capital Allocation
  • Governance
  • Sustainability
by Bartley J. Madden | Number 1, Winter 2021, Volume 33 2 years ago

Four key ideas provide the foundation for the pragmatic theory of the firm, which is expecially useful for …

Making Economics More Useful: How Technological Eclecticism Could Help

  • Capital Allocation
  • Sustainability
by Amar Bhidé | Number 1, Winter 2021, Volume 33 2 years ago

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

  • Capital Allocation
  • Leverage
  • Risk
  • Sustainability
by Joshua Ruben | Number 1, Winter 2021, Volume 33 2 years ago

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...

  • Capital Allocation
  • Governance
  • Incentives
  • Risk
by Ron Schmidt | Number 1, Winter 2021, Volume 33 2 years ago

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

  • Governance
  • Incentives
  • Sustainability
  • Valuation
by Shivaram Rajgopal and Alfred Rappaport | Number 1, Winter 2021, Volume 33 2 years ago

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?

  • Capital Allocation
  • Governance
  • Incentives
  • Leverage
  • Valuation
by Marco Becht, Andrea Polo, and | Number 1, Winter 2021, Volume 33 2 years ago

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...

  • Governance
  • Incentives
  • Sustainability
Panelists: Clifford Asness, Glenn Hubbard, and | Number 1, Winter 2021, Volume 33 2 years ago

In this look back at Milton Friedman’s famous essay in The New York Times 50 years ago organized …

Risk Capital: Theory and Applications

  • Capital Allocation
  • Leverage
  • Risk
  • Sustainability
  • Valuation
by Isil Erel, Stewart C. Myers, | Number 1, Winter 2021, Volume 33 2 years ago

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

  • Capital Allocation
  • Leverage
  • Valuation
by Fangjian Fu and Clifford W. | Number 1, Winter 2021, Volume 33 2 years ago

Each of today’s three dominant academic theories of capital structure has trouble explaining the financing behavior of companies …

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