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Content
June 2022, Volume 34, Issue 2
- 2-3 A Message from the Editor
by Don Chew - 8-16 Corporate Governance versus Real Governance
by Ronald J. Gilson - 17-29 The Financial Cost of Carbon
by Patrick Bolton & Zachery Halem & Marcin Kacperczyk - 30-44 Employee Value Added: A New Measure of Gain‐Sharing between Labor and Capital
by Stephen F. O'Byrne & Shivaram Rajgopal - 45-51 How to Settle the Corporate Purpose Debate
by Alfred Rappaport & Michael J. Mauboussin - 52-59 Building Investor Trust in Net Zero
by Ariel Babcock & Allen He & Veena Ramani - 60-64 Missing the Target: A Review of Mark Roe's New Book on U.S. Stock‐Market Short‐Termism
by Tom Gosling - 65-81 The Recent Surge in Money Growth: What Would Milton Friedman Say?
by Peter N. Ireland - 82-99 Recent Monetary History: A Monetarist Perspective
by Brian Kantor - 100-105 The Magic of Finance Capitalism
by Don Chew & Bennett Stewart - 106-114 Introduction to Corporate Finance: What Is It and Why Does It Matter?
by Don Chew & Bennett Stewart
March 2022, Volume 34, Issue 1
- 2-3 A Message from the Editor
by Don Chew - 8-23 Globalization, Corporate Finance, and the Cost of Capital
by René M. Stulz - 24-31 The Limits of Financial Globalization
by René M. Stulz - 32-46 Rethinking Risk Management
by René M. Stulz - 47-57 Risk Management Failures: What Are They and When Do They Happen?
by René M. Stulz - 58-66 How Companies Can Use Hedging to Create Shareholder Value
by René M. Stulz - 67-80 Real Options and Hidden Leverage
by Stewart C. Myers & James A. Read - 81-94 Enterprise Risk Management: Theory and Practice
by Brian W. Nocco & René M. Stulz - 95-105 Risk‐Taking and Risk Management by Banks
by René M. Stulz - 106-117 FinTech, BigTech, and the Future of Banks
by René M. Stulz - 118-128 Merton Miller's Contribution to Modern Finance
by René M. Stulz
December 2021, Volume 33, Issue 4
- 2-3 A Message from the Editor
by Don Chew - 8-23 Interpreting Modern Monetary Reality
by Peter Stella - 24-38 Was Deng Xiaoping Right? A 40‐Year Assessment of China's Adoption of Western Capital Markets
by Carl E. Walter - 39-51 On Monetary Growth and Inflation in Leading Economies, 2021‐2022: Relative Prices and the Overall Price Level
by John Greenwood & Steve H. Hanke - 52-69 American Enterprise Institute Roundtable: Government Policies Reshape the Banking System
by Paul H. Kupiec & Richard Sylla & Alex J. Pollock & Charles W. Calomiris & Bert Ely - 70-75 Will Fractional‐Reserve Stablecoin Banking Replace Bitcoin and Some Traditional Banking Payments?
by Charles W. Calomiris - 76-86 Looking for the Economy‐Wide Effects of Stock Market Short‐Termism
by Mark J. Roe - 87-97 The GameStop Episode: What Happened and What Does It Mean?
by Allan M. Malz
September 2021, Volume 33, Issue 3
- 2-3 A Message from the Editor
by Don Chew - 8-27 IPC Oxford Private Equity Research Symposium
by Gregory Brown & Tim Jenkinson & Robert S. Harris & Petra Bukovec & Victoria Ivashina & Per Johan Strömberg & Fran Kinniry & Alex Rogers - 28-41 Inequality and Progress
by Steven Pinker - 42-58 Capital Structure and Leverage in Private Equity Buyouts
by Greg Brown & Robert Harris & Shawn Munday - 59-94 MILLSTEIN CENTER‐ECGI CONFERENCE ON: Board 3.0: Bringing the Private Equity Model to Public Companies
by Ronald Gilson & Jeffrey N. Gordon & Kathryn Judge & Wei Jiang & Ray Cameron & Victoria Ivashina & Edward Rock & Elisabeth de Fontenay & Les Brun & Yvonne Hao & Christina Maguire & Stephen Fraidin & Brian Murphy & Simon Witney & Sandra Wijnberg & Gabrielle Sulzberger - 95-113 Texas Private Equity Conference
by Jay Hartzell & Bill Gurley & Rich Hall & Ken Wiles & Farah Khan & Drew Sweeney & Brian Hegi & BJ Loessberg & Jim Nolen - 114-124 Downsizing and Value Creation at General Dynamics: A PE‐Like Solution for Industries That Must Shrink
by Jay Dial & Kevin J. Murphy - 125-129 The Seven Deadly Sins of Start‐Up Valuation
by Franck Bancel & Bruno Martinaud & Henri Philippe - 130-139 Misreading Michael Jensen: The Case of Nicholas Lemann's Transaction Man: The Rise of the Deal and the Decline of the American Dream
by Don Chew
June 2021, Volume 33, Issue 2
- 2-3 A Message from the Editor
by Don Chew - 8-23 Enlightenment Environmentalism: A Humanistic Response to Climate Change
by Steven Pinker - 24-40 Corporate Resilience and Response to COVID‐19
by Alex Cheema‐Fox & Bridget R. LaPerla & Hui (Stacie) Wang & George Serafeim - 41-94 IESE ECGI CONFERENCE ON CORPORATE PURPOSE: Can Purpose Deliver Better Corporate Governance?
by Colin Mayer & Luigi Zingales & Patrick Bolton & Sophie L'Helias & Bengt Holmström & Paul Polman & Claudine Gartenberg & Caroline Flammer & Rebecca Henderson & Jordi Gual & Baroness Denise Kingsmill & Juvencio Maeztu & José Viñals & Jordi Canals & Marco Becht - 95-111 A Deeper Look at the Return on Purpose: Before and During a Crisis
by Greg Milano & Riley Whately & Brian Tomlinson & Alexa Yiğit - 112-120 ESG in Emerging Markets: The Value of Fundamental Research and Constructive Engagement in Looking beyond ESG Ratings
by Mark Mobius & Usman Ali - 121-136 Capital Allocation and Corporate Strategy: An Examination of the Oil & Gas Majors
by Andrew Inkpen & Michael H. Moffett & Kannan Ramaswamy
March 2021, Volume 33, Issue 1
- 2-3 A Message from the Editor
by Don Chew - 8-21 Risk Capital: Theory and Applications
by Isil Erel & Stewart C. Myers & James A. Read - 22-35 Strategic Financial Management: Lessons from Seasoned Equity Offerings
by Fangjian Fu & Clifford W. Smith - 36-47 American Enterprise Institute Roundtable: Was Milton Friedman Right about Shareholder Capitalism?
by Clifford Asness & Glenn Hubbard & Martin Lipton & Michael R. Strain - 48-57 Should Shareholders Have a Say on Acquisitions?
by Marco Becht & Andrea Polo & Stefano Rossi - 58-67 Value‐Added Per Share (VAPS): A Value‐Relevant Corporate Performance Metric
by Shivaram Rajgopal & Alfred Rappaport - 68-84 The Relationship between Shareholder Return and CEO Pay over a CEO's Full Period of Service
by Ron Schmidt - 85-97 Implications of Short Selling for Corporate Finance
by Sanjay Deshmukh & Keith M. Howe & Keith Jacks Gamble - 98-110 The Pragmatic Theory of the Firm
by Bartley J. Madden - 111-120 A Practitioners’ Guide to Leverage through Downturns
by Joshua Ruben - 121-133 Making Economics More Useful: How Technological Eclecticism Could Help
by Amar Bhidé
December 2020, Volume 32, Issue 4
- 2-3 A Message from the Editor
by Don Chew - 8-16 Rethinking Macro Measurement
by James Sweeney - 17-33 The First Modern Financial Crises: The South Sea and Mississippi Bubbles in Historical Perspective
by Robert F. Bruner & Scott C. Miller - 34-43 Convergence and Reversion: China's Banking System at 70
by Carl Walter - 44-48 Apocalypse Averted: The COVID‐Caused Liquidity Trap, Dodd‐Frank, and the Fed
by Craig Pirrong - 49-67 The Poverty of Monetarism
by Patrick Bolton - 68-81 COLUMBIA BUSINESS SCHOOL ROUNDTABLE ON Broken Models of Public Finance
by Jared Bernstein & Paul B. Kazarian & Shiva Rajgopal - 82-89 COLUMBIA BUSINESS SCHOOL ROUNDTABLE ON: The Fed's Response to the Global Financial Crisis—and Now the Pandemic
by Frederic Mishkin & Patricia Mosser & Kate Davidson & Pierre Yared - 90-104 The Euro @ 20: How Economic and Financial “Asymmetries” Marred the Promise of the Single Currency
by George Alogoskoufis & Laurent Jacque - 105-116 The Benefits of Buying Distressed Assets
by Jean‐Marie Meier & Henri Servaes - 117-126 Using ESG to Enhance Fixed‐Income Returns: The Case of Inherent Group
by Nikhil Mirchandani & Chelsea Rossetti - 127-130 The Economic (Not Literary) Offenses of Michael Lewis: The Case of The Big Short and the Global Financial Crisis
by Don Chew
September 2020, Volume 32, Issue 3
- 2-3 A Message from the Editor
by Don Chew - 8-20 Private Equity: Accomplishments and Challenges
by Greg Brown & Bob Harris & Tim Jenkinson & Steve Kaplan & David Robinson - 21-42 Private Equity and Portfolio Companies: Lessons from the Global Financial Crisis
by Shai Bernstein & Josh Lerner & Filippo Mezzanotti - 43-51 Board 3.0: What the Private‐Equity Governance Model Can Offer Public Companies
by Ronald J. Gilson & Jeffrey N. Gordon - 52-72 The Growing Blessing of Unicorns: The Changing Nature of the Market for Privately Funded Companies
by Keith C. Brown & Kenneth W. Wiles - 73-86 EQT: Private Equity with a Purpose
by Robert G. Eccles & Therése Lennehag & Nina Nornholm - 87-91 Private Equity and the COVID‐19 Economic Downturn: Opportunity for Expansion?
by David Haarmeyer - 92-99 University of Texas Roundtable on LP Perspectives on the State of Private Equity
by Ken Wiles & Tom Tull & Chris Halaska & Shelby Wanstrath & Russell Valdez - 100-107 Columbia Law School Roundtable on Public Aspects of Private Equity
by Emily Mendell & Donna Hitscherich & Chris Cozzone & Aamir A. Rehman - 108-117 A CEO's Playbook for Creating Long‐Term Value: Ten Essential Resource Allocation Practices
by Harry M. Kraemer & Michael J. Mauboussin & Alfred Rappaport - 118-127 A Tale of Leadership in Value Creation
by Greg Milano - 128-136 What Public Companies Can Learn from Private Equity Pay Plans
by Stephen F. O'Byrne
June 2020, Volume 32, Issue 2
- 2-3 A Message from the Editor
by Don Chew - 10-23 China's Economy Is Not Overtaking America's
by Michael Beckley - 24-30 An Honorable Harvest: Universal Owners Must Take Responsibility for Their Portfolios
by Frederick Alexander - 31-41 Global Public‐Private Investment Partnerships: A Financing Innovation with Positive Social Impact
by Patrick Bolton & Xavier Musca & Frédéric Samama - 42-63 Columbia Law School Roundtable on The Future Of Capitalism
by Paul Collier & Colin Mayer & Alan Schwartz & Kristin Bresnahan & Steve Pearlstein - 64-71 Sustainability at Walmart: Success over the Long Haul
by Katherine Neebe - 72-77 How One Company Drives Ownership Behavior to Innovate and Create Shareholder Value: The Case of Varian Medical Systems
by J. Michael Bruff & Marwaan Karame - 78-84 Attracting Long‐Term Shareholders
by Sarah Keohane Williamson & Ariel Babcock - 85-99 Embedding Sustainability Performance and Long‐Term Strategy in the Earnings Call
by Kevin Eckerle & Tensie Whelan & Brian Tomlinson - 100-107 Using the Return on Sustainability Investment (ROSI) Framework to Value Accelerated Decarbonization
by Kevin Eckerle & Tensie Whelan & Bryan DeNeve & Sameer Bhojani & John Platko & Rebecca Wisniewski - 108-116 “Non‐Financial” Is a Misnomer, but Doesn't Have to Be a Missed Opportunity
by Gail Glazerman & Jeff Cohen - 117-125 A Preliminary Analysis of SASB Reporting: Disclosure Topics, Financial Relevance, and the Financial Intensity of ESG Materiality
by Cristiano Busco & Costanza Consolandi & Robert G. Eccles & Elena Sofra
March 2020, Volume 32, Issue 1
- 2-3 A Message from the Editor
by Don Chew - 8-13 Economics and Ethics: The Case of Salomon Brothers
by Clifford Smith - 14-35 UNIVERSITY OF GEORGIA ROUNDTABLE ON: Enterprise‐Wide Risk Management
by James Verbrugge & Greg Niehaus & Walter Coleman & Keith Lawder & Cliff Smith & Christie Briscoe & Sailesh Ramamurtie & Don Chew - 36-47 Risk and Regulation in Derivatives (or Why Derivatives Are a Blessing, Not a Curse)
by Ludger Hentschel & Clifford Smith - 48-57 Corporate Insurance Strategy: The Case of British Petroleum
by Neil A. Doherty & Clifford Smith - 58-79 UNIVERSITY OF ROCHESTER ROUNDTABLE ON Bankruptcy vs. Bailouts: The Case of General Motors and the U.S. Auto Industry
by Thomas Jackson & James Brickley & Clifford Smith & Charlie Hughes & Joel Tabas & Mark Zupan - 80-91 The Capital Structure Puzzle: Another Look at the Evidence
by Michael J. Barclay & Clifford Smith - 92-107 MORGAN STANLEY ROUNDTABLE ON Capital Structure and Payout Policy
by Clifford Smith & David Ikenberry & Arun Nayar & Jon Anda & Henry McVey & Bennett Stewart - 108-119 The Economics of Organizational Architecture
by James Brickley & Clifford Smith & Jerold Zimmerman - 120-127 Transfer Pricing and the Control of Internal Corporate Transactions
by James Brickley & Clifford Smith & Jerold Zimmerman - 128-137 Using Organizational Architecture to Lead Change
by James Brickley & Clifford Smith & Jerold Zimmerman & Janice Willett
December 2019, Volume 31, Issue 4
- 2-3 A Message from the Editor
by Don Chew - 10-15 Hamilton and the U.S. Financial Revolution
by Richard Sylla & David J. Cowen - 16-20 A Limited Central Bank
by Charles I. Plosser - 21-42 How to Promote Fed Independence: Perspectives from Political Economy and History
by Charles W. Calomiris - 43-58 The Great Crash of 1929: A Look Back After 90 Years
by Robert F. Bruner & Scott C. Miller - 59-67 The Strange and Futile World of Trade Wars
by Steve H. Hanke & Edward Li - 68-76 Monetary Policy Implementation: Making Better and More Consistent Use of the Federal Reserve's Balance Sheet
by Peter N. Ireland - 77-85 The Fed's Communications: Suggestions for Improvement
by Mickey D. Levy - 86-97 FinTech, BigTech, and the Future of Banks
by René M. Stulz - 98-104 Will Blockchain Be a Big Deal? Reasons for Caution
by Craig Pirrong - 105-117 Two Modes of Investment Banking: Technocrats, Relationship Managers, and Conflict
by Alan D. Morrison & William J. Wilhelm - 118-128 Dividend Consistency: Rewards, Learning, and Expectations
by David Michayluk & Scott Walker & Karyn Neuhauser - 129-136 The Reference‐Driven College Paper (Or Why Your Students Should Read the JACF)
by Joseph W. Trefzger
September 2019, Volume 31, Issue 3
- 2-3 A Message from the Editor
by Don Chew - 10-25 Session I: Corporate Purpose and Governance
by Ira Millstein & Jeff Gordon & Ron Gilson & Colin Mayer & Kristin Bresnahan & Marty Lipton - 26-31 Session Ii: Capitalism and Social Insurance
by Merritt Fox & Jeff Gordon - 32-43 Session III: Securities Law in Twenty‐First Century America: A Conversation with SEC Commissioner Robert Jackson
by Robert J. Jackson & John C. Coffee - 44-63 Session IV: The Law, Corporate Governance, and Economic Justice
by Leo Strine & Eric Talley & Mark Roe & Jill Fisch & Bruce Kogut - 64-73 Session V: Macro Perspectives: Bigger Problems than Corporate Governance
by Bruce Greenwald & Joshua Mitts & Edmund Phelps - 74-80 Is Managerial Myopia a Persistent Governance Problem?
by David J. Denis - 81-89 The Case for Maximizing Long‐Run Shareholder Value
by Diane Denis - 90-94 A Tribute to Joel Stern
by Bennett Stewart - 95-102 A Look Back at the Beginnings of EVA and Value‐Based Management
by Joel M. Stern & Joseph T. Willett - 103-115 EVA, not EBITDA: A New Financial Paradigm for Private Equity Firms
by Bennett Stewart - 116-125 Beyond EVA
by Greg Milano - 126-130 Are Performance Shares Shareholder Friendly?
by Marc Hodak - 131-138 Why EVA Bonus Plans Failed—and How to Revive Them
by Stephen O'Byrne
June 2019, Volume 31, Issue 2
- 2-3 A Message from the Editor
by Don Chew - 8-14 A Fireside Chat with Raj Gupta: What It Takes to Create Long‐Term Value
by Raj Gupta - 15-21 Aptiv Becoming a More Sustainable Business
by Kevin P. Clark - 22-33 The Economic Significance of Long‐Term Plans
by Sakis Kotsantonis & Christina Rehnberg & George Serafeim & Bronagh Ward & Brian Tomlinson - 34-41 Private Equity 4.0: Using ESG to Create More Value with Less Risk
by Reynir Indahl & Hannah Gunvor Jacobsen - 42-49 ESG as a Value‐Creation Tool for Active Investors: A Profile of Inherent Group
by Tony Davis & Beau Lescott - 50-58 Four Things No One Will Tell You About ESG Data
by Sakis Kotsantonis & George Serafeim - 59-71 Social Capital, Trust, and Corporate Performance: How CSR Helped Companies During the Financial Crisis (and Why It Can Keep Helping Them)
by Karl V. Lins & Henri Servaes & Ane Tamayo - 72-79 Innovation in Stock Exchanges: Driving ESG Disclosure and Performance
by Tania Bizoumi & Socrates Lazaridis & Natassa Stamou - 80-85 How Board Oversight Can Drive Climate and Sustainability Performance
by Veena Ramani & Bronagh Ward - 86-91 Sustainability and Capital Markets—Are We There Yet?
by Chris Pinney & Sophie Lawrence & Stephanie Lau - 92-104 An Investor Perspective on the Black Box of Corporate Social Responsibility
by Chitru S. Fernando & Vahap B. Uysal & Amal P. Abeysekera - 105-117 ESG, Material Credit Events, and Credit Risk
by Witold J. Henisz & James McGlinch - 118-123 Climate Change Scenario Analysis for Public Market Investors
by Casey Clark
March 2019, Volume 31, Issue 1
- 2-3 A Message From The Editor
by Don Chew - 8-22 The Rise of Agency Capitalism and the Role of Shareholder Activists in Making It Work
by Ronald J. Gilson & Jeffrey N. Gordon - 23-41 The Effect of Shareholder Approval of Equity Issuances Around the World
by Clifford G. Holderness - 42-61 Does Mandatory Shareholder Voting Prevent Bad Acquisitions? The Case of the United Kingdom
by Marco Becht & Andrea Polo & Stefano Rossi - 62-80 The Early Returns to International Hedge Fund Activism: 2000–2010
by Marco Becht & Julian Franks & Jeremy Grant & Hannes Wagner - 81-94 How Has Takeover Competition Changed Over Time?
by Tingting Liu & J. Harold Mulherin - 95-112 Do Large Blockholders Reduce Risk?
by David Newton & Imants Paeglis - 113-125 Estimating the Equity Risk Premium and Expected Equity Rates of Return: The Case of Canada
by Laurence Booth - 126-128 Save the Buyback, Save Jobs
by Greg Milano & Michael Chew
December 2018, Volume 30, Issue 4
- 2-3 A Message from the Editor
by Don Chew - 8-18 Are U.S. Companies Too Short‐Term Oriented? Some Thoughts
by Steven N. Kaplan - 19-26 Who Are the Short‐Termists?
by Wei Jiang - 27-35 Corporate Short‐Termism and How It Happens
by Greg Milano - 36-60 The Evolution of Corporate Cash
by John R. Graham & Mark T. Leary - 61-77 Do Staggered Boards Matter for Firm Value?
by Yakov Amihud & Markus Schmid & Steven Davidoff Solomon - 78-88 The Market Price of Managerial Indiscretions
by Brandon N. Cline & Ralph A. Walkling & Adam S. Yore - 89-107 How Have Green Companies Fared in Transactions with Banks? A Stakeholder‐Management Perspective
by Dawei Jin & Liuling Liu & Jun Ma & Haizhi Wang & Desheng Yin
September 2018, Volume 30, Issue 3
- 2-3 A Message from the Editor
by John McCormack - 8-26 The Dynamism of Nations: Toward a Theory of Indigenous Innovation
by Edmund Phelps - 27-35 Management's Key Responsibility
by Bartley J. Madden - 36-46 Funding Strategies in a Rising Interest Rate and a Flattening Yield Curve Environment
by Niso Abuaf - 47-54 Financing Urban Revitalization: A Pro‐Growth Template
by Steve H. Hanke & Stephen J.K. Walters - 55-75 A review of Buffett's commentary on accounting, governance, and investing practices: does he “walk the talk”?
by Robert M. Bowen & Shivaram Rajgopal & Mohan Venkatachalam
June 2018, Volume 30, Issue 2
- 8-17 Investors as Stewards of the Commons?
by George Serafeim - 18-21 Rethinking the Purpose of the Corporation
by Edward J. Waitzer - 22-28 The ESG Integration Paradox
by Michael Cappucci - 29-39 Building a Bridge between Marketing and Finance
by Ryan Barker & Greg Milano - 40-44 “Big Data” Analysis: Putting the Data Cart Before the Modelling Horse?
by Graham D. Barr & Theodor J. Stewart & Brian S. Kantor - 45-49 Debt Crisis Looming? Yes, Corporate Debt Expanded but Don't Panic Over the Prospect of BBB Downgrades
by Martin Fridson - 50-64 Buyout Transactions in the German‐speaking Region: Determinants of Abnormal Performance and Unlevered Returns
by Fabian Söffge & Reiner Braun - 65-82 Processes and Accuracy of Cash Flow Forecasting: A Case Study of a Multinational Corporation
by Martin Glaum & Peter Schmidt & Kati Schnürer - 83-91 An Empirical Study of Insurance Performance Measure
by Sai Ranjani Bharathkumar - 92-107 Valuation of Corporate Innovation and the Pricing of Risk in the Biopharmaceutical Industry: The Case of Gilead
by Richard Ebil Ottoo
March 2018, Volume 30, Issue 1
- 8-16 Eclipse of the Public Corporation or Eclipse of the Public Markets?
by Craig Doidge & Kathleen M. Kahle & G. Andrew Karolyi & René M. Stulz - 17-22 Fiduciary Duties of Corporate Directors in Uncertain Times
by Ira M. Millstein & Ellen J. Odoner & Aabha Sharma - 23-29 Financial Flexibility and Opportunity Capture: Bridging the Gap Between Finance and Strategy
by Stephen V. Arbogast & Praveen Kumar - 30-38 Say on Pay: Is It Needed? Does It Work?
by Stephen F. O'Byrne - 39-52 Internal Governance Does Matter to Equity Returns but Much More So During “Flights to Qualityâ€
by Peter G. Brooke & Paul Docherty & Jim Psaros & Michael Seamer - 53-61 Clawbacks, Holdbacks, and CEO Contracting
by Stuart L. Gillan & Nga Q. Nguyen - 62-69 Fundamental Investors Reduce the Distraction on Management from Random Market “Noise†: Evidence from France
by Alexandre Garel & Jean†Florent Rérolle - 70-77 An Improved Method for Valuing Mature Companies and Estimating Terminal Value
by David A. Holland - 78-88 Biomarker of Quality? Venture†backed Biotech IPOs and Insider Participation
by Hans Jeppsson - 89-97 How to Evaluate Risk Management Units in Financial Institutions?
by Michael Gelman & Doron Greenberg & Mosi Rosenboim - 98-105 Global Trade – Hostage to the Volatile US Dollar
by Brian Kantor - 106-111 Corporate Finance and Sustainability: the Case of the Electric Utility Industry
by Steven Kihm & Peter Cappers & Andrew Satchwell & Elisabeth Graffy
December 2017, Volume 29, Issue 4
- 8-24 Has Financial Regulation Been a Flop? (or How to Reform Dodd†Frank)
by Charles W. Calomiris - 25-29 Statement of the Financial Economists Roundtable: Bank Capital as a Substitute for Prudential Regulation
by Charles W. Calomiris & Larry Harris & Catherine Schrand & Roman L. Weil - 30-44 High†Frequency Trading and the New Stock Market: Sense And Nonsense
by Merritt B. Fox & Lawrence R. Glosten & Gabriel V. Rauterberg - 45-64 Shadow Banking, Risk Transfer, and Financial Stability
by Christopher L. Culp & Andrea M. P. Neves - 65-71 Why European Banks Are Undercapitalized and What Should Be Done About It
by John D. Finnerty & Laura Gonzalez - 86-95 Leverage and Taxes: Evidence from the Real Estate Industry
by Michael J. Barclay & Shane M. Heitzman & Clifford W. Smith - 96-111 Formulaic Transparency: The Hidden Enabler of Exceptional U.S. Securitization
by Amar Bhidé - 112-124 How Investment Opportunities Affect Optimal Capital Structure
by Stanley Myint & Antonio Lupi & Dimitrios P. Tsomocos - 125-133 How to Integrate ESG into Investment Decision†Making: Results of a Global Survey of Institutional Investors
by Robert G. Eccles & Mirtha D. Kastrapeli & Stephanie J. Potter