Journal of Applied Corporate Finance

1989 - 2025

Current editor(s): Donald H. Chew Jr.

From Morgan Stanley
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Volume 37, issue 1, 2025

A Message from the Editor pp. 2-3

Don Chew

Capitalizing entrepreneurship: The rise of growth equity pp. 8-22

Gabriele Lattanzio, Lubomir P. Litov, William L. Megginson and Alina Munteanu

Are investment banks special too? Evidence on relationship‐specific capital in investment bank services pp. 23-35

Chitru S. Fernando, William L. Megginson and Anthony D. May

The record on privatization pp. 36-47

William L. Megginson, Robert C. Nash and Matthias van Randenborgh

Are project finance loans different from other syndicated credits? pp. 48-57

Stefanie Kleimeier and William L. Megginson

Corporate Governance in India pp. 58-69

Rajesh Chakrabarti, William Megginson and Pradeep K. Yadav

The value of Reputation: Evidence from Equity Underwriting pp. 70-84

Chitru S. Fernando, Vladimir A. Gatchev, Anthony D. May and William L. Megginson

The rise of accelerated seasoned equity underwritings pp. 85-105

Bernardo Bortolotti, William Megginson and Scott B. Smart

The financial and economic lessons of Italy's privatization program pp. 106-116

William L. Megginson and Dario Scannapieco

How stock‐swap mergers affect shareholder (and bondholder) wealth: More evidence of the value of corporate “Focus” pp. 117-125

Lance A. Nail, William L. Megginson and Carlos Maquieira

Toward a global model of venture capital? pp. 126-140

William L. Megginson

Volume 36, issue 4, 2024

A message from the editors pp. 2-3

Don Chew and John McCormack

Postmodern corporate finance pp. 9-18

Gregory V. Milano

A tale of leadership in value creation pp. 19-26

Gregory V. Milano

EVA and the “New Economy” pp. 27-34

Gregory V. Milano

Beyond EVA pp. 35-43

Gregory V. Milano

Driving outperformance: The power and potential of economic profit pp. 44-50

Jeffrey Greene, Greg Milano, Alex Curatolo and Michael Chew

How one company drives ownership behavior to innovate and create shareholder value: The case of Varian Medical Systems pp. 51-55

J. Michael Bruff and Marwaan Karame

The dirty dozen stifling value‐based management: Diagnoses and solutions pp. 56-61

Jeffrey Greene

Capital deployment roundtable: A discussion of corporate investment and payout policy pp. 62-79

Paul Clancy, Michael Mauboussin, John Briscoe, Scott Ostfeld, Paul Hilal, John McCormack, Don Chew and Gregory V. Milano

Save the buyback, save jobs pp. 80-81

Gregory V. Milano and Michael Chew

Building a bridge between marketing and finance pp. 82-91

Ryan Barker and Gregory V. Milano

A deeper look at the return on purpose: Before and during a crisis pp. 119-132

Gregory V. Milano, Riley Whately, Brian Tomlinson and Alexa Yiğit

Volume 36, issue 2, 2024

A message from the Editors pp. 2-4

John McCormack

Rational sustainability pp. 8-15

Alex Edmans

Living wages revisited: The case of Walgreens Boots Alliance pp. 16-20

Tom Gosling

Corporate social responsibility and the shareholder primacy paradigm pp. 21-26

David J. Denis

Epilogue: Sustainable financial management (and the promise and pitfalls of ESG investing) pp. 27-35

Don Chew

The American Dream Is Alive and Well (and the Problem of U.S. Inequality Greatly Exaggerated)* pp. 36-39

Michael Strain

The neglected moral effects of the market: Arguments from the last 300 years pp. 41-44

Jerry Z. Muller

Capitalism and inequality: What the right and the left get wrong pp. 45-52

Jerry Z. Muller

Nationalism and capitalism pp. 53-59

Jerry Z. Muller

The threat of democracy to capitalism pp. 60-65

Jerry Z. Muller

Capitalism and the Jews revisited pp. 66-72

Jerry Z. Muller

Volume 36, issue 1, 2024

A message from the Editor pp. 2-4

Don Chew

Financial markets and economic growth pp. 9-14

Merton Miller

Another look back at Merton Miller's “Financial Markets and Economic Growth” pp. 15-18

Charles W. Calomiris

The political origins of five decades of big changes in banking pp. 19-21

Charles W. Calomiris

The founding of the federal banking system as a commitment to fair access pp. 22-23

Charles W. Calomiris

Will fractional‐reserve stablecoin banking replace bitcoin and some traditional banking payments? pp. 24-28

Charles W. Calomiris

Fear and loathing in the market for US Treasuries and the clearing nostrum pp. 29-33

Craig Pirrong

New thinking about the effects of negative interest rates on banks and the economy pp. 34-35

Charles W. Calomiris

Two heads are better than one: The case for incorporating market‐based information into bank supervision and regulation pp. 36-39

Charles W. Calomiris

The value of “Soft” supervisory information pp. 40-41

Charles W. Calomiris

The case for loan market efficiency—and freedom pp. 42-44

Charles W. Calomiris

Systemic risk and unrealized losses in the banking system pp. 45-54

Paul Kupiec

Volume 35, issue 4, 2023

Message from the editor pp. 2-3

John McCormack

Corporate culture in a new era: Views from the C‐suite pp. 7-21

John R. Graham, Jillian Grennan, Campbell Harvey and Shivaram Rajgopal

Corporate culture and organizational architecture pp. 22-31

James A. Brickley, Clifford W. Smith and Jerold Zimmerman

The role of organizational design and culture in the value‐based healthcare movement: The case of the Cleveland Clinic pp. 32-39

James K. Stoller, Bruce D. Lindsay and Don Chew

The rise and fall of Stern Stewart & Co.’s EVA financial management system pp. 40-48

Don Chew

A change toward value‐based corporate culture in petrobras pp. 49-52

Martin Schwarz and Pedro Tavares

EVA and total quality management pp. 53-59

Jeffrey M. Bacidore, John A. Boquist, Todd T. Milbourn and Anjan V. Thakor

Purpose, culture, and strategy in banking pp. 60-66

Anjan Thakor

Workplace gender diversity and employee turnover pp. 67-74

Aiyesha Dey, Joseph Pacelli, George Serafeim and Fangzhong Liu

Volume 35, issue 3, 2023

Banking crisis of 2023 and monetary policy pp. 2-3

John McCormack

Depositor discipline and the banking panic of 2023 pp. 4-6

Paul Kupiec

Depositor discipline and the banking panic of 2023 pp. 7-17

Paul Kupiec

American Enterprise Institute roundtable on addressing the underlying causes of the banking crisis of 2023: Panelists: Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia University; Andrew Levin, Professor, Dartmouth College; Bill Nelson, Chief Economist, Bank Policy Institute; Alex J. Pollock, Senior Fellow, Mises Institute; Moderator: Paul Kupiec, Senior Fellow, American Enterprise Institute pp. 18-36

Paul Kupiec

Further reflections on the collapse of the Silicon Valley Bank pp. 37-41

Oonagh McDonald

US monetary policy, 2020–23: Putting the quantity theory to the test pp. 42-48

Peter Ireland

Carl Walter and exposing the brittle facade of Chinese public as well as corporate finance pp. 49-56

Don Chew

James Sweeney and micro‐based attempts to make macro relevant pp. 57-62

Donald Chew

An assessment of the business roundtable's corporation purpose redefinition pp. 63-72

Timothy Marlo and Timothy T. Perry

Internally generated brands: Nestlé’s hidden assets pp. 73-77

Maryam Abdulla Al‐Asmakh

Volume 35, issue 1, 2023

A Message from the Editor pp. 2-3

Don Chew

The income bond puzzle pp. 8-15

John J. McConnell and Gary G. Schlarbaum

The economics of prepackaged bankruptcy pp. 16-19

John J. McConnell and Henri Servaes

The origin of LYONs: A case study in financial innovation pp. 20-26

John J. McConnell and Eduardo S. Schwartz

Investor base, cost of capital, and new listings on the NYSE pp. 27-30

Gregory B. Kadlec and John J. McConnell

Prepacks as a mechanism for resolving financial distress: The evidence pp. 31-37

John J. McConnell, Ronald C. Lease and Elizabeth Tashjian

Vanderbilt university roundtable on the capital structure puzzle pp. 38-49

Stewart Myers, John McConnell, Alice Peterson, Dennis Soter and Joel Stern

MIPS, QUIPS, and TOPrS: Old wine in new bottles pp. 50-54

Arun Khanna and John J. McConnell

A survey of US corporate financing innovations: 1970–1997 pp. 55-71

Kenneth A. Carow, Gayle R. Erwin and John J. McConnell

Does board independence matter in companies with a controlling shareholder? pp. 72-82

Jay Dahya, Orlin Dimitrov and John J. McConnell

CEOs, abandoned acquisitions, and the media pp. 83-90

Baixiao Liu and John J. McConnell

Do investment banks have incentives to help clients make value‐creating acquisitions? pp. 91-102

John J. McConnell and Valeriy Sibilkov