Journal of Applied Corporate Finance

1989 - 2024

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

From Morgan Stanley
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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

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

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 R. 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

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

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