Journal of Applied Corporate Finance

1989 - 2022

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

From Morgan Stanley
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Volume 34, issue 1, 2022

A Message from the Editor pp. 2-3

Don Chew

Globalization, Corporate Finance, and the Cost of Capital pp. 8-23

René M. Stulz

The Limits of Financial Globalization pp. 24-31

René M. Stulz

Rethinking Risk Management pp. 32-46

René M. Stulz

Risk Management Failures: What Are They and When Do They Happen? pp. 47-57

René M. Stulz

How Companies Can Use Hedging to Create Shareholder Value pp. 58-66

René M. Stulz

Real Options and Hidden Leverage pp. 67-80

Stewart C. Myers and James A. Read

Enterprise Risk Management: Theory and Practice pp. 81-94

Brian W. Nocco and René M. Stulz

Risk‐Taking and Risk Management by Banks pp. 95-105

René M. Stulz

FinTech, BigTech, and the Future of Banks pp. 106-117

René M. Stulz

Merton Miller's Contribution to Modern Finance pp. 118-128

René M. Stulz

Volume 33, issue 4, 2021

A Message from the Editor pp. 2-3

Don Chew

Interpreting Modern Monetary Reality pp. 8-23

Peter Stella

Was Deng Xiaoping Right? A 40‐Year Assessment of China's Adoption of Western Capital Markets pp. 24-38

Carl E. Walter

On Monetary Growth and Inflation in Leading Economies, 2021‐2022: Relative Prices and the Overall Price Level pp. 39-51

John Greenwood and Steve H. Hanke

American Enterprise Institute Roundtable: Government Policies Reshape the Banking System pp. 52-69

Paul Kupiec, Richard Sylla, Alex J. Pollock, Charles W. Calomiris and Bert Ely

Will Fractional‐Reserve Stablecoin Banking Replace Bitcoin and Some Traditional Banking Payments? pp. 70-75

Charles W. Calomiris

Looking for the Economy‐Wide Effects of Stock Market Short‐Termism pp. 76-86

Mark Roe

The GameStop Episode: What Happened and What Does It Mean? pp. 87-97

Allan M. Malz

Volume 33, issue 3, 2021

A Message from the Editor pp. 2-3

Don Chew

IPC Oxford Private Equity Research Symposium pp. 8-27

Gregory Brown, Tim Jenkinson, Robert S. Harris, Petra Bukovec, Victoria Ivashina, Per Johan Strömberg, Fran Kinniry and Alex Rogers

Inequality and Progress pp. 28-41

Steven Pinker

Capital Structure and Leverage in Private Equity Buyouts pp. 42-58

Greg Brown, Robert Harris and Shawn Munday

MILLSTEIN CENTER‐ECGI CONFERENCE ON: Board 3.0: Bringing the Private Equity Model to Public Companies pp. 59-94

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 and Gabrielle Sulzberger

Texas Private Equity Conference pp. 95-113

Jay Hartzell, Bill Gurley, Rich Hall, Ken Wiles, Farah Khan, Drew Sweeney, Brian Hegi, Loessberg Bj and Jim Nolen

Downsizing and Value Creation at General Dynamics: A PE‐Like Solution for Industries That Must Shrink pp. 114-124

Jay Dial and Kevin J. Murphy

The Seven Deadly Sins of Start‐Up Valuation pp. 125-129

Franck Bancel, Bruno Martinaud and Henri Philippe

Misreading Michael Jensen: The Case of Nicholas Lemann's Transaction Man: The Rise of the Deal and the Decline of the American Dream pp. 130-139

Don Chew

Volume 33, issue 2, 2021

A Message from the Editor pp. 2-3

Don Chew

Enlightenment Environmentalism: A Humanistic Response to Climate Change pp. 8-23

Steven Pinker

Corporate Resilience and Response to COVID‐19 pp. 24-40

Alex Cheema‐Fox, Bridget R. LaPerla, Hui (Stacie) Wang and George Serafeim

IESE ECGI CONFERENCE ON CORPORATE PURPOSE: Can Purpose Deliver Better Corporate Governance? pp. 41-94

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 and Marco Becht

A Deeper Look at the Return on Purpose: Before and During a Crisis pp. 95-111

Greg Milano, Riley Whately, Brian Tomlinson and Alexa Yiğit

ESG in Emerging Markets: The Value of Fundamental Research and Constructive Engagement in Looking beyond ESG Ratings pp. 112-120

Mark Mobius and Usman Ali

Capital Allocation and Corporate Strategy: An Examination of the Oil & Gas Majors pp. 121-136

Andrew Inkpen, Michael H. Moffett and Kannan Ramaswamy

Volume 33, issue 1, 2021

A Message from the Editor pp. 2-3

Don Chew

Risk Capital: Theory and Applications pp. 8-21

Isil Erel, Stewart C. Myers and James A. Read

Strategic Financial Management: Lessons from Seasoned Equity Offerings pp. 22-35

Fangjian Fu and Clifford W. Smith

American Enterprise Institute Roundtable: Was Milton Friedman Right about Shareholder Capitalism? pp. 36-47

Clifford Asness, Glenn Hubbard, Martin Lipton and Michael Strain

Should Shareholders Have a Say on Acquisitions? pp. 48-57

Marco Becht, Andrea Polo and Stefano Rossi

Value‐Added Per Share (VAPS): A Value‐Relevant Corporate Performance Metric pp. 58-67

Shivaram Rajgopal and Alfred Rappaport

The Relationship between Shareholder Return and CEO Pay over a CEO's Full Period of Service pp. 68-84

Ron Schmidt

Implications of Short Selling for Corporate Finance pp. 85-97

Sanjay Deshmukh, Keith M. Howe and Keith Jacks Gamble

The Pragmatic Theory of the Firm pp. 98-110

Bartley J. Madden

A Practitioners’ Guide to Leverage through Downturns pp. 111-120

Joshua Ruben

Making Economics More Useful: How Technological Eclecticism Could Help pp. 121-133

Amar Bhidé

Volume 32, issue 4, 2020

A Message from the Editor pp. 2-3

Don Chew

Rethinking Macro Measurement pp. 8-16

James Sweeney

The First Modern Financial Crises: The South Sea and Mississippi Bubbles in Historical Perspective pp. 17-33

Robert F. Bruner and Scott C. Miller

Convergence and Reversion: China's Banking System at 70 pp. 34-43

Carl Walter

Apocalypse Averted: The COVID‐Caused Liquidity Trap, Dodd‐Frank, and the Fed pp. 44-48

Craig Pirrong

The Poverty of Monetarism pp. 49-67

Patrick Bolton

COLUMBIA BUSINESS SCHOOL ROUNDTABLE ON Broken Models of Public Finance pp. 68-81

Jared Bernstein, Paul B. Kazarian and Shiva Rajgopal

COLUMBIA BUSINESS SCHOOL ROUNDTABLE ON: The Fed's Response to the Global Financial Crisis—and Now the Pandemic pp. 82-89

Frederic Mishkin, Patricia Mosser, Kate Davidson and Pierre Yared

The Euro @ 20: How Economic and Financial “Asymmetries” Marred the Promise of the Single Currency pp. 90-104

George Alogoskoufis and Laurent Jacque

The Benefits of Buying Distressed Assets pp. 105-116

Jean-Marie Meier and Henri Servaes

Using ESG to Enhance Fixed‐Income Returns: The Case of Inherent Group pp. 117-126

Nikhil Mirchandani and Chelsea Rossetti

The Economic (Not Literary) Offenses of Michael Lewis: The Case of The Big Short and the Global Financial Crisis pp. 127-130

Don Chew

Volume 32, issue 3, 2020

A Message from the Editor pp. 2-3

Don Chew

Private Equity: Accomplishments and Challenges pp. 8-20

Greg Brown, Bob Harris, Tim Jenkinson, Steve Kaplan and David Robinson

Private Equity and Portfolio Companies: Lessons from the Global Financial Crisis pp. 21-42

Shai Bernstein, Josh Lerner and Filippo Mezzanotti

Board 3.0: What the Private‐Equity Governance Model Can Offer Public Companies pp. 43-51

Ronald J. Gilson and Jeffrey N. Gordon

The Growing Blessing of Unicorns: The Changing Nature of the Market for Privately Funded Companies pp. 52-72

Keith C. Brown and Kenneth W. Wiles

EQT: Private Equity with a Purpose pp. 73-86

Robert G. Eccles, Therése Lennehag and Nina Nornholm

Private Equity and the COVID‐19 Economic Downturn: Opportunity for Expansion? pp. 87-91

David Haarmeyer

University of Texas Roundtable on LP Perspectives on the State of Private Equity pp. 92-99

Ken Wiles, Tom Tull, Chris Halaska, Shelby Wanstrath and Russell Valdez

Columbia Law School Roundtable on Public Aspects of Private Equity pp. 100-107

Emily Mendell, Donna Hitscherich, Chris Cozzone and Aamir A. Rehman

A CEO's Playbook for Creating Long‐Term Value: Ten Essential Resource Allocation Practices pp. 108-117

Harry M. Kraemer, Michael J. Mauboussin and Alfred Rappaport

A Tale of Leadership in Value Creation pp. 118-127

Greg Milano

What Public Companies Can Learn from Private Equity Pay Plans pp. 128-136

Stephen F. O'Byrne

Volume 32, issue 2, 2020

A Message from the Editor pp. 2-3

Don Chew

China's Economy Is Not Overtaking America's pp. 10-23

Michael Beckley

An Honorable Harvest: Universal Owners Must Take Responsibility for Their Portfolios pp. 24-30

Frederick Alexander

Global Public‐Private Investment Partnerships: A Financing Innovation with Positive Social Impact pp. 31-41

Patrick Bolton, Xavier Musca and Frédéric Samama

Columbia Law School Roundtable on The Future Of Capitalism pp. 42-63

Paul Collier, Colin Mayer, Alan Schwartz, Kristin Bresnahan and Steve Pearlstein

Sustainability at Walmart: Success over the Long Haul pp. 64-71

Katherine Neebe

How One Company Drives Ownership Behavior to Innovate and Create Shareholder Value: The Case of Varian Medical Systems pp. 72-77

J. Michael Bruff and Marwaan Karame

Attracting Long‐Term Shareholders pp. 78-84

Sarah Keohane Williamson and Ariel Babcock

Embedding Sustainability Performance and Long‐Term Strategy in the Earnings Call pp. 85-99

Kevin Eckerle, Tensie Whelan and Brian Tomlinson

Using the Return on Sustainability Investment (ROSI) Framework to Value Accelerated Decarbonization pp. 100-107

Kevin Eckerle, Tensie Whelan, Bryan DeNeve, Sameer Bhojani, John Platko and Rebecca Wisniewski

“Non‐Financial” Is a Misnomer, but Doesn't Have to Be a Missed Opportunity pp. 108-116

Gail Glazerman and Jeff Cohen

A Preliminary Analysis of SASB Reporting: Disclosure Topics, Financial Relevance, and the Financial Intensity of ESG Materiality pp. 117-125

Cristiano Busco, Costanza Consolandi, Robert G. Eccles and Elena Sofra

Volume 32, issue 1, 2020

A Message from the Editor pp. 2-3

Don Chew

Economics and Ethics: The Case of Salomon Brothers pp. 8-13

Clifford Smith

UNIVERSITY OF GEORGIA ROUNDTABLE ON: Enterprise‐Wide Risk Management pp. 14-35

James Verbrugge, Greg Niehaus, Walter Coleman, Keith Lawder, Cliff Smith, Christie Briscoe, Sailesh Ramamurtie and Don Chew

Risk and Regulation in Derivatives (or Why Derivatives Are a Blessing, Not a Curse) pp. 36-47

Ludger Hentschel and Clifford Smith

Corporate Insurance Strategy: The Case of British Petroleum pp. 48-57

Neil A. Doherty and Clifford Smith

UNIVERSITY OF ROCHESTER ROUNDTABLE ON Bankruptcy vs. Bailouts: The Case of General Motors and the U.S. Auto Industry pp. 58-79

Thomas Jackson, James Brickley, Clifford Smith, Charlie Hughes, Joel Tabas and Mark Zupan

The Capital Structure Puzzle: Another Look at the Evidence pp. 80-91

Michael J. Barclay and Clifford Smith

MORGAN STANLEY ROUNDTABLE ON Capital Structure and Payout Policy pp. 92-107

Clifford Smith, David Ikenberry, Arun Nayar, Jon Anda, Henry McVey and Bennett Stewart

The Economics of Organizational Architecture pp. 108-119

James Brickley, Clifford Smith and Jerold Zimmerman

Transfer Pricing and the Control of Internal Corporate Transactions pp. 120-127

James Brickley, Clifford Smith and Jerold Zimmerman

Using Organizational Architecture to Lead Change pp. 128-137

James Brickley, Clifford Smith, Jerold Zimmerman and Janice Willett