Journal of Applied Corporate Finance

1989 - 2024

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

From Morgan Stanley
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Volume 34, issue 4, 2022

Message from the Editor pp. 2-3

Don Chew

The case for reinventing financial reporting in the 21st century pp. 8-15

Anup Srivastava and Shivaram Rajgopal

A positive accounting theorist's take on the end of accounting pp. 16-21

Jerold Zimmerman

Corporate culture: The interview evidence pp. 22-41

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

Rising intangibles, negative cash flows, and corporate funding practices pp. 42-50

David J. Denis and Stephen B. McKeon

Driving outperformance: The power and potential of economic profit pp. 78-84

Jeffrey Greene, Greg Milano, Alex Curatolo and Michael Chew

Strategic financial management part III: Debt maturity and priority and corporate liquidity pp. 101-108

Fangjian Fu and Clifford W. Smith

PVGO and expected stock returns pp. 109-112

Javier Estrada

Volume 34, issue 3, 2022

A Message from the Editor pp. 2-3

Don Chew

Stewart Myers and the MIT School of Real Options and Capital Structure pp. 8-21

Don Chew and Bennett Stewart

Strategic Financial Management Part II: Seasoned Equity Offerings, Corporate Payout Policy, and the Case of Regulated Utilities pp. 22-34

Fangjian Fu and Clifford Smith

Collateralized Loan Obligations: A Primer pp. 35-50

John Martin and Akin Sayrak

Will Blockchain Be a Big Deal? Reasons for Caution pp. 51-57

Craig Pirrong

Texas Private Equity Conference 2022: Session I: The State of and Prospects for U.S. Private Equity pp. 58-63

Rich Hall and Kewsong Lee

Texas Private Equity Conference 2022: Session II: The Role of Private Equity and Debt in Reshaping the Ownership, Valuation, and Governance of Private Companies pp. 64-71

Xavier Sztejnberg, Carlos Whitaker, Vanessa Roberts, Phil Canfield and Jeffrey W. Kramer

Texas Private Equity Conference 2022: Session III: Space: The Final Investing Frontier pp. 72-81

Brant Arseneau, David Anderman, Gabe Dominocielo, Matthew Kuta and Ken Wiles

Should Private Companies Have the Same SEC Disclosure Requirements as Public Companies? A Debate pp. 82-87

Ludovic Phalippou and Gregory Brown

After the Tax Breaks Fade: What Executives Need to Know About Transfer Pricing pp. 88-94

S. David Young

Plowback in the Constant‐Growth DCF Model pp. 95-109

James L. Canessa and Gregg A. Jarrell

Uncertainty in Capital Budgeting: Five Particular Safety‐(or Danger‐) Margins from the NPV Formula pp. 110-115

Richard A. Miller

Do You Really Know Your Cost of Capital? pp. 116-128

Matti Keloharju, Juhani Linnainmaa and Peter Nyberg

Volume 34, issue 2, 2022

A Message from the Editor pp. 2-3

Don Chew

Corporate Governance versus Real Governance pp. 8-16

Ronald J. Gilson

The Financial Cost of Carbon pp. 17-29

Patrick Bolton, Zachery Halem and Marcin Kacperczyk

Employee Value Added: A New Measure of Gain‐Sharing between Labor and Capital pp. 30-44

Stephen F. O'Byrne and Shivaram Rajgopal

How to Settle the Corporate Purpose Debate pp. 45-51

Alfred Rappaport and Michael J. Mauboussin

Building Investor Trust in Net Zero pp. 52-59

Ariel Babcock, Allen He and Veena Ramani

Missing the Target: A Review of Mark Roe's New Book on U.S. Stock‐Market Short‐Termism pp. 60-64

Tom Gosling

The Recent Surge in Money Growth: What Would Milton Friedman Say? pp. 65-81

Peter Ireland

Recent Monetary History: A Monetarist Perspective pp. 82-99

Brian Kantor

The Magic of Finance Capitalism pp. 100-105

Don Chew and Bennett Stewart

Introduction to Corporate Finance: What Is It and Why Does It Matter? pp. 106-114

Don Chew and Bennett Stewart

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 Holmstrom, 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