Journal of Applied Corporate Finance

1989 - 2024

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

From Morgan Stanley
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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

Volume 31, issue 4, 2019

A Message from the Editor pp. 2-3

Don Chew

Hamilton and the U.S. Financial Revolution pp. 10-15

Richard Sylla and David J. Cowen

A Limited Central Bank pp. 16-20

Charles Plosser

How to Promote Fed Independence: Perspectives from Political Economy and History pp. 21-42

Charles W. Calomiris

The Great Crash of 1929: A Look Back After 90 Years pp. 43-58

Robert F. Bruner and Scott C. Miller

The Strange and Futile World of Trade Wars pp. 59-67

Steve H. Hanke and Edward Li

Monetary Policy Implementation: Making Better and More Consistent Use of the Federal Reserve's Balance Sheet pp. 68-76

Peter Ireland

The Fed's Communications: Suggestions for Improvement pp. 77-85

Mickey D. Levy

FinTech, BigTech, and the Future of Banks pp. 86-97

René Stulz

Will Blockchain Be a Big Deal? Reasons for Caution pp. 98-104

Craig Pirrong

Two Modes of Investment Banking: Technocrats, Relationship Managers, and Conflict pp. 105-117

Alan D. Morrison and William J. Wilhelm

Dividend Consistency: Rewards, Learning, and Expectations pp. 118-128

David Michayluk, Scott Walker and Karyn Neuhauser

The Reference‐Driven College Paper (Or Why Your Students Should Read the JACF) pp. 129-136

Joseph W. Trefzger

Volume 31, issue 3, 2019

A Message from the Editor pp. 2-3

Don Chew

Session I: Corporate Purpose and Governance pp. 10-25

Ira Millstein, Jeff Gordon, Ron Gilson, Colin Mayer, Kristin Bresnahan and Marty Lipton

Session Ii: Capitalism and Social Insurance pp. 26-31

Merritt Fox and Jeff Gordon

Session III: Securities Law in Twenty‐First Century America: A Conversation with SEC Commissioner Robert Jackson pp. 32-43

Robert J. Jackson and John C. Coffee

Session IV: The Law, Corporate Governance, and Economic Justice pp. 44-63

Leo Strine, Eric Talley, Mark Roe, Jill Fisch and Bruce Kogut

Session V: Macro Perspectives: Bigger Problems than Corporate Governance pp. 64-73

Bruce Greenwald, Joshua Mitts and Edmund Phelps

Is Managerial Myopia a Persistent Governance Problem? pp. 74-80

David J. Denis

The Case for Maximizing Long‐Run Shareholder Value pp. 81-89

Diane Denis

A Tribute to Joel Stern pp. 90-94

Bennett Stewart

A Look Back at the Beginnings of EVA and Value‐Based Management pp. 95-102

Joel M. Stern and Joseph T. Willett

EVA, not EBITDA: A New Financial Paradigm for Private Equity Firms pp. 103-115

Bennett Stewart

Beyond EVA pp. 116-125

Greg Milano

Are Performance Shares Shareholder Friendly? pp. 126-130

Marc Hodak

Why EVA Bonus Plans Failed—and How to Revive Them pp. 131-138

Stephen O'Byrne

Volume 31, issue 2, 2019

A Message from the Editor pp. 2-3

Don Chew

A Fireside Chat with Raj Gupta: What It Takes to Create Long‐Term Value pp. 8-14

Raj Gupta

Aptiv Becoming a More Sustainable Business pp. 15-21

Kevin P. Clark

The Economic Significance of Long‐Term Plans pp. 22-33

Sakis Kotsantonis, Christina Rehnberg, George Serafeim, Bronagh Ward and Brian Tomlinson

Private Equity 4.0: Using ESG to Create More Value with Less Risk pp. 34-41

Reynir Indahl and Hannah Gunvor Jacobsen

ESG as a Value‐Creation Tool for Active Investors: A Profile of Inherent Group pp. 42-49

Tony Davis and Beau Lescott

Four Things No One Will Tell You About ESG Data pp. 50-58

Sakis Kotsantonis and George Serafeim

Social Capital, Trust, and Corporate Performance: How CSR Helped Companies During the Financial Crisis (and Why It Can Keep Helping Them) pp. 59-71

Karl Lins, Henri Servaes and Ane Tamayo

Innovation in Stock Exchanges: Driving ESG Disclosure and Performance pp. 72-79

Tania Bizoumi, Socrates Lazaridis and Natassa Stamou

How Board Oversight Can Drive Climate and Sustainability Performance pp. 80-85

Veena Ramani and Bronagh Ward

Sustainability and Capital Markets—Are We There Yet? pp. 86-91

Chris Pinney, Sophie Lawrence and Stephanie Lau

An Investor Perspective on the Black Box of Corporate Social Responsibility pp. 92-104

Chitru S. Fernando, Vahap B. Uysal and Amal P. Abeysekera

ESG, Material Credit Events, and Credit Risk pp. 105-117

Witold Henisz and James McGlinch

Climate Change Scenario Analysis for Public Market Investors pp. 118-123

Casey Clark

Volume 31, issue 1, 2019

A MESSAGE FROM THE EDITOR pp. 2-3

Don Chew

The Rise of Agency Capitalism and the Role of Shareholder Activists in Making It Work pp. 8-22

Ronald J. Gilson and Jeffrey N. Gordon

The Effect of Shareholder Approval of Equity Issuances Around the World pp. 23-41

Clifford G. Holderness

Does Mandatory Shareholder Voting Prevent Bad Acquisitions? The Case of the United Kingdom pp. 42-61

Marco Becht, Andrea Polo and Stefano Rossi

The Early Returns to International Hedge Fund Activism: 2000–2010 pp. 62-80

Marco Becht, Julian Franks, Jeremy Grant and Hannes Wagner

How Has Takeover Competition Changed Over Time? pp. 81-94

Tingting Liu and J. Harold Mulherin

Do Large Blockholders Reduce Risk? pp. 95-112

David Newton and Imants Paeglis

Estimating the Equity Risk Premium and Expected Equity Rates of Return: The Case of Canada pp. 113-125

Laurence Booth

Save the Buyback, Save Jobs pp. 126-128

Greg Milano and Michael Chew