Journal of Applied Corporate Finance

1989 - 2024

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

From Morgan Stanley
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Volume 28, issue 4, 2016

A Look Back at Modern Finance: Accomplishments and Limitations pp. 10-16

Eugene F. Fama and Joel M. Stern

Proactive Leverage Increases and The Value of Financial Flexibility pp. 17-28

David J. Denis and Stephen B. McKeon

The Leveraging of Corporate America: A Long-Run Perspective on Changes in Capital Structure pp. 29-37

John R. Graham, Mark T. Leary and Michael R. Roberts

Capital Structure Instability pp. 38-52

Harry DeAngelo and Richard Roll

Which Creditors’ Rights Drive Financial Deepening and Economic Development? pp. 53-59

Charles W. Calomiris, Mauricio Larrain, José Liberti and Jason Sturgess

The Capital Structure of PE-Funded Companies (and How New Debt Instruments and Investors Are Expanding Their Debt Capacity) pp. 60-67

Joseph V. Rizzi

Seniority Differentials in High Yield Bonds: Evolution, Valuation, and Ratings pp. 68-72

Martin Fridson, Yanzhe Yang and Jiajun Wang

Do Corporate Managers Know When Their Shares Are Undervalued? New Evidence Based on Actual (and Not Just Announced) Stock Buybacks pp. 73-85

Amy Dittmar and Laura Casares Field

A Primer on the Financial Policies of Chinese Firms: A Multi-country Comparison pp. 86-94

Marc Zenner, Peter McInnes, Ram Chivukula and Phu Le

Syndication of European Buyouts and its Effects on Target-Firm Performance pp. 95-117

Nancy Huyghebaert and Randy Priem

Don't Waste a Free Lunch: Managing the Advance Refunding Option pp. 118-123

Andrew Kalotay and Lori Raineri

The Economic Impact of Chapter 11 Bankruptcy versus Out-of-Court Restructuring pp. 124-128

Donald Markwardt, Claude Lopez and Ross DeVol

Volume 28, issue 3, 2016

The Achievements and Future of Business Education pp. 8-25

Geoff Garrett, Garth Saloner, Nitin Nohria and Glenn Hubbard

Value Creation by Active Investors (and Its Potential for Addressing Social Problems) pp. 26-35

Paul Hilal, Russ Carson and Trevor Harris

University of Texas Roundtable on Recent Trends in U.S. Venture Capital pp. 36-47

Brooks Gibbins, Venu Shamapant, Glenn Schiffman, Jake Saper and Ken Wiles

Drivers of Shareholder Returns in Tech Industries (or How to Make Sense of Amazon's Market Value) pp. 48-55

Gregory V. Milano, Arshia Chatterjee and David Fedigan

Private Equity, the Rise of Unicorns, and the Reincarnation of Control-based Accounting pp. 56-67

Jerold Zimmerman

A Better Way to Measure Operating Performance (or Why the EVA Math Really Matters) pp. 68-86

Stephen F. O'Byrne

Estimating the Cost of Capital Using Stock Prices and Near-term Earnings Forecasts pp. 87-94

Peter Easton

What Cost of Capital Should You Use? The Market Has an Answer pp. 95-102

Leon Zolotoy and Andrew John

Do Investment Banks Have Incentives to Help Clients Make Value-Creating Acquisitions? pp. 103-117

John J. McConnell and Valeriy Sibilkov

Valuation of a Developmental Drug as a Real Option pp. 118-126

John Lynch and Richard Shockley

Volume 28, issue 2, 2016

ESG Integration in Investment Management: Myths and Realities pp. 10-16

Sakis Kotsantonis, Chris Pinney and George Serafeim

Bridging Sustainability and Finance: The Value Driver Adjustment Approach pp. 17-28

Willem Schramade

Governance and Climate Change: A Success Story in Mobilizing Investor Support for Corporate Responses to Climate Change pp. 29-33

Mats Andersson, Patrick Bolton and Frédéric Samama

Measuring What Matters: Industry Specificity Helps Companies and Investors Gain Traction on Sustainability pp. 34-38

Bob Herz and Jean Rogers

Materiality in Corporate Governance: The Statement of Significant Audiences and Materiality pp. 39-46

Robert G. Eccles and Tim Youmans

ESG for All? The Impact of ESG Screening on Return, Risk, and Diversification pp. 47-55

Tim Verheyden, Robert G. Eccles and Andreas Feiner

Integrating Systemic Risk into Modern Portfolio Theory and Practice pp. 56-61

Steve Lydenberg

Morgan Stanley Perspectives on Sustainable Investing: Acceleration and Integration pp. 62-65

Audrey Choi

Delaware Public Benefit Corporations: Widening the Fiduciary Aperture to Broaden the Corporate Mission pp. 66-74

Frederick Alexander

The Evolution of Integrating ESG Analysis into Wealth Management Decisions pp. 75-79

Peter Roselle

Corporate Philanthropy and Innovation: The Case of the Pharmaceutical Industry pp. 80-86

Frederick L. Bereskin and Po-Hsuan Hsu

Managing the “S” in ESG: The Case of Indigenous Peoples and Extractive Industries pp. 87-95

Nick Pelosi and Rebecca Adamson

ESG Investing in Emerging and Frontier Markets pp. 96-101

Jamieson Odell and Usman Ali

Volume 28, issue 1, 2016

Risk Management—the Revealing Hand pp. 8-18

Robert S. Kaplan and Anette Mikes

Bankers Trust and the Birth of Modern Risk Management pp. 19-29

Gene D. Guill

University of Texas Roundtable on Financing and Managing Energy Investments in a Low-Price Environment pp. 30-45

Marshall Adkins, Greg Beard, Bernard “Buddy” Clark, Gene Shepherd, George Vaughan and Sheridan Titman

Why FX Risk Management Is Broken–and What Boards Need to Know to Fix It pp. 46-61

Håkan Jankensgård, Alf Alviniussen and Lars Oxelheim

Derivatives: Understanding Their Usefulness and Their Role in the Financial Crisis pp. 62-71

Bruce Tuckman

Opaque Financial Contracting and Toxic Term Sheets in Venture Capital pp. 72-85

Keith C. Brown and Kenneth W. Wiles

Three Approaches to Risk Management—and How and Why Swedish Companies Use Them pp. 86-94

Niklas Amberg and Richard Friberg

Are U.S. Companies Really Holding That Much Cash—And If So, Why? pp. 95-103

Marc Zenner, Evan Junek and Ram Chivukula

Seeking Capital Abroad: Motivations, Process, and Suggestions for Success pp. 104-113

Greg Bell and Abdul A. Rasheed

The Beliefs of Central Bankers About Inflation and the Business Cycle—and Some Reasons to Question the Faith pp. 114-125

Brian Kantor

Volume 27, issue 4, 2015

Law and Corporate Governance: Germany within Europe pp. 8-15

Klaus J. Hopt

Corporate Governance in Germany: Recent Developments and Challenges pp. 16-26

Marc Steffen Rapp and Christian Strenger

The Survival of the Weakest: Flourishing Family Firms in Germany pp. 27-35

Julian Franks, Colin Mayer and Hannes Wagner

The Bug At Volkswagen: Lessons in Co-Determination, Ownership, and Board Structure pp. 36-43

Charles M. Elson, Craig K. Ferrere and Nicholas J. Goossen

Corporate Finance in Germany: Structural Adjustments and Current Developments pp. 44-57

Wolfgang Bessler and Wolfgang Drobetz

The Cross-Listing and Cross-Trading of German Companies in the U.S. and of Foreign Companies in Germany pp. 58-67

Wolfgang Bessler, Fred R. Kaen and Colin Schneck

Stock Liquidity and the Cost of Equity Capital in Global Markets pp. 68-74

Yakov Amihud, Allaudeen Hameed, Wenjin Kang and Huiping Zhang

Cash Equity Markets in Germany pp. 75-80

Peter Gomber

Bund for Glory, or It's a Long Way to Tip a Market pp. 81-87

Craig Pirrong

Derivatives and Repurchase Markets in Germany pp. 88-95

Thomas Book

Transaction Costs for German Institutional Investors: Empirical Evidence from Stock Markets pp. 96-104

Lutz Johanning, Marc Becker and Arndt Völkle

International Evidence on Value Creation in Private Equity Transactions pp. 105-122

Benjamin Puche, Reiner Braun and Ann-Kristin Achleitner

Volume 27, issue 3, 2015

In Search of Unicorns: Private IPOs and the Changing Markets for Private Equity Investments and Corporate Control pp. 34-48

Keith C. Brown and Kenneth W. Wiles

Revisiting “The Fruits of Genomics”: How the Biopharma Industry Lost But Is Now Regaining its Productivity pp. 49-60

A. Rachel Leheny and Eric W. Roberts

Be Your Own Activist pp. 61-69

Gregory V. Milano and John R. Cryan

A Long Look at Short-Termism: Questioning the Premise pp. 70-82

Michael J. Mauboussin and Dan Callahan

The Activist Investor Process Model: Phase One of a Successful Campaign—Identifying a Target pp. 83-87

Damien Park and Troy Marchand

The Hazards of Growth pp. 88-95

Kevin Kaiser and S. David Young

The Value of Reputation: Evidence from Equity Underwriting pp. 96-112

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

CEOs, Abandoned Acquisitions, and the Media pp. 113-121

Baixiao Liu and John J. McConnell

How Much Do Expatriate Earnings and Repatriation Taxes Matter to Shareholders? pp. 122-130

Robert Comment

Shrinking to Grow: Evolving Trends in Corporate Spin-offs pp. 131-136

Marc Zenner, Evan Junek and Ram Chivukula

Creating M&A Opportunities through Corporate Spin-Offs pp. 137-143

Mieszko Mazur

Multiples, Forecasting, and Asset Allocation pp. 144-151

Javier Estrada

Volume 27, issue 2, 2015

Meaning and Momentum in the Integrated Reporting Movement pp. 8-17

Robert G. Eccles, Michael P. Krzus and Sydney Ribot

Sustainability versus The System: An Operator's Perspective pp. 18-27

Ken Pucker

Transparent Corporate Objectives—A Win-Win for Investors and the Companies They Invest In pp. 28-33

Michael J. Mauboussin and Alfred Rappaport

Integrated Reporting and Investor Clientele pp. 34-51

George Serafeim

An Alignment Proposal: Boosting the Momentum of Sustainability Reporting pp. 52-57

Andrew Park and Curtis Ravenel

Growing Demand for ESG Information and Standards: Understanding Corporate Opportunities as Well as Risks pp. 58-63

Levi S. Stewart

ESG Integration in Corporate Fixed Income pp. 64-72

Robert Fernandez and Nicholas Elfner

The “Science” and “Art” of High Quality Investing pp. 73-86

Dan Hanson and Rohan Dhanuka

Intangibles and Sustainability: Holistic Approaches to Measuring and Managing Value Creation pp. 87-94

Mary Adams

Tracking “Real-time” Corporate Sustainability Signals Using Cognitive Computing pp. 95-102

Greg Bala, Hendrik Bartel, James P. Hawley and Yung-Jae Lee

Models of Best Practice in Integrated Reporting 2015 pp. 103-115

Robert G. Eccles, Michael P. Krzus and Sydney Ribot

Volume 27, issue 1, 2015

Risk-Taking and Risk Management by Banks pp. 8-18

René Stulz

Risk Management by Commodity Trading Firms: The Case of Trafigura pp. 19-26

Craig Pirrong

How to Strengthen the Regulation of Bank Capital: Theory, Evidence, and A Proposal pp. 27-36

Shekhar Aiyar, Charles Calomiris and Tomasz Wieladek

When One Size Doesn't Fit All: Evolving Directions in the Research and Practice of Enterprise Risk Management pp. 37-40

Anette Mikes and Robert S. Kaplan

Evidence of the Value of Enterprise Risk Management pp. 41-47

Robert E. Hoyt and Andre P. Liebenberg

Here We Go Again…Financial Policies in Volatile Environments: Lessons For and From Energy Firms pp. 48-56

Marc Zenner, Evan Junek and Ram Chivukula

Corporate Hedging of Price Risks: Minimizing Variance or Eliminating Lower-Tail Outcomes? pp. 57-62

Tom Aabo

OTC vs. Exchange Traded Derivatives and Their Impact on Hedging Effectiveness and Corporate Capital Requirements pp. 63-70

Ivilina Popova and Betty Simkins

Valuing Emerging Market Equities—A Pragmatic Approach Based on the Empirical Evidence pp. 71-88

Niso Abuaf

A Practical Guide for Non-Financial Companies When Modeling Longer-Term Currency and Commodity Exposures pp. 89-100

Lurion De Mello, Elizabeth Sheedy and Sarah Storck

Renewable Energy with Volatile Prices: Why NPV Fails to Tell the Whole Story pp. 101-109

Ricardo G. Barcelona

Real Options in Foreign Investment: A South American Case Study pp. 110-120

Michael Naylor, Jianguo Chen and Jeffrey Boardman