Banks are often accused of making money off complex products that consumers don't understand. In my book, I discuss how 2 million UK households were
How Political Connections Can Hurt, Rather Then Help, Firm Value
We often think of political connections as clearly favoring a company. Perhaps the most extreme example is Donald Trump owning around 500 businesses
What Drives the Cost of Default Insurance?
One of the many negative consequences of the COVID-19 pandemic is that companies may default. Companies going bankrupt are indeed less important than
The Effect of the ECB’s Bond Buying Program
The European Central Bank is launching a €750 billion bond buying program to address the COVID-19 pandemic. Will this work? We obviously can't predict
Do Workers on Boards Protect Jobs in a Downturn?
A hot topic is whether companies should have workers on their boards, to ensure they act in the interest of stakeholders, not just shareholders. This
Spillover Effects of Hedge Fund Activism
Hedge fund activism is a controversial topic. Prominent lawyer Marty Lipton argues that the long-term future of corporate America is being undermined
“Grow the Pie” in 28 Tweets
On 6 April, I did a Twitter discussion on my book, hosted by Blackwell's Bookshop. They asked me to start by providing 25-30 Tweets summarising the
The Inconsistency of ESG Ratings: Implications for Investors
(This article was initially featured on the blog for my book, "Grow the Pie: How Great Companies Deliver Both Purpose and Profit") Investors are
Capital Markets in China
China will soon become the largest economy in the world, but many Westerners (myself included) know very little about it. I’ve thus tried to
Corporate Finance in China
China will soon become the largest economy in the world, but many Westerners (myself included) know very little about it. I've thus tried to educate
How Macroeconomic Conditions Affect Stock Prices
John Cochrane of Stanford has written an excellent review of recent advances and future research directions in macro-finance. Macro finance studies
Are US Industries Becoming More Concentrated?
Industry concentration has increased substantially in the US over the last two decades. But is this a problem? The obvious answer is yes - it allows