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
Conflicts of Interest Among M&A Advisors
The Importance of M&A Mergers and acquisitions (M&A) are arguably the most important decision that a company makes. Successful mergers can
How Short-Term Activists Create Long-Term Value
Activist hedge funds are often seen as the epitome of all that's wrong with capitalism. They cut investment, fire employees, and break contracts to