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  • 利益相关者资本主义可以从米尔顿·弗里德曼身上学到些什么

    1958年,两位诺贝尔经济学奖获得者,弗兰科·莫迪利安尼(Franco Modigliani)默顿·米勒(Merton Miller)在合作发表的一篇文章中提出,在一定假设条件下 ,企业的价值与其资本结构并无关系。文章一发表即在当时引起了极大的争议。 这篇文章在当时具有里程碑般的意义。当其时高管们正为如何调整公司资本结构而绞尽脑汁,且不惜重金聘请银行家和顾问。莫迪利安尼和米勒的研究成果却指出,这些举措完全是在浪费时间,高管们应该把精力放在业务运营上 。

  • Evidence-Based Practice

    What to Trust in a Post-Truth World. TED talk.Evaluating Research. A user’s guide to knowing what research we can trust. German translation.Is There Really A Business Case For Diversity? A paper claimed to find results despite 0 out of 90 regressions being significant. Why did we all believe it?The Danger of Taking Evidence at Face …

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  • Do Banks Offer Complex Mortgages to Mislead Customers?

    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 sold payment protection insurance policies that they’d never be able to claim on (e.g. due to being self-employed), but customers never understood this. Perhaps the most important product that a …

    Do Banks Offer Complex Mortgages to Mislead Customers? Read More »

  • 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 (collectively known as the Trump Organization), which may affect the decisions that he takes as President. But political connections can extend far beyond a politician owning a business himself. A politician, or …

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  • 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 deaths, but they still have human consequences. Employees lose jobs, suppliers lose customers (and then may themselves default), and investors lose money. We often downplay the third effect for two reasons. One …

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  • 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 the future. But we can analyse the past and study how the last major bond buying program – which addressed the Eurozone crisis – played out. In doing so, we must …

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  • 利益相关者资本主义可以从米尔顿·弗里德曼身上学到些什么

    利益相关者资本主义可以从米尔顿·弗里德曼身上学到些什么

    1958年,两位诺贝尔经济学奖获得者,弗兰科·莫迪利安尼(Franco Modigliani)默顿·米勒(Merton Miller)在合作发表的一篇文章中提出,在一定假设条件下 ,企业的价值与其资本结构并无关系。文章一发表即在当时引起了极大的争议。 这篇文章在当时具有里程碑般的意义。当其时高管们正为如何调整公司资本结构而绞尽脑汁,且不惜重金聘请银行家和顾问。莫迪利安尼和米勒的研究成果却指出,这些举措完全是在浪费时间,高管们应该把精力放在业务运营上 。


  • Evidence-Based Practice

    Evidence-Based Practice

    What to Trust in a Post-Truth World. TED talk.Evaluating Research. A user’s guide to knowing what research we can trust. German translation.Is There Really A Business Case For Diversity? A paper claimed to find results despite 0 out of 90 regressions being significant. Why did we all believe it?The Danger of Taking Evidence at Face …

    Evidence-Based Practice Read More »


  • Do Banks Offer Complex Mortgages to Mislead Customers?

    Do Banks Offer Complex Mortgages to Mislead Customers?

    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 sold payment protection insurance policies that they’d never be able to claim on (e.g. due to being self-employed), but customers never understood this. Perhaps the most important product that a …

    Do Banks Offer Complex Mortgages to Mislead Customers? Read More »