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
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
Is Short Termism Really A Problem?
"Myopia [short-termism] is a first-order problem faced by the modern firm. In the last century, firms were predominantly capital-intensive, but
Corporate Governance in China
China will soon become the largest economy in the world, but many Westerners (myself included) know very little about it. Moreover, the vast majority
Blockchains: How they work, and how they may transform the world
We hear blockchains mentioned all the time, but very few people know what they actually are, how they work, and what effect they may have. The
The returns to investing in grass-roots sport and the distraction of Olympic medals
"Unless we look more creatively about how we engage everyone in physical activity, we may win medals but we will be bottom of the league table on
Davos in a Nutshell (Non-Economics Sessions)
Perhaps the most illuminating sessions in Davos were ones unrelated to economics, and thus gave me insights into topics that I would not normally get
Eradicating World Poverty: Inspiring a New Generation to Act
This is a summary of a Davos session on "The Post-2015 Goals: Inspiring a New Generation to Act" on the eradication of world poverty and the