The new semiconductor microchip demand-supply imbalance remains quite severe for the U.S. tech and auto industries.  Our current fundamental macro a

Precautionary-motive and agency reasons for corporate cash management Bates, Kahle, and Stulz (JF 2009) empirically find that public firms have doubled t

American CEOs of about 200 corporations issue a joint statement in support of stakeholder value maximization. The Business Roundtable offers this statement

Treasury bond yield curve inversion often signals the next economic recession in America. In fact, U.S. bond yield curve inversion correctly predicts the da

Amazon follows Apple to become the second American public corporation to hit $1 trillion stock market valuation. Amazon's founder and chairman Jeff Bezo

The Federal Reserve rubber-stamps the positive conclusion that all of the 34 major banks pass their annual CCAR macro stress tests for the first time since