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President Trump sounds smart when he comes up with a fresh plan to retire $15 trillion national debt. This plan entails taxing American consumers and produc
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Timothy Geithner shares his reflections on the post-crisis macro financial stress tests for U.S. banks. Timothy Geithner (2014) Macrofinanci
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Jonathan Baker frames the current debate over antitrust merger review and enforcement in America. Jonathan Baker (2019) The antitrust paradi
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Precautionary-motive and agency reasons for corporate cash management Bates, Kahle, and Stulz (JF 2009) empirically find that public firms have doubled t
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Uniform field theory of corporate finance While the agency and precautionary-motive stories are complementary, these stories can be nested as special cas