Economics
(View the letter as it appeared in Thomson Reuters? Risk Magazine, June 14, 2011)
(View the letter as it appeared in Huffington Post, June 14, 2011)
Dear JPMorgan Chase Directors,
I own some JPMorgan Chase (JPM) shares through mutual funds in my retirement account. I have read Mr. Dimon's recent...
Since the 2008 market crash, banking interests and economists have clashed over how much of their operations banks should fund with equity as opposed to debt. Bankers and others often say that, "equity is expensive." By contrast, a recent paper, coauthored by three faculty of the Stanford Graduate...
STANFORD GRADUATE SCHOOL OF BUSINESS—Search for a keyword on the web, and at the top or to the right of the list of results you're likely to see several specially highlighted entries, usually links to relevant businesses, whose "top billing" has been purchased through online auctions. Revenues...
(View the letter as it appeared in the Financial Times)
November 9, 2010
The Basel III bank-regulation proposals that G20 leaders will discuss fail to eliminate key structural flaws in the current system. Banks’ high leverage, and the resulting fragility and systemic risk, contributed to the near...
STANFORD GRADUATE SCHOOL OF BUSINESS — You won't see anything written about bands like the Foo Fighters or the Bloodhound Gang in the pages of most academic journals. But a study of music sales by Alan Sorensen of the Stanford Graduate School of Business and Ken Hendricks of the University of...
STANFORD GRADUATE SCHOOL OF BUSINESS—Bribery, extortion, graft, embezzlement––these are just some of the grizzly faces of corruption. In some countries, corruption is so common that it is as expected as a handshake when ordinary people or businesses deal with government officials.
In a recent...
STANFORD GRADUATE SCHOOL OF BUSINESS—For anyone who bills or earns by the hour, the world can turn into a 24-hour clock divided not by numbers, but dollar signs. In a recent study, lawyers watching their kids play soccer admitted to mentally ticking away lost income for each minute they stood on...
STANFORD GRADUATE SCHOOL OF BUSINESS—Borders restrict the free flow of people, goods and ideas, confining small nations with relatively fewer resources or markets while benefiting large countries with access to greater pools of capital, ideas, and buyers.
Redrawing maps has affected economic...
STANFORD GRADUATE SCHOOL OF BUSINESS—Eight years ago, 55 U.S. states and territories signed a landmark settlement with the nation's four major tobacco companies. The Master Settlement Agreement forced the big tobacco companies to pay fees to the state on futures sales of cigarettes in return for...
STANFORD GRADUATE SCHOOL OF BUSINESS—Overconfident CEOs who overestimate their ability to generate value within their company systematically make distorted decisions about when, how, and how much to invest in new projects according to research.
Ulrike Malmendier, assistant professor of finance at...