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By 1812 the U.S. already had more business corporations than any other country, and possibly more than all other countries put together, securing its role as the world’s first “corporation nation.”

Creating the post-2008 global safety net for mega-banks

Swift reorganization or liquidation of insolvent businesses is the single best policy to deal with corporate debt booms.

The study seeks to explain why the instruments of central banking inevitably break down over time.

This paper considers the relationship between profits realized from higher insulin list prices, pharmaceutical innovation, and the financial structures of the three dominant insulin manufacturing companies, which set list prices.

Using tools from computational linguistics, we construct new measures of the impact of Brexit on listed firms in the United States and around the world

We adapt simple tools from computational linguistics to construct a new measure of political risk faced by individual US firms: the share of their quarterly earnings conference calls that they devote to political risks.

We analyze the political environment in the wake of financial crises and try to infer its implications on decision making and economic policies.

We analyze shareholders’ incentives to change the leverage of a firm that has already borrowed substantially. As a result of debt overhang, shareholders have incentives to resist reductions in leverage that make the remaining debt safer.