The author begins by agreeing with Miller's characterization of the fragility of U.S. banks and of the shortcomings of the Asian model of bank finance‐driven growth. The article also expresses “emphatic agreement” with Miller's arguments that the protection of banks through deposit...

In a conversation held in June 2016 between Nobel laureate Eugene Fama of the University of Chicago and Joel Stern, chairman and CEO of Stern Value Management, Professor Fama revisited some of the landmarks of “modern finance,” a movement that was launched in the early 1960s at Chicago and...

In this interview conducted five years ago, one of the pioneers of value‐based management discusses his life's work in converting principles of modern finance theory into performance evaluation and incentive compensation plans that have been adopted by many of the world's largest and most...

One of the pioneers of value‐based management discusses his life's work in converting principles of modern finance theory into performance evaluation and incentive compensation plans that have been adopted by many of the world's largest and most successful companies, including Coca‐Cola in...

Crowdsourcing is quickly shifting the traditional landscape of how people work, invent, fund new enterprises, and create new artistic works. Such innovative shifts often run ahead of the law and raise new legal questions that may not yet have very definite answers. This paper considers five such...

In this paper, we utilize data from the Understanding America Study (UAS) panel to investigate the role that both cognitive and non-cognitive skills play in the empirically observed stock market participation puzzle. Specifically, we examine both the direct and indirect impacts of the primitive...