A widely recognized paper by Colin Mayer (1988) has led to a profound revision of academicthinking about financing patterns of corporations in different countries. Using flow-of-funds datainstead of balance sheet data, Mayer and others who followed his lead found that internalfinancing is the...

In early July 2019, Christian Sewing, the CEO of Deutsche Bank, proclaimed a fundamental shift of the bank's strategy after finally obtaining the approval of the Supervisory Board, which the management seems to have requested for quite some time. The essential point of the reorientation is a...