Ten years ago, the global financial and economic crisis began. In 2007, the hedge fund New Century Financial as well as the banks IKB Deutsche Industriebank and North-ern Rock were the first financial institutions and hedge funds to run into difficulties as a result of having en-gaged in...

Scholars, politicians and regulators have been racking their brains over this problem since 2007, the year the financial crisis broke out. The question of whether a fi-nancial system can even be stable in the first place has also emerged. And yet if there is one thing all know, it is that there...

In this paper, I use the materials of the debate on the reliability and the utility of "business barometers" of the Twenties in order to show that the theoretical reflexions of the time could be used by economic historians as a working hypothesis to analyze the influence exerted by circulating...

In this essay, I try to rebut some of the skepticism about the possibility of business narrative, not directly (by engaging the theory), but obliquely (by giving an example of the practice). I hope to illuminate a few aspects of the utility of business narrative by examining the telling of a...

What accounts for the rise in income inequality since the 1970s? According to most economists, the answer lies in structural changes in the economy - in particular, technological changes that have raised the demand for highly skilled workers and thereby boosted their pay. Opposing this...

Many companies lose money by acting responsibly. So why do they do it?Because in a favourable business climate, companies act generously.Decades of empirical tests have yet to confirm that corporate social responsibility is and has been a financially responsible business strategy. This paper...

Fraud and irrationality are often blamed for financial manias and panics. Investor euphoria can unleash social and technological breakthroughs, but the subsequent failures can destroy value and radicalize the political sphere. Are these events random, idiosyncratic, or driven by some force? The...

Between 1940 and 1965, state-level officials changed the relationship between two pillars of the postwar social contract: secure retirement and modern public schools. In the early twentieth century, state pension managers, following an investment regime we call “fiscal mutualism,” funneled...

The U.S. banking holiday of March 1933 was a pivotal event in 20th century political and economic history. After closing the nation's banks for nine days, the newly inaugurated Franklin D. Roosevelt administration restarted the banking system as the first step toward national recovery from the...

Between 1950 and 2005, the composition of large public company boards dramatically shifted towards independent directors, from approximately 20% independents to 75% independents. The standards for independence also became increasingly rigorous over the period. The available empirical evidence...