We develop a theory of how corporate lending and financial intermediation change based on the fundamentals of the firm and its environment. We focus on the interaction between the prospective net worth or liquidity of an industry and the firm’s internal governance or pledgeability. Variations...

At this year's conference two panel discussions have been organized to address the most recent financial crisis and the associated policy implications. We recommend that you highlight your program schedule to ensure your participation in these engaging panel sessions

The unshackling of India from its historically low rate of growth has occurred. The challenge of maintaining high growth rates in some states and igniting them in the presently bypassed and marginalized states has to be met squarely. Sustaining high overall growth rates would require that rising...