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June 24, 2020
How to Secure Credit During a Financial Crisis
The key? Don’t tap your best collateral in good times.
Efraim Benmelech
![A businessman in debt is worried.](/imager/clientcontent/218952/debt-and-crises_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/218952/debt-and-crises_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/218952/debt-and-crises_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
May 5, 2020
Taking on Debt Can Help a Company Grow—Until a Crisis Hits
A new study shows how highly leveraged companies have less flexibility to innovate in a downturn.
Benjamin Friedrich and Michał Zator
![A home made of dollar bills blows away](/imager/clientcontent/132795/loanrefinancing_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/132795/loanrefinancing_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/132795/loanrefinancing_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
May 5, 2020
Here’s How Americans Are Spending Their Stimulus Checks
Real-time data pinpoints what we’re buying, and who’s spending the fastest.
Scott R. Baker, R Farrokhnia, Steffen Meyer, Michaela Pagel and Constantine Yannelis
![A private equity fund manager looks at all his deals on hold because of COVID-19.](/imager/clientcontent/216767/private-equity-deals-covid_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/216767/private-equity-deals-covid_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/216767/private-equity-deals-covid_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
April 30, 2020
What Happens When Private-Equity Firms Start Making Deals Again?
There will be more buyout opportunities, but fewer on-site visits will make due diligence more difficult.
Alex Schneider
![Does private equity backing make firms stronger or weaker?](/imager/clientcontent/72911/private-equity_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/72911/private-equity_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/72911/private-equity_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
April 23, 2020
What the Current Crisis Means for Private Equity
Access to capital will likely buoy some PE firms and the companies they back. Others will be less lucky.
Filippo Mezzanotti
![Stock trader choosing route](/imager/clientcontent/214505/Full_0121_Shorting_Stocks_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/214505/Full_0121_Shorting_Stocks_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/214505/Full_0121_Shorting_Stocks_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
April 17, 2020
The COVID-19 Crisis Reveals How Short-Term, Shareholder-First Thinking Still Rules the Day
From questionable buybacks to overly restrictive M&A clauses, a recent pledge to consider other stakeholders is ringing hollow.
José Maria Liberti
![A job hunter googles job information.](/imager/clientcontent/132567/Baker-GoogleJobs_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/132567/Baker-GoogleJobs_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/132567/Baker-GoogleJobs_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
April 1, 2020
The Unprecedented Stock-Market Reaction to COVID-19
A new analysis explains why this pandemic really is different.
Scott R. Baker, Nicholas Bloom, Steven J. Davis, Kyle Kost, Marco Sammon and Tasaneeya Viratyosin
![Promises to incorporate ESG criteria into investing have gone unfulfilled.](/imager/clientcontent/203752/impactinvesting_265dcf20bf86bc91590c49e978b05b5a_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/203752/impactinvesting_265dcf20bf86bc91590c49e978b05b5a_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/203752/impactinvesting_265dcf20bf86bc91590c49e978b05b5a_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
March 18, 2020
Many Funds Have Committed to Socially Responsible Investing—But Few Are Following Through
As money flows into ESG funds, new evidence shows that most asset managers aren’t actually changing their investment behaviors.
Soohun Kim and Aaron Yoon
![There’s a business case for getting more women in tech and finance.](/imager/clientcontent/199663/LysDiversity_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/199663/LysDiversity_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/199663/LysDiversity_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
March 2, 2020
Yes, Investors Care About Gender Diversity
By recruiting more women, tech and finance companies stand to add millions to their stock value.
David Daniels, Jennifer Dannals, Thomas Lys and Margaret A. Neale
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March 2, 2020
How to Pick a Loser
A hedge-fund manager explains what most traders get wrong about short selling and when to go long on a diamond in the rough.
Scott Fearon and Robert Korajczyk
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March 2, 2020
Why Financial-Market Pioneer Richard Sandor Is Building “the Most Boring Benchmark in America”
A conversation with the creator of AMERIBOR about interest-rate benchmarks in a post-LIBOR world.
Richard Sandor and Robert McDonald
![Employee turnover improving teamwork.](/imager/clientcontent/194880/Cornelli_Final_REV_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/194880/Cornelli_Final_REV_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/194880/Cornelli_Final_REV_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
February 3, 2020
Why Companies Shouldn’t Necessarily Fear Higher Employee Turnover
In private equity, team stability has long been prized. But new research shows that higher turnover leads to better performance.
Francesca Cornelli, Elena Simintzi and Vikrant Vig
![Economists have uncovered a better way to predict fluctuations in exchange rates.](/imager/clientcontent/190161/tarot_final_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/190161/tarot_final_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/190161/tarot_final_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
January 2, 2020
Predicting Exchange Rates Is Hard. Could Dusting Off an Old Technique Help?
Investors take note: the “real exchange rate” may be a more accurate long-term forecaster than economists thought.
Martin Eichenbaum, Benjamin Johannsen and Sergio Rebelo
![fintech growth among customers and retailers](/imager/clientcontent/189238/fintech_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/189238/fintech_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/189238/fintech_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
January 2, 2020
How a Cash Crunch in India Led to the Widespread Adoption of E-Pay Technology
The rapid spread of a fintech app offers lessons for companies and policymakers.
Nicolas Crouzet, Apoorv Gupta and Filippo Mezzanotti
![Economists look back at what alternative monetary policies could have led to a quicker recovery from the financial crisis.](/imager/clientcontent/184220/EberlyRecession_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/184220/EberlyRecession_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/184220/EberlyRecession_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
December 2, 2019
Two Ways the Economy Could Have Recovered Faster after the Great Recession
Doubling down on these monetary policies could help combat future financial crises.
Janice C. Eberly, James Stock and Jonathan Wright
![CEO listens to stakeholders including customers, employees, and the community.](/imager/clientcontent/168521/roundtable_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/168521/roundtable_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/168521/roundtable_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
September 19, 2019
Is Maximizing Shareholder Value a Thing of the Past?
Top CEOs recently “redefined” the purpose of a corporation. Kellogg faculty weigh in.
Carola Frydman, Ravi Jagannathan, Robert Korajczyk, José Maria Liberti and Aaron Yoon
![Groucho Marx reads a stock ticker.](/imager/clientcontent/133975/Groucho_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/133975/Groucho_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/133975/Groucho_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
August 2, 2019
The Groucho Marx Theory of Efficient Markets
A finance professor argues that markets remain efficient only if enough people believe they are not.
Mitchell A. Petersen
![A trader looks at a volatile stock market chart made up of newspaper headlines.](/imager/clientcontent/133550/stock_market_new_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/133550/stock_market_new_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/133550/stock_market_new_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
June 3, 2019
What Causes Stock Market Swings?
Tariffs? Job reports? Oil prices? A new volatility index pinpoints which factors make investors feel uncertain.
Scott R. Baker, Nicholas Bloom, Steven J. Davis and Kyle Kost
![An investor uses two connecting ladders to climb a tall dollar sign.](/imager/clientcontent/133426/kellogg_tools-for-investing_01-alt-01_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/133426/kellogg_tools-for-investing_01-alt-01_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/133426/kellogg_tools-for-investing_01-alt-01_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
May 2, 2019
A Comprehensive Model for Building Winning Stock Portfolios
Linking fundamental analysis and portfolio optimization may be the key to solving the “investor’s problem.”
Matthew R. Lyle and Teri L. Yohn
![Two women at a retirement party, looking at an almost empty piggy bank.](/imager/clientcontent/133236/Ravina_RetirementSavings_5d506276179423d1497e68ab765394e3.jpg 600w, /imager/clientcontent/133236/Ravina_RetirementSavings_8d8107d26abf3aa02bdce870f4fb901d.jpg 300w, /imager/clientcontent/133236/Ravina_RetirementSavings_5c4adfdd16a89deaf3c40e6716adfe5e.jpg 25w)
April 1, 2019
Three Quarters of Americans Aren’t Putting Enough into Their 401(k)s
With employers shifting away from pensions, there’s an urgent need for improved financial literacy.
Francisco Gomes, Kenton Hoyem, Wei Hu and Enrichetta Ravina
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