The First Customers

In a new market, you need to secure a foothold. World domination can come later.

New Private Equity Fellowship For Minority MBA Graduates Launched

The Carlyle Group and the Robert Toigo Foundation will launch a private equity MBA fellowship intended to attract minority MBA candidates to the sector.

Systemic Banking Crises: A New Database

This paper presents a new database on the timing of systemic banking crises and policy responses to resolve them. The database covers the universe of systemic banking crises for the period 1970-2007, with detailed data on crisis containment and resolution policies for 42 crisis episodes, and also includes data on the timing of currency crises and sovereign debt crises. The database extends and builds on … [ Read more ]

To Guide or Not to Guide

An investigation shows that investors suffer when firms stop giving quarterly earnings guidance.

Private Banks as Corporate Shareholders: Lessons from History

In the U.S. in 1906, the prominent private bank Kuhn Loeb – prompted by the scandal of the Armstrong Investigation – withdrew from the boards of all non-bank corporations. This historical announcement changed the course of corporate governance, and ultimately prevented private banks from being activist shareholders in the United States. In the paper “The Value of Private Banks in Corporate Governance: Evidence From the … [ Read more ]

When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America’s Monetary Supremacy

Professor, author and prominent economic advisor Silber chronicles an era when the U.S.’s reliance on the gold standard was leading it head-on into its first major financial crisis. The outbreak of WWI in 1914 yielded the biggest gold outflow in a generation, jeopardizing America’s reputation with creditor nations and sending the world market value of the dollar into a tailspin. Enter Treasury Secretary William McAdoo, … [ Read more ]