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" Fearless commentary on finance, economics, politics and power Follow yvessmith on Twitter Feedburner RSS Feed RSS Feed for Comments Subscribe via Email SUBSCRIBE Recent Items Links 3/11/17 - 03/11/2017 - Yves Smith Deutsche Bank Tries to Stay Alive - 03/11/2017 - Yves Smith John Helmer: Australian Government Trips Up Ukrainian Court Claim of MH17 as Terrorism - 03/11/2017 - Yves Smith 2:00PM Water Cooler 3/10/2017 - 03/10/2017 - Lambert Strether Why a 400-Year Program of Modernist Thinking is Exploding - 03/10/2017 - Yves Smith Links 3/10/17 - 03/10/2017 - Yves Smith Why It Will Take a Lot More Than a Smartphone to Get the Sharing Economy Started - 03/10/2017 - Yves Smith CalPERS' General Counsel Railroads Board on Fiduciary Counsel Selection - 03/10/2017 - Yves Smith Another Somalian Famine - 03/10/2017 - Yves Smith Trade now with TradeStation - Highest rated for frequent traders Why a 400-Year Program of Modernist Thinking is Exploding Posted on March 10, 2017 by Yves Smith By Lynn Parramore, Senior Research Analyst at the Institute for New Economic Thinking. Originally published at the Institute for New Economic Thinking website Across the globe, a collective freak-out spanning the whole political system is picking up steam with every new "surprise" election, rush of tormented souls across borders, and tweet from the star of America's great unreality show, Donald Trump. But what exactly is the force that seems to be pushing us towards Armageddon? Is it capitalism gone wild? Globalization? Political corruption? Techno-nightmares? Rajani Kanth, a political economist, social thinker, and poet, goes beyond any of these explanations for the answer. In his view, what's throwing most of us off kilter - whether we think of ourselves as on the left or right, capitalist or socialist -was birthed 400 years ago during the period of the Enlightenment. It's a set of assumptions, a particular way of looking at the world that pushed out previous modes o

Rethinking University Finance in age of Covid-19

We study the classical problem of raising capital under asymmetric information. Following Myers and Majluf, we consider firms endowed with assets in place and riskier growth opportunities. When asymmetric information is concentrated on assets in place (rather than growth opportunities), equity-like securities are more likely to be optimal. In contrast, when asymmetric information falls on growth options, debt is optimal. Intuitively, this happens because when the asset with greater volatility is less affected by asymmetric information, issuing a security with greater exposure to upside potential (such as equity) can be less dilutive than issuing a security lacking such exposure (such as debt). Our results suggest that equity is more likely to dominate debt for younger firms with larger investment needs, endowed with riskier, more valuable growth opportunities. Thus, our model can explain why high-growth firms may prefer equity over debt, and then switch to debt financing as they mature.

Slack is taking the business world by storm. More and more companies are using this communication tool-and it's becoming an increasingly robust platform due to all of the integrations being built on top of it. Now, you can do pretty much everything in Slack-from tracking how your customers use your app, to keeping tabs on company finances at a glance, to getting a daily digest of top news from around the web. Here are 20 of the Product Hunt community's most-loved Slack integrations. Trust us-once you give some of these a try, you'll wonder how you ever made it through the day without them.

"Realignment and Legitimacy "The Constitutional Crisis Is Now" [Robert Reich, The American Prospect]. "If [Trump] refuses to accept the results [the 2020] election, as he threatened to do if he lost the 2016 election, he will have to be forcefully removed from office." This is lunacy. In 2016, liberal Democrats floated the idea that "faithless electors" in the Electoral College should not appoint Trump - based on information from the "intelligence community" that the public was not allowed to see. From that day to this, liberal Democrats haven't accepted the results of 2016, which is what the "Clinton won the popular vote" amounts to. Is the inability to look in the mirror a 10%-er deformation professionnelle? "The Democratic Party unraveling is not good for America" [Ed Rogers, WaPo]. "The Democratic Party is not functioning as an umbrella organization or even a coalition. Instead, activists from Tom Steyer to George Soros to Planned Parenthood are operating independently*, doing things a political party otherwise would. These independent actors are pushing pet causes. Traditional party building isn't one of them. Campaign finance reform and communication technologies have empowered wealthy individuals and collateral groups while at the same time inhibiting parties and individual campaigns. I say this not to kick the Democratic Party while it is down but because I believe in the two-party system…. We need reforms that empower parties and candidates and diminish the influence of deep-pocketed plutocrats and narrowly focused interest groups." Rogers is a veteran of the Reagan and Bush White Houses, but he's not wrong. NOTE * Maybe. When you start thinking, it's hard to know where the boundaries of the Democrat Party really are. For example, are journalists who propagate Brock talking points in the party, or not? My instinct is to say that they are, but how is an institution with fluid boundaries like that to be named and cate

paper proceeds as follows: Section 2 expands upon the physical threats posed by environmental breakdown; Section 3 articulates how nature-related risks feed through to the real economy and the financial system; Section 4 lays out and critiques the market fixing approach to sustainable finance and considers supervisory responses to nature-related risk; Section 5 develops precautionary approaches to financial supervision and policy recommendations; and Section 6 concludes.