Douglas W. Diamond says the next crisis will be different
We can't eliminate crises, but we can limit their severity.
How managers can dam up credit flow
An abundance of loans can create a debt overhang that causes lenders to pull back—and the ensuing credit crunch can make it harder for businesses to grow, or even to repay their debts.
Bank runs aren't madness: This model explained why
In the model, the mismatch between assets (loans) and liabilities (deposits) is simply a liquidity issue, which deposit insurance can help address.
Why Merton Miller remains misunderstood
Merton H. Miller liked to tell a joke about Yogi Berra, the famous baseball catcher. Berra once told his trainer that he was particularly hungry, and he instructed him to cut his pizza into 12 pieces instead of six.