Experience Stern | Faculty & Research

"India needs external capital to grow. This has been true since the early years of Central planning following independence when India relied on external debt raised mostly by its Central and state governments from foreign governments and multilateral agencies (like the World Bank). Until the liberalisation of the economy in 1991, few Indian companies were able to do so. In the 1990s, these companies finally began to raise external equity and debt capital, mostly through Global Depositary Receipts (GDRs) and Eurobonds. After the first Indian companies were listed on stock exchanges in the United States in 1999, equity funding took the form of American Depositary Receipts and Foreign Portfolio Investment." Read More...

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In an op-ed, Professor Michael Posner writes about how Northern Ireland could provide a model for reforming American policing. Read More...

"Though we are among the few commentators who anticipated that the EU would offer a plan much larger than what most market participants and pundits expected, we also would advise European policymakers to remain realistic about what can be achieved at the moment. Celebrations of the EU’s long-awaited “Hamiltonian moment” of debt mutualization are premature." Read More...

"Late yesterday, President Trump escalated his war against the social media companies, Twitter in particular, issuing an executive order that seeks to limit their legal protections against liability for content posted on their sites. The irony of his action, as others have pointed out, is that the President himself has been one of the greatest beneficiaries of the current state of these social media platforms. This is a space where harmful content, including provably false disinformation, especially in the political realm, continues to flow freely." Read More...

"While it has risen over the two decades of monetary union, risk sharing among the member states of the euro area remains well below that in the US. The progress reflects the hopes of the Kohl- Mitterand generation, but the gaps still make Europe’s monetary union vulnerable. Risk sharing is the simple idea that a group shares the pain of a shock that hits some households and not others. In the absence of risk sharing, consumption losses are borne solely by those directly affected by the shock. By contrast, complete risk sharing means that the per capita consumption losses are borne equally." Read More...

"The coronavirus crisis reveals deep fissures that have long existed in our country. 'Economic Dignity,' a new book by Gene Sperling, a former national economic advisor to Presidents Bill Clinton and Barack Obama, provides important insight into some of those chasms related to economic inequality. In a vivid and timely way, Sperling’s book highlights the 'dissonance between our nation’s labeling of workers as ‘essential’ and ‘heroes’ and their limited wages, benefits and ability to organize.'” Read More...

"The coronavirus pandemic is exponentially increasing the need for robots in our already exceedingly robo-reliant lives. For example, between March 2 and April 14, virtual urgent care visits at NYU Langone Health grew by 683 percent, and non-urgent virtual care visits grew by an unprecedented 4,345 percent in response to COVID-19." Read More...

"Covid-19 has taken an extraordinary toll on businesses around the world. In India, business confidence is at its lowest since the 2009 financial crisis: 72 per cent of firms have reported adverse effects on operations, 90 per cent are facing supply chain disruptions and 53 per cent anticipate a decline in sales over the next two quarters. Industrial output in key sectors could fall by up to 15 per cent and GDP growth by 10-20 per cent during the April-June 2020 quarter, with ripple effects continuing for an uncertain period of time." Read More...

"The coronavirus pandemic has brought one part of this economic model into the spotlight. 'Outsourcing,' a term that entered our lexicon in the early 1980s, describes the contracting of work from one company to another. Prominent business consultants like the late Peter Drucker have promoted this practice for decades, advising companies to “do what you do best and outsource the rest.” This is now the prevalent model in many industries." Read More...

"While there is never a good time for a pandemic, the COVID-19 crisis has arrived at a particularly bad moment for the global economy. The world has long been drifting into a perfect storm of financial, political, socioeconomic, and environmental risks, all of which are now growing even more acute." Read More...

"Seven years ago this week, the Rana Plaza factory complex in Bangladesh collapsed, killing more than 1,100 garment workers, mostly young women, and injuring 2,500 more. It was the largest industrial accident since 1984, when a gas leak at a factory in Bhopal, India, killed more than 3,500 people and exposed thousands more to toxic gas fumes. In the days following the Rana Plaza collapse in 2013, haunting images circulated online showing family members desperately sifting through the debris to locate their loved ones. These images caught the world’s attention and became a catalyst for unprecedented collective corporate action on factory safety." Read More...

"So, how will investors during the current earnings season be able to distinguish between the regular losers (50%-70% of all companies) and the corona-related losses? Even more generally, what is the relevance of reported earnings in the time of corona shutdown? In what follows I address these two questions." Read More...

"The Covid-19 pandemic is an extraordinary event in human history that has had epic health and economic consequences. On the economic dimension, many responsible governments, including Singapore's, have come up with large stimulus, care and support financial packages to firms and their employees that will help sustain households, jobs, the citizen's health and the overall economy." Read More...