# Professor Kim Schoenholtz's joint research on corporate capital expenditure is referenced

1 Faculty News September 18, 2019 ![Reuters logo](/sites/default/files/styles/246w/public/assets/images/con_030503.jpg?itok=0OAgrDF0)>

Excerpt from [Reuters](https://www.zawya.com/mena/en/economy/story/The_trilliondollar_lesson_on_fiscal_policy-ZAWYA20190919045852/) -- "Companies do not rely primarily on loans to pay for new factories and equipment. Between 1980 and 2017, 80% of the cash for corporate capital expenditure in the United States came from retained profit, according to economists Stephen Cecchetti and [Kermit Schoenholtz](https://www.stern.nyu.edu/faculty/bio/kim-schoenholtz)."

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