Edited by Thorsten Beck - Vox

VOX Research-based policy analysis and commentary from leading economists
About the authors
Viral V. Acharya is Professor of Finance at the New York University Stern School of
Business, and Director of the CEPR Financial Economics Programme. His research
interests are in the regulation of banks and financial institutions, corporate finance,
valuation of corporate debt, and asset pricing with a focus on the effects of cash
management and liquidity risk.
Matthew Richardson is the Charles E. Simon Professor of Applied Economics in
the Finance Department at the Leonard N. Stern School of Business at New York
University. Professor Richardson has done research in many areas of finance, including
both theoretical and empirical work.
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