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About the Author(s)


Patrick Bolton is the Barbara and David Zalaznick Professor of Business at Columbia University and a visiting professor at Imperial College London. An NBER research associate in the Corporate Finance Program, he is a past president of the American Finance Association, a fellow of the Econometric Society and the American Academy of Arts and Sciences, and a corresponding fellow of the British Academy. He has coauthored Contract Theory (2005) with Mathias Dewatripont and The Green Swan: Central Banking and Financial Stability in the Age of Climate Change (2020) with Morgan Despres, Luiz Pereira Da Silva, Frédéric Samama, and Romain Svartzman.


Neng Wang is the Chong Khoon Lin Professor of Real Estate and Finance at Columbia Business School. He is also a research associate in the NBER’s Asset Pricing Program and a senior research fellow at the Asian Bureau of Finance and Economic Research.

Wang is an associate editor of The Journal of Finance and was an editor in finance at Management Science. His research interests include corporate finance, asset pricing, and macroeconomics.

Wang was born and raised in China. He received his BS in chemistry from Nanjing University, an MS in chemistry from the California Institute of Technology, an MA in international relations from the University of California, San Diego, and his PhD in finance from Stanford University in 2002. He lives in Scarsdale, NY, with his wife and three children.


1. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have,” Myers SC, Majluf NS. Journal of Financial Economics 13(2), 1984, pp. 187–221.   Go to ⤴︎
2. "The Capital Structure Puzzle,” Myers SC. The Journal of Finance 39(3), 1984, pp. 574–592.   Go to ⤴︎
3. A Unified Theory of Tobin’s q, Corporate Investment, Financing, and Risk Management,” Bolton P, Chen H, Wang N. NBER Working Paper 14845, April 2009, and The Journal of Finance 66(5), 2011, pp. 1545–1578.   Go to ⤴︎
4. Ibid. Figure 2.   Go to ⤴︎
5. Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?” Kaplan SN, Zingales L. The Quarterly Journal of Economics 112(1), 1997, pp. 169–215. “The Corporate Propensity to Save,” Riddick LA, Whited TM. The Journal of Finance 64(4), 2009, pp. 1729–1766. Go to ⤴︎
6. Why Do US Firms Hold So Much More Cash Than They Used To?” Bates TW, Kahle KM, Stulz RM. The Journal of Finance 64(5), 2009, pp. 1985–2021, and “Is There a US High Cash Holdings Puzzle after the Financial Crisis?” Pinkowitz LF, Stulz RM, Williamson RG. The Ohio State University Fisher College of Business Working Paper No. 2013-03-07.   Go to ⤴︎
7. Market Timing, Investment, and Risk Management,” Bolton P, Chen H, Wang N. NBER Working Paper 16808, February 2011, and Journal of Financial Economics 109(1), 2013, pp. 40–62.   Go to ⤴︎
8. The Timing of Financing Decisions: An Examination of the Correlation in Financing Waves,” Dittmar AK, Dittmar RF. Journal of Financial Economics 90(1), 2008, pp. 59–83.   Go to ⤴︎
9. Investment under Uncertainty with Financial Constraints,” Bolton P, Wang N, Yang J. NBER Working Paper 20610, July 2019, and Journal of Economic Theory 184, November 2019, 10.1016.   Go to ⤴︎
10. A Theory of Debt Based on the Inalienability of Human Capital,” Hart O, Moore J. The Quarterly Journal of Economics 109(4), 1994, pp. 841–879.   Go to ⤴︎
11. Optimal Contracting, Corporate Finance, and Valuation with Inalienable Human Capital,” Bolton P, Wang N, Yang J. NBER Working Paper 20979, March 2019, and The Journal of Finance 74(3), 2019, pp. 1363–1429.   Go to ⤴︎
12. Precautionary Savings with Risky Assets: When Cash Is Not Cash,” Duchin R, Gilbert T, Harford J, Hrdlicka C. The Journal of Finance 72(2), 2017, pp. 793–852.   Go to ⤴︎
13. Boarding a Sinking Ship? An Investigation of Job Applications to Distressed Firms,” Brown J, Matsa DA. The Journal of Finance 71(2), 2016, pp. 507–550.   Go to ⤴︎
14. Presidential Address: Collateral and Commitment,” DeMarzo P. The Journal of Finance 74(4), 2019, pp. 1587–1619.   Go to ⤴︎
15. Leverage Dynamics and Financial Flexibility,” Bolton P, Wang N, Yang J. NBER Working Paper 26802, February 2020. This research builds on “How Costly is External Financing? Evidence from a Structural Estimation,” Hennessy CA, Whited TM. The Journal of Finance 62(4), 2007, pp. 1705–1745.   Go to ⤴︎
16. Do Firms Rebalance Their Capital Structures?” Leary MT, Roberts MR. The Journal of Finance 60(6), 2005, pp. 2575–2619, and “Back to the Beginning: Persistence and the Cross‐Section of Corporate Capital Structure,” Lemmon ML, Roberts MR, Zender JF. The Journal of Finance 63(4), 2008, pp. 1575–1608.   Go to ⤴︎
17. Corporate Deleveraging and Financial Flexibility,” DeAngelo H, Gonçalves AS, Stulz RM. The Review of Financial Studies 31(8), 2018, pp. 3122–3174.   Go to ⤴︎
18. Debt, Taxes, and Liquidity,” Bolton P, Chen H, Wang N. NBER Working Paper 20009, March 2014.     Go to ⤴︎
19. Dynamic Banking and the Value of Deposits,” Bolton P, Li Y, Wang N, Yang J. NBER Working Paper 28298, December 2020.   Go to ⤴︎

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