Joachim Fels | London
Recent forecast
revisions around the globe take our 2009 global GDP growth forecast
down from -0.3% last month to -1.2%. These revisions take on board
the continued vertiginous drop in global trade and its knock-on
effects on output, capex and employment.
Many important ideas of modern corporate
finance theory and practice began with the pathbreaking work of MIT
finance professor Stewart Myers during his 40-plus-year career. This
issue of the Journal summarizes and pays tribute to Myers'
influential work on capital structure, capital budgeting, and
valuation.
Credit will likely continue to face headwinds in the short term.