For corporate finance to truly advance we need more genuinely testable models
本文批评公司金融领域理论模型缺乏可检验性，指出多数模型是静态的或假设企业间无直接互动，而现实中多数行业是寡头垄断。作者呼吁发展可检验的动态寡头垄断模型以推动领域进步。
Abstract Corporate finance has turned into a field where researchers produce what seem like a constant flow of disconnected papers. Theories are never confirmed or refuted. At best, empirical papers confirm models without a realistic alternative to refute. The problem is that today's models are either static or have firms that never interact directly with other firms. Most industries are oligopolies. For firms in these industries the competition's actions in the product market are likely of paramount importance. If corporate finance is going to progress, we need papers with testable dynamic oligopoly models. Models where firms compete directly with each other.