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Friedman 50 Years Later

Pursuing Stakeholder Capitalism Is an Impossible Task When Stakeholders Have Different Beliefs

Can companies really attempt to benefit all stakeholders, when stakeholders rarely agree on the best course of action? A new study examines...
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Friedman 50 Years Later

What Stakeholder Capitalism Can Learn From Milton Friedman

Instead of ridiculing the Friedman doctrine and proclaiming its death, advocates of stakeholder capitalism and responsible investing, like me, can learn a...
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Friedman 50 Years Later

The Illusory Promise of “Stakeholderism”: Why Embracing Stakeholder Governance Would Fail Stakeholders

Stakeholderism—granting corporate leaders discretion to give weight to the interest of all stakeholders—should not be expected to deliver its purported benefits to...
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Friedman 50 Years Later

Diversifying Corporate Boards — the Best Way Toward a Balanced Shareholder/Stakeholder System of Corporate Governance

Boards can recognize that their shareholders have needs beyond financial wealth maximization. Making corporate boards representative and diverse works better than co-determination...
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News

How Does Political Uncertainty Affect the Valuation of Long-Term Property Rights? Lessons From Hong Kong

A new paper studies the link between ongoing political uncertainty and long-term property rights in Hong Kong. It finds that properties subject...
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Antitrust and Competition

Competition in Digital Markets: What Have We Learned So Far?

A new Stigler Center working paper systematically analyzed and summarized 21 reports issued by 17 antitrust authorities and expert panels on the...
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COMMENTARIES

Should Whistleblower Reward Laws be Capped?

The SEC is expected to approve a proposed rule change that could limit the amount of awards paid to whistleblowers, despite evidence...
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COMMENTARIES

Emmanuel Farhi, Economist and Renaissance Man

Matteo Maggiori eulogizes Harvard economist Emmanuel Farhi, who passed away last month at the age of 41.
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Antitrust and Competition

“The Antitrust Doctrine We’ve Seen Over the Last 40 Years Simply Does Not Match the Lived Experience of People”

In an interview with ProMarket, investigative journalist David Dayen discusses the toll that monopoly power takes on the lives of ordinary Americans...
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Inequality

The Economic Costs of Discriminating Against Top Talent: Insights From Nazi Germany

A new study looks at the discrimination of Jewish managers in Germany in the 1930s and shows how the rise of a...
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Bethany McLean’s Weekend Reading List: Wirecard, Covid-Overwhelmed Hospitals, and Plastic

Bethany McLean
Corruption, lobbying, corporate malfeasance, and frauds: a weekly unconventional selection of must-read articles by investigative journalist Bethany McLean. 
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Friedman 50 Years Later

“50 Years Later, It’s Time to Reassess”: Raghuram Rajan on Milton Friedman and Maximizing Shareholder Value

Raghuram Rajan
The biggest problem with shareholder value maximization is that it completely turns a tin ear to politics. The alternative is to maximize...
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Friedman 50 Years Later

It Is Time to Move on From Friedman’s View of the Corporation

Stefano Zamagni
The anti-CSR position defended by Friedman would be acceptable only under conditions that have never been met by any real-world economy. Furthermore,...
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Friedman 50 Years Later

Corporations Are Already Plenty Powerful. Stakeholder Capitalism Could Make Them More So

Karthik Ramanna
Encouraging corporations to further step into the role of governments and civil society groups by becoming more "socially focused" risks greater depreciation...
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Friedman 50 Years Later

The Real Effects of Environmental Activist Investing

S. Lakshmi Naaraayanan, Kunal Sachdeva, Varun Sharma
A new study examines the efficacy of climate-focused investor engagements initiated by the New York City Pension System. Its findings support the...
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Friedman 50 Years Later

For Whom Corporate Leaders Bargained: What the Past Can Teach Us About the Questionable Promise of Implementing Stakeholder Capitalism Today

Lucian Bebchuk, Kobi Kastiel, Roberto Tallarita
The debate about stakeholder capitalism should seek to learn from our experience with constituency statutes, which authorized corporate leaders to take into...
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Friedman 50 Years Later

The Enduring Wisdom of Milton Friedman

Steven Kaplan
Shareholder value maximization has been extremely successful globally in the way that matters most because, in many cases, maximizing shareholder value is...
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