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ESG, Corporate Governance & Future of the Firm

The system of formal and informal rules by which a company is governed. Corporate governance shapes more than just a given’s company value – it dictates who controls the capital in the economy and so how this capital is being put the use. Corporate governance therefore affects and is affected by the degree of cronyism and rent-seeking in society.

ESG, Corporate Governance & Future of the Firm

How Companies Spin Off Environmental Liabilities to Avoid Legal Obligations

David F. Larcker
Environmental externalities are vexing for corporate decision makers, but some companies have figured out a way to deal with them: a spinoff. A recent...
ESG, Corporate Governance & Future of the Firm

Corporate Responsibility and The Two Minds of Milton Friedman

Ernesto Dal Bó
Milton Friedman had two inconsistent minds: That of an economist and an ideologue. The view that maximizing profits without constraint is a manager’s only...
ESG, Corporate Governance & Future of the Firm

Wirecard Scandal: When All Lines of Defense Against Corporate Fraud Fail

Jan Pieter Krahnen
Scandals such as Wirecard can destroy investor trust in capital markets working fairly and with integrity. A new policy brief commissioned by the European...
ESG, Corporate Governance & Future of the Firm

We Need More Research on Corporate Corruption

Armando Castro
The last decade has seen a continuous drumbeat of revelations of corporate corruption and the current economic crisis is sure to reveal many more....
ESG, Corporate Governance & Future of the Firm

The Social Voice of CEOs

Swarnodeep Homroy
A new working paper examines the phenomenon of CEO activism and finds that while statements by activist CEOs are more likely to have a...
ESG, Corporate Governance & Future of the Firm

Does a CEO Have a Duty to Lobby?

Luigi Zingales
We need not only more disclosure, but also more work in alerting people in general (and students in particular) about the distortive effects of...
Commentary

Should Whistleblower Reward Laws be Capped?

Stephen M. Kohn
The SEC is expected to approve a proposed rule change that could limit the amount of awards paid to whistleblowers, despite evidence that shows...
ESG, Corporate Governance & Future of the Firm

How Hedge Fund Performance Fees Fail Investors

Itzhak Ben-David
In the hedge fund industry, there is a material disconnect between funds’ lifetime performance and lifetime incentive fees for managers. A new study analyzes...
ESG, Corporate Governance & Future of the Firm

Do People Think Finance Benefits Society?

Manish Jha
A new paper seeks to measure popular sentiment toward finance based on mentions of “finance” in millions of books, spanning eight languages and hundreds...
ESG, Corporate Governance & Future of the Firm

Call for Papers: Should Corporations Have a Social Purpose?

ProMarket writers
The Stigler Center is launching its fourth Political Economy of Finance conference and seeking papers on topics related to corporate social responsibility, the purpose...
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ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.