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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

Over 60 Leading Finance Economists Ask SEC to Revise the Shareholder Voting Draft Reform

ProMarket writers
The new regulation that Security and Exchange Commissioners voted in November doesn't fix proxy advisory industry duopoly problems, but it actually makes them worse:...
ESG, Corporate Governance & Future of the Firm

New Rules on Shareholder Voting Debate: Best Readers' Comment

James McRitchie
The draft SEC regulation on shareholder proposal and proxy advisory firms will curb the initiative of individual shareholders to improve corporate governance and transparency...
ESG, Corporate Governance & Future of the Firm

Why the US Government Buys Overpriced Services From McKinsey

Matt Stoller
The Industrial Funding Fee pays $3 million a year for a 23-year old McKinsey employee instead of hiring an experienced person directly to do...
Academic Capture

The Best Political Economy Books of 2019

Asher Schechter
A history of American antimonopoly, the case against Big Tech, and how Europe got better than the US at free markets: here are (in no...
ESG, Corporate Governance & Future of the Firm

Shareholders at the Gate: The Increasing Pressure on CEOs for More Transparency

Joost Sijthoff
The average share of votes in favor of proposals that require corporate executives to disclose political and lobbying spending is trending up. But a...
ESG, Corporate Governance & Future of the Firm

The SEC Proposal on Proxy Advisory Firms Will Provide Greater Transparency and Accountability

David F. Larcker
Proxy advisory firms lack transparency and their recommendations are not always in shareholders' interests. However, despite their poor performance, the two biggest firms' market...
ESG, Corporate Governance & Future of the Firm

Why CEOs and Regulators Clash With the Duopoly of Proxy Advisory Firms

Stefano Feltri
Institutional investors that own between 70 and 80 percent of the market value of US public companies often rely on investment advisers voting on behalf of...
ESG, Corporate Governance & Future of the Firm

Fake Letters Poisoned the Debate on SEC's New Rules on Shareholder Votes and Proxy Advisory Firms

Stefano Feltri
SEC Chairman Jay Clayton claimed that the draft regulation on shareholders' votes and proxy advisory firms received approval by hundreds of "Main Street" Americans....
Antitrust and Competition

High-Priced Acquisitions of Tech Startups Do Not Always Stimulate More Innovation

ProMarket writers
What seems to be a big reward to innovation ultimately reduces the incentive to innovate, argues a new Stigler Center working paper by Krishna...
ESG, Corporate Governance & Future of the Firm

The New SEC Proxy Rules Will Redefine American Capitalism: Let’s Debate Them

ProMarket writers
A new SEC proposal regarding proxy advisors will make it harder for shareholders to vote against CEOs' preferences. However, there is a 60-day period...
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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.