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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

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...
ESG, Corporate Governance & Future of the Firm

The SEC's Proposal on Proxy Advisor Regulation Shields CEOs From Accountability to Investors

Robert Jackson
SEC Commissioner Robert Jackson dissented from his SEC colleagues' proposal on how to reform proxy advisors regulation. New rules, he argues, would introduce a...
ESG, Corporate Governance & Future of the Firm

A Complicated Villain: Is Elizabeth Warren Right About Private Equity?

Kate Waldock
In a new episode of their podcast Capitalisn't, Kate Waldock and Luigi Zingales discuss one of the most hated industries of America: private equity. Democratic...
Antitrust and Competition

A Tale of Hubris and Excess: How Uber Fooled Portland Regulators

Mike Isaac
In an excerpt from his new book "Super Pumped: The Battle for Uber," New York Times reporter Mike Isaac reveals the details of Uber's...
ESG, Corporate Governance & Future of the Firm

A Financier Against the Russian Oligarchs: Why Bill Browder Is Putin's Public Enemy No. 1

Stefano Feltri
Bill Browder, Heritage Fund founder and the person behind the Magnitsky Act, will speak at the Stigler Center on November 8. Browder and professor Luigi Zingales...
ESG, Corporate Governance & Future of the Firm

SolarCity’s Troubles Fuel the Religious War Around Tesla’s Future and Elon Musk

Bethany McLean
Musk has been saying for years that his solar business will be similar in size to Tesla’s car business, but this is not likely to...
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The publication of the Stigler Center at The University of Chicago Booth School of Business

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.