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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

Why Firms’ Shareholders Condone Seemingly “Excessive” Executive Pay Packages, and What it Means For the Economy

Martin Schmalz
If the large mutual funds are out to improve governance, why do they condone, if not encourage, seemingly excessive and performance-insensitive compensation packages? A new...
ESG, Corporate Governance & Future of the Firm

Keynesian Winner-Lose-All Economics

Randall Morck
When calm, reasoned arguments, logical deductions, evidence and the like are not able to block Keynesian utility traps, ridicule might do the job. Professional sports, like...
ESG, Corporate Governance & Future of the Firm

The Surprising Failure Of Food Labeling

Omri Ben-Shahar
If lawmakers want to improve the dietary choices of Americans, the first thing they need to recognize is that the problem is not information. (Note:...
ESG, Corporate Governance & Future of the Firm

Who Killed Corporate Reputation?

Roy Shapira
Regulation and reputation are not independent of each other. Regulation can substitute, crowd out, or even implement the power of reputational concerns. A better understanding...
ESG, Corporate Governance & Future of the Firm

Uncompromisingly Rajan

Luigi Zingales
Most people in power choose nominees without any outside option, because such people are willing to do anything to be reappointed. Raghuram Rajan is...
ESG, Corporate Governance & Future of the Firm

ProMarket Interview: Alan Blinder on Over-Regulating Financial Markets

Guy Rolnik
In order to get optimal regulation in the financial world, says Alan Blinder, the former Vice Chair of the Federal Reserve, one should seek...
ESG, Corporate Governance & Future of the Firm

Raghuram Rajan Unexpectedly Leaves RBI

ProMarket writers
In an unexpected move that will likely reverberate throughout India’s political system and financial sector, Rajan announced he will not seek a second term...
ESG, Corporate Governance & Future of the Firm

“If Uber Was a Government Program, There Would be Parades Thrown”: David Plouffe on Uber, Regulation, and Disruption

ProMarket writers
Uber’s chief advisor in a conversation with Chicago Booth professor Guy Rolnik: “We’re called a disruptive company—I think it’s more accurate to call us...
ESG, Corporate Governance & Future of the Firm

RBI Governor Rajan’s Fight Against Crony Capitalism

Luigi Zingales
The Governor of India’s Central Bank, Raghuram Rajan, is attacked for fighting the inefficiency of the banking system.  In any country in the world, a...
ESG, Corporate Governance & Future of the Firm

A Moment To Reform Accounting Rulemaking?

Karthik Ramanna
The European Parliament is due to formally adopt a cross-party report that is strongly critical of accounting standard-setting institutions, in particular the International Accounting...
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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.