Board of Directors

Firms with Owners in Common Are Freer about Publicly Disclosing Information

The accounting literature has long examined how public disclosures relate to firm competitiveness. If common ownership is in fact hurting competition, companies with owners...

Serving Shareholders Doesn’t Mean Putting Profit Above All Else

The time has come for companies, economists, and society to abandon the argument that the only responsibility of business is to maximize profits. (Note: This...

Turning Corporations into Democracies

The problem with encouraging firms to maximize shareholder welfare is how to prevent managers and special interests from diverting corporate resources in the name of shareholder...

Where Friedman Was Wrong

A new paper by Oliver Hart and Luigi Zingales argues that a company’s objective should be the maximization of shareholders’ welfare, not value.  In 1970,...

Enhancing Competition? The Role of Governance in Increasing Exposure to Competition

Contemporary corporate governance reform has been a mixed bag: reforms that increase a company’s exposure to competition through the control market have been helpful,...

Are Managers Who Oppose Shareholder Proposals Acting in the Best Interest of Shareholders?

A new Stigler Center working paper finds that managers who resist shareholder proposals are typically acting responsibly, as opposed to acting on their own...

Wells Fargo and the Failure of Boards and Regulators

Two new reports concerning the Wells Fargo scandal suggest that the bank's senior management, its board of directors, and the regulators all knew about the bank's...

The Non-Performing Assets of Wells Fargo

The entire board of Wells Fargo, not just the CEO, needs to be replaced. In 1992, shareholder activist Bob Monks purchased a full-page ad in...

What Differentiates White-Collar Criminals From Other Executives? A Q&A With Eugene Soltes

Video: Harvard Business School professor Eugene Soltes discusses his new book and explains why he considers white-collar crime to be a failure of intuition, not reasoning. What drives...

Why Most Boards Fail

A Stigler Center panel debate examines the impact of activist shareholders and the role of dissenting board members. Corporate governance has seen some substantial reforms...

LATEST NEWS

Bethany McLean’s Weekend Reading List: Eastman Kodak, Private Equity Hospitals, and America’s First Female Recession

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

Tech Monopolies Are the Reason the US Now Has a TikTok Problem

Tech platforms like Facebook say we should protect, empower, and celebrate their concentrated power for the sake of America’s national security. But...

Police Stops of Black Drivers Increase Following Trump Rallies, New Study Suggests 

A new study looks into how Trump's 2016 presidential campaign affected police behavior toward Black Americans and finds that the probability that...

Big Tech Is Officially Too Big to Manage

Last week’s Congressional hearing on Big Tech showed the CEOs of the four largest tech platforms unable to answer basic questions about...

The House’s Big Tech Hearing: Break Ups Large and Small?

Last week’s epic House hearing on online platforms raised many issues, chief among which was the question who gets to operate at...