The second installment in ProMarket’s new interview series: Should the economic theory of the firm be modified? If so, how? In this installment, we ask MIT’s John Van Reenen. “Since markets in the U.S. and other advanced countries have become increasingly concentrated in the hands of a smaller number of “superstar” firms, the ability of such firms to influence market rules has also strengthened.”
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Should the economic theory of the firm be modified? If so, how? In March, the Stigler Center at the University of Chicago Booth School of Business, Harvard Business School, and Oxford University will organize a conference to answer these questions and more. Ahead of the conference, we are launching an interview series with influential scholars in the field. In the first installment, Daniel Carpenter of Harvard University answers our questions: “the profitability and survival prospects of many firms in the coming years will depend heavily, in a polarized environment, on the political skills of managers.”
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A new paper by Elisabeth Kempf from the University of Chicago looks into the performance of credit analysts who left to work for investment banks and finds that they were more accurate than their peers.
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“Blockchain technology is threatening to remake the financial system from the top down in a way that threatens the existence of all the banks, stock changes, and all of the legacy financial institutions. I expect that within the next 10 years, probably half of the banks will be gone.”
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A recent working paper suggests that firms react to political risk, both passively by cutting investment and employment, and actively by ramping up lobbying efforts.
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Martin Schmalz, assistant professor of business administration and finance at the University of Michigan, speaks about the anti-competitive effects of common ownership, a situation in which competing firms operating in the same industry share identical major shareholders.
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Oliver Hart, the recipient of this year’s Nobel Prize in economics, sits down for a special interview with ProMarket in which he discusses his life’s work and the state of the U.S. economy.
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According to a new study, the world’s largest soda companies have sponsored 96 national health organizations during the last five years.
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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.
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Stanford professor Anat Admati discusses her new paper, in which she explains how a mix of distorted incentives, ignorance, confusion, and lack of accountability contributes to the persistence of a dangerous and poorly regulated financial system.
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The entire board of Wells Fargo, not just the CEO, needs to be replaced.
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The most fruitful avenue for reducing regulatory capture is to impose more checks-and-balances on our agencies, reversing recent trends toward expediency.
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