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property rights

Corporations Are Governance Mechanisms, Not Shareholder Toys

Margaret Blair
Milton Friedman’s shareholder credo is simple and catchy but has shaky foundations. Corporate directors and officers are not agents of shareholders and have no...

How Does Political Uncertainty Affect the Valuation of Long-Term Property Rights? Lessons From Hong Kong

Zhiguo He
A new paper studies the link between ongoing political uncertainty and long-term property rights in Hong Kong. It finds that properties subject to political...

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