Shareholders

Are Large Institutional Investors Actually Effective in Getting Companies to Reduce Their CO2 Emissions?

Large institutional investors have been accused of not doing enough to reduce CO2 emissions. However, a new study finds that firms like BlackRock, Vanguard,...

President-Elect Joe Biden and the Real Lessons of DuPont

Simply talking corporate America into being more responsible is not enough. It may get corporations to talk the talk, but not to...

It is Not Just Small Investors Who Will Be Silenced Thanks to SEC’s New Rules

Shareholder proposals are one of the most effective forms of shareholder voice in corporate America. It is one of the main channels...

Beyond Friedman’s Doctrine: The True Purpose of the Business Corporation

The pandemic and the renewed focus on inequality and injustice arising in the wake of the death of George Floyd have accelerated...

Market Forces Already Address ESG Issues and the Issues Raised by Stakeholder Capitalism

When do market forces push firms toward stakeholder goals, rather than just shareholder goals? When do market forces push firms toward ESG...

Missing in Today’s Shareholder Value Maximization Credo: The Shareholders

Today’s corporate world is very different from the one Milton Friedman wrote in. In a world where the question of whether managers...

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. Editor’s note:...

Friedman’s Principle, 50 Years Later

In the mid-1980s, Milton Friedman’s view that the only social responsibility of business is to increase its profits became dominant in business...

Please, Don’t Use Taxpayer Money to Bail Out Investors Like Me

When we invested in stocks and bonds, we knew we might have to face a storm or two. The high returns we received on...

Economics, Law and Finance Professors from Major Universities Write to Congress : “Bail Out People Before Large Corporations”

"Bailouts allow investors to keep all the profits in good times without bearing the losses in bad times. Instead, bailouts impose losses on taxpayers, including those...

LATEST NEWS

Stigler’s Interest-Group Theory of Regulation: A Skeptical Note

As a rule, regulation is not acquired by “the industry,” and it is not designed and operated primarily for its benefit. The...

The Durable Impact of Stigler’s Theory of Economic Regulation

George Stigler’s “The Theory of Economic Regulation” was an early application of public choice reasoning to a practical problem—the work of regulatory...

Economic Regulation After George Stigler

George Stigler’s “The Theory of Economic Regulation” has left a lasting impact on the academic and real-world practice of regulatory policy. Fifty...

Female Academics Are Disproportionately Affected By Covid-19 Disruptions In Childcare

A new paper finds that academics who are parents to young children, and especially mothers, have lost a significant amount of research...

Rethinking Competition: From Market Failures to Ecosystem Failures

Despite the overwhelming importance of digital platforms, and the chatter around their recent rise, our understanding of digital ecosystems is still limited....