Shareholders

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

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

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

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

Serving Shareholders Doesn’t Mean Putting Profit Above All Else

Oliver Hart, Luigi Zingales: The time has come for companies, economists, and society to abandon the argument that the only responsibility of business is...

Friedman’s Principle, 50 Years Later

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

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...

The SEC’s Shareholder Voting Reform Runs Counter to Attempts at Democratizing Corporate America

The SEC should drop its proposed changes or modify them so that they are less onerous and less damaging to the rights of shareholders...

The SEC Proposal on Proxy Advisory Firms Will Provide Greater Transparency and Accountability

Proxy advisory firms lack transparency and their recommendations are not always in shareholders' interests. However, despite their poor performance, the two biggest firms' market...

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...

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...

LATEST NEWS

The ACCC’s News Media Bargaining Code: Experimenting with “Decentralized Regulation” of Dominant Digital Platforms

The Australian Competition and Consumer Commission recently proposed a mandatory bargaining code to govern negotiations between digital platforms like Google and Facebook...

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

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

Capitalisn’t Is Back: Can Economists and Journalists Work Together to Improve Capitalism?

Is capitalism the engine of prosperity, or is it the engine of destruction? On this podcast, we talk about the ways capitalism...

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

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

Australia’s News Media and Digital Platforms Bargaining Code is Great Politics But Questionable Economics

If the Australian government wants to subsidize high-quality journalism then it should, well, subsidize high-quality journalism. The new proposed ACCC code would...