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Anat Admati

Anat R. Admati is the George G.C. Parker Professor of Finance and Economics at Stanford University Graduate School of Business (GSB), a Director of the GSB Corporations and Society Initiative, and a senior fellow at Stanford Institute for Economic Policy Research. She is an economist with broad cross-disciplinary interests in the interactions between business, law and policy, and an advocate for better governance and accountability in the private sector and in government. She is also the author of The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It (Princeton University Press, 2013).
ESG, Corporate Governance & Future of the Firm

The Harmful Effects of “Good” Corporate Governance

Anat Admati
In new research, Anat R. Admati, Nate Atkinson, and Paul Pfleiderer argue that when misconduct is profitable, enforcement mechanisms aimed at deterring corporate misconduct often fail to achieve their goals and they may even backfire. The reason is that corporations can adjust internal governance mechanisms, particularly managerial compensation, to reduce or nullify the deterrent effects of corporate or managerial sanctions. These responses may lead to more misconduct and exacerbate social harm.
Book Reviews

Is the US Bankruptcy System Morally Bankrupt?

Anat Admati
Anat R. Admati reviews Unjust Debts: How Our Bankruptcy System Makes America More Unequal (2024) by Melissa B. Jacoby.
Book Excerpts

The Bankers’ New Clothes

Anat Admati
The following is an excerpt from the book The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It - New and Expanded Edition by Anat Admati and Martin Hellwig published by Princeton University Press and reprinted here by permission. Also check out today's Capitalisn't interview with Anat Admati.
ESG, Corporate Governance & Future of the Firm

George Stigler and the Challenge of Democracy

Anat Admati
We are all victims of what George Stigler described as “the pervasive use of state support of special groups” and of governance failures everywhere....
News

Milton Friedman and the Need for Justice

Anat Admati
Milton Friedman predicated his shareholder value maximization credo on the strong implicit and explicit assumptions that the rules of society protect stakeholders other than...
Academic Capture

Political Economy, Blind Spots, and a Challenge to Academics

Anat Admati
Anat Admati calls on economists and academics to engage with governance and political economy issues, scrutinize models before applying them to the real world,...

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The publication of the Stigler Center at The University of Chicago Booth School of Business

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