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Friedman 50 Years Later

The Real Effects of Environmental Activist Investing

S. Lakshmi Naaraayanan, Kunal Sachdeva, Varun Sharma
A new study examines the efficacy of climate-focused investor engagements initiated by the New York City Pension System. Its findings support the...
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Friedman 50 Years Later

For Whom Corporate Leaders Bargained: What the Past Can Teach Us About the Questionable Promise of Implementing Stakeholder Capitalism Today

Lucian Bebchuk, Kobi Kastiel, Roberto Tallarita
The debate about stakeholder capitalism should seek to learn from our experience with constituency statutes, which authorized corporate leaders to take into...
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Friedman 50 Years Later

The Enduring Wisdom of Milton Friedman

Steven Kaplan
Shareholder value maximization has been extremely successful globally in the way that matters most because, in many cases, maximizing shareholder value is...
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Friedman 50 Years Later

Shareholders Don’t Always Want to Maximize Shareholder Value

Oliver Hart
Oliver Hart, winner of the 2016 Nobel Prize for economics, reflects on how the world has changed since Milton Friedman published his famous essay...
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Media

Bethany McLean’s Weekend Reading List: Shopify, Distressed Investors, and the Sacklers’ Opioid Fortune

Bethany McLean
Corruption, lobbying, corporate malfeasance, and frauds: a weekly unconventional selection of must-read articles by investigative journalist Bethany McLean. 
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Antitrust and Competition

Contextualizing the Dispute Between Australia, Facebook, and Google

Filippo Lancieri
The Australian Competition and Consumer Commission's draft news media bargaining code for digital platforms has elicited aggressive responses from both Google and...
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Friedman 50 Years Later

Pursuing Stakeholder Capitalism Is an Impossible Task When Stakeholders Have Different Beliefs

Marc Painter
Can companies really attempt to benefit all stakeholders, when stakeholders rarely agree on the best course of action? A new study examines...
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Friedman 50 Years Later

What Stakeholder Capitalism Can Learn From Milton Friedman

Alex Edmans
Instead of ridiculing the Friedman doctrine and proclaiming its death, advocates of stakeholder capitalism and responsible investing, like me, can learn a...
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Friedman 50 Years Later

The Illusory Promise of “Stakeholderism”: Why Embracing Stakeholder Governance Would Fail Stakeholders

Lucian Bebchuk, Roberto Tallarita
Stakeholderism—granting corporate leaders discretion to give weight to the interest of all stakeholders—should not be expected to deliver its purported benefits to...
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Friedman 50 Years Later

Diversifying Corporate Boards — the Best Way Toward a Balanced Shareholder/Stakeholder System of Corporate Governance

John C. Coffee, Jr.
Boards can recognize that their shareholders have needs beyond financial wealth maximization. Making corporate boards representative and diverse works better than co-determination...
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Delaware: The State Where Companies Can Vote

Hal Weitzman
Adapted from What’s the Matter with Delaware: How the First State Has Favored the Rich, Powerful, and Criminal—and How It Costs Us...
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Antitrust and Competition

The NCAA Goes After College Athletes’ NIL Money—Here are the Antitrust Implications for Workers and Consumers

Ted Tatos
Having lost in the Supreme Court on student-athlete academic benefits, the NCAA has signaled a continuing attempt to suppress competition in the...
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Corporate Governance

Have Business Roundtable Companies Lived Up to Their Stakeholder Commitments?  

Lucian Bebchuk, Roberto Tallarita
In 2019, more than 100 CEOs of US public companies signed a Business Roundtable statement in which they pledged to deliver value...
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Inequality

Do Protests Matter At All for Shifting Government Policy Around Economic Redistribution?

Belinda Archibong
New research on the effectiveness of protests on government distributions provides insights into the political incentives of a country’s leadership and the...
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Antitrust and Competition

Mergers and Smoking Guns

Erik Peinert
A recently uncovered memo from George Stigler and Richard Posner reveals how they thought about antitrust and merger policy in advising the...
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Corporate Governance

Will “Portfolio Primacy” Throw a Monkey Wrench in Elon Musk’s Plans to Acquire Twitter?

Bernard Sharfman
The SEC's definition of fiduciary duty allows institutional shareholders to vote against Elon Musk's Twitter takeover bid thanks to portfolio primacy.
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Antitrust and Competition

How Europe Can Enforce the Digital Markets Act Effectively 

Alexandre de Streel, Fiona Scott Morton, Jacques Crémer, Amelia Fletcher, Paul Heidhues, Giorgio Monti, Rupprecht Podszun, Monika Schnitzer
As the European Commission gets ready to embark on the complicated task of implementing the recently agreed-upon Digital Market Act, which would...
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