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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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News

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

Zhiguo He, Maggie Hu, Zhenping Wang, Vincent Yao
A new paper studies the link between ongoing political uncertainty and long-term property rights in Hong Kong. It finds that properties subject...
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Money in Politics

Healthcare Companies Spent More on Lobbying Than Any Other Industry Last Year

Brooke Fox
Threatened by regulated price caps from congress, the pharmaceutical industry spent nearly $390 million on lobbying in 2021 according to new data...
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Antitrust and Competition

Antitrust and Rule by Judges

Paul Tucker
The early-1980s Posner-Stigler memorandum to incoming president Reagan’s transition team is interesting for a host of reasons, but most of all in...
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Antitrust and Competition

Should the European Union Require Tech Firms to Adopt a Common Charger?

Federico Innocenti, Martin Peitz
According to a new European Commission directive expected to be approved in the next few months, tech firms will have to use...
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News

Chart of the Week: Economists Don’t Think Congress Should Make Price Gouging Illegal

Brooke Fox
Most economists disagree with a new bill in the US that would set limits on "unconscionably excessive prices," according to a recent...
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Antitrust and Competition

Neoliberal Economists Are Giving Biden Bad Advice on Inflation

Hal Singer
To spare the economy from the pain of further interest rate hikes, the President should aggressively pursue anticompetitive conduct by companies in...
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Antitrust and Competition

How Would the Big Tech Self-Preferencing Bill Affect Users? 

Randy Picker
The Senate looks to be nearing a vote on the American Innovation and Choice Online Act, which would prohibit gatekeeping digital platforms...
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News

New eBook Revisits George Stigler’s Theory of Regulatory Capture 50 Years Later

Filippo Lancieri, Luigi Zingales
To mark the 50-year anniversary of George Stigler’s seminal piece, “The Theory of Economic Regulation” we are publishing a new eBook examining...
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