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Research

Research

Investors Are Failing To Take into Account the Green Transition

Shaojun Zhang
A stock market that has priced in the transition risk away from greenhouse gasses would see higher future returns, the so-called carbon premium, for...
Antitrust and Competition

How the AT&T Case Can Inform Big Tech Breakups

Monika Schnitzer
Breaking up companies that antitrust regulators consider too dominant can be costly and might negatively impact innovation and consumer welfare. As economists and policymakers...
Antitrust and Competition

A New Merger Tool Protects Consumers from Limits of the Cournot Effect

Alessandro S. Kadner-Graziano
The widely accepted Cournot effect assumes that the merger of complementary firms benefits downstream firms and consumers (in addition to the merged firms themselves)...
Antitrust and Competition

User Hesitancy Increases Online Platforms’ Incumbency Advantage

Jacques Crémer
“Incumbency advantage” among Big Tech platforms recognizes that network effects prevent users from leaving established platforms for emerging competitors. Gary Biglaiser, Jacques Crémer, and...
Democracy

Climate Change Is Shifting Voter Behavior in Low-Income Countries

Amrit Amirapu
Farmers in low-income countries have multiple channels through which they respond to climate change. Some switch to growing more heat-resilient crops or crops that...
ESG, Corporate Governance & Future of the Firm

Investing in Influence: Investors, Portfolio Firms, and Political Giving

Marianne Bertrand
A new paper examines the relationship between the rising concentration in institutional investors' ownership of publicly traded U.S. firms and portfolio companies' political giving....
Big Tech

Twitter’s Corporate Leaders Pushed their Stakeholders under the (Musk) Bus

Lucian Bebchuk
In a new study, we examine whether, in negotiating the sale to Elon Musk, Twitter’s corporate leaders took into account the commitments to employees...
Democracy

Elections Hinder Companies’ Access to Credit

Florian Léon
A large body of literature has produced uncertain conclusions about how elections affect firms’ access to credit. In a wide-ranging analysis of firm behavior...
Economic History

To Build an Equitable Economy, We Must Understand Capitalism’s Racist Heritage

Elizabeth Kennedy
American capitalism was built on racial exploitation, from the enslavement of Black people to institutionalized discrimination and its structural impact on our nation’s economic...
Fiscal Policy

More than Economics, Ideology Determines US Voters’ Preferences for Redistribution

Gustavo de Souza
The US stands out among developed economies for its comparatively low level of redistribution as a percentage of GDP. Gustavo de Souza examines the...
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