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The Equitable Economy

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...
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...
ESG, Corporate Governance & Future of the Firm

Shareholder Democracy Doesn’t Work. Here’s How It Can.

Oliver Hart
An opinion piece by Oliver Hart and Luigi Zingales describes how a new voting mechanism could help individual investors persuade companies to act in...
ESG, Corporate Governance & Future of the Firm

Have Business Roundtable Companies Lived Up to Their Stakeholder Commitments?  

Lucian Bebchuk
In 2019, more than 100 CEOs of US public companies signed a Business Roundtable statement in which they pledged to deliver value to all...
Income 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 resulting economic...
ESG, Corporate Governance & Future of the Firm

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. Is the Musk...
ESG, Corporate Governance & Future of the Firm

How Enlightened is Enlightened Shareholder Value?

Lucian Bebchuk
There has been growing support for replacing the traditional corporate purpose with so-called “enlightened shareholder value,” which would guide firms to consider stakeholder interests...
ESG, Corporate Governance & Future of the Firm

Are “Bankruptcy Directors” Bad for Creditors?

Jared Ellias
A new paper studies the rise of so-called “bankruptcy directors,” typically former bankruptcy lawyers, investment bankers, or distressed debt traders who join corporate boards...
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ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.