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The Equitable Economy

ESG, Corporate Governance & Future of the Firm

To What Extent Do Political Considerations Affect Finance?

ProMarket writers
In June, the Stigler Center brought together top academics for a conference on the impact of politics on finance. Ahead of our second annual...
ESG, Corporate Governance & Future of the Firm

Turning Corporations into Democracies

John G. Matsusaka
The problem with encouraging firms to maximize shareholder welfare is how to prevent managers and special interests from diverting corporate resources in the name of shareholder...
ESG, Corporate Governance & Future of the Firm

Let Data Guide Legislation: Stifling Shareholders in the CHOICE Act?

Eugene Soltes
In improving the current shareholder proposal process, legislators should trade the butcher knife for the scalpel.   What influence, if any, should shareholders have over...
ESG, Corporate Governance & Future of the Firm

A Small Step for Theory, a Leap Forward in Corporate Governance

Oliver Hart
Moving from shareholder value maximization to shareholder welfare maximization may be a small step in theory, but it could trigger a leap forward in...
ESG, Corporate Governance & Future of the Firm

Where Friedman Was Wrong

Asher Schechter
A new paper by Oliver Hart and Luigi Zingales argues that a company’s objective should be the maximization of shareholders’ welfare, not value.  In 1970,...
ESG, Corporate Governance & Future of the Firm

Does Empowering Shareholders Also Empower Special Interests?

John G. Matsusaka
The merits of increasing shareholder power are less obvious than reforms that increase companies' exposure to pressure from activist shareholders, since increasing shareholder power tends to...
ESG, Corporate Governance & Future of the Firm

Enhancing Competition? The Role of Governance in Increasing Exposure to Competition

John G. Matsusaka
Contemporary corporate governance reform has been a mixed bag: reforms that increase a company’s exposure to competition through the control market have been helpful,...
ESG, Corporate Governance & Future of the Firm

Does Whistleblowing Work?

Stephen M. Kohn
Whistleblower reward laws work, and they work remarkably well. Congress, the executive branch of government, and the business community should enact, support, and nurture strong...
ESG, Corporate Governance & Future of the Firm

"The Connection Between Finance and Politics Has Been Under-Researched for Years"

ProMarket writers
Ahead of the Stigler Center's conference on the political economy of finance, we interviewed Stigler Center Director Luigi Zingales about the motivation behind the first-of-its-kind...
ESG, Corporate Governance & Future of the Firm

Are Managers Who Oppose Shareholder Proposals Acting in the Best Interest of Shareholders?

Guy Rolnik
A new Stigler Center working paper finds that managers who resist shareholder proposals are typically acting responsibly, as opposed to acting on their own...
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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.