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The Equitable Economy

ESG, Corporate Governance & Future of the Firm

The Power of Convictions

Luigi Zingales
Oliver Hart and Bengt Holmstrom, winners of this year's Nobel Prize in Economics, created a new area of economic inquiry. They also had a profound...
ESG, Corporate Governance & Future of the Firm

Corporate Culture in Investment Banking: An Inside Look

ProMarket writers
A former investment banker examines the culture that incentivizes people in the industry to put their interests before their clients’. Part three in a...
ESG, Corporate Governance & Future of the Firm

How Rich are the Parents of Your Money Manager, and What Does it Tell You About his Alpha?

Guy Rolnik
In the last few decades, numerous studies in financial literature have been devoted to the question of “alpha”—that is, the ability of money managers...
Antitrust and Competition

Market Power and Inequality: How Big Should Antitrust’s Role Be in Reducing Inequality?

Asher Schechter
Is the rise of wealth inequality in the United States related to a decline in competition? A new paper answers in the affirmative. Is the...
Antitrust and Competition

Is More Antitrust the Answer to Rising Wealth Inequality?

Asher Schechter
University of Michigan professor Daniel Crane: “The story that somehow antitrust law is dead, that it’s been killed, is wrong. It hasn’t. It’s very...
ESG, Corporate Governance & Future of the Firm

Why Firms’ Shareholders Condone Seemingly “Excessive” Executive Pay Packages, and What it Means For the Economy

Martin Schmalz
If the large mutual funds are out to improve governance, why do they condone, if not encourage, seemingly excessive and performance-insensitive compensation packages? A new...
ESG, Corporate Governance & Future of the Firm

Keynesian Winner-Lose-All Economics

Randall Morck
When calm, reasoned arguments, logical deductions, evidence and the like are not able to block Keynesian utility traps, ridicule might do the job. Professional sports, like...
ESG, Corporate Governance & Future of the Firm

The Surprising Failure Of Food Labeling

Omri Ben-Shahar
If lawmakers want to improve the dietary choices of Americans, the first thing they need to recognize is that the problem is not information. (Note:...
ESG, Corporate Governance & Future of the Firm

Who Killed Corporate Reputation?

Roy Shapira
Regulation and reputation are not independent of each other. Regulation can substitute, crowd out, or even implement the power of reputational concerns. A better understanding...
ESG, Corporate Governance & Future of the Firm

Uncompromisingly Rajan

Luigi Zingales
Most people in power choose nominees without any outside option, because such people are willing to do anything to be reappointed. Raghuram Rajan is...
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The publication of the Stigler Center at The University of Chicago Booth School of Business

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.