The Equitable Economy

In recent research, Jennifer Arlen and Lewis A. Kornhauser develop a new model to understand how countries should approach and balance corporate and individual...

Many asset managers have stopped offering funds supporting environmental, social, and governance (ESG) goals in the face of political backlash. In new research, Omar Vasquez Duque shows that much of this backlash is due to semantics and poor fund design, and that investors across the political spectrum are willing to take lower financial returns to support specific goals under the ESG label.

In 2021, a regulatory shift by the United States Securities and Exchange Commission expanded shareholder proposals on environment and social issues from mere company...

Large asset managers increasingly control voting rights on behalf of investors, raising questions about ideological alignment in corporate governance. Pablo Montagnes, Zac Peskowitz, and...

William Lazonick writes that recent United States industrial policy initiatives miss the centrality of corporate resource allocation for creating a robust economy, characterized by...

The following is an excerpt from John Kay's new book,“The Corporation in the 21st Century,” now out at Yale University Press. It is neither necessary nor sufficient...

New research from Carlo Medici shows how mass immigration to the United States in the early 20th century spurred union growth. Labor unions have long...

In new research, William Christopher Gerken, Steven Irlbeck, Marcus Painter and Guangli Zhang track the movements of Securities and Exchange Commission-associated smartphone devices to shed light on the SEC’s investigatory process and understand how office visits from its staff alter firm behavior and outcomes.

As financial markets take on societal challenges like climate change, new research from Robin Döttling, Doron Levit, Nadya Malenko and Magdalena Rola-Janicka explores how shareholder democracy interacts with the political process to impact public goods provisions. The authors investigate the potential of investor-driven governance to supplement the shortfalls of the regulatory system, highlighting both benefits and risks posed by wealth inequality and ESG backlash.

Fiona Scott Morton reviews the merits of the Federal Trade Commission’s complaint against the three largest pharmacy benefit managers (PBMs) for suppressing competition in pharmaceutical markets. Although the complaint’s alleged harms are narrow, it is a welcome start that promises to shed light on the PBM’s expansive anticompetitive practices and ultimately lower drug prices for Americans.