Corporate Governance

Does Environmental Crime Pay?

A new Stigler Center working paper conducts a cost-benefit analysis of DuPont's emissions of a toxic chemical dubbed C8. The Trump administration has shown clear signs that it...

To What Extent Do Political Considerations Affect Finance?

In June, the Stigler Center brought together top academics for a conference on the impact of politics on finance. Ahead of our second annual...

Turning Corporations into Democracies

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...

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

In improving the current shareholder proposal process, legislators should trade the butcher knife for the scalpel.   What influence, if any, should shareholders have over...

Eliot Spitzer: The U.S. Never Had the Will and the Ability to Hold the Most Powerful to Account

In a special interview with ProMarket, former New York governor Eliot Spitzer talks about financial regulation, regulatory capture, and antitrust. Part 1 of 2.   Clear rules and...

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

Moving from shareholder value maximization to shareholder welfare maximization may be a small step in theory, but it could trigger a leap forward in...

Where Friedman Was Wrong

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,...

How Market Power Leads to Corporate Political Influence

Neoclassical economic theory assumes that firms have no power to influence the rules of the game. A new paper by Luigi Zingales argues: This is...

Blockchains and Corporate Finance: “In a Blockchain Market, Shareholder Activists Might Play Much Less of a Role”

Will blockchain technology lead to less shareholder activism and higher executive compensation? Watch David Yermack’s full Stigler Center lecture on the potential implications of blockchain...

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

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,...

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