Corporate Governance
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,...
Does Whistleblowing Work?
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...
How the Global Audit Firms, Led by Deloitte, Are Using Their Lobbying Clout to Dilute Sarbanes-Oxley Reforms
A look at the Big Four’s congressional lobbying activity shows the auditors and their trade association taking advantage of the “Trump” window to roll...
Are Managers Who Oppose Shareholder Proposals Acting in the Best Interest of Shareholders?
A new Stigler Center working paper finds that managers who resist shareholder proposals are typically acting responsibly, as opposed to acting on their own...
