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shareholder value

Managers Should Satisfy Only the Ethically Permissible Preferences of Shareholders

Oliver Hart and Luigi Zingales have proposed a revision to the dominant model of the objective of the firm, most famously defended...
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How a Wave of Corporate Takeovers Ushered In the Gospel of Shareholder Value

In an excerpt from his new book, Ages of American Capitalism, economic historian Jonathan Levy explains how "financiers blew up the postwar...
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Public’s Perception of Large Corporations Has Direct Impact on the Public Support of Corporate Bailouts

A new Stigler Center working paper finds that the likelihood of someone signing an online petition or contacting their US senators to...
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Friedman’s Legacy: From Doctrine to Theorem

Friedman was more right than his detractors claim and more wrong than his supporters would like us to believe. However, after 50...
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Bringing Ethics Back to Friedman’s Call to Purpose for the Next 50 Years

Fifty years ago, Friedman compellingly presented his argument for shareholder primacy. But as currently implemented, shareholder primacy threatens the unifying purposes that...
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Milton Friedman and the Need for Justice

Milton Friedman predicated his shareholder value maximization credo on the strong implicit and explicit assumptions that the rules of society protect stakeholders...
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Shareholder Value and Social Responsibility Are Not At Odds

Being socially responsible can, and frequently does, make good business sense. There are plenty of opportunities for companies to do well by...
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A Challenge for Stakeholder Capitalism: Solving the Paradoxes of Voting

If corporations are to maximize shareholder welfare, managers need to discover what shareholders value; political theory shows how difficult this can be.
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Corporations Are Governance Mechanisms, Not Shareholder Toys

Milton Friedman’s shareholder credo is simple and catchy but has shaky foundations. Corporate directors and officers are not agents of shareholders and...
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Beyond Friedman’s Doctrine: The True Purpose of the Business Corporation

The pandemic and the renewed focus on inequality and injustice arising in the wake of the death of George Floyd have accelerated...
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Antitrust and Competition

Should the European Union Require Tech Firms to Adopt a Common Charger?

Federico Innocenti, Martin Peitz
According to a new European Commission directive expected to be approved in the next few months, tech firms will have to use...
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Chart of the Week: Economists Don’t Think Congress Should Make Price Gouging Illegal

Brooke Fox
Most economists disagree with a new bill in the US that would set limits on "unconscionably excessive prices," according to a recent...
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Antitrust and Competition

Neoliberal Economists Are Giving Biden Bad Advice on Inflation

Hal Singer
To spare the economy from the pain of further interest rate hikes, the President should aggressively pursue anticompetitive conduct by companies in...
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Antitrust and Competition

How Would the Big Tech Self-Preferencing Bill Affect Users? 

Randy Picker
The Senate looks to be nearing a vote on the American Innovation and Choice Online Act, which would prohibit gatekeeping digital platforms...
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New eBook Revisits George Stigler’s Theory of Regulatory Capture 50 Years Later

Filippo Lancieri, Luigi Zingales
To mark the 50-year anniversary of George Stigler’s seminal piece, “The Theory of Economic Regulation” we are publishing a new eBook examining...
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