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Shareholders

Will “Portfolio Primacy” Throw a Monkey Wrench in Elon Musk’s Plans to Acquire Twitter?

The SEC's definition of fiduciary duty allows institutional shareholders to vote against Elon Musk's Twitter takeover bid thanks to portfolio primacy.
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Nobel Laureate Oliver Hart on Empowering Twitter’s Shareholders

In an interview with ProMarket, Nobel laureate Oliver Hart explains why broadening our perspective on fiduciary duty beyond maximizing shareholder wealth could...
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Are Large Institutional Investors Actually Effective in Getting Companies to Reduce Their CO2 Emissions?

Large institutional investors have been accused of not doing enough to reduce CO2 emissions. However, a new study finds that firms like BlackRock, Vanguard,...
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President-Elect Joe Biden and the Real Lessons of DuPont

Simply talking corporate America into being more responsible is not enough. It may get corporations to talk the talk, but not to...
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It is Not Just Small Investors Who Will Be Silenced Thanks to SEC’s New Rules

Shareholder proposals are one of the most effective forms of shareholder voice in corporate America. It is one of the main channels...
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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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Market Forces Already Address ESG Issues and the Issues Raised by Stakeholder Capitalism

When do market forces push firms toward stakeholder goals, rather than just shareholder goals? When do market forces push firms toward ESG...
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Missing in Today’s Shareholder Value Maximization Credo: The Shareholders

Today’s corporate world is very different from the one Milton Friedman wrote in. In a world where the question of whether managers...
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Serving Shareholders Doesn’t Mean Putting Profit Above All Else

The time has come for companies, economists, and society to abandon the argument that the only responsibility of business is to maximize profits. Editor’s note:...
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Friedman’s Principle, 50 Years Later

In the mid-1980s, Milton Friedman’s view that the only social responsibility of business is to increase its profits became dominant in business...
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LATEST NEWS

Money in Politics

Healthcare Companies Spent More on Lobbying Than Any Other Industry Last Year

Brooke Fox
Threatened by regulated price caps from congress, the pharmaceutical industry spent nearly $390 million on lobbying in 2021 according to new data...
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Antitrust and Competition

Antitrust and Rule by Judges

Paul Tucker
The early-1980s Posner-Stigler memorandum to incoming president Reagan’s transition team is interesting for a host of reasons, but most of all in...
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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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News

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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