Polarization, Purpose and Profit
We present a model in which firms compete for workers who value nonpecuniary job attributes, such as purpose, sustainability, political stances, or...
The surprising leadership effect accelerators have on startup employees
Entrepreneurship training programs across the world aim at boosting the success of startups. But even when startups fail, these programs bring...
When Private Firms Provide Public Goods: The Allocation of CSR Spending
This paper studies how firms allocate their Corporate Social Responsibility (CSR) expenditures to inform the welfare effects of corporate...
Corporate Social Responsibility Committee: International Evidence
We provide worldwide large-sample evidence of a recent innovation in corporate governance: the voluntary creation of a separate board committee to...
Managerial Response to Shareholder Empowerment: Evidence from Majority-Voting Legislation Changes
Journal of Financial and Quantitative Analysis, 60 (5), 2500 - 2525
Is the market about to sort?
The anti-ESG backlash could have an unexpected upside for European index fund managers.
Coordinated Engagements
We study coordinated engagements by a prominent international network of long-term shareholders cooperating to influence firms on environmental and...
Sustainable Investing in Practice: Objectives, Constraints, and Limits to Impact
We survey 509 equity portfolio managers from both traditional and sustainable funds on whether, why, and how they incorporate firms’ environmental and...
The Evolution of the Market for Corporate Control
In a canonical takeover model we let informed large shareholders choose between making a bid and initiating a sale to another acquirer. Such takeover...
India’s Unified Payments Interface (UPI) system and its transformative impact on the economy
India’s Unified Payment Interface (UPI) is an example of how an innovative payments and settlement system can initiate an economy wide transformation...
Stewardship revisited
The Financial Reporting Council has got it about right with its revised UK Stewardship Code.
Bigger pie, bigger slice: liquidity, value gain, and underpricing in IPOs
Journal of Financial Markets, 72, 100949
Who benefits from Russia’s war in Ukraine
While tens of millions of Europeans have suffered from Russia’s war in Ukraine, a few Russian businesspeople have gotten richer from it. This column...
Governance and Management of Autonomous Organizations
An organization is autonomous if it has the right or power of self-government. Self-government implies that autonomous organizations cannot rely on...
Timely Justice as a Determinant of Economic Growth
We investigate how timeliness in enforcing legal contracts affects economic growth across countries. We focus on judicial timeliness as a proxy for...
