30 Working Papers


24 Working Papers

Common Ownership

13 Working Papers

Family Firms

20 Working Papers

Responsible Capitalism

61 Working Papers

Climate and Environment

18 Working Papers

ESG Reporting

5 Working Papers

Corporate Culture

5 Working Papers

Dual Class Firms

29 Working Papers


All Events

Latest Working papers

25 November 2020

Responsible Institutional Investing Around the World

We explore a novel survey on responsible investing by institutional investors around the world and match it to archival data on their equity portfolio holdings. We document that institutions that publicly commit to responsible...

Rajna Gibson Brandon | Simon Glossner | Philipp Krueger | Pedro Matos | Tom Steffen
17 November 2020

The European Commission's Sustainable Corporate Governance Report: A Critique

In July 2020, the European Commission published the “Study on directors’ duties and sustainable corporate governance” by EY. The Report purports to find evidence of debilitating short-termism in EU corporate governance and...

Mark Roe | Holger Spamann | Jesse Fried | Charles Wang
10 November 2020

Rewriting History II: The (Un)Predictable Past of ESG Ratings

The explosion in ESG research has led to a strong reliance on ESG rating providers. We document widespread changes to the historical ratings of Refinitiv ESG, formerly ASSET4, a key rating provider. Across two downloads in 2018 and 2020,...

Florian Berg | Kornelia Fabisik | Zacharias Sautner
03 November 2020

My Creditor’s Keeper: Escalation of Commitment and Custodial Fiduciary Duties in the Vicinity of Insolvency

Fiduciary duties in the vicinity of insolvency form a notoriously murky area, where legal space warps. Courts openly acknowledge that it is exceptionally difficult to identify its boundaries, and the content of these duties is equally...

Amir Licht