Regulation is proving increasingly inadequate at correcting market failures
Investors are demanding compensation for their exposure to carbon emission risk
Understanding how corporations have responded to the crisis is of first-order importance
Regulation is proving increasingly inadequate at correcting market failures
Investors are demanding compensation for their exposure to carbon emission risk
Understanding how corporations have responded to the crisis is of first-order importance
Regulation is proving increasingly inadequate at correcting market failures
Investors are demanding compensation for their exposure to carbon emission risk
Understanding how corporations have responded to the crisis is of first-order importance
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...
Comparative corporate governance has focused either on prevailing differences across legal systems, or on spontaneous legal transplants of foreign institutions in response to global competition. This essay argues that corporate...
We study whether carbon emissions affect the cross-section of U.S. stock returns. We find that stocks of firms with higher total CO2 emissions (and changes in emissions) earn higher returns, controlling for size, book-to-market,...
This article examines the economic underpinnings of the concept of corporate purpose, which has gained increasing attention from business academics, practitioners and policymakers. It argues that there are fundamental reasons...
The notion of stock-market-driven short-termism relentlessly whittling away at the American economy’s foundations is widely accepted and highly salient. Presidential candidates state as much. Senators introduce bills...
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...
This chapter introduces the Research Handbook on Comparative Corporate Governance and surveys several of the central themes addressed in the book. Most corporate governance research deals with the interaction between board...
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,...
We investigate the motivations and value implications of corporate philanthropy by exploiting a global sample of publicly listed firms from 45 countries that provide disaster-relief grants to affected communities. We argue that,...
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...
The debate on sustainable finance seldom includes the perspective of shareholders. However, shareholders are important for the governance of publicly held corporations today, because their holdings are concentrated in the hands of...
Prof. Oliver Hart
Nobel Laureate, ECGI Fellow, and Lewis P. and Linda L. Geyser University Professor at Department of Economics, Harvard University
The 2020 Wallenberg Lecture, delivered by Nobel Laureate and ECGI Fellow, Prof. Oliver Hart, Lewis P. and Linda L. Geyser University Professor at Department of Economics, Harvard University. The title of the lecture was: “The Relative Effectiveness of......
