High-level private meetings with portfolio firms generate pronounced trading patterns
“The Tragedy of the Commons” is widely influential but fundamentally incorrect
Net employment of M&A targets declines by more than half within two years after acquisitions
High-level private meetings with portfolio firms generate pronounced trading patterns
“The Tragedy of the Commons” is widely influential but fundamentally incorrect
Net employment of M&A targets declines by more than half within two years after acquisitions
High-level private meetings with portfolio firms generate pronounced trading patterns
“The Tragedy of the Commons” is widely influential but fundamentally incorrect
Net employment of M&A targets declines by more than half within two years after acquisitions
This paper examines active ownership in Japan by an equity ownership service, Governance for Owners Japan (GOJ). GOJ engages with portfolio companies on behalf of Japanese and international institutional...
In 2010, the United Kingdom issued the world’s first stewardship code. Since then, stewardship codes have been issued in many of the world’s leading economies and now exist in 20 jurisdictions on six continents, with more...
Global investors often demand independent assessments of firms’ governance mechanisms. However, the supply of such evaluations is subject to two important limitations: assessment error and lack of coverage in certain regions....
This paper provides evidence that the #MeToo movement revised investors’ beliefs about the costs (benefits) of fostering an exclusive (inclusive) culture, as reflected by the absence (presence of a critical mass) of women...
The short-selling of exchange-traded funds (ETFs) creates “phantom” ETF shares, trading at ETF market prices, with cash flows rights but no associated voting rights. Unlike regular ETF shares backed by the ETF’s underlying...
In this paper, we contribute to the literature on institutional determinants of IPO valuation. We introduce the concept of ‘legal signaling,’ which focuses on the perception of the quality of law and thus complements the existing...
This discussion paper investigates the differences existing between the Single Point of Entry and the Multiple Point of Entry resolution models and links this question to the issue of support that bank subsidiaries can expect from...
No firm or sector of the global economy is untouched by innovation. In equilibrium, innovators will flock to (and innovation will occur where) the returns to innovative capital are the highest. In this paper, we document a...
Socially responsible investment (SRI) funds are increasing in popularity. Yet, it is unclear if these funds improve corporate behavior. Using novel micro-level data, we find that SRI funds select firms with higher...
Corporations have received growing criticism for their role in climate change, perpetuating racial and gender inequality, and other pressing social issues. In...
We examine the “value” a PBC form provides for publicly-traded corporations. We analyze the structure of the PBC form and find that other than requiring a designated social purpose it does not differ significantly in siting control...
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......
