NOV
Using a sample of commercial aircraft transactions, the paper decomposes the raw fire sale discount on sales of aircraft by distressed airlines into three components: (i) quality impairment due to under-maintenance, (ii)...
This paper exploits newly available information on firms’ direct (own production) and indirect (supplier-generated) carbon emission intensities and transaction-level imports to conduct an in-depth analysis of whether and how...
This study examines whether and how competition affects corporate strategic responses to stringent environmental policies. Using the nonattainment status of U.S. counties as a source of exogenous variation in environmental...
This study examines whether labor plays a role in corporate governance by deterring opportunistic insider behavior. Results suggest that firms with organized labor experience statistically significant declines in...
We study the nature of and outcomes from coordinated engagements by a prominent international network of long-term shareholders cooperating to influence firms on environmental and social issues. A two-tier engagement strategy,...
This paper develops a theory of blockholder governance and the voting premium. A blockholder and dispersed shareholders first trade in a competitive market and then vote at a shareholder meeting. A positive voting premium emerges only...
We study the welfare effects of the transition of online debt crowdfunding from the older “peer-to-peer” model to the “marketplace” model, where the crowdfunding platform sells diversified loan portfolios to investors. We...
We document a new channel through which a firm’s sustainability policies can contribute positively to its bottom line, by reducing labor costs and by enabling firms to recruit and retain workers that are highly skilled. Using...
We investigate the structure of mutual funds’ corporate governance preferences as revealed by how they vote their shares in portfolio companies. We apply unsupervised learning tools from the machine learning literature to analyze...
An increasing number of firms make reference to the pursuit of environmental and social goals in the definition of their purpose. This raises important issues with respect to the way in which the trade-offs between profit...
The lack of board diversity is one of the most controversial topics in corporate board governance. We investigate one important influence on diversity by studying whether shareholders value diversity on corporate boards in director...
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......