Working Paper

Exit vs. Voice

We study the relative effectiveness of exit (divestment and boycott) and voice (engagement) strategies in promoting socially desirable outcomes in companies. We show that in a competitive world exit is less effective than voice in pushing firms...Read more

Eleonora Broccardo
Oliver Hart
Luigi Zingales
01 September 2020

The Additional Costs of CEO Compensation: The Effect of Relative Wealth Concerns of Employees

Do employees who compare themselves to the CEO matter for executive compensation? We hypothesize that employees have relative wealth concerns and compare their wage to the CEO’s pay. Using German establishmentlevel wage data, we indeed show that...Read more

Ingolf Dittmann
Christoph Schneider
Yuhao Zhu
17 April 2018

The Economic Significance of Laws Relating to Employment Protection and Different Forms of Employment: Analysis of a Panel of 117 Countries, 1990-2013

This paper presents findings from analysis of a dataset of labour laws, based on the Centre for Business Research Labour Regulation Index (CBR-LRI), which has recently been extended to cover 117 countries and the period from 1970 to 2013. The...Read more

Louise Bishop
Simon Deakin
Colin Fenwick
Sara Martinsson Garzelli
Giudy Rusconi
08 June 2018

Defined Contribution Plans and the Challenge of Financial Illiteracy

Retirement investing in the United States has changed dramatically. The classic defined-benefit (DB) plan has largely been replaced by the defined contribution (DC) plan. With the latter, individual employees’ decisions about how much to save for...Read more

Jill Fisch
Annamaria Lusardi
Andrea Hasler
07 November 2019

Gender, Culture, and Firm Value: Evidence from the Harvey Weinstein Scandal and the #MeToo Movement

During the revelation of the Weinstein scandal and the emergence of the #MeToo movement, firms with a corporate culture that does not discriminate on the basis of sex, proxied by having women among the five highest paid executives, earn excess...Read more

Lukas Roth
Henri Servaes
07 May 2020

Personal and Organizational Higher Purpose, Corporate Governance and Shareholder Value: Survey Results

This paper reports the findings of a recent survey of 1019 individuals to learn about their commitment to and perceived value from personal and organizational higher purpose, and examines the implications of the findings for corporate governance...Read more

Stuart Bunderson
Anjan Thakor
30 July 2020