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Responsible Capitalism

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Climate and Environment

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Corporate Culture

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Common Ownership

13 Working Papers
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Dual Class Firms

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Latest Working papers

19 October 2020

Shareholder Value(s): Index Fund ESG Activism and the New Millennial Corporate Governance

Major index fund operators have been criticized as ineffective stewards of the firms in which they are now the largest shareholders. While scholars debate whether this passivity is a serious problem, index funds’ generally docile...

Michal Barzuza | Quinn Curtis | David H. Webber
24 September 2020

Implementation of the SRD II Provisions on Related Party Transactions

In 2017 the European Union adopted amendments to the Shareholder Rights Directive enacted a decade earlier. Among the changes was a new Article 9c dealing with the topic of related party transactions (RPT). This paper analyses how that...

Paul Davies | Susan Emmenegger | Guido Ferrarini | Klaus Hopt | Adam opalski | Alain Pietrancosta | Andrés Recalde | Markus Roth | Michael Schouten | Rolf Skog | Martin Winner | Eddy Wymeersch
16 September 2020

Regulatory Measures to Dismantle Pyramidal Business Groups: Evidence from the United States, Japan, Korea and Israel

Large business enterprises, from the railroad barons of nineteenth century America to Amazon and Google today, are often perceived as important for economic performance and, at the same time, as potential abusers of their...

Assaf Hamdani | Konstantin Kosenko | Yishay Yafeh
11 September 2020

Are CEOs paid extra for riskier pay packages?

This paper quantifies the cost of CEO incentive compensation by estimating an elasticity of pay to the variance of pay. Using US CEO compensation data and a variety of empirical approaches, we find that CEOs with riskier pay packages are...

Ana M. Albuquerque | Rui Albuquerque | Mary Ellen Carter | Qi (Flora) Dong