The Millennial Corporation: Strong Stakeholders, Weak Managers
The most important phenomenon in the corporate world today is the swift and dramatic rise of the Environmental, Social, and Governance (“ESG”)...
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ESG Ratings—Guiding a Movement in Search for Itself
ESG ratings deliver the short-hand evaluation that investors need to incorporate environmental, social, and governance aspects in their...
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Compliance Gatekeepers
What determines the effectiveness of corporate compliance programs, and who is accountable when they fail? Scholars and policymakers tend to answer...
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Equal Ownership
Market concentration and weak competition do not just lead to lower efficiency, but also result in corporate profits flowing primarily to wealthy...
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Diversity, Equity, and Inclusion
This paper measures diversity, equity, and inclusion (DEI) using proprietary data on survey responses used to compile the Best Companies to Work For...
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How Much Do Investors Care About Social Responsibility?
Perhaps the most important corporate law debate over the last several years concerns whether directors and executives should manage the corporation to...
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Voice Through Divestment
A common argument against divestment is that it discards voting power and has a small effect on stock prices. We argue that divestment is a statement of...
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Climate Disclosure Line-Drawing & Securities Regulation
The SEC’s efforts to standardize climate disclosure have revealed deep divides among the public and among corporate and securities law scholars...
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The missing role of controlling shareholders in the short-termism debate
Corporate short-termism, i.e., corporations sacrificing long-term value for short-term profits, has received a lot of attention in the corporate...
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Revealed Beliefs about Responsible Investing: Evidence from Mutual Fund Managers
What do asset managers believe regarding the financial performance of Environmental, Social, and Governance (ESG) investment strategies? We address...
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Do Consumers Care About ESG? Evidence from Barcode-Level Sales Data
Using granular barcode-level sales data from retail stores, we show that environmental and social ratings are positively related to local sales,...
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Does Paying Passive Managers to Engage Improve ESG Performance?
The paper studies a natural experiment in responsible investment conducted by the Japanese Government Pension Investment Fund (GPIF). In 2018 GPIF...
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