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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The Law of Social Enterprises: Surveying a New Field of Research
Social enterprises are becoming increasingly popular across the globe. They are seen particularly by younger generations as an exceptionally...
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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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Propagation of climate disasters through ownership networks
Climate disasters propagate through common ownership networks. Institutional investors in firms hit by climate-related disasters are more likely to...
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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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Does the Carbon Premium Reflect Risk or Mispricing?
Prior research has documented a carbon premium in realized returns, which has been assumed to proxy for expected returns and thus the cost of capital. We...
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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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