The Clash of ‘E’ and ‘S’ of ESG: Just Transition on the Path to Net Zero and the Implications for Sustainable Corporate Governance and Finance
Climate change is one of the highest-ranking issues on the political and social agenda. Corporations are one of the main actors that will play a major...
Sustainable Investing in Practice: Objectives, Constraints, and Limits to Impact
We survey 509 equity portfolio managers from both traditional and sustainable funds on whether, why, and how they incorporate firms’ environmental and...
The Evolution of the Market for Corporate Control
In a canonical takeover model we let informed large shareholders choose between making a bid and initiating a sale to another acquirer. Such takeover...
India’s Unified Payments Interface (UPI) system and its transformative impact on the economy
India’s Unified Payment Interface (UPI) is an example of how an innovative payments and settlement system can initiate an economy wide transformation...
Stewardship revisited
The Financial Reporting Council has got it about right with its revised UK Stewardship Code.
Artificial intelligence and stability
Financial institutions are rapidly embracing AI – but at what cost to financial stability? This column argues that AI introduces novel stability risks...
Who benefits from Russia’s war in Ukraine
While tens of millions of Europeans have suffered from Russia’s war in Ukraine, a few Russian businesspeople have gotten richer from it. This column...
Governance and Management of Autonomous Organizations
An organization is autonomous if it has the right or power of self-government. Self-government implies that autonomous organizations cannot rely on...
The one-in-a-thousand-day problem
Financial crises usually inflict the most damage when banks suddenly shift from pursuing profits to survival. This column argues that such drastic...
Timely Justice as a Determinant of Economic Growth
We investigate how timeliness in enforcing legal contracts affects economic growth across countries. We focus on judicial timeliness as a proxy for...
Patterns in sanctions on Russian individuals
Russia’s invasion of Ukraine in early 2022 opened a new chapter in unilateral and multilateral sanctions: the imposition of financial and travel...
Supply and Demand and the Term Structure of Interest Rates
Annual Review of Financial Economics, 16, 115 - 151
Trading Ahead of Barbarians’ Arrival at the Gate: Insider Trading on Non-Inside Information
Privately informed about firm fundamentals, corporate insiders detect activism-motivated trades better than other traders. This paper solves the model...
Public Policies for Private Finance
We review the literature on the effectiveness of public policies to facilitate firms’ access to finance. The rationale for such policies is to address...
Net zero, lawyers, and fiduciary duty
A recent paper from the Net Zero Lawyers Alliance does little to resolve the underlying dilemmas for fiduciaries in relation to climate change.
