The Inconsistency of ESG Ratings: Implications for Investors
(This article was initially featured on the blog for my book, “Grow the Pie: How Great Companies Deliver Both Purpose and Profit”) Investors are increasingly scrutinizing the ESG performance of...
View Article“Grow the Pie” in 28 Tweets
On 6 April, I did a Twitter discussion on my book, hosted by Blackwell’s Bookshop. They asked me to start by providing 25-30 Tweets summarising the book, before opening it up to questions. I reproduce...
View ArticleSpillover Effects of Hedge Fund Activism
Hedge fund activism is a controversial topic. Prominent lawyer Marty Lipton argues that the long-term future of corporate America is being undermined “by a gaggle of activist hedge funds who troll...
View ArticleDo Workers on Boards Protect Jobs in a Downturn?
A hot topic is whether companies should have workers on their boards, to ensure they act in the interest of stakeholders, not just shareholders. This debate was ongoing even before COVID-19 – for...
View ArticleThe Effect of the ECB’s Bond Buying Program
The European Central Bank is launching a €750 billion bond buying program to address the COVID-19 pandemic. Will this work? We obviously can’t predict the future. But we can analyse the past and study...
View ArticleWhat Drives the Cost of Default Insurance?
One of the many negative consequences of the COVID-19 pandemic is that companies may default. Companies going bankrupt are indeed less important than deaths, but they still have human consequences....
View ArticleHow Political Connections Can Hurt, Rather Then Help, Firm Value
We often think of political connections as clearly favoring a company. Perhaps the most extreme example is Donald Trump owning around 500 businesses (collectively known as the Trump Organization),...
View ArticleDo Banks Offer Complex Mortgages to Mislead Customers?
Banks are often accused of making money off complex products that consumers don’t understand. In my book, I discuss how 2 million UK households were sold payment protection insurance policies that...
View ArticleEvidence-Based Practice
What to Trust in a Post-Truth World. TED talk.Evaluating Research. A user’s guide to knowing what research we can trust. German translation.The Danger of Taking Evidence at Face Value. Economia...
View Article利益相关者资本主义可以从米尔顿·弗里德曼身上学到些什么
1958年，两位诺贝尔经济学奖获得者，弗兰科·莫迪利安尼（Franco Modigliani）默顿·米勒（Merton Miller）在合作发表的一篇文章中提出，在一定假设条件下 ，企业的价值与其资本结构并无关系。文章一发表即在当时引起了极大的争议。...
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