Showing results 1 - 4 of 4
| Charles Wang
February 2021, Paper: "For helpful comments and suggestions, we are grateful to Renee Adams, Yakov Amihud, Lucian Bebchuk, Sanjeev Bhojraj, Ryan Buell, Amanda Convery (GM conference discussant), Rafael Copat (FARS discussant), Fabrizio Ferri, Joseph Gerakos (Dartmouth discussant), Ron Gilson, Jeff Gordon, Oliver Hart, Paul Healy, Dan Ho, William Johnson, Marcel Kahan, Bob Kaplan, Louis Kaplow, Daniel Malter, Grant McQueen, Lynn Paine, Krishna…
| Jesse Fried | Charles Wang
January 29, 2021, Opinion: "A recent report by the EU claims that investor-driven short-termism is encouraging firms to return cash rather than invest it, which reduces capital available for investment in growth. The authors show that the data behind the report do not support its claims and argue that if the EU implements the recommendations of the report EU-listed firms will struggle to compete as decision-making slows up and capital gets…
| Mark Roe | Holger Spamann | Jesse Fried | Charles Wang
October 14, 2020, Paper: "In July 2020, the European Commission published the “Study on directors’ duties and sustainable corporate governance” by EY. The Report purports to find evidence of debilitating short-termism in EU corporate governance and recommends many changes to support sustainable corporate governance. In this paper, we point out deep flaws in the Report’s evidence and analysis. We recently submitted the content of this paper in…
| Jesse Fried | Charles Wang
October 2020, Paper: "Investor-driven “short-termism” is said to harm EU public firms’ ability to invest for the long term, prompting calls for the EU to better insulate managers from shareholder pressure. But the evidence offered—in the form of rising levels of repurchases and dividends—is incomplete and misleading, as it ignores large offsetting equity issuances that move capital from investors to EU firms. We show that net shareholder payouts…