UK Parliament’s Corporate Governance Inquiry
Written testimony with evidence on CEO pay, workers on boards, shareholder vs. stakeholder maximisation
Oral testimony in House of Commons, 15 November 2016
The Rational Response to Brexit. Brexit is happening – what should we do about it?
Executive Compensation Reform
The Purposeful Company Project’s interim report on Executive Compensation. Proposals to reform executive pay, with Andy Haldane (Bank of England) and others.
Use Nobel-Winning Insights – Not Anecdote – To Guide Executive Pay Reform. Non-technical overview of Hart and Holmstrom’s contributions to executive pay.
Stop Making CEO Pay A Political Issue (Harvard Business Review)
October 16: The Source of Information in Prices and Investment-Price Sensitivity forthcoming in the Journal of Financial Economics. The value of financial markets to the real economy depends not on the total amount of information in prices, but where this information comes from.
October 16 (MAJOR REWRITE): Equity Vesting and Investment. Introduces a new empirical measure of a manager’s myopic incentives – the amount of equity scheduled to vest over the coming quarter. Linked to reductions in investment, positive analyst forecast revisions, and positive earnings guidance.
August 16 (NEW): Blockholders: A Survey of Theory and Evidence. Survey paper for the Handbook of Corporate Governance on: underlying property rights of public firms and role of blockholders; definition of a blockholder; new evidence on frequency and characteristics of blockholders; simple model unifying theories of voice and exit; review of empirical studies; future research directions.
April 16 (MAJOR REWRITE): Governing Multiple Firms. Governance can be stronger when investors are “spread thinly” and own large stakes in multiple firms. Results apply to governance by both debtholders and equityholders, and through both voice and exit.
February 16: Executive Compensation: A Modern Primer, forthcoming in the Journal of Economic Literature. Survey paper of traditional and modern theories of executive compensation, bringing them together under a unifying framework that can be taught to PhD students. Emphasis on role of modeling assumptions, empirical predictions, and observed empirical findings.
December 15: Feedback Effects, Asymmetric Trading, and the Limits to Arbitrage published in the American Economic Review.
December 14: Survey paper on Blockholders and Corporate Governance, for Annual Review of Financial Economics. Covers theoretical and empirical literature on both “voice” and “exit”.
October 12: Survey paper on The Real Effects of Financial Markets, for Annual Review of Financial Economics. Covers a new literature at the intersection of asset pricing and corporate finance. Secondary financial markets can have real effects, even though they do not lead to capital flows to/from firms.
December 15: Take Every Opportunity. 3-minute social experiment on the importance of boldness and being proactive.
April 15: The Social Responsibility of Business, TEDx talk
December 14: Fulfilling Careers and Full Lives. Talk on career choice and personal leadership.
May 14: Wharton MBA Graduation Address. Talk on how to ensure the lessons learned during an MBA stay with you post-MBA.
June 16: Stop Making CEO Pay a Political Issue (Harvard Business Review)
May 16: The Purposeful Company Project (published by the Big Innovation Centre and co-authored with Andy Haldane of the Bank of England, and others)
May 16: Why Organizations Cannot Thrive Without Purpose (Huffington Post)
March 16: 28 Years of Stock Market Data Shows a Link Between Employee Satisfaction and Firm Value (Harvard Business Review)
March 16: Should We Pay CEOs With Debt? (World Economic Forum)
February 16: Does Socially Responsible Investing Make Financial Sense? (Wall Street Journal)
December 15: Do Financial Markets Matter for the Real Economy? (Huffington Post)
August 15: How Can We Help Businesses Think Long-Term? (World Economic Forum)
August 15: There Is No Tradeoff Between Profit and Purpose (Huffington Post)
February 15: Why Companies Need to Think Long-Term (World Economic Forum)
January 15: Does Corporate Social Responsibility Improve Firm Value? (World Economic Forum)
December 14: Shareholder activism in action: reforming the corporate governance of a firm that pursued short-term gain at the expense of long-term value.
November 14: How Should CEOs Be Paid? (World Economic Forum)
August 14: The Secrets of Time Management (CityAM)