Responsible Business

My work on blockholders (large shareholders) studies how blockholders play a critical role in corporate governance due to their large stakes – alleviating concerns on the “separation of ownership and control” and the “ownerless corporation”. In particular, I show how blockholders can exert governance not only through “voice” (engaging with companies) but also “exit” (voting with their feet). Contrary to conventional wisdom, exit is a governance mechanism in itself, not the antithesis of governance, and short-term exit can encourage long-term behavior by firms.


Responsible investment to reduce externalities (Edmans, Levit, Schneemeier 2022)

Use of debt to induce blockholder monitoring (Edmans JFE 2011)


    Link between employee well-being and firm value

    Diversity, equity, and inclusion (Edmans, Flammer, Glossner 2023)


    The End of ESG (Edmans FM 2023)

    Applying Economics – Not Gut Feel – To ESG (Edmans FAJ forthcoming)