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Breaking through the Ethnic Growth Trap
I highlight how mutual negative feedback between ethnic divisions, under-investment in public goods and violent conflict imply the presence of ethnic growth traps in many developing societies. I then identify important…
The Evolving Battlefronts of Shareholder Activism
In this Closer Look, we consider current trends in shareholder activism and their potential impact. We examine the introduction of universal proxies, the increase in “activism experience” among directors, and the changing strategies of activists…
2022 Survey of Investors, Retirement Savings, and ESG
In summer 2022, Stanford Graduate School of Business, the Hoover Institution Working Group on Corporate Governance at Stanford University, and Rock Center for Corporate Governance at Stanford University jointly conducted a nationwide survey of 2,…
Market Competition and Political Influence: An Integrated Approach
The operation of markets and of politics are in practice deeply intertwined. Political decisions set the rules of the game for market competition and, conversely, market competitors participate in and influence political decisions. We develop an…