Over the past decade, the meaning of shareholder democracy has shifted dramatically. Investors are no longer a uniform bloc, focused solely on financial returns, but increasingly diverse. Some press companies to pursue environmental and social goals, while others adhere to …

The backlash against environmental, social, and governance (“ESG”) investing has been swift and fierce. More than 20 U.S. states have passed laws or taken administrative action targeting ESG considerations in asset management. Flows into ESG funds have slowed, and for …

In recent years, the failure of high-profile startups has drawn renewed attention to a persistent question in the venture capital (VC) world: How much diligence is enough when speed of investment is at a premium? Collapses at the likes of …

The startup ecosystem fuels America’s economy in ways few other sectors can match. It has also ridden waves of boom and bust, with periods of explosive growth followed by cool-downs. During these market downturns, capital becomes scarce and investors must …

One of the defining social issues of our time is the persistent earnings inequality in the U.S. between men and women and between white and minority workers. Many factors contribute to this inequality, but two stand out: (1) pay gaps, …

The system of disclosure for public companies no longer meets the needs of investors and other stakeholders. Largely put in place by the Securities and Exchange Commission in 1982, the principles underlying the system have failed to keep pace with …

Investors and regulators are monitoring the impact of two cryptocurrency spot exchange traded funds (ETFs) approved by the SEC in 2024.[1] The Bitcoin spot ETFs, which began trading in January, have garnered substantial interest from both retail and institutional …

In recent years, corporate diversity, equity, and inclusion (DEI) initiatives have become a hot topic in boardrooms and beyond. While many companies have embraced these efforts, investors have started to question whether DEI initiatives are truly valuable or merely a …

In the complex world of corporate governance, a novel mechanism has reemerged: board observers. Operating without the conventional voting rights of board members, these individuals have become pivotal in bridging the gap between ambitious startups and their venture capital (VC) …

In the world of financial markets, fraud poses a significant threat, undermining investor trust and leading to misallocation of resources. Cryptocurrency markets present heightened risks of fraud, which draws the attention of regulators, legal experts, and investors. The Securities and …

The debate over short-term thinking at corporations has so far focused largely on companies in the U.S. and the UK. The fact that controlling shareholders are less common in those countries than in many others may explain why the extensive …

Earnings announcements serve a well-recognized role of conveying important information about firm performance to the market. However, an often-overlooked role of earnings releases is their ability to discipline market expectations.

Our study examines this disciplining role in the context of …

Corporate disclosures increasingly include multimedia content such as audio, images, and videos. In fact, as of 2022, 83 percent of U.S. public firms used graphics in annual reports and various other communications. Additionally, companies commonly provide their earnings calls, shareholder …