by Jesse M. Fried and Charles C.Y. Wang - Publications - Faculty & Research

October 27, 2020
Blog Post

Short-Termism, Shareholder Payouts, and Investment in the EU

By: Jesse M. Fried and Charles C.Y. Wang

27 Feb 2018
First Look

First Look at New Research and Ideas, February 27, 2018

Benchmarks: Do Boards Follow the Informativeness Principle? By: Ma, Paul, Jee Eun Shin, and Charles C.Y. Wang Abstract—Relative total shareholder... View Details

Keywords: Sean Silverthorne

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Accounting & Management - Doctoral

and Aiyesha Dey Wilbur Chen, 2022 Hong Kong University of Science and Technology (HKUST) Advisors: Suraj Srinivasan (Chair), Paul M. Healy , View Details

08 Oct 2013
First Look

First Look: October 8

to the average advertiser. Download working paper: https://www.hbs.edu/faculty/Pages/download.aspx?name=11-124.pdf Expected Returns Dynamics Implied by Firm Fundamentals By: Lyle, Matthew R., and View Details

Keywords: Sean Silverthorne

31 Jan 2017
First Look

First Look at New Research: January 31, 2017

https://www.hbs.edu/faculty/Pages/item.aspx?num=52149 Relative Performance Benchmarks: Do Boards Get It Right? By: Ma, Paul, Jee Eun Shin, and Charles C.Y. View Details

Keywords: Carmen Nobel

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Placement - Doctoral

University of Science and Technology (HKUST) Dissertation: Equity Market Views and Digital Technology Investment in Non-IT Firms Advisors: Suraj Srinivasan (Chair), Paul M.... View Details

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Accounting & Management Awards & Honors - Faculty & Research

Vote for "Short-Termism, Shareholder Payouts, and Investment in the EU" (June 2021) with Jesse M. Fried. Charles View Details

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Great American Business Leaders of the 20th Century - Leadership

1927–1955 Dorothy Schiff New York Post, 1943–1976 Jacob H. Schiff Kuhn, Loeb and Company, 1885–1920 Robert A. Schoellhorn Abbott Laboratories, 1979–1989 Howard Schultz Starbucks Corporation, 1987–2000 Richard View Details

Article

The EU's Unsustainable Approach to Stakeholder Capitalism

By: Jesse M. Fried and Charles C.Y. Wang

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... View Details

Keywords: Short-termism; Sustainability; Capital; Investment; Decision Making; Business and Stakeholder Relations; European Union

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2021
Working Paper

Stock Investors' Returns Are Exaggerated

By: Jesse M. Fried, Paul Ma and Charles C.Y. Wang

The stock market generates less wealth than it appears. We show that total shareholder return (TSR), the standard measure of stock investor performance, substantially exaggerates returns earned by these investors in aggregate, and thus by most investors. The main... View Details

Keywords: All-shareholder Returns; Capital Flows; Dividend Reinvestment; Equity Premium; Total Shareholder Returns; Stocks; Investment Return; Market Timing

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2021
Article

The Sustainable Corporate Governance Initiative in Europe

By: Mark Roe, Holger Spamann, Jesse M. Fried and Charles C.Y. Wang

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... View Details

Keywords: Short-termism; Hedge Funds; Shareholder Activism; Securities Regulation; Agency Costs; Political Economy; Payouts; Repurchases; Corporate Governance; Investment Funds; Investment Activism; Research and Development; Investment; European Union

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Students on the Job Market - Doctoral

it does not have its intended effect of reducing only myopic repurchases. Efficient repurchases decline at least as much as myopic repurchases. Faculty Advisor(s): Charles C.Y. View Details

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Japan - Global

Governance Reform in Japan (2013-2023) By: Charles C.Y. Wang and Akiko Kanno May 2025 Case Netflix Beyond Streaming: Strategies for the Next Era... View Details

05 Feb 2013
First Look

First Look: Feb. 5

David F., Eric C. So, and Charles C.Y. Wang Publication:Journal of Accounting & Economics Abstract Firms with central or well-connected... View Details

Keywords: Sean Silverthorne

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Student Research - Doctoral

C.Y. Wang Accounting and Management 2 results Ashley V. Whillans Negotiation, Organizations & Markets 3 results Emily Williams Finance 1 results Andy Wu Strategy 2 results... View Details

Article

Are Buybacks Really Shortchanging Investment?

By: Jesse M. Fried and Charles C.Y. Wang

It’s no secret that the American economy is suffering from the twin ills of slow growth and rising income inequality. Many lay the blame at the doors of America’s largest public corporations. The charge? These firms prefer to distribute cash generated from their... View Details

Keywords: Economy; Investment; Stocks; Business and Shareholder Relations; Equality and Inequality; United States

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