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- January 2022 (Revised February 2022)
- Case
Introducing EVA at ISS: A Better Way to Evaluate CEO Performance and Compensation?
By: Jonas Heese, Charles C.Y. Wang and James Weber
In early 2019, Anthony Campagna, the global director of fundamental research at ISS EVA, a unit of the proxy advisory firm Institutional Shareholder Services (ISS), was preparing to release ISS's analyses of public company performance and CEO compensation ahead of Say... View Details
- January 2022 (Revised April 2025)
- Case
Steem Versus Hive: Testing Blockchain Governance
By: Shikhar Ghosh and Shweta Bagai
This case examines a pivotal governance conflict that occurred in 2020 when Justin Sun, founder of the TRON blockchain, acquired Steemit Inc., the company behind a popular social media platform operating on the Steem blockchain. Steem, launched in 2016 by Daniel... View Details
- December 2021
- Article
Trade Policy Uncertainty and Stock Returns
By: Marcelo Bianconi, Federico Esposito and Marco Sammon
A recent literature has documented large real effects of trade policy uncertainty (TPU) on trade, employment, and investment, but there is little evidence that investors are compensated for bearing such risk. To quantify the risk premium associated with TPU, we exploit... View Details
- November 2021
- Article
Strict ID Laws Don't Stop Voters: Evidence from a U.S. Nationwide Panel, 2008–2018
By: Enrico Cantoni and Vincent Pons
U.S. states increasingly require identification to vote—an ostensive attempt to deter fraud that prompts complaints of selective disenfranchisement. Using a difference-in-differences design on a 1.6-billion-observations panel dataset, 2008–2018, we find that the laws... View Details
- October 2021 (Revised May 2023)
- Case
Engine No. 1: An Impact Investing Firm Engages with ExxonMobil
By: Mark Kramer, Shawn Cole, Vikram S. Gandhi and T. Robert Zochowski
ExxonMobil, the world's fifth largest source of carbon emissions, remained committed to aggressively expanding its oil & gas business despite global warming. During the COVID pandemic this strategy resulted in massive losses as the price and demand for oil declined. ... View Details
- October 2021 (Revised October 2022)
- Case
The Opioid Settlement and Controversy Over CEO Pay at AmerisourceBergen
By: Suraj Srinivasan and Li-Kuan Ni
In 2020, AmerisourceBergen Corporation, a Fortune 50 company in the drug distribution industry, agreed to settle thousands of lawsuits filed nationwide against the company for its opioid distribution practices that critics alleged had contributed to the nationwide... View Details
Keywords: Opioids; Drug; Investors; Shareholder Activism; Investment Activism; Executive Compensation; Corporate Accountability; Corporate Governance; Governance Compliance; Governance Controls; Risk Management; Corporate Social Responsibility and Impact; Business and Shareholder Relations; Business and Stakeholder Relations; Legal Liability; Distribution Industry; Health Industry; Pharmaceutical Industry; United States; West Virginia; Tennessee; Ohio; Pennsylvania
- August 2021
- Case
Danone S.A.: Becoming a Mission-Driven Company (A)
By: Benjamin C. Esty and Emilie Billaud
Emmanuel Faber became CEO of Danone SA, the French food and beverage company, in 2014. Right from the start, he ran the company with a dual commitment to both profit and purpose (i.e., ESG objectives). In fact, in 2018, he said, “It’s time to make sustainable business... View Details
- August 2021
- Article
Voter Mobilization and Trust in Electoral Institutions: Evidence from Kenya
By: Benjamin Marx, Vincent Pons and Tavneet Suri
Voter mobilization campaigns face trade-offs in young democracies. In a large-scale experiment implemented in 2013 with the Kenyan Electoral Commission (IEBC), text messages intended to mobilize voters boosted participation but also decreased trust in electoral... View Details
- July 2021
- Article
Do Interactions with Candidates Increase Voter Support and Participation? Experimental Evidence from Italy
By: Enrico Cantoni and Vincent Pons
We test whether politicians can use direct contact to reconnect with citizens, increase turnout, and win votes. During the 2014 Italian municipal elections, we randomly assigned 26,000 voters to receive visits from city council candidates, from canvassers supporting... View Details
- 2021
- Working Paper
Proxy Advisory Firms and Corporate Shareholder Engagement
By: Aiyesha Dey, Joshua White and Austin Starkweather
We examine the influence of proxy advisors on firms’ shareholder engagement behavior. Our analyses exploit a quasi-natural experiment using Say-On-Pay voting outcomes near a threshold that triggers a review of engagement activities by Institutional Shareholder Services... View Details
- 2021
- Working Paper
Being the Boss: Gig Workers' Value of Flexible Work
By: Laura Katsnelson and Felix Oberholzer-Gee
Workers who join the gig economy face a challenging trade-off. Gig work provides worktime flexibility and a sense of being one’s own boss, but gig workers forgo certain protections that employees enjoy. In this paper, we study the work patterns of a large sample of... View Details
- November 2020 (Revised March 2023)
- Teaching Note
Unrest in Chile
By: Vincent Pons, John Masko, Rafael Di Tella and William Mullins
In 2020, Chileans would head to the ballot box to decide their country’s future. Many international observers credited Chile’s decades of neoliberal governance with turning the country into Latin America’s “Tiger,” a prosperous, diversified economy on its way to... View Details
- October 2020
- Case
Genomics in the Family Office
By: Lauren Cohen, Ronnie Stangler and Spencer C. N. Hagist
Alice Anane is the member of a large, wealthy family that collectively operates a multi-pronged family business in Israel. Upon discovering partway into her pregnancy that the rapidly degenerative brain disease her father succumbed to now threatens her and potentially... View Details
- July 2020 (Revised March 2021)
- Case
Board Diversity at Amazon (A)
By: Aiyesha Dey and Anu Atluru
The case revolves around the decisions that the board of directors of ecommerce giant Amazon would need to make in response to the controversial letter that activist shareholder CtW investment group sent to Amazon’s shareholders, urging them to vote in favor of a... View Details
Keywords: Board Of Directors; Boards; Governing and Advisory Boards; Diversity; Gender; Race; United States
- 2024
- Working Paper
The Seeds of Ideology: Historical Immigration and Political Preferences in the United States
By: Paola Giuliano and Marco Tabellini
We study the long run effects of immigration on American political ideology. Exploiting
cross-county variation in the presence of European immigrants between 1900
and 1930, we establish a novel result: historical European immigration is associated
with stronger... View Details
- April 2020 (Revised July 2020)
- Case
Unrest in Chile
By: Vincent Pons, William Mullins, John Masko, Annelena Lobb and Rafael Di Tella
In 2020, Chileans would head to the ballot box to decide their country’s future. Many international observers credited Chile’s decades of neoliberal governance with turning the country into Latin America’s “Tiger,” a prosperous, diversified economy on its way to... View Details
- 2020
- Working Paper
On the Representativeness of Voter Turnout
By: Louis Kaplow and Scott Duke Kominers
Prominent theory research on voting uses models in which expected pivotality drives voters' turnout decisions and hence determines voting outcomes. It is recognized, however, that such work is at odds with Downs's paradox: in practice, many individuals turn out for... View Details
- February 2020 (Revised June 2020)
- Case
Shaping the Governance Debate at ISS
By: Suraj Srinivasan, Jonah S. Goldberg and Calvin O. Liou
ISS is the world’s largest provider of corporate governance research, data, analytics, and voting services. The case uses the effort of the Securities and Exchange Commission (SEC) to impose an array of new regulations that would severely restrict the functioning of... View Details
- January 2020
- Supplement
Brexit: A Withdrawal Agreement? — Boris Johnson
By: Laura Alfaro and Sarah Jeong
The UK was due to leave the EU in March 2019 after a referendum vote in June 2016. Following additional extensions and multiple failed attempts to reach an agreement with Parliament, Theresa May stepped down as Conservative Party leader and was replaced by Boris... View Details