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  • September 2020
  • Article

The Rise of the Investor State: State Capital in the Chinese Economy

By: Meg Rithmire and Hao Chen
The nature and extent of the role of the Chinese state in the economy is fundamental to many empirical and theoretical debates about that country’s political economy. We document and explain the rise of a novel form of intervention on the part of the Chinese state: the... View Details
Keywords: China's Political Economy; State Shareholding; State-business Relations; State Capitalism; China's Financial System; Economy; Business and Government Relations; Finance; System; China
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  • October 2021
  • Article

Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks

By: Caroline Flammer, Michael W. Toffel and Kala Viswanathan
This paper examines whether—in the absence of mandated disclosure requirements—shareholder activism can elicit greater disclosure of firms’ exposure to climate change risks. We find that environmental shareholder activism increases the voluntary disclosure of climate... View Details
Keywords: Transparency; Reporting; Shareholder Engagement; Shareholder Activism; Climate Change; Risk and Uncertainty; Environmental Management; Investment Activism; Corporate Disclosure; Communication Strategy; Information Publishing; Measurement and Metrics; Corporate Social Responsibility and Impact; Problems and Challenges; United States
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  • 2021
  • Working Paper

Shareholder Activism and Firms’ Voluntary Disclosure of Climate Change Risks

By: Caroline Flammer, Michael W. Toffel and Kala Viswanathan
This paper examines whether—in the absence of mandated disclosure requirements—shareholder activism can elicit greater disclosure of firms’ exposure to climate change risks. We find that environmental shareholder activism increases the voluntary disclosure of climate... View Details
Keywords: Shareholder Activism; Climate Risk; Corporate Accountability; Climate Change; Corporate Disclosure; Corporate Governance; Corporate Social Responsibility and Impact; Business and Shareholder Relations; Risk and Uncertainty; Natural Environment; Environmental Sustainability; Financial Services Industry; United States
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  • Research Summary

Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond

Part of the fear and misunderstanding of state capitalism in the post-Berlin Wall era stems from the fact that most observers see state-owned enterprises (SOEs) as inefficient soviet companies. In Reinventing State Capitalism: Leviathan in Business, Brazil and... View Details

Keywords: State Capitalism; State-owned Enterprises; Development Banks; State Ownership; Development Economics; Management; Energy Industry; Banking Industry; Brazil; China; Europe; Latin America; Asia
  • June 20, 2013
  • Article

The Tyranny of Minority Shareholders

By: Josh Baron and Henry Foley
The article discusses challenges arising from minority ownership in the context of the proposed Empire State Building IPO. It emphasizes the complexities that minority shareholders can introduce in business decisions when families take their assets public. The article... View Details
Keywords: Business and Shareholder Relations; Ownership; Family Ownership; Corporate Governance; Power and Influence
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  • 02 Nov 2009
  • Research & Ideas

Shareholders Need a Say on Pay

particular tool put forward in reforms is the idea of "say on pay," which gives shareholders a non-binding vote on executive compensation and severance packages. The Obama administration has proposed requiring it in all public... View Details
Keywords: by Julia Hanna; Financial Services
  • 12 May 2009
  • News

Schumer's Shareholder Bill Misses the Mark

  • 2014
  • Book

Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond

By: Aldo Musacchio and Sergio G. Lazzarini
In this book we describe the transformation of state capitalism from a model in which governments owned and ran corporations and broadly controlled the allocation of financial resources into two new varieties of state capitalism: Leviathan as a majority and as a... View Details
Keywords: State Capitalism; State-owned Enterprises; Industrial Policy; Development Banks; Capitalism; Financial Markets; Corporate Governance Theory; CEO Effects; Public Sector; Economic Systems; Financial Institutions; Corporate Governance; Business and Government Relations; Governing and Advisory Boards; State Ownership; Privatization; Public Ownership; Emerging Markets; Banking Industry; Mining Industry; Energy Industry
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    Reinventing State Capitalism

    In this book we study the evolution of corporate governance arrangements that governments have adopted for their state-owned enterprises (SOEs) in the last 20 years. We show that the process of privatization and liberalization of the 1990s and early 2000s created... View Details

    • 06 Jun 2023
    • Cold Call Podcast

    The Opioid Crisis, CEO Pay, and Shareholder Activism

    Keywords: Re: Suraj Srinivasan; Health; Pharmaceutical; Distribution
    • January 1994 (Revised April 1995)
    • Case

    EMC Corporation: Response to Shareholder Litigation (A)

    By: Josh Lerner
    EMC Corp. is the target of a shareholder class-action lawsuit for the second time. CEO, Richard Egan, must decide whether to settle the case, as is done in 96% of such cases and as EMC itself did previously, or fight the action. View Details
    Keywords: Decision Choices and Conditions; Lawsuits and Litigation; Going Public; Management Teams; Business and Shareholder Relations; Technology Industry; United States
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    • January 1994 (Revised April 1994)
    • Case

    EMC Corporation: Response to Shareholder Litigation (B)

    By: Josh Lerner
    Reports EMC's decision concerning the second shareholder class-action suit and its implications. Legislative efforts to reform securities litigation are also discussed. View Details
    Keywords: Decisions; Lawsuits and Litigation; Going Public; Policy; Management Teams; Business and Shareholder Relations; Technology Industry; United States
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    • September 2008 (Revised October 2008)
    • Case

    Shareholder Activists at Friendly Ice Cream (A1)

    By: Fabrizio Ferri, V.G. Narayanan and James Weber
    Two activist investors, one a founder and one a hedge fund manager, seek to improve board oversight at a chain restaurant company. Prestley Blake founded Friendly Ice Cream in 1935 with his brother, and the two created a chain of full-service restaurants. In 1979, they... View Details
    Keywords: Investment Activism; Governing and Advisory Boards; Lawsuits and Litigation; Business or Company Management; Business and Shareholder Relations; Conflict of Interests; Food and Beverage Industry; United States
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    • September 2007 (Revised September 2010)
    • Case

    ValueAct: Shareholder in the Boardroom

    By: Jay W. Lorsch and Alexis Chernak
    ValueAct, a San Francisco investment firm, makes an investment in PerSe Technologies. The partners of ValueAct build relationships with the PerSe board and management. Eventually ValueAct is given a seat on the PerSe board and is able to influence a significant imprint... View Details
    Keywords: Governing and Advisory Boards; Investment; Business and Shareholder Relations; Financial Services Industry; San Francisco
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    • August 2003
    • Case

    SEC Proposal for Nomination of Directors by Shareholders

    By: Jay W. Lorsch and Ashley Robertson
    Describes the U.S. Securities and Exchange Commission's 2003 proposal to allow shareholders to nominate a "short slate" of directors for the board of listed companies. Includes comment letters for and against the proposal. View Details
    Keywords: Corporate Governance; Management Teams; Business and Shareholder Relations; United States
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    • April 2008 (Revised September 2008)
    • Case

    Shareholder Activists at Friendly Ice Cream (A)

    By: Fabrizio Ferri, V.G. Narayanan and James Weber
    Two activist investors, one a founder and one a hedge-fund manager, seek to improve board oversight at a chain restaurant company. Prestley Blake founded Friendly Ice Cream in 1935 with his brother, and the two created a chain of full-service restaurants. In 1979 they... View Details
    Keywords: Investment Activism; Governing and Advisory Boards; Lawsuits and Litigation; Business or Company Management; Business and Shareholder Relations; Conflict of Interests; Food and Beverage Industry; United States
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    • November 2011 (Revised May 2012)
    • Case

    SecondMarket—Providing Liquidity for Shareholders of Privately Held iContact

    By: William A. Sahlman, Ramana Nanda and James McQuade
    In 2011, SecondMarket was an online platform that facilitated secondary transactions of illiquid assets, including private company stock. This case explores reasons for the decline in small-cap IPOs in the United States from the 1990s to the 2000s and how the emergence... View Details
    Keywords: Business and Shareholder Relations
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    • September 2008 (Revised October 2008)
    • Supplement

    Shareholder Activists at Friendly Ice Cream (A2)

    By: V.G. Narayanan, Fabrizio Ferri and James Weber
    The A1 and A2 versions of the “Shareholder Activists at Friendly Ice Cream (A)” split the original A case into two parts. The A1 case ends as activists Sardar Biglari and Phil Cooley prepare to meet with CEO Don Smith at Friendly's headquarters in September 2006. The... View Details
    Keywords: Investment Activism; Business and Shareholder Relations; Governing and Advisory Boards; Conflict and Resolution; Lawsuits and Litigation; Business or Company Management; Food and Beverage Industry; United States
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    • 21 May 1993
    • Lecture

    Shareholder Value Creation: Solely a U.S. Concept?

    By: W. Carl Kester
    Keywords: Business and Shareholder Relations; Value Creation; United States
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    • December 2021 (Revised February 2022)
    • Case

    Bed Bath & Beyond: The New Strategy to Drive Shareholder Value

    By: Benjamin C. Esty and Daniel W. Fisher
    At one time, Bed Bath & Beyond was one of the most successful specialty retailers in the United States—its growth and profit margins far exceeded both peer retailers in the home goods market as well as many other discount retailers. But in 2014, its stock price peaked,... View Details
    Keywords: Competitive Strategy; Competitive Advantage; Value Creation; Diversification; Corporate Governance; Leading Change; Performance Evaluation; Valuation; Investment Activism; Retail Industry; Consumer Products Industry; United States
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