Finance

- 2024
- Working Paper
Corporate Actions as Moral Issues

By: Zwetelina Iliewa, Elisabeth Kempf and Oliver Spalt

We study how a representative sample of the U.S. population evaluates a broad range of corporate actions from a nonpecuniary perspective. Our core findings, based on large-scale online surveys, are that (i) self-reported nonpecuniary concerns are large, both for stock market investors and non-investors; (ii) concerns about the treatment of workers and CEO pay rank highest, higher than concerns about workforce diversity and fossil energy usage; (iii) moral universalism (Enke (2024)) emerges as a key driver of nonpecuniary preferences, explaining substantial variation both across participants as well as across corporate actions. Combined, our findings provide new evidence on the importance of moral concerns as a driver of nonpecuniary preferences in the context of corporate actions.
- 2024
- Working Paper
Corporate Actions as Moral Issues

By: Zwetelina Iliewa, Elisabeth Kempf and Oliver Spalt

We study how a representative sample of the U.S. population evaluates a broad range of corporate actions from a nonpecuniary perspective. Our core findings, based on large-scale online surveys, are that (i) self-reported nonpecuniary concerns are large, both for stock market investors and non-investors; (ii) concerns about the treatment of workers...
- February 2025
- Case
Cambridge Associates and Groton School

By: William Vrattos
- February 2025
- Case
Cambridge Associates and Groton School

By: William Vrattos
- February 2025
- Case
BREIT - The Behemoth

By: Nori Gerardo Lietz and Ted Bigman
- February 2025
- Case
BREIT - The Behemoth

By: Nori Gerardo Lietz and Ted Bigman

About the Unit

Our strategy is to assemble and nurture a faculty whose interests and skills complement each other, and who work well together:

a) to produce a broad range of finance-related research that is published in top-tier scientific and practitioner journals, and that addresses issues of present and future importance to managers (including regulators and policy makers);

b) to develop highly-relevant and intellectually rigorous MBA and executive education courses; and

c) to mentor future academics through the Business Economics doctoral program.

Our applied focus and access to business organizations are major advantages which are reinforced by our students and our case-based approach. We have a faculty with broad expertise, and we have resources, field contacts, and institutional support, all of which we can leverage to do richer work and be more productive than we could at other institutions.

Recent Publications

Corporate Actions as Moral Issues

By: Zwetelina Iliewa, Elisabeth Kempf and Oliver Spalt

2024 |
Working Paper |
Faculty Research

We study how a representative sample of the U.S. population evaluates a broad range of corporate actions from a nonpecuniary perspective. Our core findings, based on large-scale online surveys, are that (i) self-reported nonpecuniary concerns are large, both for stock market investors and non-investors; (ii) concerns about the treatment of workers and CEO pay rank highest, higher than concerns about workforce diversity and fossil energy usage; (iii) moral universalism (Enke (2024)) emerges as a key driver of nonpecuniary preferences, explaining substantial variation both across participants as well as across corporate actions. Combined, our findings provide new evidence on the importance of moral concerns as a driver of nonpecuniary preferences in the context of corporate actions.

Keywords: Public Opinion; Corporate Social Responsibility and Impact; Moral Sensibility

Citation