In an article forthcoming in the Journal of Corporate Law, Systematic Stewardship with Tradeoffs, Profs. Kahan and Rock take issue with the portfolio approach that I offered in Systematic Stewardship (47 J. Corp. L. 627 (2022)) on the grounds that corporate law requires a “single firm focus”...

The Federal Reserve has long used policy frameworks to both explain and inform its policymaking. These policy frameworks typically explain what the Fed is seeking to achieve in a given domain and how it plans to achieve its desired aims. Two prominent examples are the Fed’s use of Bagehot’s...

Share lending allows passive investors to generate revenue from a decline in portfolio value. When an active mutual fund exits a portfolio firm, passive index funds belonging to the same fund family raise the cost of borrowing the firm's shares for short selling. To identify supply-side shifts,...

This paper challenges the leading academic, political, and cultural narrative supporting greater redistribution. The narrative holds that redistribution should come at the expense of a very restricted group of the highest earners: the one percent, the super-rich, the billionaire class. I argue...

This paper introduces the Tunisia Labor Market Panel Survey (TLMPS) of 2014, the first round of a publicly available nationally representative longitudinal household survey. We provide a description of the sample and questionnaires. We discuss a number of data collection issues, such as...

The last forty years have seen two major economic trends: Wages have stalled despite rising productivity, and institutional investors have replaced retail shareholders as the predominant owners of the American equity markets. A few powerful institutional investors—dubbed common owners—now...