- Corporate Governance and Responsible Investment
I have long been interested in, researched and written about the growing importance of institutional investors as owners of the majority of corporate equity and debt, both directly and indirectly. This interested has resulted in articles, papers and a book on the subject, which my colleague Andrew Williams and I call fiduciary capitalism and what we call universal owners. The most recent focus of this general interest has been on what is becoming known globally as responsible investment (also referred to as ESG (environmental, social, governance) of corporate valuation and sometimes called sustainable investment. I have approached this both from an academic/research point of view; as well have been active in developing policy implications for institutional investors, government and inter-governmental organizations in the U.S., and abroad.. I am currently engaged in research on the fiduciary duties of institutional owners with two colleagues (York University law and business schools; and the University of Wisconsin, Law school). The study looks at the complex histories of fiduciary and trust law in common law countries (and some other jurisdictions), the embeddedness of various economic and investment theories in both case and legislative law and regulation in various places and in historical periods, and normatively, what we propose as future changes in fiduciary law given changed market conditions in which large institutional owners and their intermediaries have come to dominate the management of 'other peoples' retirement savings and investments. This is done with an eye of what we considered some of the lessons (learned or not) from the recent financial and economic crisis.
- Comparative corporate governance and institutional investors: The U.S., the E.U. and Japan-- different governance, common problems.
- Continuing study of the impact of globalization of financial markets on international financial stability, and national economic policy formation and effectiveness.
- Fiduciary Duty of Major Institutional