Found 28 article(s) for author 'George Serafeim'

Corporate Sustainability Disclosure and Financial Performance

Corporate Sustainability Disclosure and Financial Performance. George Serafeim, 2017, Paper, “Corporate environmental and social reporting lacks the comparability across companies that is a characteristic of financial information. To address this weakness, Norges Bank Investment Management (NBIM) created analytical frameworks to measure the quality and scope of reporting relating to three focus areas: climate change, water and children’s rights. By translating information published by a global set of companies into standardized data, NBIM has constructed a dataset that can be used for analyzing and comparing companies across time and within sectors.” Link

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Stop Waiting for Governments to Close the Skills Gap

Stop Waiting for Governments to Close the Skills Gap. George Serafeim, January 11, 2017, Case, “Donald Trump was elected with the promise to “make America great again.” But America was already great for some people. For example, America has been good for investors: The Dow Jones was at a record high before Trump got elected, and it has risen further since the election. But the country has not been great for workers, who have seen their wages stagnate or decline over the past 15–20 years. America needs to become a great place to work again. And this will only happen if we align the interests of workers and investors such that companies focus on worker well-being to deliver better financial results.Link

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The EU Has Trust Issues, and It’s Taking Down Greece’s Economy

The EU Has Trust Issues, and It’s Taking Down Greece’s Economy. George Serafeim, May 24, 2016, Opinion, “Uncertainty can severely affect an economy. Just look at what has happened in a short period of time to the UK economy. People are postponing major investment decisions after resolving the uncertainty over whether the UK stays in the EU or not. Supporters of Brexit hope that a UK outside the EU will be different. Opposition fears that a UK outside the EU will be different. But they both agree that it will be different. So given the prospect of a very different UK, people are not willing to commit capital and resources.Link

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Voluntary, Self-Regulatory and Mandatory Disclosure of Oil and Gas Company Payments to Foreign Governments

Voluntary, Self-Regulatory and Mandatory Disclosure of Oil and Gas Company Payments to Foreign Governments. Paul Healy, George Serafeim, 2015, Paper, “Transparency advocates argue that disclosure of oil and gas company payments to host governments for natural resources is a public good, helping to reduce corruption and increase accountability in resource rich countries. Yet we find a very low frequency of voluntary disclosures of payments to host governments by oil and gas firms, and negative stock price reactions for affected firms at the announcement of regulations mandating disclosure. This suggests that sample firm managers and their investors perceive that there are private costs of such voluntary disclosures, contributing to continued low transparency and weak governance in resource rich countries.Link

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Debt Should be a Guide to Policy Making

Debt Should be a Guide to Policy Making. George Serafeim, July 14, 2015, Video. “European finance ministers encountered a range of hurdles to financing Greece through the next few weeks during negotiations over another full-scale bailout. All the available options are either financially inadequate, politically unpalatable, legally suspect or beyond European leaders’ control, finance ministers said. Harvard University Professor of Business George Serafeim shares his views on “The Pulse…”Link

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Reforming Greece: Myths and Truths

Reforming Greece: Myths and Truths. George Serafeim, April 22, 2015, Opinion. “News about the Greek economy continues on the front page of every major newspaper, as the country continues its six-year struggle to reenergize its economy. On Friday, Eurozone finance ministers will decide whether to release emergency funds to Greece, and the country must make two repayments totaling 950 million euros to the International Monetary Fund by May 12 …” Link

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Corporate Sustainability: First Evidence on Materiality

Corporate Sustainability: First Evidence on Materiality. Mozaffar Khan, George Serafeim, March 24, 2015, Paper. “An increasing number of companies make sustainability investments, and an increasing number of investors integrate sustainability performance data in their capital allocation decisions. To date however, the prior academic literature has not distinguished between investments in material versus immaterial sustainability issues. We develop a novel dataset by hand-mapping data on sustainability investments classified as material for each industry into firm-specific performance data on a variety of sustainability investments…” Link

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If Greece Embraces Uncertainty, Innovation Will Follow

If Greece Embraces Uncertainty, Innovation Will Follow. George Serafeim, March 13, 2015, Opinion. “No matter what happens with the Greek bailout, all parties agree that the Greek economy will have to become more competitive. Many politicians and commentators mention two critical factors in accomplishing this: increasing innovative capacity and reducing bureaucracy. Both are important, but they are far more difficult to achieve than many understand because they are, to a significant extent, influenced by culture. ‘Culture’ can sound like a catchall, a convenient way to place the blame outside the realm of policy, but I am talking about one specific dimension of culture: avoiding uncertainty…” Link

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Speaking of the short-term: disclosure horizon and managerial myopia

Speaking of the short-term: disclosure horizon and managerial myopia. George Serafeim, March 12, 2015, Paper. “We study conference calls as a voluntary disclosure channel and create a proxy for the time horizon that senior executives emphasize in their communications. We find that our measure of disclosure time horizon is associated with capital market pressures and executives’ short-term monetary incentives. Consistent with the language emphasized during conference calls partially capturing short-termism, we show that our proxy is associated with earnings and...” Link

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