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SUMMARY:EXIT VS. VOICE - Luigi Zingales\, Robert C. McCormack Distinguishe
 d Service Professor of Entrepreneurship and Finance and the Charles M. Har
 per Faculty Fellow at the University of Chicago Booth School of Business.
DTSTART:20201103T130000Z
DTEND:20201103T140000Z
UID:TALK153562@talks.cam.ac.uk
CONTACT:Emily Brown
DESCRIPTION:We study the relative effectiveness of exit (divestment and bo
 ycott) and voice (engagement) strategies in promoting socially desirable o
 utcomes in companies. We show that in a competitive world exit is less eff
 ective than voice in pushing firms to act in a socially responsible manner
 . Furthermore\, we demonstrate that individual incentives to join an exit 
 strategy are not necessarily aligned with social incentives\, whereas they
  are when well diversified investors are allowed to express their voice. W
 e discuss what social and legal considerations might sometimes make exit p
 referable to voice.
LOCATION:Webinar (via Zoom online)
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