Clark Center Forum

 

The life cycle of the archetypal successful American firm was once straight forward. The initial entrepreneur would at first fund their start-up idea utilizing cash from the so-called three Fs of family, friends, and fools. If their business proved to be a hit it would expand using a mixture of debt and injections of equity […] 

This Finance survey examines (a) The lower willingness of private firms to go public, combined with the increased number of publicly traded firms being taken private over the last 25 years, is measurably net negative for economic growth; (b) All else equal, reducing regulatory barriers (including reporting requirements such as Sarbanes Oxley 404) to public listing would substantially increase the share of publicly traded firms in the economy; (c) The lack of transparency about unlisted private firms' financial performance substantially hinders the efficiency of the allocation of capital 

This US survey examines (a) The lower willingness of private firms to go public, combined with the increased number of publicly traded firms being taken private over the last 25 years, is measurably net negative for economic growth; (b) All else equal, reducing regulatory barriers (including reporting requirements such as Sarbanes Oxley 404) to public listing would substantially increase the share of publicly traded firms in the economy; (c) The lack of transparency about unlisted private firms' financial performance substantially hinders the efficiency of the allocation of capital 

Artificial Intelligence (AI) technology continues to advance rapidly and grab the attention of investors, policymakers, and media opinion formers. For the latter, the ability of the latest generation of large language models (LLMs) to not only write increasingly passable copy but to do so in the style of named authors is causing more than a […] 

This European survey examines (a)  US antitrust investigations of the dominant firms in artificial intelligence are warranted by the need to foster competition and innovation in the technologies; b) Seeking to slow the pace of artificial intelligence use and implementation would be a more effective means of assessing potential harms from the technologies than market deployment and ex post assessment 

Short-termism is one of the frequently invoked criticisms of the management of publicly listed firms, asset managers, and individual shareholders. Critics allege that over the past few decades changes in the structure of financial markets and investor behavior have aligned into a system that encourages managers to focus on short term profits, at a potential […] 

This Finance survey examines (a) Letting publicly traded firms report earnings annually rather than quarterly would lead their executives to place more weight on long-term issues in their investments and other decisions; (b) A switch from quarterly to annual earnings reports would, on net, benefit shareholders 

This US survey examines: (a) Antitrust investigations of the dominant firms in artificial intelligence are likely to lead to substantially lower prices of AI products and services for businesses and consumers; (b) Antitrust investigations of the dominant firms in artificial intelligence are likely to promote greater competition and innovation in AI; (c) Potential harms from artificial intelligence are better assessed by market deployment rather than seeking to slow the pace of AI research and implementation 

At the end of the twentieth century, the average speed of trips made across central London was lower than in the year 1900. The reason for this regression was obvious to anyone spending time in a car in the United Kingdom’s capital: heavy congestion and frequent traffic jams snarling up the roads. In 2003 London […]