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Elements of a theory of the responsible firm

Hosted by the Financial Markets Group

In-person and online public event (Old Theatre, Old Building)

Speaker

Professor Patrick Bolton

Professor Patrick Bolton

Chair

Professor Martin Oehmke

Professor Martin Oehmke

Join us for the second lecture of the Sir Oliver Hart Lecture Series which will be followed by a drinks reception.

This year's speaker is Patrick Bolton, who will be talking on the topic of Elements of a Theory of the Responsible Firm. The lecture will begin with a short review of economic theories of the firm, pointing out that although all the economic theories see the firm as an institutional response to improve on market and contractual inefficiencies, they ignore the problem of the economic responsibility of firms in a world of market inefficiencies, externalities, and government failures. Professor Bolton will then turn to a discussion of the meaning of economic responsibility, its relevance, and practical implications for firms, by drawing on some key readings from management, law, and philosophy.

Meet our speaker and chair

Patrick Bolton is a professor of finance at Imperial College London and senior advisor to the Lazard Climate Center. He is past president of the American Finance Association and a fellow of the Econometric Society. He specialises in contract theory and its relationship to corporate finance and industrial organization. He has published a number of books including Contract Theory and The Green Swan: Central Banking and Financial Stability in the Age of Climate Change.

Martin Oehmke (@MartinOehmke) is Professor of Finance at LSE. Martin received his PhD in Economics from Princeton in 2009. Before joining LSE in 2015, he was the Roger F. Murray Associate Professor of Finance at Columbia Business School. He serves on the advisory scientific committee of the European Systemic Risk Board. His research interests are sustainable finance, financial regulation and corporate finance and banking.

More about this event

This event will be available to watch on LSE Live. LSE Live is the new home for our live streams, allowing you to tune in and join the global debate at LSE, wherever you are in the world. If you can't attend live, a video will be made available shortly afterwards on LSE's YouTube channel.

The Financial Markets Group (@FMG_LSE) is a leading centre for research into financial markets. Research at the FMG examines how stable and efficient the financial system is, how it supports the real economy, and what policy measures can generate improvements in these dimensions.

The Sir Oliver Hart Lecture Series and the associated Conference Series were set up in 2023 to honour the distinguished British-American economist and Nobel Laureate, Professor Sir Oliver Hart. The themes of the lectures and conferences aim to have policy relevance and connections to Professor Sir Oliver Hart’s own pioneering research. The series currently focuses on the area of sustainable corporate governance, i.e., on studying the role of companies in the economy and society, whether companies should focus solely on profits or attempt to reflect the non-financial preferences of their shareholders, and how such preferences can be reflected in corporate governance.

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