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David Larcker and Brian Tayan: Seven Myths of ESG.

David Larcker and Brian Tayan: Seven Myths of ESG.

Episode 50 Published 4 years, 3 months ago
Description
  1. Intro.
  2. (2:10) - Start of interview.
  3. (2:57) - David's "origin story". He grew up in coal mining town in southern Illinois. He went to college at what is now known as the Missouri University of Science & Technology. He later worked as an engineer and got his PhD in accounting from the U. of Kansas. He was a Professor at Kellogg for about 7 years, at Wharton for about 20 years and he's been a Professor at Stanford's Graduate School of Business since 2005. On how he started working with Brian on corporate governance research through the Corporate Governance Research Initiative.
  4. (4:23) - Brian's origin story. He grew up in Menlo Park, went to Princeton for his undergrad, and Stanford for his MBA. Prior to Stanford, he worked as a financial analyst at Stanford University's Office of the CEO and as an investment associate at UBS Private Wealth Management. On how he got matched with David Larcker to launch the corporate governance research initiative.
  5. (7:16) - On collaborating with Stanford law school on corporate governance research through the Rock Center for corporate governance.
  6. (9:30) - On their book "Corporate Governance Matters." First published in 2011, second edition in 2015 and third edition in 2020.
  7. (13:44) - About the origin and structure of the Corporate Governance Research Initiative, which includes a long list of (free) research findings and materials, including their Closer Look Series, Quick Guides & Research Spotlights, Core Concepts, Surveys, Journal Articles, Working Papers, Case Studies and a Glossary of Terms.
  8. (17:00) - On their latest article "The Seven Myths of ESG"
  9. (18:01) - Myth #1: We agree on the purpose of ESG.
  10. (22:52) - Myth #2: ESG is value increasing. ["The evidence is extremely mixed." "We do not know the financial impact of ESG."]
  11. (26:46) - Myth #3: We can't tell whether a claimed ESG activity is actually ESG. [the extreme version is "greenwashing."]
  12. (30:16) - Myth #4: A company’s ESG agenda is well-defined and board-driven.
  13. (34:49) - Myth #5: G (Governance) belongs in ESG.
  14. (38:09) - Myth #6: ESG ratings accurately measure ESG quality.
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