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Dec 17 • 8 tweets • 5 min read
Starke Recherche über einen heftigen Fall von #MeTooScience. Die @UniCologne sieht extrem schlecht aus, die Argumentation ihrer Justiziarin bei der "Vernehmung" ist ein Skandal.

Hoffentlich bald ohne Paywall, @derspiegel? Bis dahin, das wichtigste im 🧵.
spiegel.de/panorama/bildu… Image
Erste Beschwerde 2019. Bis heute kein Resultat. Dabei gibt es sogar Chat-Protokolle (s.u.). ImageImage
Der Mann ist weiterhin Prof und beschäftigt weiterhin wissenschaftliche Mitarbeiterinnen an der @UniCologne ImageImageImage
Ich hab ja auch schon internationale Wissenschaftler*innen abends in Köln ausgeführt. Komisch, noch nie hat jemand gefragt, wann es denn nun endlich in den Stripklub gehe. Image
Well well well ImageImage
Das letzte Wort soll die Justiziarin der @UniCologne haben: "Das Wort »wichsen« habe bei Möller eine »besondere Wortbedeutung abseits von der allgemeinen Wortbedeutung«" Image
Es hat übrigens nur eine Google Minute gedauert, den Professor zu identifizieren.

Solidarität mit Victoria S. und Franziska S., und mit der von ihnen gegründeten #MeTooScience Initiative.

Das ganze natürlich eng verwandt mit #IchbinHanna.
spiegel.de/panorama/bildu…
Dank an die Autor*innen, @laloeffelstiel und @lukaseberle.

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More from @BJMbraun

Benjamin Braun Profile picture
Oct 18
Are asset managers powerful? I'm excited that my attempt at an answer is now published (open access).

Summary:
1) Exit-based power is down
2) Control-based power is up
3) ...but also more visible: AM power is constrained by politics.

More in 🧵
journals.sagepub.com/doi/10.1177/00…
We theorize the structural power of finance as being based on exit. But the primary function of finance has been shifting from financing to asset management, which reduces exit options.
-> Financialization and rising financial-sector power are *not* two sides of the same coin. /2
Here's 'The end of exit', told for the US economy in three charts:

1) the declining importance of external financing for corporate investment
2) and especially of the stock market
2) the declining importance of banks & of corporate lending for banks /3
Read 14 tweets
Benjamin Braun Profile picture
Feb 14
Thank you, @adam_tooze! Couldn't have wished for a more cracking summary of my thoughts on asset manager capitalism. I'll take the opportunity for a brief 🧵on recent work on the topic by stars such as @adribuller, @MadisonECondon, @franziscooi, @lenorepalladino & @NataschaZwan.
Someone who knows everything about index funds, ESG, and climate is @adribuller. Her recent @DissentMag piece on private climate finance is excellent and has links to her other work. Incredibly, Adrienne is writing two (2) books, both scheduled for 2022. dissentmagazine.org/article/the-li…
The sharpest mind on all things universal owner, externalities, fiduciary duty, and other asset manager incentives, legal or otherwise, surely is @MadisonECondon. "Externalities and the Common Owner" is an instant classic (also on my #IPEofMoFi syllabus). scholarship.law.bu.edu/cgi/viewconten…
Read 7 tweets
Benjamin Braun Profile picture
Dec 8, 2021
China will prohibit its firms from using variable interest entities (VIEs) in offshore jurisdictions. What, you ask.

@m_maggiori et al have done incredible work showing the giant impact of VIEs on bilateral investment positions. Quick IPE data explainer.
academic.oup.com/qje/article-ab…
FT visual on VIEs. To deal with this, Coppola et al. match "the universe of traded securities issued by firms in tax havens with their issuer’s ultimate parent" to restate bilateral investment positions.

The issue: So far, data on bilateral positions has been residency-based.
Residency-based: US Treasury International Capital (TIC) & IMF Coordinated Portfolio Investment Survey (CPIS) -> red columns

Coppola et al. use firm-level securities data to restate this as nationality-based positions -> purple

Restatements are huge for bonds & equities.
Read 8 tweets
Benjamin Braun Profile picture
Dec 6, 2021
For New Labor Forum I wrote about what’s wrong with funded pensions. It's a crucial question for many countries, and yet the debate is often confused.

I focus on one issue: Pension funds are financialization machines.

Open-access link & a short 🧵
journals.sagepub.com/doi/10.1177/10… Image
Some context: The dream of wielding labor’s capital in the interest of workers is old, see Barber/Rifkin 1978.

And it's true that capital stewardship has often delivered results for US workers, see @DavidWebber's excellent Labor’s Last Best Weapon.
hup.harvard.edu/catalog.php?is… ImageImage
But there are structural reasons why, despite the best meso-level efforts, at the macro-level the weapon is bound to misfire.

As @ewaldeng once put it, pension funds are structurally pressured to "push the envelope", investment-wise.
journals.sagepub.com/doi/abs/10.106… Image
Read 11 tweets
Benjamin Braun Profile picture
Apr 29, 2021
Draghi’s Recovery Plan for Italy mentions productivity and competitiveness 50 times. What is it – Keynesian investment program or good old structural reform?

Both! To see why, let’s take a *little* step back: Draghi’s 1976 PhD dissertation at MIT. Bear with me. 1/n Image
Draghi’s thesis fully articulates the theory that came to bring us structural reforms: A planner opting for short-run stimulus will never reach the optimal long-run path. By contrast, enforcing optimum long-run policies today will *not* have negative short-run consequences. 2/ ImageImage
An instructive (and hilarious) detail: Draghi was a structural reformer avant la lettre: He uses the term “reform” exactly as it would come to be used in “structural reforms”. Except that the concept didn’t exist at the time. Draghi had to use quotes: “reforms”. 3/ ImageImage
Read 12 tweets
Benjamin Braun Profile picture
Jun 23, 2020
What is asset manager capitalism? (How) does index fund dominance change the political economy of corporate governance?

This has taken me forever. It's a first working paper, focused on the United States. Brief summary below. 1/
osf.io/preprints/soca… ImageImageImage
The #CorpGov literature remains in thrall to what I call the Berle-Means-Jensen-Meckling ontology: Shareholders, while dispersed and weak, are the owners and principals of the corporation.

The rise of asset managers has pulled the empirical rug from under the BM-JM ontology. 2/ Image
The table summarizes
- the evolution of the US investment chain
- the hallmarks of historical corporate governance regimes

It shows the similarities (green) and differences (red) btw Hilferding’s late 19th century ‘finance capitalism’ and what I call asset manager capitalism. 3/ Image
Read 9 tweets

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