The large increase in the market for private credit as a substitute for bank finance substantially reduces systemic risk.
The growth in private credit is substantially higher because of regulations that disincentivize banks from lending to below investment grade private businesses.
In pursuing social and environmental initiatives, the average public company generates more benefits than costs in terms of profits.
In pursuing social and environmental initiatives, public companies would benefit from a measurably lower cost of capital.
There are substantial social benefits when managers of public companies make choices that account for the impact of their decisions on customers, employees, and community members beyond the effects on shareholders.
